Managing radical innovation: The importance of specialized knowledge in the biotech revolution

This work has implications for managers, investors and entrepreneurs in times of breakthrough innovation at the firm or industry level. The work shows that the marketplace understands the importance of retaining and motivating critical specialized knowledge. By analyzing initial public offerings during the biotechnology discovery wave I find evidence that a dramatic decrease in the ability to include secondary shares (liquidity for early investors and entrepreneurs) in biotechnology IPOs corresponds with the radical increase in the importance of specialized knowledge in that industry, at the time of the rDNA breakthrough discovery and development.     

中等旅游教育的认识与思考

中等旅游教育是我国旅游教育的重要组成部分，它是随着旅游业的产生、发展而逐步形成和完善的，在我国的旅游业发展中起着重要的作用。为了使中等旅游教育健康发展，应重视在发展过程中的问题，例如培养目标与培养方式、教育质量与科学研究、师资队伍与育人环境、学校特色与学校发展等等。只有认清形势、明确方向、坚持特色、扬长避短、适应市场，中等旅游教育才能更好地为旅游业培养人才。     

浅析电算化会计背景下的审计程序

会计电算化是会计发展的必然方向.传统的财务审计在新的条件下就显得很不适应,必须进行修改与完善,一般审计程序可分为准备阶段、实施阶段、审计结论和执行阶段、异议和复审阶段.文中从审计的内容与程序论述了会计电算化中的审计工作.     

Local economic risk factors and the primary and secondary mortgage markets

This paper presents a cross-sectional analysis of the spatial distribution of loans in the primary and secondary mortgage markets. Aggregating loan originations to the MSA level, we examine the proportion of the market served by FHA and conventional lenders. We model the geographic differences in market shares as a function of supply, demand, and economic risk factors. Results indicate that FHA market shares are higher in cities with higher economic risk characteristics. To examine the role of GSE activity, we model the spatial distribution of the disposition of conventional loans. Again, we focus on the impact of local economic risk factors on the proportion of loans purchased by the GSEs, purchased by other financial institutions, or retained by the originating lender. Our results indicate that GSEs purchase rates are fairly insensitive to local economic conditions indicating that they serve the primary market with little spatial variation.     

Finite sample tail behavior of the multivariate trimmed mean based on Tukey-Donoho halfspace depth

Finite sample tail behavior of the Tukey-Donoho halfspace depth based multivariate trimmed mean is investigated with respect to a tail performance measure. It turns out that the tails of the sampling distribution of the α-depth-trimmed mean approach zero at least ⌊αn⌋ times as fast as the tails of the underlying population distribution and could be n−⌊αn⌋+ 1 times as fast. In addition, there is an intimate relationship among the tail behavior, the halfspace depth, and the finite sample breakdown point of the estimator. It is shown that the lower tail performance bound of the depth based trimmed mean is essentially the same as its halfspace depth and the breakdown point. This finding offers a new insight into the notion of the halfspace depth and extends the important role of the tail behavior as a quantitative assessment of robustness in the regression (He, Jurečková, Koenker and Portnoy (1990)) and the univariate location settings (Jurečková (1981)) to the multivariate location setting. Received: 1 July 1999     

中国宏观经济变量的时间趋势属性研究

本文提出了一种新的时间趋势属性的检验方法,该方法融合了非线性模型与线性模型。本文构建了三个Wald类检验统计量及一个稳健检验统计量,推导出了这些统计量的极限分布并分析了其有限样本下的统计性质。应用该检验程序,本文分析了我国24个重要宏观经济变量的时间趋势属性,结果表明,其中22个经济变量具有非线性平滑转移特征,其时间趋势属性表现为确定性。     

The sustainability of the Ryanair model

This paper examines the growth of Ryanair, Europe’s largest new entrant airline since deregulation. The sustainability of the Ryanair product is examined, including: acceptability to passengers, the use of secondary airports, labour productivity and use of outsourcing, corporate culture, policy environment and legal and policy obstacles. The growth of the airline is expected to continue because of the popularity of low fares, the willingness of passengers to forego traditional airline services in order to avail of low fares and the ability of Ryanair to control and reduce costs.     

Consistency in the probabilistic assignment model

This paper introduces a notion of consistency for the probabilistic assignment model, which we call probabilistic consistency. We show that the axioms equal treatment of equals and probabilistic consistency characterize the uniform rule, which is the rule which randomizes uniformly over all possible assignments.     

Distributions of exact tests in the exponential family

The aim of this paper is to give some results on the exact density of the I-divergence in the exponential family with gamma distributed observations. It is shown in particular that the I-divergence can be decomposed as a sum of two independent variables with known distributions. Since the considered I-divergence is related to the likelihood ratio statistics, we apply the method to compute the exact distribution of the likelihood ratio tests and discuss the optimality of such exact tests. One of these tests is the exact LR test of the model which is asymptotically optimal in the Bahadur sense. Numerical examples are provided to illustrate the methods discussed. Received: January 2002 Acknowledgements. I am grateful to Prof. Andrej Pázman for helpful discussions during the setup and the preparation of the paper and to the referees for constructive comments on earlier versions of the paper. Research is supported by the VEGA grant (Slovak Grant Agency) No 1/7295/20     

中国民族区域自治制度的民主性论证--民族自治与民主关系研究

从一套前瞻性的民主理论框架和价值体系来审视我国当前实行的民族区域自治制度。分析民族自治与民主的内在关系,是研究民族区域自治制度的新视角。我国民族区域自治制度契合民主政治的本质,体现了民主政治社会公正、商议性和个人自由的原则,符合民主政治的程序,为民主的实施提供了地理区域规模、文化认同、心理和理性条件,具有相当高程度的民主性。