发展先进文化在发展中国社会主义市场经济中的作用

发展先进文化在发展社会主义市场经济中具有重要作用 ,它对于市场机制的建立具有促进作用 ,对市场经济具有文化制约作用 ,此外 ,文化是社会生产力 ,发展先进文化对市场经济的发展具有要素性作用。     

加入WTO后对物业管理行业的影响及发展思路

中国加入WTO后 ,对物业管理行业来说既是一次发展的机遇 ,也有一定的负面影响。我们必须冷静思考 ,积极面对 ,采取一切积极措施抑弊扬利 ,把我国的物业管理水平提高到一个新的高度 ,为我国实现四个现代化增添光彩。     

我国房地产中介服务业的发展机遇和对策

本文阐述了住房新体制给房地产中介服务业带来的发展机遇,并分析了在该机遇下应采取的对策。目的在于建议政府部门对房地产中介服务业加以培育、规范和引导,以给该行业的发展营造较好的成长环境。同时,房地产中介服务业应把握机遇,努力提高自身素质,以促进城镇住房制度改革的进一步深化。     

Diffusion of Products with Limited Supply and Known Expiration Date

In this paper, we provide a model for diffusion of products, which are available in limited quantity until a known expiration date, after which the unsold products have no value. We consider the case of a performing arts company. The model development is built on the foundation of classical product diffusion model by Bass (1969) and the psychological effect known as the scarcity principle (Cialdini, 1985). Our empirical analysis results show that the proposed model can provide significant improvement in prediction of the products characterized by the scarcity effect.     

Efficient Markets Hypothesis and the Emerging Capital Market in Sri Lanka: Evidence from the Colombo Stock Exchange – A Note

The behaviour of stock prices on the Colombo Stock Exchange (CSE) is examined with a view to determine its consistency with the weak form of the Efficient Markets Hypothesis (EMH). Runs, Autocorrelation and Cointegration tests are applied to daily, weekly and monthly CSE index data for the period of January 1991–November 1996. Results of Runs, Correlation and Cointegration tests overwhelmingly reject the serial independence hypothesis, leading to the conclusion that the behaviour of stock prices in the Colombo Stock Exchange is not consistent with the weak form of the Efficient Markets Hypothesis. Tests of the-day-of-the-week-effect, however, show that there is no evidence of such a phenomenon on the Colombo Stock Exchange stock prices. Results of the tests of the-month-of-the-year-effect lead to the conclusion that CSE prices do not display any month-specific behaviour.     

我国职业经理人存在的问题及改进措施

职业经理人是企业所有者的代表 ,行使着企业经营管理的职能 ,对企业所有者负责。我国职业经理人作为一个阶层还有待形成。建立科学、合理的经营者激励薪酬制度 ,培育职业经理人市场 ,是造就我国职业经理人队伍的关键。     

Are Housing Price Cycles Driven by Irrational Expectations?

This paper investigates the extent to which condominium apartment prices are set in an efficient asset market. Unlike previous work that focuses on the time-series properties of measures of excess returns, the analysis is framed in terms of the changes in observable house prices over time. More precisely, the paper develops and applies a test of the joint null hypothesis of rational expectations, perfect markets, and no risk premium in the Vancouver condominium apartment market. The empirical results provide significant evidence against the joint null hypothesis. On average, ex post house price changes move in a direction opposite to their rational expectation. This approach offers a methodological advantage over the standard efficiency literature and is shown to provide a more powerful test of market efficiency than conventional return regressions. Another contribution of the paper is to characterize the time-series properties of deviations of condominium prices from those predicted by the risk-neutral rational expectations model, using cointegration and random coefficients techniques. Deviations in house price changes from their (risk-neutral) rational expectations are time varying, stationary, and related to the stage of the real estate price cycle.     

From T-Bills to Stocks: Seasonal Anomalies Revisited

This paper employed eleven data series which consist of stocks, bonds, bills, equity premiums, term premiums, and various default premiums to investigate whether January seasonality reported in existing literature is robust across different states of the economy as this has important trading implications. For the periods 1926–1990, small stocks, small stock premiums, low grade bonds, and default premiums (spread between high grade, low grade and government bonds) reveal January seasonality and that the seasonality is robust across different states of the economy except for low grade bond returns and default premiums. January seasonality for low grade bond returns and low grade bond default premiums are primarily driven by results found during periods of economic expansion. Overall, January seasonality is more evident during the economic expansion periods although the magnitude of default premiums is larger during periods of economic contraction. Furthermore, prior findings of strong summer equity returns are primarily driven by the results found during the periods of economic contraction. It is also found that equity returns are generally higher during periods of economic expansion.     

Learning across the life cycle: Experimentation and performance among the hollywood studio heads

Guided by notions from the literature on organizational learning, this paper investigates how product line experimentation and organizational performance change across the careers of top managers. Its subjects are the studio heads who ran all the major Hollywood film studios from 1936 to 1965. The study found first, that product line experimentation declines over the course of executive tenures; second, that there is an inverse U‐shaped relationship between top executive tenure and an organization's financial performance; and third, that product line experimentation is more likely to benefit financial performance late in top executives' tenures. These findings are consistent with a three‐stage ‘executive life cycle’. During the early years of their tenures, top managers experiment intensively with their product lines to learn about their business; later on their accumulated knowledge allows them to reduce experimentation and increase performance; finally, in their last years, executives reduce experimentation still further, and performance declines. Copyright © 2001 John Wiley & Sons, Ltd.     

Quality Competition and Social Welfare in Markets with Partial Coverage: New Results*

We use a vertical product differentiation model under partial market coverage to study the social welfare optimum and duopoly equilibrium when convex costs of quality provision are either fixed or variable in terms of production. We show the following new results. First, under fixed costs, the social planner charges a uniform price for the single variant that just covers costs of quality provision. Like the duopoly equilibrium, this socially optimal pricing entails a partially uncovered market, but a smaller share of the market is served compared with the duopoly equilibrium. Second, for the variable cost case, it is socially optimal to provide both high‐ and low‐quality variants, but market shares need not be equal. This differs from the result in fully covered markets. Third, in the duopoly equilibrium, the quality spread is too wide under variable costs relative to the social optimum. Under fixed costs, the duopoly produces two variants, but quality is too low relative to the social optimum, which has only one variant.