The business cycle is alive and well

Business Economics - Have the dynamic relations among macro variables changed markedly since the financial crisis? A dynamic factor model provides consistent evidence of stability across 248...     

国有企业惩防体系在经营管理中的应用

把惩防体系植于企业内部控制和风险管理制度之内,融入企业经营管理体系之中是新时期、新形势下国有企业惩防体系建设的方向。文章对国有企业惩防体系的内涵、实施途径,以及取得的成效进行初步探讨。     

以人为本创效益 “西林”争辉国际名牌物流产品

一、企业概况 宁波如意股份有限公司创建于1985年2月28日,2004年9月8日与德国永恒力(Jungheinrich)控股有限公司合资成立中德合资宁波如意股份有限公司,如意公司是国家级高新技术企业,地处长江三角洲经济强市--宁波,位于宁海县同三高速公路宁海出口处,地理位置优越,交通便捷.     

Tourism as complex interdisciplinary research object

Tourism is currently a complex and globalised phenomenon with demonstrated socio-economic importance. While tourism is a socially recognised phenomenon, its status as scientific object within an academic field seems to be still in question. We ask the following questions: What is the order of construction of the field of knowledge constituted around tourism? Is it a paradigmatic order or an epistemic order? In what ways do the scientific object’s specificities constitute an important element of understanding of a new episteme? How do different definitions of tourism allow for a reconstruction of the field? This article seeks to summarise the current debate in the light of broader reconstructions of scientific discourse and reflect from an interdisciplinary epistemological perspective.     

HOW CHANGES IN BOND CALL FEATURES AFFECT COUPON RATES

In April 1998, Level 3, a telecommunications company, sold $2 billion of 9.19%, ten-year bonds to finance the building of a fiber-optic network. Like most below-investment-grade issues, as well as many investment-grade issues, the Level 3 issue contained an embedded call option that gave the company the right to repurchase the bonds after five years at par value plus the (semi-annual) coupon rate, with the call price declining to par two years before maturity.
Because issuers must pay for the call provision in the form of a higher coupon rate, the choice of whether or not to include a call option can be a difficult one. And, once management decides to include a call option, it must then decide how to structure the call. The most important call structure decisions are how long to make the call protection period and how to set the call price—both of which can have a significant impact upon the coupon yields required to attract investors. Using a well-known option pricing model, the authors of this article summarize their recent research on how variations in bond call features can be expected to affect par coupon yields of new issues under different market circumstances—circumstances that include market conditions relevant to option valuation such as the shape of the term structure and the volatility of interest rates.     

DOCTORAL RESEARCH IN LOGISTICS AND LOGISTICS‐RELATED AREAS: 1992–1998

A total of 317 logistics and logistics‐related dissertations were published in Dissertation Abstracts between 1992 and 1998. Observations about these dissertation abstracts are offered and comparisons made with earlier research studies that examined dissertations published between 1970–1986 and 1987–1991. The number of dissertations published has plateaued although the number of colleges and universities granting doctoral degrees in the area have broadened, with several “new players” entering the arena. Some traditional topics within logistics are being researched to a lesser degree, while others such as supply chain management, general logistics, customer service/satisfaction, international logistics, and human resources/organizational issues, are being examined more frequently.     

Local IndustryEmployment Share and the Experiences of Displaced Workers

This article examines how industries' share of employment in local labor markets affects displaced workers' reemployment, industry switching, and earnings losses. A key result is that workers displaced from industries with low employment shares are more likely to switch industries after displacement. Earnings loss estimates indicate that for most workers, displacement from an industry that employs a smaller share of the local labor force is associated with larger earnings losses.