A test of Hotelling’s Valuation Principle for nonrenewable resources

A recent study by Cairns and Davis (1998) tested and rejected the Hotelling Valuation Principle (HVP) using cross-sectional data on gold mines. But a replication of that study using the same data suggests the presence of heteroscedastic errors. In contrast to the results of ordinary least squares regressions, robust estimation and weighted least squares results indicate that the HVP may not be rejected at conventional levels of significance. Moreover, the alternative valuation equations proposed by Cairns and Davis can require additional and often unavailable information regarding mineral production. Matched pairs tests indicate that prediction accuracy is roughly comparable across all of the equations examined.Revisions to this paper were completed during a sabbatical at the Life Cycle Institute in the Catholic University of America. I thank Ernest M. Zampelli, Philip Pfaff, two anonymous referees, and the editors for helpful comments. Any errors are my own.First version received: May 2003/Final version received: April 2004     

关于人力资源管理专业学生技能培养的思考

人力资源管理专业是一个全方位、立体型的系统培养过程,要探索专业应用技术性人才培养的新途径、新方法、新模式,就必须顺应当代市场经济发展的趋势,树立专业技能培养的新理念,进行广泛多样化的校企合作,按照岗位技能要求进行规范性培养,不断创新办学机制,使专业建设充满朝气和活力.     

论新企业会计准则的创新理念及其影响

2006年财政部正式发布了我国企业会计准则体系,新准则对旧准则进行了修订、补充和完善,实现了一系列的突破和创新,尤为重要的是引进了新的会计理念:原则导向、趋同、资产负债观和公允价值理念。要正确理解、贯彻新准则的关键在于正解的认识新会计理念的实质及其影响。     

国际税收竞争理论与实践对我国的启示

在我国日益融入全球经济的背景下，国际税收竞争理论与实践对我国税制建设具有一定的借鉴意义。应辩证认识国际税收竞争，立足国情，积极参与适度国际税收竞争，促进国家之间的税收协调，尽量避免恶性税收竞争；进一步完善税收立法、执法和司法体制，重新审视税收主权与协调。     

信托法基本原则新论

特别法基本原则不同于一般法基本原则,也不同于特别法具体原则,它必须满足三个基本要求:特有性、内容的根本性和效力的贯穿始终性.从特别法基本原则的基本要求来看,信托法基本原则只有一个,即信托财产独立性原则.     

浅谈职业教育就业指导的定义原则和功能

职业教育正在蓬勃兴起,就业指导工作是职业教育工作的出发点和落脚点。搞清楚职业教育就业指导的定义、应该遵循的原则和应具备的功能对于搞好就业指导工作具有十分重要的意义。     

语用学视域下商务英语翻译研究

语用学研究的主要是特定情境中的特定话语,而商务英语的特殊性质决定了其翻译应从语用学入手。特别是Grice提出的合作原则和Leech提出的礼貌原则有助于从语言学之外的视角来研究商务英语的翻译问题,进而有助于翻译效果的提高和商务行为的成功。     

What You Should Know About Megaprojects and Why: An Overview

This paper takes stock of megaproject management, an emerging and hugely costly field of study, by first answering the question of how large megaprojects are by measuring them in the units of mega, giga, and tera, and concluding with how we are presently entering a new “tera era” of trillion‐dollar projects. Second, total global megaproject spending is assessed, at US$6 to US$9 trillion annually, or 8% of the total global gross domestic product (GDP), which denotes the biggest investment boom in human history. Third, four “sublimes”—political, technological, economic, and aesthetic—are identified and used to explain the increased size and frequency of megaprojects. Fourth, the “iron law of megaprojects” is laid out and documented: Over budget, over time, over and over again. Moreover, the “break–fix model” of megaproject management is introduced as an explanation of the iron law. Fifth, Albert O. Hirschman's theory of the “Hiding Hand” is revisited and critiqued as unfounded and corrupting for megaproject thinking in both the academy and policy. Sixth, it is shown how megaprojects are systematically subject to “survival of the unfittest,” which explains why the worst projects get built rather than the best. Finally, it is argued that the conventional way of managing megaprojects has reached a “tension point,” in which tradition is being challenged and reform is emerging.     

某煤制烯烃项目总图运输设计分析

某煤制烯烃项目是国家"十一五"期间核准的特大型煤制烯烃工业示范工程。项目包括石油、化工、电力、铁路运输等多类别工业生产单元;本文通过对该项目总平面布置的分析,归纳了决定烯烃项目总图布置的主要影响因素,总结了煤制烯烃总平面布置的主要特点,全面描述了煤制烯烃总图设计的内容及方法,为其他煤制烯烃项目及相关煤化工总图设计工作提供参考。     

商业判断规则的法经济学分析

由于董事商业决策的结果具有不确定性,法律机制介入董事商业决策既不准确而且成本高昂。商业判断规则作为董事决策行为的"安全港",在制度设计上应将司法审查限制在决策程序而非内容上,使董事拥有充分的决策自由裁量权,增进整个市场的经济效率。