Mergers and Acquisitions and Productivity in the U.S. Meat Products Industries: Evidence from the Micro Data

This article investigates the motives for mergers and acquisitions (M&As) in the U.S. meat products industry from 1977 to 1992. Results show that acquired meat and poultry plants were very productive before mergers, and that all but the very largest meat slaughter and processing plants and all but the bottom 20% of the poultry slaughter and processing plants significantly improved their productivity growth in their postmerger periods. These results lead to the conclusion that synergies and related efficiencies are important motives for M&As.     

Rice market integration in the Mekong River Delta1

In the last decades Vietnam has become a major supplier in the world's rice market. This position is the result of the policy reforms that have been implemented in the agricultural sector. This paper assesses the impact of the liberalization policies and focuses on the spatial price differences in the domestic rice market. The results show that price patterns correlate strongly in the Mekong River Delta. Even prices in other regions are integrated with price patterns in the South. Interestingly, private traders in the Mekong Delta are only indirectly responsible for the latter result. They satisfy local demand and deal with state‐owned enterprises (SOEs). In the framework of the national food security policy, the state‐owned food companies ‘subsidize’ transactions between the South and the North. Moreover, the state‐owned food companies still dominate export transactions. The latter issues constitute two major queries for policy makers involved in the liberalization of the rice market, as further policy measures should not jeopardize the interests of domestic rice consumers.     

浅析海尔集团国际化战略及其深化

中国加入WTO，中国企业的发展存在着机遇与挑战，如何抓住机遇迎接挑战，在国际市场激烈的竞争中取胜，实施国际化战略不失为上策，对此，海尔集团所取得的成功经验值得借鉴。     

国家财务理论视角下的国有资本经营预算问题探讨

本文以国家财务理论为依托,认为国有资本经营预算属于国家财务管理范畴,在此基础上对国有资本经营预算的主体、目标和内容进行了探讨。     

Exchange rate exposure, foreign currency derivatives and the introduction of the euro: French evidence

We investigate the impact of the introduction of the Euro on exchange rate exposures for French corporations and examine the corporate use of foreign currency derivatives to hedge exchange rate exposure post-Euro. Our findings indicate that the introduction of the Euro is associated with both a reduction in the number of firms that have significant exchange rate exposure and the absolute size of exposure. Consistent with these reduced exposures, French firms use foreign currency derivatives less intensively. Furthermore, the use of foreign currency derivatives is found to be associated with lower exchange rate exposure but there is insufficient evidence that these instruments are more effective in the post-Euro environment.     

Efficiency in International Trade with Firm Heterogeneity and Networks

This paper examines integrated effects of firm heterogeneity and communication network services on international trade. Patterns and effects of trade are analyzed in a general equilibrium model where firms with different productivity levels share among them the cost of network services and compete in a monopolistically competitive market for a differentiated good. The paper reveals that the more efficient country in the production of the differentiated good is not always the net exporter of the good. The less efficient country also has the chance to expand the industry and then to become the net exporter in this intra‐industry trade due to the combination of the efficiency effect induced by firm heterogeneity and the cost‐sharing effect by the existence of the network service industry.     

Nonparametric Estimation of a Multifactor Heath-Jarrow-Morton Model: An Integrated Approach

We propose a new nonparametric estimator for the volatilitystructure of the zero-coupon yield curve inside the Heath-Jarrow-Mortonframework. The estimator incorporates cross-sectional restrictionsalong the maturity dimension, and also allows for measurementerrors, which can arise from estimation of the yield curve fromnoisy data. The estimates are implemented with daily CRSP bonddata.     

黄骅港、渤海新区与内陆腹地互动发展的现状和对策

沧州黄骅港、渤海新区与内陆腹地互动发展有得天独厚的优势,由于种种原因使得这块风水宝地仍处于发展的洼地。在国内外对沿海地区新一轮的开发热朝中,必须制定和实施科学对策,方能把握住历史机遇,进入经济发展的快车道,并在沿海与内陆腹地互动发展中创造一番新天地。     

从国际经济学理论看外商投资在我国不同地区的分布差异

一、外商投资在我国不均衡的分布现状 由于中国的对外开放是率先从沿海地区逐步向中西部地区依次推进的，因此，在20世纪80年代初期，进入中国的外商投资高度集中在东部沿海尤其是南部沿海地区。1992年，以后，中国加大了对外开放的步伐，逐步开放了陆地边境城市、长江沿岸城市和内陆省会（首府）城市，由此形成了全方位对外开放的局面。1999年，中国政府又实施了西部大开发战略，采取多方面的政策措施，鼓励港澳台和外国资本投向中西部地区。     

中小民营企业员工离职的原因分析与保留对策研究

通过查阅文献借用调查问卷获取数据并进行数据统计分析，采用实证研究方法揭示民营企业员工离职的八个主要方面的原因，并以此为依据有针对性地提出了民营企业留住人才的六项措施。