实施无铅化法令须统一

为防止自然或人为损害,欧洲的“有害物质限制(RoHS)”法令已经生效了。但是,有关这条法令,仍然有很多问题需要解决,如:如何执行法令、如何根据犯法者的行为确定惩罚措施等。让欧盟25个成员国一致同意一个通用的环境保护标准,这个过程充满了艰辛。很多业界观察家认为,下一步是让其他国家,目前是美     

实现无铅化并非一片坦途

Celestica公司首席执行官 Steve Delaney: RoHS的复杂性和影响给电子工业带来很大震动如果你生产的产品必须要遵守欧盟的ROHS法令,但是你现在还没有做到这一点的话,你有两种选择:祈祷法令2006年7月     

Securities Lending Activities in Mutual Funds and ETFs: Ethical Considerations

Securities lending has been a lucrative business for mutual funds and exchange-traded funds (ETFs) over the past decade. Unfortunately for investors, the sponsors of these funds have not been very transparent with the details of their securities lending programs, and consequently most investors in these funds are unaware of their exposure to the risks inherent in securities lending. Interestingly, most funds do not return the full profits from securities lending activities to their investors. In this paper, we examine and discuss the ethical considerations related to the securities lending activities of mutual funds and ETFs and offer a series of best practices that we believe will provide better transparency of these activities to fund investors.     

Energy sector in transition—technologies and regulatory policies in flux

A transition of the energy sector towards a renewable-based system is one of the challenges that results from the debate on the global climate problems and diminishing fossil fuels. This will demand access to innovations in energy production technologies and usage. However, policies directly focussing on innovation and diffusion of new technologies are losing ground. Policy discussions have been dominated by the liberalisation of energy markets and the introduction of new economic instruments all over Europe. Whether this delegation of responsibility for the transition to new economic instruments provides the expected innovations is questionable.In Europe, Denmark has served as an example country being one of the front runners in the development of energy technologies based on renewable sources, especially wind turbines. But also in Denmark policy preferences have changed from the support for technological innovation and implementation to support for delegating responsibility to a market for green energy and CO₂ certificate trading.The different policy regimes marking this change are analysed concerning their ability to support technological innovation. Important elements for the construction and legitimacy of policy regimes comes from academic disciplines involved in policy design. The analysis highlights the basic arguments and the type of knowledge involved and indicates some of the limitations in the measures' ability to solve the problems delegated to them. Experience thus far provides little if any evidence that simple, market-based models can facilitate the need for future energy technology innovations in a satisfactory way, which leads to a need for more complex and heterogeneous sets of measures.     

The Informational Effects of Tightening Oil and Gas Disclosure Rules

We exploit two regulatory shocks to examine the informational effects of tightening preexisting mandatory disclosure rules. Canadian National Instrument 51-101 in 2003 and the U.S. rule “Modernization of Oil and Gas Reporting” in 2009 introduced quasi-identical amendments which effectively tightened the rules governing oil and gas reserve disclosures in both countries. We document significant changes in firms' reporting outcomes when the new regulations are introduced. We also find that the reserve disclosures filed under the new regulations are more closely associated with stock price changes and with decreases in bid-ask spreads. Our findings are robust to controlling for other confounding factors such as time trends, other information disclosed simultaneously, financial reporting incentives, mispricing, and monitoring efforts.     

EMS加速进入汽车电子市场

专家预计,汽车制造商将外包更多制造业务电子工业卖主对汽车工业真是爱恨交加:一方面,汽车制造商苛刻的要求使得他们很难进入汽车工业;另一方面,一旦进入汽车工业,你就可以期待拥有长期的获利前景。     

蚂蚁如何与大象共舞

中小型分销商正将注意力集中在如何成功地与分销业巨头竞争上一段时间以来．中小型分销商没有理由不心满意足。几十年来．这些公司一直处于被更大的竞争对手兼并的危险边缘．它们失去了颇具价值的元器件特许分销权,并不得不眼睁睁地看着美国电子工业迅速向海外转移。然而,在过去的几年里．情况开始有所改变:尽管顶     

Coherent的RoHS之路

对于自己完成大部分制造工作的OEM来说,欧洲“有害物质限制(RoHS)”法令使原本繁重不堪的制造过程更加复杂了。对Coherent这样在全球有16个工厂、自己完成大量制造工作的OEM来说,满足法规要求意味着,进入工厂、在工厂中处理并从工厂交付出去的每一样东西都要绝对无铅、无汞、无镉且阻燃。这家激光系统制造商甚至连公司标识用的都是对环境无害的颜料。     

Earnings dispersion and aggregate stock returns

This paper studies the relation between aggregate stock returns and contemporaneous and future cross-sectional earnings dispersion. We hypothesize that increases in expected earnings dispersion signal increases in uncertainty and increases in unemployment, thereby causing expected returns to rise, which in turn causes prices to decline. We find a positive relation between aggregate stock returns and contemporaneous earnings dispersion because higher earnings dispersion is associated with higher expected returns. Consequently, we also find a negative relation between aggregate stock returns and future (one-year ahead) earnings dispersion, as investors anticipate higher future earnings dispersion and higher expected returns.