Strategic groups in the hospitality industry: Intergroup and intragroup performance differences in Alicante, Spain

The hotel sector is currently immersed in a very uncertain, highly competitive environment, due to which it needs information for the correct management of its establishments. This information can be obtained from the classification of hotels in strategic groups. The present empirical research presents strategic groups in the hospitality industry as a useful tool for the planning and implementation of strategies by hotels that helps to determine their competitive strategies and advantages. This research paper additionally shows how the levels of performance between the hotels belonging to each group can be evaluated from strategic groups. In this study, the tool is applied to the hotel sector of the Spanish province of Alicante, a very important geographical area in the context of international tourism. The dimensions resource commitment and tourist activity scope have been used to define the strategic groups.     

石油贸易、石油安全与我国的对策

石油对我国经济和国家安全至关重要。自从1993年我国成为石油净进口国以来,我国石油对外依存度逐年上升。自2003年后,国际石油价格爆涨,我国石油安全比以往任何时候都更危险。同时,我国石油贸易还存在越贵越买的问题。本文分析了我国石油安全形势,认为我国石油安全已经处于危险状态,在此基础上,进一步提出了提高我国石油安全和改善石油贸易的建议。     

从会计信息充分披露看财务报表附注的重要性

随着市场经济的日益发展 ,特别是现代股份制企业和证券市场的兴起 ,要求企业提供更为全面、完整的有效会计信息 ,以满足决策者的信息要求。针对会计人员信息的充分披露要求和企业报告模式及财务报表的未来发展趋向 ,阐述了会计报表附注的重要性。     

中国第三产业的战略地位与发展方向

本文分析了第三产业战略地位的演变历史、趋势和成因;通过回归分析揭示了决定第三产业战略地位的第三产业比重的演变规律;从服务型生产资料、服务消费品、GDP贡献份额、就业贡献份额、第三产业比重增大趋势和资源限制的程度等方面,阐述了第三产业在中国国民经济中的重要战略地位.     

论国有商业银行引进境外战略投资者的必要性

针对国有商业银行在股份制改造过程中引进境外战略投资者,国内存在截然相反的两种观点。实践表明,引进境外战略投资者有利于银行的持续改革与制度创新,有利于在资本市场成功筹资与上市,对于降低改革成本、尽快改善公司治理水平具有重要的现实意义。     

地方政府支出竞争与地区投资行为——中国式财政分权框架下的实证研究

中国财政分权体制下,地方政府间的财政支出竞争广泛存在。建立纳入财政支出分权、地方政府财政支出及支出竞争的企业投资决策计量模型。结论显示:地方政府财政支出横向竞争和纵向竞争对地区投资行为影响具有差异性并存在长期效应。为实现地方政府支出竞争的良性发展应将更多的资源投入到有利于提高地区整体投资环境的领域,同时继续完善中央和地方关系。     

Strategically Surviving Bankruptcy during a Global Financial Crisis: The Importance of Understanding Chapter 15

Chapter 15 of the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act allows foreign courts more power in cases that include foreign multinational firms. U.S. businesses unexpectedly have to file a claim in another country with bankruptcy rules that are sometimes drastically different from those in U.S. courts. This paper outlines the different bankruptcy laws in selected countries and exemplifies how some countries place U.S. creditors at a disadvantage relative to employees and stockholders. This knowledge should be incorporated into management's strategic contingency plans in the case of supplier or business customer default. During periods of global financial instability such as the 2008 financial crisis, an understanding of Chapter 15 is essential.     

The default heuristic in strategic decision making: When is it optimal to choose the default without investing in information search?

Many studies have shown that decision makers have a tendency to choose the default or standard action among several possible actions. The article develops a model to explore under what conditions it is optimal for a firm facing a strategic decision problem to choose the default action without investing in obtaining more information that allows a more accurate decision. The model shows that the strategy to follow the default without additional information (“the default heuristic”) is more likely to be optimal when the cost of obtaining information is higher, and when the variation in possible outcomes is lower. The model also analyzes the optimal level of information search, showing that if the firm chooses to obtain information at all, it will invest in more accurate information when the cost of obtaining information is lower and when the variation in possible outcomes is lower.     

Linear predictability vs. bull and bear market models in strategic asset allocation decisions: evidence from UK data

Most papers in the portfolio choice literature have examined linear predictability frameworks based on the idea that simple but flexible Vector Autoregressive (VAR) models can be expanded to produce portfolio allocations that hedge against the bull and bear dynamics typical of financial markets through careful selection of predictor variables that capture business cycles and market sentiment. Yet, a distinct literature exists that shows that non-linear econometric frameworks, such as Markov switching, are also natural tools to compute optimal portfolios arising from the existence of good and bad market states. This paper examines whether and how simple VARs can produce portfolio rules similar to those obtained under a simple Markov switching, by studying the effects of expanding both the order of the VAR and the number/selection of predictor variables included. In a typical stock-bond strategic asset allocation problem for UK data, we compute the out-of-sample certainty equivalent returns for a wide range of VARs and compare these measures of performance with those of non-linear models. We conclude that most VARs cannot produce portfolio rules, hedging demands or (net of transaction costs) out-of-sample performances that approximate those obtained from simple non-linear frameworks.     

企业管理中绩效管理的重要性研究

企业管理中的绩效管理对促进企业的健康有序发展具有非常重要的作用,其不仅是提升企业人力资源管理效率的前提,而且积极有效的绩效管理有助于充分挖掘员工的潜力,完善企业的人才选拔制度。论文在论述企业管理中绩效管理重要性的基础上,分析了企业管理中绩效管理存在个人绩效目标与企业战略目标不匹配、绩效考核指标缺乏科学性、绩效考核参与主体单一、绩效考核结果应用方式单一的问题,最后从个人绩效目标匹配企业战略目标、强化绩效考核指标的科学性、促使绩效考核参与主体多样化、丰富绩效考核结果的应用方式4个方面提出了企业管理中绩效管理的发展方向。