Endogenous technological progress and the cross-section of stock returns

I study the cross-sectional variation of stock returns and technological progress using a dynamic equilibrium model with production. Technological progress is endogenously driven by research and development (R&D) investment and is composed of two parts. One part is devoted to product innovation; the other, to increasing the productivity of physical investment. The latter is embodied in new tangible capital. The model breaks the symmetry assumed in standard models between tangible and intangible capital, in which the accumulation processes of tangible and intangible capital stock do not affect each other. Qualitatively and, in many cases, quantitatively, the model explains well-documented empirical regularities.     

New Cultures,New Strategies,New Formats and New Relationships in European Retailing

Abstract

During the last fifteen years there has been a substantial restructuring of retailing in Europe. The implications of this reach beyond Europe. The restructuring involves not only competitive relationships amongst retailers but also involves new forms of relationships with suppliers. A new perspective of the role of retailing is emerging that places retailing in a global framework of international store operations, international sourcing of products, international flows of management and managerial know-how, and international awareness by consumers of the retailers who are becoming international brands. The aim of this paper is to place the restructuring in context, to consider the nature of it and to explore how the new global framework will begin to have effects for distribution industries in Asia.     

The Strategic Importance of Retail Investment in Asia and Its Implications for the Metro Group in Asia

Abstract

The speed, intensity and reach of retailers' foreign expansion are rising. As more distant markets have to be chosen to stay competitive, the pressure to expand abroad is increasing. Often, changing or stretching the initial business model in order to comply with local market demand maintains the performance of the firm. This phenomenon of strategy alteration after market entry is examined, using the Metro Cash and Carry expansion into Asia as an example. First, the investment attractiveness of Asia as a region is examined. Second, there is a review of countries in Asia that are especially considered for business expansion. Finally, the question of how an overall internationalisation strategy or business concept of a company changes after market entry into Asia is explored.     

The UK Research Assessment Exercise (RAE 2008) and retail research output

The 2008 Research Assessment Exercise in the United Kingdom provides a further opportunity to consider changing trends and patterns in retail research, following on a previous commentary in this journal. This comparison shows that pressures continue to mount and are impacting retail knowledge creation and dissemination practices, not least in terms of those engaged in retail research, the topics and approaches utilised, the publication tactics and strategies and thus the standing of retail research in the United Kingdom and its reputation internationally.     

shopper taxonomy for retail strategy development

Segmentation of shoppers has been explored by many academic researchers and business practitioners seeking to understand shopping behaviour or to develop marketing strategies for particular customer groups. Market segmentation holds the key to successful marketing strategy as it encourages understanding of the key variables that differentiate specific segments.

The shopper taxonomy determined through this study is based on a set of variables that is relevant and appropriate for shopper segmentation and reflects the key aspects important to shoppers in motivating shopping behaviour towards a specific retail location. This taxonomy extends the proposed motivational taxonomy of Westbrook and Black (1985), derived from Tauber's (1972) earlier research. Westbrook and Black defined this taxonomy through shopping motives, and identified categories of product-oriented, experiential and a combination of product and experiential shoppers. Their research findings, however, pointed to a six-cluster typology, defining department stone shopping around seven motivations aligned with evaluating options and acquiring the products, engaging in the sales process and gaining stimulation and affiliation through the retail environment.

The “apathetic”, “shopping-processed involved” and “choice optimisation” shopper segments described by Westbrook and Black align with the “have to” “experiential” and “practical” “segments found in this study in terms of their focus on the shopping activity itself and the affiliation and stimulation motives associated with the shopping activity. Other associations between shopper segments across the two studies are less clear, and may be explained through the differing purposes for which the studies were undertaken and resulting variation in the measures used to define the motivational constructs.     

“入世”对我国零售业的影响分析及对策探讨

加入WTO ,从短期来看 ,我国商业是需要付出一定代价的。但从长期成本来分析 ,它有利于我国充分借鉴发达国家在管理营销方式上获取“后发性优势”的经验 ,使我国商业企业能按照国际惯例进行经营管理 ,最终提升我国流通业的整体竞争力水平。     

A new approach to modeling waste in physical input-output analysis

It is important to treat waste properly in physical input-output analysis and a series of publications discussed this topic in this journal recently. In this paper, we propose a new approach to deal with physical input-output table (PIOT) measured in a single mass unit, by which the structure of PIOT need not be changed. The new approach yields consistent and reasonable results. It not only is simpler than the existing approaches but also can reflect the physical reality of economic systems. We first discuss and clarify the concept of different kinds of inputs and outputs of economic systems. We then present the details of the new approach. During the process we define a new multiplier, which builds a bridge between the total input and the final demand in PIOT, just like the traditional Leontief inverse in MIOT. We select the three-sector PIOT for Germany 1990 as a case study to show the validity of the new approach. Finally, we prove the equivalence between the new approach, Suh's approach and Dietzenbacher's approach and the equivalence of non-waste part and waste part multiplier of the new approach and Dietzenbacher's approach.     

零售企业自有品牌发展研究

零售企业开发自有品牌是零售企业发展的一个显著特征,本文对零售企业发展自有品牌获得成本、营销组合、竞争、差别优势及提升零售商的品牌价值等方面进行了研究,提出了中国零售企业发展自有品牌应以跟随型自有品牌在价格上形成优势,用高端卖场品牌型自有品牌在质量上竞争,使零售企业利润达到最大化。     

简快身心积极疗法的理论基础及其逻辑关系之剖析

简快身心积极疗法在发展过程中,不拘泥于学术学派的束缚,系统整合了当前国内外各种实用有效的治疗技术,因其简洁快速、实用有效的临床辅导效果而独树一帜。本文尝试系统梳理简快身心积极疗法的理论基础,挖掘其内在逻辑关系,剖析其简快有效的原因所在。     

Urban and suburban retail development in Albania's capital after socialism

This article discusses trends in the distribution of retail development in Tirana (the capital of Albania) and its surrounding areas. The story of these trends in Tirana exhibits unique characteristics connected to the city's exceptional population growth and exceptional densification since the end of the communist era in 1990. Tirana provides an example of how a center city can continue to dominate retail commerce when there are very limited restraints on residential and commercial density in the inner city and very limited foreign investment in retail development.