Moderating effect of capital intensity on the relationship between leverage and financial distress in the U.S. restaurant industry

During the recent and ongoing economic turmoil, countless businesses have been facing financial distress and many have filed for bankruptcy. This issue is especially critical for the restaurant industry due to restaurants’ sensitivity to economic fluctuations. Therefore, the purpose of this study is to examine the financial distress issue in the U.S. restaurant industry. In particular, the study examines a moderating effect of capital intensity on the relationship between a firm's leverage and degree of financial distress. The dataset includes publicly traded U.S. restaurant firms during the period 1990–2008. The study measures the degree of financial distress by modified Z-scores, and findings suggest a positive moderating effect of capital intensity on the relationship between leverage and financial distress.     

Barriers Inhibiting Export Performance of Small and Medium-Sized Manufacturing Firms

Abstract

This study uses a step-wise discriminant analysis to address two related questions. First, to identify those inhibiting factors perceived to be both important and difficult to counter when a firm is initiating an export program. Second, to address the criticism that the current export research has failed to differentiate between degree of importance and the level of difficulty that firm may encounter when entering foreign markets. Two-hundred and forty-two small and medium-sized Wisconsin manufacturing firms were surveyed. The findings identified three barriers perceived to be both important and difficult to overcome. However, they did not support the criticism that we must differentiate between the degree of importance and the level of difficulty.     

案例教学知识转移机理研究

随着管理学科的不断发展，管理知识的情境性与实践性日益突显，对管理学科的教学提出了更高的要求。作为一种基于案例创设情境，鼓励学生主动实践、互动讨论的教学方法，案例教学法逐渐成为管理学科教学中不可或缺的方法。本文以高校管理学科案例教学为研究对象，通过结构方程模型的实证研究方法探究了案例教学特征通过影响学习者行为从而促进管理知识转移效果的作用机理。实证研究结果表明，案例教学的情境模拟性特征既能够直接促进管理知识的转移，同时也能通过提升学习意愿间接提升管理知识的学习效果，而师生平等性特征则通过影响学〉-7意愿影响管理知识的转移效果，为高校管理学科案例教学的有效开展提供了新的理论依据。     

自主研发、技术引进与能源强度——基于中国地区工业的实证分析

本文采用2005-2007年中国30个地区工业面板数据，将地区工业的研发总支出划分为自主研发、国外技术引进和国内技术转移三个部分，在估算自主研发存量和技术引进存量的基础上，实证检验了自主研发、技术引进对地区工业能源消耗强度的影响。研究表明，自主研发、技术引进对地区工业能源强度的影响存在差异：自主研发对工业能源强度有显著负效应；国外技术引进对工业能源强度有显著正效应；国内技术购买对工业能源强度没有显著影响。研究还发现，国内技术购买并没有通过R＆D途径促进地区工业能源强度的下降。     

中国工业行业能源强度影响因素的实证分析

利用中国31个工业行业1998—2004年面板数据,采用分层聚类方法,按年平均能源强度将31个工业行业分为高能源强度行业和低能源强度行业,并对全工业行业、高能源强度行业和低能源强度行业能源强度的影响因素进行了实证分析。研究结果表明,能源价格上涨对提高工业行业的能源利用效率有显著的促进作用;FDI进入程度的增大提高了工业行业尤其是高能源强度行业的能源强度;进、出口商品结构变化对工业行业能源强度没有显著影响;工业内部的行业结构变化对全工业行业和低能源强度行业的能源强度有显著负的影响,对高能源强度行业没有显著影响;R&D投资强度的增加提高了工业行业特别是高能源强度行业的能源强度。     

桥头深厚软基处理中低强度桩的应用分析

结合某桥头段桥头深厚软基处理的工程实例,探讨了低强度桩处理桥头软基的机理和设计思路。     

RECOVERING PORTFOLIO DEFAULT INTENSITIES IMPLIED BY CDO QUOTES

We propose a stable nonparametric algorithm for the calibration of “top‐down” pricing models for portfolio credit derivatives: given a set of observations of market spreads for collateralized debt obligation (CDO) tranches, we construct a risk‐neutral default intensity process for the portfolio underlying the CDO which matches these observations, by looking for the risk‐neutral loss process “closest” to a prior loss process, verifying the calibration constraints. We formalize the problem in terms of minimization of relative entropy with respect to the prior under calibration constraints and use convex duality methods to solve the problem: the dual problem is shown to be an intensity control problem, characterized in terms of a Hamilton–Jacobi system of differential equations, for which we present an analytical solution. Given a set of observed CDO tranche spreads, our method allows to construct a default intensity process which leads to tranche spreads consistent with the observations. We illustrate our method on ITRAXX index data: our results reveal strong evidence for the dependence of loss transitions rates on the previous number of defaults, and offer quantitative evidence for contagion effects in the (risk‐neutral) loss process.     

一种基于有限元计算的半挂车强度分析

用有限元计算方法对某型半挂车车架的强度进行了分析计算。通过有限元仿真计算,提出在进行局部加强的同时,采用细而密的横梁结构的优化方案,解决了原来结构的应力集中现象,确保半挂车的结构强度。     

Smallholder Farmers and Collective Action: What Determines the Intensity of Participation?

Collective action through farmer groups can be an important strategy for smallholders to remain competitive in rapidly changing markets. Previous research has analysed determinants of farmer participation in groups, equating participation with group membership. However, within groups the commitment of members can vary, as marginal benefits and costs are not the same for all individuals, and opportunities to free‐ride exist. Low participation in collective activities may reduce the ability of groups to provide useful services to its members. This article investigates determinants of member participation intensity, using the example of farmer groups in Kenya. The role of individual and group characteristics is analysed with survey data and regression models. Previous benefits that members received through the group positively influence their intensity of participation in group meetings and collective marketing, suggesting that reciprocity motives play a role. Low participation can mostly be attributed to structural and institutional conditions, such as group size and the timing of payments for collective product sales. More diversified farmers are less likely to sell collectively when group marketing activities only concentrate on one particular commodity. Since smallholders are often highly diversified, the focus of farmer groups should also be broadened. Further policy implications are discussed.