网络营销创新定位、运行模型及案例分析

网络营销的创新性质包括创新程度和创新效益两个方面。创新程度反映网络营销创新的影响力度,是过程性指标;创新效益反映网络营销的经济效应,是结果性指标。将创新度和效益度垂直相交构成一个二维平面,并将其分别划分为高低两个级别段,可形成四个定位模块,即触网型创新、网络实验型创新、网络营销专家和运营网络型创新。一般情况下,企业网络营销创新往往从触网型创新出发。进而上升到运营网络型创新阶段,但在网络营销实践中,某些创新运动并不是严格地起于触网型创新,而止于运营网络模型,更有逆向运行的情况存在。     

Generalizations of Ho–Lee’s binomial interest rate model I: from one- to multi-factor

In this paper a multi-factor generalization of Ho–Lee model is proposed. In sharp contrast to the classical Ho–Lee, this generalization allows for those movements other than parallel shifts, while it still is described by a recombining tree, and is a process with stationary independent increments to be compatible with principal component analysis. Based on the model, generalizations of duration-based hedging are proposed. A continuous-time limit of the model is also discussed. This research was supported by Open Research Center Project for Private Universities: matching fund subsidy from MEXT, 2004–2008 and also by Grants-in-Aids for Scientific Research (No. 18540146) from the Japan Society for Promotion of Sciences.     

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.     

Are Securitizations in Substance Sales or Secured Borrowings? Capital‐Market Evidence*

Two standard‐setting approaches have emerged globally to guide the choice of accounting for securitizations: the control and components approach (SFAS No. 125 and SFAS No. 140) and the risks and rewards transfer approach (IAS No. 39). A lack of consensus about derecognition accounting is a major impediment to achieving convergence in global standards that must be resolved. Thus, both SFAS No. 140 and IAS No. 39 will be reexamined, and evidence pertinent to the debate is timely and important. In this study, we present evidence consistent with the view of credit‐rating analysts, who view many securitizations as, in substance, secured borrowings. Specifically, for a sample of originators applying sale accounting guidance in SFAS No. 125 / 140 during the period 1997‐2003, we show that off‐balance‐sheet debt related to securitizations has, on average, the same risk‐relevance for explaining market measures of risk (that is, CAPM beta) as on‐balance‐sheet debt. We also find that, in a returns and earnings association framework, the pricing multiple on securitization gains declines as the amount of off‐balance‐sheet debt increases, implying that investors take off‐balance‐sheet debt into account when assessing the valuation‐relevance of such gains. For those who advocate the control and components approach to securitization accounting, our results suggest that, at least for frequent securitizers, the put option arising from implicit recourse is a “missing piece” that is not currently accounted for when calculating securitization gains. Our results challenge the extant measurement standards in SFAS No. 140.     

对改革供电企业变电检修现行管理模式的探讨

提出了重组专业化的变电检修总公司的战略思路,对电网企业与总公司之间发展新型关系进行了探讨,指出以战略思维构筑战略联盟,保持合作联盟,实现共赢与发展.分析虽是对检修体制改革,同时也是对安全生产管理体制的变革,有利于供电企业的安全生产管理.     

Demand for broad money and expenditure components in Japan: an empirical study

The main objective of the present study is to examine empirically the long-run relation of broad money demand and its determinants in Japan. In contrast with previous study, the present study considers various components of final expenditure demand as determinants that are final consumption goods, expenditure on investment goods and exports. Using quarterly data over the period 1973Q1–2000Q2, the results of the bounds test [J. Appl. Econ. 16 (2001) 289] indicate a stable long-run relationship between demand of real M2 and its determinants. The empirical results also highlight that different domestic demand components yields different effects on Japanese broad money demand behavior. The estimated unrestricted error-correction model appears to track the data well and the results have important policy implications.     

农村劳动力转移模型:基于中国制度背景的构造

本文在对经典的农村劳动力流动模型进行理论梳理的基础上,引入中国的制度变量,试图构建适合中国制度背景的农村劳动力转移模型,同时,运用经验事实对其作进一步的实证检验,并分析了模型的政策含义。     

Research on Customer Satisfaction Strategy in China＇s Real Estate Industry

This paper analyzes real estate market condition, studies key influencing factors to customer satisfaction, and presents corresponding customer satisfaction model and effective strategy framework, which are of significance to achieve customer loyalty and get competitive edge for real estate enterprises.     

Intention of Internet-based Customer Involvement in Product Development： A Conceptual Investigation

The paper develops an extension of Technology Acceptance Model （TAM） and puts forward the TAM-VCE conceptual model to explain the intention of intemet-based customer involvement in new product development （NPD）. The findings will help enterprises design Virtual Customer Environments accepted by customer.     

电力商标分析及评估模型的构建

本文分析了电力商标的实质内涵，总结了电力商标的基本特征，在此基础上对商标的评估模型进行了创新构建，新建模型有两大特点：一是将商标收益分割为两部分计量；二是用强度系数进行了调整强化，为电力商标的评估提供一种新思路。