Should there exist secondary markets for executive stock options?

This paper investigates the potential disadvantages of the secondary markets for executive stock options (ESOs). The benefits of such markets are evident, but they might also have negative effects for shareholders. Executives might, for example, use inside information to time their ESO selling. We investigate two personal motives of managers that can be assumed to affect their optimal selling decision, that is, managers' personal portfolio management issues and the use of inside information. We explore these motives by analyzing unique data from Finland, where there are secondary markets for ESOs. The results of the study support the traditional portfolio diversification hypothesis according to which managers tend to sell their ESOs when holding an ESO is equivalent to holding the underlying stock; that is, in such a case a manager's wealth is closely tied to the stock price of the firm. With respect to the use of inside information the results indicate that ESO selling activity is not related to future stock price behaviour, suggesting that managers do not use inside information to determine the selling time of their ESOs. These results imply that the existence of secondary markets for ESOs does not weaken the usefulness of ESOs as the management compensation, although the benefits of such markets are evident.     

SUPPLY CHAIN INFORMATION SHARING IN A VENDOR MANAGED INVENTORY PARTNERSHIP

Vendor Managed Inventory (VMI) involves the vendor making the replenishment decision for products supplied to a customer based on various inventory and supply chain policies. Information sharing between supply chain members is required in VMI. Sometimes VMI decisions are delayed and/or the information shared is inaccurate. This research examines the effects of information delay and accuracy, and the sharing of sales and forecast information in a VMI environment facing stationary and nonstationary demand. The simulation experiments show the impact of information delay, information inaccuracy, and information sharing on a variety of performance measures, including inventory levels and fill rates.     

EXPRESSING INVENTORY CONTROL POLICY IN THE TURNOVER CURVE

Estimation of the inventory level for an entire class of items is a valuable time saver when control of inventories at the aggregate level, rather than the item level, is of interest. Inventory approximation by location in supply chain network configuration and evaluation of inventory control policy shifts, are two examples of application. In this article, various popular inventory policies are related to a general function known as an inventory turnover curve that expresses inventory levels from the combined demand of multiple items. By knowing some basic item characteristics of representative items in a product class, the type of inventory policy being used, and the current aggregate inventory level, an inventory turnover curve can be constructed. This resulting turnover curve can be used to estimate inventory levels within 4.6%, on the average, of theoretically predicted ones.     

Economics and underdetermination: a case study of urban land and housing economics

Underdetermination, associated with the Duhem–Quine thesis,is a familiar if under-researched theme in economics. In thelight of this, we examine the development of urban land andhousing economics. Through its Cartesian dualistic delineationof theory and data, the contemporary mainstream approach appearsunable to circumvent the problem of underdetermination. In effect,it employs the strong version of Duhem–Quine in its retentionof the assumption of a single, unitary competitive market (andassociated access–space trade-off). Conversely, we highlightthe affinity of Ely's (and the later Columbia School's) approachto pragmatists Dewey and Peirce, which provides a more fruitfulbasis for explanation.     

The Impact of Regulation Fair Disclosure on Information Asymmetry and Trading: An Intraday Analysis

This study examines the impact of Regulation Fair Disclosure (FD) on liquidity, information asymmetry, and institutional and retail investors trading behavior. Our main findings suggest three conclusions. First, Regulation FD has been effective in improving liquidity and in decreasing the level of information asymmetry. Second, retail trading activity increases dramatically after earnings announcements but there is a significant decline in institutional trading surrounding earnings announcements, particularly in the pre‐announcement period. Last, the decline in information asymmetry around earnings announcements is closely associated with a lower participation rate in the pre‐announcement period and more active trading of retail investors after earnings releases.     

AN EVALUATION OF PROCESS‐ORIENTED SUPPLY CHAIN MANAGEMENT FRAMEWORKS

Supply chain management (SCM) is implemented by integrating corporate functions using business processes within and across companies. Several process‐oriented frameworks for SCM have been proposed but only two of these provide sufficient detail to enable implementation. We evaluate the Supply‐Chain Operations Reference (SCOR) framework and The Global Supply Chain Forum (GSCF) framework using four criteria and identify their relative strengths and weaknesses.     

论债转股

我国银行与企业之间的不良债务越来越多。如果这种情况继续下去,将导致企业破产,也会将银行拖垮,最终导致金融危机。债转股作为一种延缓矛盾和风险爆发时间应急性措施的债务重组手段,成功的关键在于是否能以此为契机,彻底转变企业经营管理机制和治理结构,使企业的产权明晰,将企业推向市场,在市场中生存和发展。     

Wage protection systems, segregation and gender pay inequalities: West Germany, the Netherlands and Great Britain

This paper provides an empirical test of Rubery and Fagan's(1995) hypothesis that gender inequalities are influenced primarilyby the comprehensiveness of the overall wage protection systemin a country and by the extent of gender segregation. Genderdiscrimination in earnings is compared in West Germany, theNetherlands and Great Britain using 1989 ISSP data. Human capitalearnings functions for married males and married females areestimated. Discrimination is measured using standard decompositiontechniques. Earnings discrimination against females in the morecomprehensive systems was 37% in West Germany and 39% in theNetherlands, much less than the 61% found for the less comprehensivelyregulated Great Britain, the latter figure being higher thanprevious estimates using earlier data. Gender segregation isdemonstrated to have contributed to the relative magnitude ofdiscrimination in Great Britain.     

公司治理结构与国有资产监管

与私人资产委托代理关系形成的所有权与控制权的分离问题类似,在国有资产委托代理关系下存在着国有资产全民所有权与政府控制权的分离以及政府享有的所有权与企业经营者拥有的经营权的分离问题.借鉴公司治理结构中的股东会、董事会、监事会、经理人之间的相互制衡的结构设计原则,按照国有资产的三层委托代理关系,本文构建了国有资产监管的政治委托层次、行政委托层次和经济委托层次的三重治理结构模式.     

陕西省城市化与城市资源压力的协整检验与因果分析

本文从人口、经济、社会、地域景观四个方面,构建陕西省城市化水平综合评价指标体系,时陕西省城市化水平进行综合测度;同时,构建资源压力指数对陕西省城市资源压力进行定量评价,并对其关系进行了协整检验和格兰杰(Granger)因果检验.结果表明:①1990～2009年期间陕西省城市化综合水平持续提高;②城市资源压力指数与城市化...