股票市场的估价与并购(英文)

近年来,很少有关于兼并和收购的商业话题博得许多研究和媒体的关注。在过去40年来,经济理论提供了许多根据 -关于为什么公司选择从事企业兼并与收购,看法不一。实证研究表明,这些理论最能解释某些类型的并购活动,虽然有些理论似乎是更加适用于某些特定时间段。合并后的公司似乎稍微好一点了。最近的许多研究对将 M&A公司设法将个体公司的市场估值以及整体股票指数跟合并行为以及表现联系起来。     

Market forces and competition in university systems: theoretical reflections and empirical evidence from Italy

This paper deals with the reforming processes in higher education (HE) from centralised systems towards more competitive ones. In particular, I discuss these issues referring to the Italian case, and the market‐like mechanisms introduced in it during 1990s and early 2000s. The focus of the paper is in analysing the effects of the increasing competition on teaching performance of universities. For this purpose, I develop a theoretical model, moving from the framework of yardstick competition (YC), to describe the functioning of a competition model based on comparing performance of institutions. Then, I apply this model using data from the Italian university system. The results suggest that an increasingly competitive environment effectively improves the universities’ performance, which is also influenced by other factors, namely the characteristics of the institutions themselves and of their students, and by the resources available. As the exploratory nature of the study, these findings must be validated through future research.     

对我国社会保障基金监管的思考

本文分析了开展社会保障基金监管的必要性,列举了当前社会保障基金监管中存在的问题,提出了加强社会保障基金监管的基本思路,特别是建立有效的监管人员控制机制。     

Analyzes on overseas investment way of the oil-gas field enterprise

Investment overseas for Chinese oil and gas enterprises can help them find more stable sources of oil, diversify oil import, and disperse oil supply security. It is an important means of oil security and also can enhance oil company＇s international competitiveness. Selection of the pattern plays an important role. So while making decision, investment pattern＇s features and influencing factors must be considered.     

试论邓小平国家安全观的形成及其特征

国家安全观是邓小平关于国家总体战略思想的一个重要组成部分。坚决捍卫国家利益和国家主权是邓小平国家安全观形成的前提；独立自主、和平共处五项原则是邓小平国家安全观形成的理论基础；为中国特色社会主义的经济建设创造和平稳定的外部环境，是邓小平国家安全观形成的出发点和立足点；不信邪、不怕鬼的精神是邓小平国家安全观形成的关键。同时，邓小平国家安全观具有目的鲜明性、战略性和开放性的特点。     

论公安行政案件调解书的社会价值

公安行政案件调解书体现了多方面的社会价值,加强公安机关行政调解,可以妥善处理民间纠纷,减少处罚打击对象,化解社会矛盾,增进社会和谐,促进社会治安的稳定和发展。     

Why is timing perverse?

The existence of negative market timing, even for passive portfolios, poses a relevant puzzle when assessing portfolio management. In this paper, we develop a simple theoretical model so as to explain why such perverse market timing might occur and why those stocks with the lowest beta in upward markets exhibit pronounced negative timing. Our explanation is based on the existence of higher correlations of stocks in down markets than in up markets. We find that changes in beta, which drives timing, has four components; however, just two of these, mean covariance shift and covariances dispersion map, serve to explain the asymmetric behavior across stocks. We find that a high percentage of the negative market timing ability identified for mutual funds in the literature could be explained by this bias.     

A New Internet Driven Internationalisation Framework

This paper aims to offer a new Internet driven theoretical framework that explains how a successful internationalisation process may be developed and identifies the strategic dimensions that influence the key decisions in an interrelated, performance-associated way. The extant literature is examined in international marketing, international entrepreneurship and Internet marketing and a comprehensive strategic analysis is conducted of a successful individual services business: ING Direct. It is shown how strategic constructs and risk constructs drive the internationalisation process in an interrelated and performance-associated way. In the framework, the firm's target is to take advantage of an opportunity by obtaining a sustainable competitive advantage while attenuating international risk. Entry mode and country selection are strategic decisions interrelated mutually and with other strategic choices and with performance; this is why an analysis with ceteris paribus statements or episodic analysis may lead to the wrong conclusions.     

Innovation,network services and the restructuring of work organisation in customer services

The information and communication technology revolution has had important qualitative effects on the manner in which the output of new products and services is managed. This is in part associated with leveraging the knowledge of a broader group of employees. Through a case study of customer services in a major telecommunications firm, it is shown that integrating broader groups of employees into the innovation process can be vital. However a case is made that transforming work-related institutions in the firm has proved a challenging process, particularly when management are required to broaden the powers of decision making granted to employees, allowing greater discretion at the workplace and changing the manner in which work tasks are enforced.     

基于战略管理视角的平衡计分卡与企业文化

平衡计分卡已经从单纯的绩效评估工具发展成为实现战略目标的管理系统。而企业文化的建设作为对企业业绩的一种管理已经越来越受到企业认可。基于战略管理视角,企业的管理者应该将平衡计分卡与企业文化相结合,培养独特的企业文化,实现其战略目标,求得企业的可持续发展。