己内酰胺硫铵新装置中和反应结晶技术

文章简叙了己内酰胺“七改十四”工程中硫铵装置改扩建工程中采用的中和反应结晶新技术,通过与原硫铵装置的中和、结晶单元的对比,体现了中和反应结晶新技术在工艺和能耗方面的优势。     

Conceptualizing and measuring capabilities: methodology and empirical application

This paper attempts to operationalize and measure firm‐specific capabilities using an extant conceptualization in the resource‐based view (RBV) literature. Capabilities are conceived as the efficiency with which a firm employs a given set of resources (inputs) at its disposal to achieve certain objectives (outputs). We expand on extant theoretical literature on relative capabilities, by delineating the conditions that have to be met for relative capabilities to be measured non‐tautologically. We then proceed to suggest an estimation methodology, stochastic frontier estimation (SFE), that allows us to infer firm capabilities. We illustrate this technique with a sample of firms in the semiconductor industry. Our findings underscore the heterogeneity in R& D capability across firms in this industry, as well as the persistence in these capabilities over time. We also find that the market rewards high R& D capability firms, in that they show the highest average values of Tobin's q. Copyright © 2004 John Wiley & Sons, Ltd.     

The Importance of the Sequence in UK Rights Issues

Abstract:  This study examines the market reaction to UK rights issues announcements and also investigates the position of these issues in the sequence in which the firms make multiple rights issues. The sample consists of 569 rights issues made by 243 industrial and financial firms over the period 1988–1998. The results suggest that the UK market responds negatively to earlier issues in the sequence made by multiple rights issuers. This negative reaction diminishes and becomes insignificant at or after the third issue. In addition, the study shows that the favourable response to later rights issues in the sequence is due to the diminishment in the level of information asymmetry around such issues.     

中国企业应对国外反倾销三步曲

反倾销是WTO赋予缔约国抵制不公平贸易行为的主要措施之一,业已成为世界各国极力谋求贸易保护的武器.反倾销既是偶然的,又是必然的.基于当前中国成为世界上最大的反倾销受害者的现实,文章系统提出了应诉国外反倾销的三步曲,即事前未雨绸缪,事中科学应对,事后适应形势.     

危机事件中企业印象管理策略与受众反应--基于归因理论的情境实验

结合印象管理理论和归因理论，通过情境实验的方法，探索受众对企业的责任推断以及后效反应。研究发现，面对危机事件，企业消极的印象管理策略（漠视）会导致受众更强的内部归因、可控归因和稳定归因，企业会受到更大程度的责任推断，受众更倾向于不能原谅企业的做法；企业积极有效的印象管理策略（道歉、理由）有助于产生较好的后效评价，进而维护甚至提高企业的形象。     

基于最优化理论的药物不良反应率问题研究

目的研究制药企业在选择药物不良反应率时的行为。方法博弈论方法。结果与结论制药企业在选择药物不良反应率时,会考虑以下选择,若隐瞒药物真实的、较高的不良反应率虽然会存在一定的不良反应率发生的事件概率,但可以实现更多的销售,即使发生了严重的不良反应事件,扩大的销售额或许也可以弥补这些损失;而若如实的公布这些不良反应率则有可能会影响销售,若降低不良反应率则会增加成本。因此,制药企业会在隐瞒不良反应率和降低不良反应率之间进行博弈,而患者则会根据药物不良反应率来选择药物,也能制约制药企业对药物不良反应率的选择。     

Large capital infusions,investor reactions,and the return and risk-performance of financial institutions over the business cycle

We examine investors’ reactions to announcements of large capital infusions by U.S. financial institutions (FIs) from 2000 to 2009. These infusions include private market infusions (seasoned equity offerings (SEOs)) as well as injections of government capital under the Troubled Asset Relief Program (TARP). The sample period covers both business cycle expansions and contractions, and the recent financial crisis. We present evidence on the factors affecting FIs’ decisions to raise capital, the determinants of investor reactions, and post-infusion risk-taking of the recipients, as well as a sample of matching FIs. Investors reacted negatively to the news of private market SEOs by FIs, both in the immediate term (e.g., the two days surrounding the announcement) and over the subsequent year, but positively to TARP injections. Reactions differed depending on the characteristics of the FIs, and the stage of the business cycle. Smaller, more financially constrained non-bank institutions were more likely to have raised capital through private market offerings during the period prior to TARP, and firms receiving a TARP injection tended to be riskier and more levered. In the case of TARP recipients, they appeared to finance an increase in credit risk with more stable financing sources such as core deposits, which lowered their liquidity risk. However, we find no evidence that banks’ capital adequacy increased after the capital injections.     

光助Fenton法处理罗丹明B废水的研究

为了研究卤灯-Fenton体系中各主要因素对染料废水脱色效果的影响,以罗丹明B脱色率为指标考察了反应体系p H值、Fe2+投加量、H2O2投加量3个重要参数对该体系构成的光助Fenton反应处理罗丹明B废水的影响。结果发现,卤灯作为光源可以显著提高Fenton反应降解罗丹明B的脱色效率;反应动力学过程符合一级反应动力学方程;反应体系p H值、Fe2+投加量、H2O2投加量均存在一个最佳值。在罗丹明B初始浓度为50 mg/L、p H=4、Fe2+投加量为0.2 mmol/L、H2O2投加量为4 mmol/L时,反应90 min,罗丹明B脱色效率达到100%,一级反应速率常数为0.052 2 min-1。     

The effect of the Rana Plaza disaster on shareholder wealth of retailers: Implications for sourcing strategies and supply chain governance

Supply chain and reputational risks are often assumed to motivate firms to source production in developed, high-cost countries rather than developing, low-cost countries. To examine this assumption, we provide evidence from the collapse of the Rana Plaza building on April 24, 2013, which with its 1133 fatalities and 2438 injuries is seen as one of the worst industrial accidents in history. Do markets reactive negatively enough to such events to motivate firms to shift their sourcing strategy? We analyze the stock market reaction to the Rana Plaza disaster in the Bangladeshi ready-made garment industry to address this question. Our analysis is based on a sample of 39 publicly traded global apparel retailers with significant garment sourcing in Bangladesh. Stock market reaction to retailers on the day of the Rana Plaza disaster is negative, but its magnitude and significance dissipate by the following day. We find no evidence of significant stock market reaction during the 11 trading days (approximately two weeks in calendar time) following the disaster. Retailers responded to the disaster by developing two different agreements to improve factory and worker safety in Bangladesh – the Accord on Fire and Building Safety in Bangladesh (AFBSB), and the Alliance for Bangladesh Worker Safety (ABWS). We find no evidence of significant stock market reaction to the announcements of the AFBSB and the ABWS. The insignificant negative economic impact from the Rana Plaza disaster suggests that retailers have little economic incentive to move sourcing out of Bangladesh or other low-cost countries so as to reduce the risk of being involved in such events. We discuss the implications of our results for retailers, non-governmental organizations (NGOs), garment factory owners in Bangladesh, the Bangladeshi government, and academic researchers.     

Estimating the market value of Steve Jobs using an event study

Using an event study approach, we seek to estimate the value investors placed on Steve Jobs by investigating the stock market reactions to his death. In the three-day window surrounding his death, the estimated cumulative abnormal returns are ?5.76%. Given the market capitalization of Apple at the time, it can be inferred that investors valued Steve Jobs at 20 billion dollars. While tragic, the news about Jobs’ death is greeted favourably by Apple’s competitors. The competitors appear to be convinced that, without Steve Jobs, they can compete with Apple better.