我国零售企业应对外资并购的策略选择

随着零售业的规模化、微利化发展,加上全球范围的通货膨胀压力,并购已成为当前全球范围零售企业实现扩张和应对竞争环境变化的重要方式。本文在分析中国零售市场的外资并购浪潮及其影响的基础上,在我国零售企业审时度势、调整发展策略的同时,对利用并购这把利剑积极应对外资并购的策略选择提出建议。     

Exploring attitudes to financial reporting in the Australian not‐for‐profit sector

The current level of satisfaction among different stakeholders about the current approaches and practises of financial reporting of not‐for‐profit (NFP) entities is underexplored ( Christensen and Mohr, 2003 ; Lee, 2004 ; Gray et al., 2006 ; Parker, 2007 ). This paper uses content analysis to examine submissions to the 2008 Australian Senate Economics Standing Committee for its inquiry into the disclosure regimes of charities and NFP organisations, which aimed to explore attitudes about financial reporting in the NFP sector. Financial reporting is viewed as an important part of accountability, but the sector identifies deficiencies in the current regime in terms of consistency, efficiency and transparency. Respondents to this inquiry believed that a sector‐specific accounting standard was important. Financial reporting standards, regulations and legal structures should be uniform across the entire sector, but with some variation allowed for smaller NFPs. The cost of complying with standards was a significant issue for smaller NFPs.     

一线管理者在员工绩效管理中的角色探讨——以M公司A销售处某主任为例

文章以M公司A销售处主任为例,通过分析指出,绩效改进不应是一线管理者的附加工作,也不应是组织在特殊情况下追加给一线管理者的特殊任务,它应该成为一线管理者日常管理工作的一个重要组成部分。一线管理者是员工绩效管理的主体,在员工绩效管理过程中要扮演好合作伙伴、辅导员、记录员、公证员和诊断专家五种角色。     

The effects of document language quality on consumer perceptions and intentions

This article establishes a link between language quality in the documentation accompanying a product and consumers' evaluations of, and behavioural intentions towards, both the product and the manufacturer. In a laboratory experiment, 116 participants assembled a product using assembly guides with different language quality levels. Results show that language quality affects document evaluation, which spills over to the evaluations of both the product and the manufacturer. Findings also indicate that the documentation accompanying a product is a vital extrinsic cue used by consumers to evaluate both the product and the manufacturer, which implies that these documents are secondary products that add value to the primary product. Theoretical and managerial implications of these findings are discussed. Copyright © 2010 ASAC. Published by John Wiley & Sons, Ltd.     

Optimal portfolio choice when utility depends on health

This paper examines optimal portfolio choice when health can change the shape of the utility function. If adverse health shocks threaten to increase the marginal utility of consumption, that is, if they are Edgeworth–Pareto substitutes, risky health prompts individuals to lower their risky portfolio shares. Health naturally becomes more uncertain with age, so this theory might help to explain why aging investors gradually decrease their risk exposure even when asset returns display no mean reversion and relative risk aversion is constant.     

THE FUNDAMENTAL DETERMINANTS OF TRADING VOLUME REACTION TO FINANCIAL INFORMATION: EVIDENCE AND IMPLICATIONS FOR EMPIRICAL CAPITAL MARKET RESEARCH

Prior empirical research indicates that trading volume reaction to new information increases with the heterogeneity of investors’ prior beliefs. We examine three potential factors that theoretical models of financial economists show determine trading volume reaction to new information: heterogeneous prior beliefs, differential interpretation, and the consensus effect—the extent to which the information causes their beliefs to converge or diverge. We find that these three factors have a distinct and significant incremental effect on trading volume, thereby suggesting that empirical trading volume models that exclude or fail to control for any of these determinants are misspecified with biased estimated coefficients.     

Tournaments with Prize‐setting Agents*

In some tournaments, it is the contestants themselves who determine reward allocation. Union members bargain over wage distribution, and some firms allow self‐managed teams to freely determine internal resource allocation, incentive structure, and division of labor. We analyze, and test experimentally, a tournament where heterogeneous agents determine the spread between winner prize and loser prize. We investigate the relationship between prize spread, uncertainty, heterogeneity, and effort. We find that a large prize spread is associated with a low degree of uncertainty and a high degree of heterogeneity, and that heterogeneity triggers effort. By and large, our real‐effort experiment supports the theoretical predictions.     

Putting Agency and Integrity to the Test

This article examines recent claims about the necessity of integrity in agency relationships by putting agents with preferences that reflect integrity in an evolutionary competition with opportunistic agents. Corporate culture is modeled through a process of assortative matching between principal and agent types (via industry or group effects). This leads to a characterization of corporate governance where integrity is linked with value creation.     

Unregulated Stock Markets in Second Life

SLCapex is a stock exchange owned and operated by “residents” of the online virtual world Second Life. Despite its almost complete lack of regulation and legal protections against fraud or insider trading, issuers were able to raise approximately US$145,000 from investors, which grew to US$900,000 in market value before plummeting, resulting in overall investor returns of ?71%. Investors in large issuances lost more than investors in small issuances, and small investors experienced more severe losses relative to large investors when more money was at stake, indicating that the market did a poor job of protecting investors from issuers and of providing a level playing field for investors. Theories from financial economics can explain the markets' poor performance in the absence of regulatory and legal institutions, but they cannot easily explain why issuers were able to raise capital in such a setting.     

越库配送的研究现状

介绍了越库配送内部流程以及越库实施所应注意的因素,分析了国内越库配送的研究及应用现状,提出了进一步发展的内容与方向。