The influence of pension funds on corporate governance

Although pension funds have gained importance in the last two decades, their role has not been described in detail by economic models. This article focuses on the scope of these institutional investors when they are not satisfied with a management team of a company in which the pension fund holds a block of shares. Stock holdings by pension funds are largely dispersed. Therefore, any intervention by pension funds in corporate governance requires the formation of a coalition of pension funds. The realization of a coordinated intervention, in turn, is subject to the problems related to the provision of public goods, such as free riding. We find that the stock dispersion and the combined share of pension funds, coordination costs and the attractiveness of the exit option are relevant factors for determining the probability of the success of interventions.     

香蕉供应链质量安全关键控制点研究

利用HACCP质量管理体系综合评价香蕉供应链各个环节中潜在的危害,并且对产地选择、生产管理、贮藏运输及销地催熟4个关键控制点进行了研究。     

抽样定理的System View仿真与实现

通过分析SystemView仿真软件的优势及主要的功能模块库和应用领域,重点通过通信系统中的抽样定理实例介绍了该软件的使用方法及注意事项。最后,总结该软件的教学应用效果及对相关课程教学的借鉴作用,特别适合通信系统的仿真与设计。     

浅谈固定顶油罐区的消防安全对策

文章通过对固定顶油罐区的火灾危险性及火灾成因进行分析,提出了固定顶油罐区的消防安全对策。     

从固定资产重估看银行资本的提升

分析在国内外会计准则下，通过固定资产重估提升银行资本、缓解监管压力的可行性。根据我国会计准则的相关要求，在固定资产重估方面，目前只能通过投资性房地产重估、固定资产转换与并购重组三种路径提升银行资本，从而达到提升资本充足率的目的，但前两种方法却在一定程度上降低了杠杆率水平，且其市场实施效果也并不乐观。     

社会固定投资与居民福利量化关系模型分析

固定资本投资是流动资本投资的前提和基础，也是整个社会经济规模扩张与发展所必须依赖的重要物质基础。现期厂商的固定资本投资会直接导致本期总需求的增加，在保持总供求平衡的前提下，政府本期的调控货币投放规模将会相应减小，从而影响本期社会弱势居民的福利水平。     

分马力电机CAD绘图系统的开发与应用

本文详细论述和介绍了开发分马力电机 CAD 绘图系统时的硬件、软件配置,以及在应用 AUTO CAD 办件时所进行的二次开发工程,实现了分马力电机设计中零部件图及总装配图的自动绘制.     

企业风险管理探析

企业风险管理是一个涉及到企业内外各个方面的人的利益的问题。我国企业亟需加强风险管理,防止因人的因素导致的企业风险管理的失灵。实现最佳企业风险管理的效果,应结合企业战略的制定、企业内部控制和平衡计分卡的运用。     

Advertising, Its Determinants, and Market Structure

This study derives a formal model of firm advertising behavior and applies it to the industry level to figure out the relationship between advertising and market structure. The firm advertising model shows that both consumer preference andfirm-specific advertising competence jointly determineprofit-maximizing advertising intensity. At the industry level, advertising intensity is represented multiplicatively by consumer preference and a measure of market structure, which reflects the joint distribution of the levels of advertising competence and market shares among firms. The new market structure measure suggests that those single-dimensional measures of market structure such as seller concentration and the Herfindahl index are inadequate in explaining interindustry differences in advertising intensity, and that the long-debated advertising-concentration relationship differs depending primarily on the appropriability of advertising. An empirical analysis of 426 five-digit Korean manufacturing industries shows that an inverted U-shaped relationship between the Herfindahl index and industry advertising intensity is observed for consumer goods industries but a lazy J-shaped relationship for producer goods industries.     

Diffidence Theorem, State-Dependent Preferences, and DARA

C. Gollier (The Economics of Risk and Time. Cambridge: MIT Press, 2001) has developed a standard technique based on the diffidence theorem. This theorem provides a very simple instrument to solve relatively sophisticated problems when preferences are state-independent. The object of this article is to show that the theorem is also very useful to derive significant results with state-dependent preferences. Using the reference set notion and an extension of the diffidence theorem, we establish formally necessary and sufficient conditions on the reference set, in order to obtain prudence and decreasing absolute risk aversion. Examples of DARA utility functions compatible with non-linear reference sets are presented in the Appendix.