Product Market Competition,Managerial Incentives and Firm Valuation

This paper contributes to the very small empirical literature on the effects of competition on managerial incentive schemes. Based on a theoretical model that incorporates both strategic interaction between firms and a principal agent relationship, we analyse the relationship between product market competition, incentive schemes and firm valuation. The model predicts a nonlinear relationship between the intensity of product market competition and the strength of managerial incentives. We test the implications of our model empirically based on a unique and hand‐collected dataset comprising over 600 observations on 200 Swiss firms over the 2002–2005 period. Our results suggest that, consistent with the implications of our model, the relation between product market competition and managerial intensive schemes is convex indicating that above a certain level of intensity in product market competition, the marginal effect of competition on the strength of the incentive schemes increases in the level of competition. Moreover, competition is associated with lower firm values. These results are robust to accounting for a potential endogeneity of managerial incentives and firm value in a simultaneous equations framework.     

低渗特低渗储层的潜在伤害问题及对策

在勘探开发生产过程中,低渗、特低渗储层比中、高渗储层更容易受到伤害,并且,储层受到伤害后要解除伤害也更加困难。所以,要提高储量占我国油气总储量四分之一左右的低渗、特低渗储层的勘探开发效果及效益,搞好低渗、特低渗储层的保护工作就尤为重要。要搞好保护油气层工作的前提,是要对待保护储层的潜在伤害问题进行比较清楚的认识。对全国各油田进行的低渗特低渗储层的潜在伤害评价资料进行了比较全面系统的分析研究,确定出了我国低渗特低渗油田的主要潜在伤害问题,提出了在勘探开发生产过程中减轻这些伤害的对策,以便为勘探开发生产过程中开展低渗特低渗储层的保护工作提供必要的参考依据。     

智能体响应均衡模型

经济系统是非常复杂的,很难用常规的方法模型进行刻画与模拟。随着计算机技术的发展,以及人工智能、神经网络、模糊数学等方法的创新,计算机智能水平不断提高,这使得计算机模拟复杂经济系统的现象成为可能。基于智能体技术及广义模型,研究了模拟经济运行的思路与方法,提出了智能体响应模型,它可以描绘出经济系统中各种商品的供需曲线、价格曲线、产量产值曲线,可及时更新投入产出表,模拟财政货币政策的实施效果,模拟检验某些经济理论或观点等。     

无磷循环冷却水处理药剂的研究与开发

目前国内的循环水系统普遍使用含磷药剂配方,而含磷废水排放会对水环境造成污染.文章开发了以聚环氧琥珀酸为主要成分的无磷水处理药剂配方,试验表明无磷水处理药剂配方的阻垢缓蚀性能达到了常规有磷药剂的指标,而且可以进一步提高循环水的浓缩倍数,它的应用可以解决循环水磷超标排放的问题.     

埋地钢质管道外防腐层的检测与评估

埋地钢质管道的外防腐层是管道防止腐蚀破坏的手段,埋地管道外防腐层的损坏哪怕是微小的破损,对管体的腐蚀是致命的,保护管道的外防腐层,及时做出正确的评估,以便在节约效能的前提下,有的放矢的进行开挖和修复是防止管道泄漏的有效手段。     

政府投资项目代建制模式风险管理研究

针对政府投资项目代建模式的风险,分析找出其产生风险的根源。运用风险控制和风险转移的手段,提出相应的风险管理措施,为以后代建制项目的风险管理提供一定参考。     

Business and Marketing Ethics as Professional Ethics. Concepts, Approaches and Typologies

Marketing ethics is normally marketed as a sub-specialization of business ethics. In this paper, marketing ethics serves as an umbrella term for advertising, PR and sales ethics and as an example of professional ethics. To structure the paper, four approaches are distinguished, with a focus on typical professional conflicts, codes, roles or climates respectively. Since the moral climate approachis more inclusive than the other approaches, the last part of the paper deals mainly with moral climates, within the above-mentioned marketing sub-professions.     

DELEGATED PORTFOLIO MANAGEMENT: A SURVEY OF THE THEORETICAL LITERATURE

Abstract.  This paper provides a selective review of the theoretical literature on delegated portfolio management as a principal–agent relationship. The main focus of the paper is to review the analytical issues raised by the peculiar nature of the delegated portfolio management relationship within the broader class of principal–agent models. In particular, the paper discusses the performance of linear versus nonlinear compensation contracts in a single-period setting, the possible effects of limited liability of portfolio managers, the role of reputational concerns in a multiperiod framework, and the incentives to noise trading. In addition, the paper deals with some general equilibrium dimensions and asset pricing implications of delegated portfolio management. The paper also suggests some directions for future research.     

对我国MBO实施过程中的若干争议和指责的思考

在国有企业进行战略性调整和产权改革进入攻坚阶段的大背景下,MBO在我国从一个新生事物很快变成企业产权改革、激励机制创新的主要角色。在其发展过程中受到了来自多方面的争议和指责,这些争议和指责反映出我国现阶段还不具备MBO优势得以发挥的外部条件。加快相关法律法规的建设、培育多层次的金融市场、建立完善的法人治理结构等对MBO在我国发挥其特有的优势具有特别重要的作用。     

Institutionalized Resistance to Organizational Change: Denial, Inaction and Repression

An extensive theoretical and research literature on organizational change and its implementation has been accumulating over the past fifty years. It is customary in this literature to find resistance to change mentioned as an inevitable consequence of organizational change initiatives. Yet there has been little discussion of the nature and forms of resistance that is institutionalized in organizational structure and processes. Furthermore, organization development perspectives on organizational change address management-initiated change, but not change proposed by advocates for the powerless and disadvantaged. Focussing on institutionalized resistance from the standpoint of the advocate of fundamental change, this discussion proposes a typology consisting of a sequence of forms of active resistance to change, from denial through inaction to repression. The typology is illustrated by referring to responses of organizational decision makers to the efforts of employment equity change agents to address issues of systemic discrimination in the work place. The purpose of the typology is to assist change advocates, such as equality seekers, to name, analyze and think strategically about the institutionalized resistance they encounter, and about effective responses to the resistance.