Conditioning manager alphas on economic information: another look at the persistence of performance

This article presents evidence on persistence in the relativeinvestment performance of large, institutional equity managers.Similar to existing evidence for mutual funds, we find persistentperformance concentrated in the managers with poor prior-periodperformance measures. A conditional approach, using time-varyingmeasures of risk and abnormal performance, is better able todetect this persistence and to predict the future performanceof the funds than are traditional methods.     

US domestic airline alliances: does the national welfare impact turn on strategic international gains?

The six largest U.S. airlines announced in the beginning of 1998 the formation of three domestic alliances, but the size and scope of these alliances spurred significant public interest concerns. GAO analysis suggests a rough equivalence between the domestic costs and benefits of alliances, yet the international competitive effects have not been considered. I argue that the national welfare merits of domestic airline alliances turn on positive international competitive effects. Empirical tests - run on comprehensive panel data covering the international airline markets among 21 nations over the 1983–1992 period - support domestic market concentration resulting in strategic international gains; hence, domestic airline alliances likely improve national welfare.     

加强学法指导提高教学质量——小学数学教学中怎样进行学法指导

世界上最有价值的知识是关于方法的知识,教给了方法就是交给了"点石成金"的指头,交给了捕猎物的猎枪,学生就可以用它去捕获猎物,索取知识的金山.     

Industrial strategy for late starters: The experience of Kenya,Tanzania and Zambia

Based on the existing literature and the circumscribed data base, this paper assesses the extent and nature of industrialization in three African countries. After a promising start, their drive to industrialize is now faltering. The record is influenced much more by the macroeconomic situation of each country than by industrial policy. It is clear that future industrial advsnce will depend heavily on the pace of rural development and success in strengthening links between industry and the rest of the economy. Catering to world markets is not likely to provide a major stimulus for the industrial sector of many African economies in the near-term future.     

Market Power and World Price: The Role of Asian Rice Exporters

An attempt has been made in this study to assess the market power of major Asian exporters in world rice market using standard oligopoly models. Quantity has been used as the strategic variable based on previous literature. Structural and reduced form approaches have been used. Results indicate that the major Asian rice exporters like Thailand, China, and India face a downward sloping demand curve whereas the United States does not appear to possess market power. However, the results are inconclusive about the precise market structure. The results, in the backdrop of the history of world rice markets, indicate a need for Asian exporters to rely more on trade than on domestic stocks in order to reduce the thinness of world rice market.     

Trends in ethics and styles of leadership in India

Leadership styles vary across the vast Indian sub‐continent and are in a state of flux and change. The norms are influenced by ancient mythology and by imprints of world‐wide movements of political liberalism, socialism and economic globalization. But through all these styles, one discerns basic values which are universal and can be intuitively grasped by multi‐national managers. The paper describes the various sources of leadership understandings in India and relates them to Western traditions, notably to Aristotle's 'virtue ethics'.     

湿地农业生态系统可持续发展评价--以黑龙江省洪河农场为例

运用农业(农村)可持续化与现代化综合指标体系以1995—1998年的资料为基础，结合实际调查，对洪河农场的整体情况进行评价。