Motivation for Repurchases: A Life Cycle Explanation

This study examines the motives for share repurchases. Whereas most prior research points to either the signaling or free cash flow hypothesis, we find that the motives for repurchases differ depending on the firm’s life cycle stage. Specifically, we find that a firm in the growth stage tends to announce a repurchase program to signal its undervalued stock whereas a firm in the mature stage is prone to buy back shares to dispense excess free cash flow. We also find that the market reaction to repurchase announcements corroborates this life-cycle argument.     

县域工业发展模式、问题及其制约因素分析——以山东省莘县为例

归纳了县域工业发展模式。利用统计局数据、企业家问卷调查、企业家座谈3种方式分析山东省莘县工业发展模式,认为莘县主要利用了资源开发型、工业园区集中型、产业集群带动型、项目拉动型4种工业发展模式,在发展过程中也存在一些制约因素,主要是企业家思想、资金、发展环境、土地指标、政府扶持政策等因素。指出莘县适合联合利用多种工业发展模式,即资源→工业园区→大项目→产业链→产业基地→产业集群的路径的工业发展模式,期望能对我国其他县域工业发展的提供一定的借鉴。     

无电区能源利用

本文通过对无电区的概念、地理区域、相关特点的研究,通过对无电区电力供应存在的困境的分析.提出对策,为无电区能源利用提供了参考性意见.     

论瑜伽在城市体育文化建设中的价值

文章通过对瑜伽在城市开展的现状和在城市体育文化中的价值的分析,提出营造大众瑜伽锻炼的文化氛围,加快培训瑜伽专业指导员的步伐,加强与高校的合作,积极采取措施,改善教学条件,提供持续不断的进修服务体系,形成健康的瑜伽文化网络,更好地促进城市体育文化的建设。     

Liability Sharing as a Mechanism to Improve Firms' Investment and Liquidation Decisions

This paper investigates the impact of liability sharing on firms' investment and liquidation decisions. We look at a model involving private effort, unverifiable information, and unenforceable liquidation decisions. In this model, there exist simultaneously two typical types of agency problems, i.e., underinvestment (lower effort) and risk seeking (delaying efficient liquidation). We show how firms can mitigate these problems by forming a business group and sharing each other's liabilities. Under certain conditions, such an alliance is an effective commitment by the member firms to provide a higher level of equity investments (higher effort) and to liquidate inefficient assets (lower risk).J. Comp. Econom., December 2000, 28(4), pp. 739–761. University of Amsterdam, 1018 WD Amsterdam, The Netherlands; International Institute for Applied Systems Analysis, A-2361 Laxenburg, Austria, and United Nations University, WIDER, Katajanokanlaituri 6 B, 00160 Henlsinki, Finland.     

Evaluating Journal Quality: Beyond “Expert” Journal Assessments in the IS Discipline

Assessing the relative stature of journals devoted to the information systems (IS) discipline is an important issue for IS scholars and those who evaluate them. Even though journal assessment results are often dubiously applied by those making hiring, promotion, and merit decisions, the fact that they are so often a major ingredient in these decisions demands that we understand underlying journal assessment processes. Beyond processes involving the opinions of various “experts,” we here examine how IS journals can be evaluated based on overt behaviors of crowds of IS scholars. These behaviors are revealed preferences, in contrast to stated preferences found in opinions. Two classes of objective journal assessments are studied: impact measures and power measures. Among the former, we find that so-called journal impact factors are problematic, rendering their meaningfulness in evaluating journal stature highly suspect. Another kind of impact measure, the H-index, is found to be a more straightforward way to gauge journal impact. Two power measures for assessing IS journal stature are examined: publishing intensity and publishing breadth. The stature of IS journals according to each of the impact measures and power measures is determined. A comparison of the results shows that a small group of four or five IS journals are repeatedly found at the top across multiple objective assessment approaches. To account for both the consumption and production of IS research, it is suggested that a combined use of impact and power measures be employed in exercises aimed at evaluating relative statures of journals devoted to IS research.     

企业家队伍职业角色素质现状分析——企业家的职业技术素质现状

职业技术素质是企业家职业角色素质的重要内容。从目前来看，企业家队伍的文化素养大幅度提高，其学历水平、职称结构及业绩主义倾向日益明显；但企业家队伍的专业素质相对欠缺，企业家的决策能力、管理方式、创新能力亟待提高。     

关于非营利组织的若干问题的探讨

第三部门是非营利组织的集合 ,其兴起和发展是经济社会发展的要求和产物。它可以很好地解决政府和市场所忽视或没有处理好的问题。由于其兴起的历史不长 ,人们对其研究也较少 ,在非营利组织的特征、作用及发展的障碍等问题上 ,特别是非营利组织的注册登记的问题上 ,还需要我们做出更多的探讨和努力。     

浅析视错觉手段在平面设计中的运用技巧

现代设计已经步入了一个崭新的时代,视错觉技法以其智慧性、趣味性和简洁性而越来越受到设计者的青睐,它在平面设计中的应用对于增强作品的内涵、加深观者的印象有着重要作用。本文对视错视图形表现手法进行了基本分类,初步分析了视错觉的类型及其在设计领域的应用。     

浅谈如何加强企业流动资产的管理

资产是企业拥有或控制的经济资源。加强对各类资产的管理,对其合理有效利用,是创造企业财富,获得利润的经济基础。流动资产是企业重要资产之一,是指能够在一年或超过一年的一个营业周期内变现的资产,是保证企业进行正常的生产经营活动所必须的资产。通常其价值占企业资产的比重很大。企业应统筹安排各种需要的资金支出,控制各类资产的规模,保持其合理结构,从而有效地组织资金运动,提高资金利用效果。