Are the markets for financial assets efficient? : Evidence for the USA, 1974–1988

The analysis in this paper addresses the efficient markets hypothesis as it pertains to the markets for financial assets. Both weak form efficiency and semistrong form efficiency are investigated for three different financial assets - common stocks, preferred stocks and government bonds. For these assets the markets are indicated to be weak form efficient based on monthly data covering the period January 1974 to June 1988. In the case of semistrong form efficiency, the financial assets markets are efficient with respect to the supply of money for the period after October 1979 but not before. This anomaly is attributed to the different procedures used by the Federal Open Market Committee between the two periods for controlling the growth rate of the money supply.     

THE ROLE OF PURCHASING IN CORPORATE SOCIAL RESPONSIBILITY: A STRUCTURAL EQUATION ANALYSIS

Researchers in the field of corporate social responsibility (CSR) have examined a broad array of activities including environmental management, ethical issues, the advancement of a diverse workplace, safety, human rights, philanthropic donations, and community involvement. Yet despite over 30 years of inquiry in this field, there has been no holistic, empirical investigation of the particular dimensions or sets of activities that are encompassed by CSR and the relationship between ethics and CSR. In the purchasing and supply management literature, similar sets of activities have been investigated, but generally as separate, standalone streams of research with little recognition of their potential inter‐relatedness. The current study empirically identified the dimensions of purchasing's involvement in CSR and applied the label purchasing social responsibility (PSR).     

Electronic marketplaces and supply chain relationships

Electronic marketplaces and supply chain management (SCM) are two notions, which have attracted much attention among both academicians and practitioners during the last 5 years. However, the discussion of the relationship between the two notions has been limited and fragmented. In this paper, we will present a critical summary of the discussion of Internet-driven electronic marketplaces (IEMPs) based on an extensive literature review. Then, we will discuss the interrelation between IEMP and SCM from a procurement portfolio perspective. Our proposition is that different types of buyer-supplier relationships require different types of IEMPs. We propose a relationship/IEMP-grid that should help to identify the right selection strategy for IEMP in various procurement situations. Finally, we present proposals for future research within this area.     

Decision models in global supply chain management

Integrative decision making is key to effective supply chain management (SCM). This article examines five illustrative supply chain decision models that demonstrate the importance of integrating the decisions across the supply chain. The models that are discussed illustrate the diversity of analytical approaches and their usefulness in managing global supply chain issues. The paper identifies potential areas of additional research where analytical modeling can generate useful insights. The paper also presents a short categorization of decision models from literature.     

Vendor managed category management—an outsourcing solution in retailing

Outsourcing is expanding from parts and components to include services and process management. The question is no more just who designs and manufactures the goods, but also who manages the logistical processes along the supply chain. In this paper, we argue that this approach to outsourcing provides new opportunities for those retailing and grocery sectors that traditionally have not considered outsourcing as a strategic option to develop their operations. Retailers, especially supermarkets, are managing an increasing number of product categories and stock keeping units that have forced them to develop their replenishment practices in order to minimise out-of-stock problems. This paper examines the options open to the grocery retailing industry that will enable it to attack the problem through outsourcing. A new process innovation, vendor managed category management, is proposed. A potential application is presented by means of one real-life case, in which a distributor offers the retailers full management of one category that includes assortment forming and logistical functions.     

天津滨海新区住房供应结构研究（下）

天津滨海新区（下称新区）近几年房地产开发中的住房投资过高,政府应关注当年的去化率。新区户籍人口大多拥有自住房,住房困难家庭较少。至2020年,新区人口密度和GDP总量均与住房销售面积正相关;塘沽依然是新区商品房销售热区,大港占比快速上升,汉沽交易量相对较少,这需要通过合理运用土地资源,完善相关配套设施,促进地区均衡发展;划分四个m^2价格段、四种m^2户型面积分别进行预测,以百分比和m^2显示;以商品房、蓝白领公寓、社会租赁房各类住房总需求预测供应总量;以就业机会、交通便利性、配套设施完备及其他为主要选址因素,建立住房选址评价体系和递阶层次结构,通过合成层次总权重确定各指标权重,运用软件实现计算操作。实现新区预测住房供应结构应将核心区向综合性、现代化、国际化都市方向发展,成为功能完善的宜居城区;将服务业与工业融合,使其高度关联;注重智能化、生态环保等一系列建设,使其与产业布局的区域特点相对接。     

