How novel actors achieve a positive reputation: A case of prep schools with elite‐level hockey programs

How are novel organizations able to build a positive reputation while attempting to enter into a system with established organizations? To address this, we examined the field of elite‐level amateur hockey. Private Secondary Schools (PSS) are novel in that they offer a nontraditional pathway for players with respect to fielding elite‐level hockey teams. Findings from interviews with PSS with elite‐level hockey programs revealed that PSS highlight their Selection Processes, Player Development Practices, and the enhanced Player Experience in an effort to build a positive reputation. This study contributes to the literature on reputation by showing that novel organizations can build a reputation through highlighting the unique value they add. Copyright © 2016 ASAC. Published by John Wiley & Sons, Ltd.     

Coping with coopetition—Facing dilemmas in cooperation for sustainable development: The case of the Dutch smart grid industry

This paper is amongst the first to examine coopetition strategy for sustainable development at the network level. Companies who want to successfully implement complex innovative technologies that support sustainable development need to collaborate with other actors of the innovation ecosystem, including their competitors, so that they can develop standards, interoperable products, pool knowledge, and resources and bundle forces to compete against other technologies. Collaboration with competitors brings benefits, but also many risks. We investigated how firms cope with these risks when establishing an innovation ecosystem to implement a new technology in society. We conducted research in the Dutch smart grids sector and explored how these firms minimize inherent risks of coopetition. We found that system‐building actors in the Dutch smart grid field not only minimize inherent risks, but from the start of their collaboration they implement so‐called enablers to prevent these risks upfront.     

新时代背景下创建党建引领基层社会治理新模式的探索——以兰州市城关区为例

随着我国社会发展的不断推进与创新,对于执政基础的巩固、在最大限度内保证党的执政能力等均成为使基层党建可以获得良好效果的主要手段,并且使工作在不断的实践探索中获得更好的成效。但是,以党建引领基层社会治理的过程仍然存在众多问题,其中包括形式化严重以及做表面功夫等。因此,如何在新时代的背景下,通过党的全面领导将党与群众紧密地联系在一起,从而确保党建工作可以在基层发挥更强的社会治理职能,已成为基层社会治理模式探索并创新的主要内容。     

A note on forecasting international tourism demand in Spain

This paper considers the extent to which price and income proxy variables help in forecasting tourist demand in Spain. Contrary to some recent studies, we found that the inputs' contribution in terms of fitting and forecasting is nil when compared with alternative univariate models. Whether these findings are the results of the restrictions embedded in building the proxy inputs or in a poor specification of the dynamics of these models remains to be seen. We also contend that when dealing with medium, long-term forecasting comparisons, the use of the traditional aggregate accuracy measures like RMSE and MAPE help very little in discriminating among competing models. In these situations, predicted annual growth rates may be a better alternative.     

Asymmetric volatility in the foreign exchange markets

We examine the presence or absence of asymmetric volatility in the exchange rates of Australian dollar (AUD), Euro (EUR), British pound (GBP) and Japanese yen (JPY), all against US dollar. Our investigation is based on a variant of the heterogeneous autoregressive realized volatility model, using daily realized variance and return series from 1996 to 2004. We find that a depreciation against USD leads to significantly greater volatility than an appreciation for AUD and GBP, whereas the opposite is true for JPY. Relative to volatility on days following a positive one-standard-deviation return, volatility on days following a negative one-standard-deviation return is higher by 6.6% for AUD, 6.1% for GBP, and 21.2% for JPY. The realized volatility of EUR appears to be symmetric. These results are robust to the removal of jump component from realized volatility and the sub-samplings defined by structural-changes. The asymmetry in AUD, GBP and JPY appears to be embedded in the continuous component of realized volatility rather than the jump component.     

当代艺术审美理想的迷失与重建

中国当代艺术审美理想的迷失从根子上说是有些中国作家和艺术家社会背叛的结果,从美学上说,不但是席勒当年所批判的恶劣倾向的沉渣泛起,而且消解了人对自己的尊严的捍卫和对自由的追求。中国当代艺术审美理想的重建就是要求中国作家和艺术家精神寻根,按照美的规律创造。     

Are Securitizations in Substance Sales or Secured Borrowings? Capital‐Market Evidence*

Two standard‐setting approaches have emerged globally to guide the choice of accounting for securitizations: the control and components approach (SFAS No. 125 and SFAS No. 140) and the risks and rewards transfer approach (IAS No. 39). A lack of consensus about derecognition accounting is a major impediment to achieving convergence in global standards that must be resolved. Thus, both SFAS No. 140 and IAS No. 39 will be reexamined, and evidence pertinent to the debate is timely and important. In this study, we present evidence consistent with the view of credit‐rating analysts, who view many securitizations as, in substance, secured borrowings. Specifically, for a sample of originators applying sale accounting guidance in SFAS No. 125 / 140 during the period 1997‐2003, we show that off‐balance‐sheet debt related to securitizations has, on average, the same risk‐relevance for explaining market measures of risk (that is, CAPM beta) as on‐balance‐sheet debt. We also find that, in a returns and earnings association framework, the pricing multiple on securitization gains declines as the amount of off‐balance‐sheet debt increases, implying that investors take off‐balance‐sheet debt into account when assessing the valuation‐relevance of such gains. For those who advocate the control and components approach to securitization accounting, our results suggest that, at least for frequent securitizers, the put option arising from implicit recourse is a “missing piece” that is not currently accounted for when calculating securitization gains. Our results challenge the extant measurement standards in SFAS No. 140.     

试论评估对加快我院改革与建设的作用

开展高职高专院校人才培养工作水平评估,给我院带来了新的发展契机,对加快改革与建设起到了积极地推动作用。通过两年来迎评促建工作的开展,学院的办学指导思想更加明确,全院教职工增强了凝聚力,办学条件得到了改善,师资队伍建设得到了加强,教学改革进一步深化,专业建设迈上了新台阶,学生素质教育结出了累累硕果,学院的办学实力和整体竞争力得到了提高。     

Demand for broad money and expenditure components in Japan: an empirical study

The main objective of the present study is to examine empirically the long-run relation of broad money demand and its determinants in Japan. In contrast with previous study, the present study considers various components of final expenditure demand as determinants that are final consumption goods, expenditure on investment goods and exports. Using quarterly data over the period 1973Q1–2000Q2, the results of the bounds test [J. Appl. Econ. 16 (2001) 289] indicate a stable long-run relationship between demand of real M2 and its determinants. The empirical results also highlight that different domestic demand components yields different effects on Japanese broad money demand behavior. The estimated unrestricted error-correction model appears to track the data well and the results have important policy implications.     

建筑工程项目无标底招标行为的经济博弈分析

运用博弈方法对建筑工程项目无标底招标行为展开模型化研究,剖析各投标人的出价策略以及招标人的期望收益,演绎其博弈特性和博弈均衡.在实证中提出建筑工程项目无标底招标行为博弈所需满足的条件,设计可操作的建筑工程项目无标底招标博弈机制,规范建筑行业经营及行政管理部门提供决策支持.