On the implications of market power in banking: Evidence from developing countries

This paper investigates how different degrees of market power affect bank efficiency and stability in the context of developing economies. It sheds light on the competition-stability nexus by documenting and analyzing the complex interactions between a tripod of variables that are central for regulators: the degree of market power, bank cost and profit efficiency, and overall firm stability. The results show that an increase in the degree of market power leads to greater bank stability and enhanced profit efficiency, despite significant cost efficiency losses. The findings lend empirical justification to the traditional view that increased competition may undermine bank stability, and may bear significant implications for stressed banking systems in developing economies.     

普通小球藻对直接大红4B染料的降解作用研究

利用紫外-可见吸收光谱、高效液相色谱、傅立叶转换红外光谱分析以及溶液pH值测定,研究普通小球藻对直接大红4B染料溶液的降解作用。结果表明:普通小球藻对染料的降解必须在光的协同作用下进行,模拟太阳光的协同降解效果最好;染料的降解效果随普通小球藻的浓度与照射光强度的增加而增强,掺藻浓度16×108 cells/L的染料溶液,光照5 h的脱色率达到86%以上,降解速度在染料浓度比较高的初期较大;普通小球藻在对直接大红4B溶液的降解过程中不会产生中间产物;随着降解时间的延长,溶液的pH值在不断降低。     

Durable goods produced by state owned enterprises

A two-period durable-goods monopoly model is analyzed where the durable good is provided by a state owned enterprise (SOE). First, we suppose that the SOE is under pressure to provide employment, and therefore has an employment goal, as well as the traditional profit and consumer surplus objectives. Assuming that the SOE has difficulty committing to current buyers with respect to its profit and employment motives, we find that as the employment burden increases, the SOE tends to move further away from the efficient durability and provides a lower durability level than a pure profit maximizer. Additionally, we show that a durable-goods SOE without commitment power, will wish to partially privatize to help mitigate its commitment problem with buyers and increase social welfare. Both of these findings provide economic rationale for the partial privatization of SOEs in transitioning economies that have not been identified in the literature prior to this.     

Earnings inequality and the informal economy

We analyse the extent and evolution of informality and inequality in the Serbian labour market between 2002 and 2007, using data from the Living Standard Measurement Surveys. Two surprising results emerge. First, the level of informal employment has risen significantly over the period, despite strong economic growth and the introduction of a range of market‐oriented reforms. Secondly, the level of inequality in earnings seems to have remained more or less constant over the period, in contrast to the experience of other countries at a similar stage of transition. We show that informal employees earn significantly less than those in the formal sector, controlling for a range of other variables, and informality plays an increasingly important role in explaining earnings inequality.     

Government Size,the Role of Commitments*

We explore the hypothesis that long‐term commitments affect the dynamics of government expenditure. With the aid of a simple median‐voter model we interpret the pattern of increasing‐then‐constant tax rates observed in OECD countries in the second half of the last century: persistence of public expenditure and a lower bound on new interventions will push government size upward, and preferences of the electorate put a halt to this growth at some point. In this view, the fiscal policy variable is seen to consist of only a part of the total expenditure, the rest being predetermined by its past level.     

汽车4S店构建信息流与运营提升

汽车4S店是目前汽车厂商采取的主要营销模式,在经营管理过程中会产生大量的信息,这些信息如果能够被系统地收集、分析、整理和传递,必将对4S店的运营提升有着很大的推进作用。文章从信息流对4S店运营提升的作用出发,归纳目前4S店信息流现状,探讨如何构建完善的信息流体系。     

4RCP综合营销模型研究

本文在对4P、4C、4R相关研究成果进行述评和对供应链管理模式下4R营销理论进行深入探讨的基础上,对4P和4C理论的具体内容进行了修改以符合未来供应链的管理模式。以输入输出方法分析了三个理论具体内容之间的关系并提出了4RCP综合营销模型。该模型中4R是营销战略,4C和4P分别是顾客的需求分析和营销行动方案制定的战术模型,三者是互相融合的综合关系。4RCP综合营销模型在应用中是循环递进的,包括RCP的大循环和CP小循环,一次RCP大循环包括数个CP小循环。该模型适用于从营销战略到战术规划的转换,贯通营销活动从市场分析到具体营销行动的全过程。     

The Emergence of Second‐Tier Auditors in the US: Evidence from Investor Perceptions of Financial Reporting Credibility

We examine changes in the association between auditor type (Big 4, Second‐Tier, and Other non‐Big 4) and perceived financial reporting credibility in the wake of events (e.g., Andersen's failure, the implementation of SOX, creation of the PCAOB, etc.) which led to significant growth in Second‐Tier client portfolios and increased scrutiny of Second‐Tier audit practices. Our results reveal that financial reporting credibility of Second‐Tier clients was lower than that of Big 4 clients and was indistinguishable from that of Other non‐Big 4 clients pre‐Andersen. However, post‐Andersen, we find that financial reporting credibility of Second‐Tier clients is higher than that of Other non‐Big 4 clients and is indistinguishable from that of Big 4 clients. We expect that our results will be of interest to regulators, both in the United States and in the European Union, who have expressed concerns about the current state of competition in the audit market, management and boards of directors that are contemplating switching to a Second‐Tier audit firm, and academics investigating quality differences among audit firm types.     

The effect of hospitableness and servicescape on guest satisfaction in the hotel industry

This paper aims to investigate the influence of hotel hospitality on hotel guest satisfaction along with the moderating effect of the hotel servicescape on the relationship between hospitality and satisfaction. In this preliminary study, which involved 403 hotel guests in Malaysia, we employed a questionnaire survey as the main method of data collection. The structural equation modelling (CFA) used to assess the model revealed a good fit. A hierarchical moderated regression analysis was performed and showed statistical support for the positive influence of hotel hospitality on guest satisfaction as well as a positive moderating effect of servicescape. Copyright © 2013 ASAC. Published by John Wiley & Sons, Ltd.