Socially Responsible Fixed-Income Funds

Abstract:  The growing importance of SRI in the investment arena has resulted in considerable academic interest in the performance of socially responsible equity mutual funds. Remarkably, no attempts have been made to evaluate the performance of mutual funds that invest in socially responsible fixed-income securities. This study fills that gap by measuring the performance of socially responsible bond and balanced funds relative to matched samples of conventional funds, over the period 1987–2003. Using multi-index performance evaluation models, we show that the average SRI bond fund performed similar to conventional funds, while the average SRI balanced fund outperformed its conventional peers by more than 1.3% per year. The expenses charged by SRI funds, match those charged by conventional funds and, evidently, do not cause SRI funds to underperform.     

内蒙古自治区2006年煤矿安全生产公告

一、煤炭生产、伤亡事故情况 (一)2006年12月份事故情况:2006年12月份全区煤炭生产发生伤亡事故1起死亡7人,事故明细如下表: 与上月相比伤亡事故减少2起,死亡人数增加4人.     

液体洗涤剂主要组分的选择和复配依据

液体洗涤剂的主要组分是表面活性剂,其选择是配制液体洗涤剂的关键。针对影响洗涤作用的因素,提出了选择液体洗涤剂的主要组分时可遵循的一些原理和规则,并对影响洗涤作用的关键因素——乳化作用所应用的乳化剂的选择方法及适用范围进行了总结。对已选用的主要组分,考察了各组分之间是否存在增效作用并进行优化,以得到针对被洗物实用特效的表面活性剂组分。     

金融危机背景下商业银行开展物流金融业务的风险及防范

由次贷危机导致的金融风暴已向实体经济渗透,也给中国实体经济造成一定影响,并直接影响到物流金融业务,使物流金融业务的主角-商业银行面临新的风险.因此,商业银行要进一步创新物流金融业务的经营模式,分析商业银行所面临的新形势,并构建相应的风险规避和防范措施.     

积极履行社会责任 推进和谐社会建设

武钢是新中国成立以来投资新建的第一个特大型钢铁联合企业。武钢于1958年建成投产，是我国重要的板材生产基地。经过50年建设发展，武钢已成为年产钢近3000万t的现代化钢铁企业集团，为我国经济社会建设做出了重要贡献。作为中央企业，武钢时刻牢记承担的使命与责任，在加快企业改革发展的同时。积极履行社会职责，为推进社会主义和谐社会建设做出了自己的贡献。     

Stock Market Valuation, Profitability and R&D Spending of the Firm: The Effect of Technology Mergers and Acquisitions

Abstract:  In this paper, we investigate whether a firm can enhance the effect of its R&D spending on its current market value and future profitability through technology-oriented M&As. On the basis of an analysis of 1,879 M&As, we find that when a technology firm acquires another technology firm, the magnitude of the stock price response to the R&D spending of an acquirer increases by 107% in the year of the M&A. In contrast, we find no such increase in the stock price response to the R&D spending of a non-technology acquirer. We also find that technology acquirers are more successful in converting their R&D spending into positive future profitability than non-technology acquirers. Our results are robust for different alternative specifications of our model and when various firm differences are controlled for.     

基于IAHP的流程重组预警指标体系设计

根据业务流程重组预警的实际需要,结合业务流程重组评价指标,构建了涵盖流程效率、资源利用率、流程成本及顾客满意度四个方面的业务流程重组预警的指标体系。最后用改进的层次分析法(IAHP法),对该指标体系进行了评价,得出了各指标对业务流程重组影响的权重。     

STRUCTURE, CONDUCT AND PERFORMANCE ANALYSIS OF THE SOUTH AFRICAN AUTO INSURANCE MARKET: 1980-2000

The traditional structure-conduct-performance framework makes the explicit prediction that market structure determines market conduct, performance and power. The primary goal of this study is to evaluate this prediction using the South African (SA) short-term auto insurance market. The empirical evidence shows that a link between market structure and market conduct, performance and/or power is not present. "Prices" and profits are not statistically significantly related to various sellers' concentration measure and do not follow any explicit trend over time. By construction, profits are directly related to "prices" and follow a cyclical trend, as observed in other countries. A secondary goal of this paper is to compare the findings for the US auto insurance market with the empirical evidence on the SA auto insurance market. While there are few similarities, there is an underwriting cycle in the SA auto insurance market such as is observed for the US auto insurance market.     

齐齐哈尔市农产品加工企业技术创新战略选择

本文首先阐述了技术创新战略的各类及特征,然后对齐齐哈尔市农产品加工企业的技术创新现状进行了分析,在此基础上,论述了目前齐齐哈尔市农产品加工企业应选择合作创新战略的理由,并提出了合作创新战略实施中应注意的问题。