MACROECONOMIC NEWS AND STOCK MARKET CALENDAR AND WEATHER ANOMALIES

An analysis of six stock market calendar and weather anomalies from 1980 to 2003 shows that (1) returns on trading days in which macroeconomic announcements were made generate the anomalies and (2) five of the six anomalies are not present at all on the trading days in which such announcements were not made (more than 60% of the sample). The results suggest that the market response to macroeconomic news, not psychological or institutional factors, is the main source of calendar and weather anomalies.     

现代制造加工中的生产物流

论述了生产物流与企业组织结构的关系，以及生产计划控制与运输调度等问题．     

‘Faculty Members’ Attitudes Towards Ethics at Norwegian Business Schools: An Explorative Study’

A survey of recent research reveals that there is a growing interest in knowledge regarding the opinions and attitudes toward ethics amongst business school faculty members. Based on an empirical study conducted in Norway we address the following issue: “What do faculty members of the Norwegian Business Schools consider to be their responsibilities in preparing their students for leading positions in public and private organizations?” Moving on to interpreting the results from the survey, we discuss the empirical findings by comparing the data using four different theoretical perspectives; neo-classical economics, strategic management, corporate social responsibility and socio-economics. The implications are highlighted.     

Identification of future fields of standardisation: An explorative application of the Delphi methodology

This paper investigates the application of the Delphi methodology for the identification of future fields of standardisation complemented by a methodological extension by using various science and technology indicators. By the term standardisation, we broadly mean the process of developing and implementing technical standards within a standardisation body. Underlining the explorative nature of this paper, we describe the process of identifying future fields of standardisation.To provide a systematic forecasting view on complex science and technology fields, a combination of quantitative indicator-based analyses and qualitative in-depth Delphi surveys is choosen. Firstly, statistical analyses of suitable indicators are used to identify dynamic developments in such fields. Secondly, to identify detailed challenges for future standardisation, qualitative Delphi surveys are conducted. To collect and evaluate relevant issues the respective expert communities were included. They were identified by using information derived from the science and technology databases used.The paper concludes with the assessment of the chosen approach and give practical insights for its feasibility based on a review of the existing literature on the Delphi methodology. In addition, an outlook for further improvements and other possible fields of application is given.     

Measuring altruism in a public goods experiment: a comparison of U.S. and Czech subjects

This paper compares contributions to an experimental public good across the United States and Czech Republic, using a design that allows us to distinguish between altruism and decision error. Czech subjects contribute significantly more than American subjects, and further analysis reveals that this result cannot be attributed to the confounding effects of gender or decision error. Instead, preferences for altruism appear to differ across groups: Czechs are more altruistic than Americans and men are more altruistic than women.     

The linear dynamic lot size problem with minimum order quantity

This paper continues the analysis of a special uncapacitated single item lot sizing problem where a minimum order quantity restriction, instead of the setup cost, guarantees a certain level of production lots. A detailed analysis of the model and an investigation of the particularities of the cumulative demand structure allow us to develop a solution algorithm based on the concept of atomic sub-problems. We present an optimal solution to an atomic sub-problem in an explicit form and prove that it serves as a construction block for the optimal solution of the original problem. Computational tests and a comparison with a published algorithm confirm the efficiency of the solution algorithm developed here.     

Strategy Tradeoffs in the Knowledge and Network Economy

In traditional "value chain" firms, the main activity tradeoff is between differentiation and low cost. Increasingly, however, firms are creating customer value through networks (eg AOL) or by providing knowledge-based solutions for customers (eg venture capital firm Kleiner Perkins). This article discusses the quite different activity tradeoffs faced by these "value networks" and "value shops". It then explores the tradeoff between exploitation (focusing on short-term performance) and exploration (focusing on transcending short-term activity tradeoffs). Finally, in reviewing the implications for managers, it discusses the problem of trying to manage different types of business (value chains, networks and shops) within the same corporation.     

Time and causality: A Monte Carlo assessment of the timing-of-events approach

We present new Monte Carlo evidence regarding the feasibility of separating causality from selection within non-experimental duration data, by means of the non-parametric maximum likelihood estimator (NPMLE). Key findings are: (i) the NPMLE is extremely reliable, and it accurately separates the causal effects of treatment and duration dependence from sorting effects, almost regardless of the true unobserved heterogeneity distribution; (ii) the NPMLE is normally distributed, and standard errors can be computed directly from the optimally selected model; and (iii) unjustified restrictions on the heterogeneity distribution, e.g., in terms of a pre-specified number of support points, may cause substantial bias.     

Exchange rate dynamics and currency unification: The Ostmark-DM rate

This paper estimates a simple model of the exchange rate between the East and West German Mark immediately preceding German monetary union. Although there is a theoretical literature on exchange rate dynamics when the introduction of a fixed exchange rate is anticipated, the absence of data has limited empirical work on the subject. We show that in the first part of the sample, the DM-Ostmark exchange rate behaves as a random walk. In the second half, when monetary union appeared more likely, the exchange rate behaves as a weighted average of fundamentals and the expected “terminal” exchange rate.