Cyber supply chain risk management: Revolutionizing the strategic control of critical IT systems

Cyber supply chain risk management (CSCRM) is a new discipline designed to help IT executives address the challenges of the rapid globalization and outsourced diffusion of hardware and software systems. CSCRM is an integrative discipline combining elements of cybersecurity, supply chain management, and enterprise risk management into a new and powerful concept to exert strategic control over the end-to-end processes of the focal organization and its extended enterprise partners. This article provides a survey of the field, as well as a detailed analysis of the results of a four-year research project on CSCRM, conducted by the Robert H. Smith School of Business Supply Chain Management Center for the National Institute of Standards and Technology, that focused on the development of organizational assessment tools and a capability/maturity model for this emerging discipline.     

Chain liability in multitier supply chains? Responsibility attributions for unsustainable supplier behavior

When it becomes publicly known that products are associated with suppliers that engage in unsustainable behaviors, consumers protest, as Nestlé, Zara, and Kimberly Clark, among others, have learned. The phenomenon by which consumers hold firms responsible for the unsustainable behavior of their upstream partners suggests the notion of “chain liability.” This study aims to generate insights into the antecedents and consequences of such consumer responsibility attributions. Using data from four vignette-based survey experiments, the authors find that the chain liability effect increases if an environmental degradation incident (1) results from supplier behavior rather than force majeure, (2) results from a company decision rather than the decision of an individual employee, and (3) is more severe. Responsibility attributions do not differ with varying organizational distance from the supplier, firm size, strategic importance of the supplied product, or the existence of environmental management systems. The chain liability effect also creates strong risks for the focal firm; higher responsibility attributions increase consumers’ anger and propensity to boycott. Therefore, firms should work to ensure sustainable behavior throughout the supply chain, to protect them from chain liability.     

我国跨区土地市场一体化:现实需求与制度供给

研究目的:分析我国跨区土地市场交易的意义和现实需求,对目前制约市场形成的制度供给进行分析。研究方法:数据统计法,比较分析法。研究结果:目前围绕城市化土地过程存在建设用地总体粗放扩张与耕地保护矛盾;东部沿海和大城市用地紧张和中西部、中小城市用地浪费之间矛盾;地方政府土地财政与农民利益维护和社会稳定之间矛盾等三对矛盾。这些矛盾本质上是中央政府与地方政府目标错位,最终导致区域间用地指标平均供给与用地需求巨大差异性之间的矛盾所引发的。现阶段在改变地方政府"以地生财"手段基础上实现"跨区土地市场一体化"对我国城市化协调发展具有重大意义。     

中国影子银行的经济学分析:定义、构成和规模测算

2008年国际金融危机以后,中国金融体系发生的重大变化之一是影子银行的较快发展,其规模迅速膨胀,交易结构日趋复杂,各类市场主体都牵涉其中。这些变化吸引了政策制订者和学术界的广泛关注。本文给出了中国影子银行的功能性定义,即依赖于银行信用、从事银行业务、但又没接受严格的银行业监管的金融业务,具体指传统的银行表内贷款和债券投资以外的,具备完整的信用转换、期限转换和流动性转换功能的金融业务。本文逐项分析影子银行业务,详细总结各类型业务的交易结构、业务主体、业务实质、资金来源、法律基础、资产负债表表示,准确测算了2002年至今影子银行总量和资产负债表结构月度数据。只从资产负债表的负债端着手加总,既完整地涵盖了影子银行的全部业务,得到其宏观总量,又剔除了重复计算。本文测算数据为后续研究打下了基础。