Disclosure of reserve quantum in the extractive industries

We explore why some firms in the extractive industries disclose mineral reserve quantum in their annual reports and others do not. We propose that the firms' reserve disclosure policies are a function of the extent of information asymmetries, as well as information production, litigation and proprietary costs. More specifically, we propose that a firm's decisions to disclose reserves in the annual report are a function of the stage of the firm's operations, use of project financing, and the cost of measuring reserves. Empirical tests are confirmatory.     

Industry specific effects in investment performance and valuation of firms

A necessary criterion for a performance measure in corporate governance is the degree to which it mirrors how well the management succeeds in maximizing firm value. Such a performance measure is marginal q which links changes in firm value to the investments undertaken by the management. Empirical studies of investment and performance based on marginal q have demonstrated the usefulness of this measure. Most research however, has mainly focused on long-term performance. This paper takes a short-term perspective and, based on the marginal q-theory, considers how firms’ market values change in the extreme stock price cycle of a stock market bubble. Using a data set of listed Swedish corporations we find an anomaly in form of a new industry specific effect that, in addition to investment, explains changes in firm value.

河南省战略性新兴产业发展的现状分析与策略选择

近年来,河南省以高新技术产业为主体的战略性新兴产业发展较快,成效显著,但同时也存在着总量规模小,产业集中度低,创新能力弱,体制、机制不完善等问题。十二五时期,河南省战略性新兴产业的发展面临着国内外激烈竞争的格局,存在着巨大的挑战和前所未有的机遇。从产业基础、资源禀赋、发展实践等多方面来看,河南省发展战略性新兴产业的策略选择,应定位于依托传统优势产业发展战略性新兴产业,并通过制定差异化的产业政策、推动传统优势产业的链式发展、发挥老工业基地的示范带动作用等措施来实施这一策略。     

人力资本与战略性新兴产业发展——基于105家上市公司的DEA-Malmquist指数分析

利用DEA-Malmquist指数,对我国7大战略性新兴产业2007年—2011年全要素生产率的变动做了纵向和横向比较,并进一步测算了各产业分别以人力资本和物质资本作为单一投入要素的Malmquist指数,即对战略性新兴产业全要素生产率分行业进行了要素分解,从而对人力资本投入对于培育和发展战略性新兴产业的重要性,以及各细分行业的人才战略实施情况有一个整体把握。结论认为要充分发挥人力资本的作用,依靠企业内部的高强度人才招聘和培训是其中一方面,而更应从价值链重构、产业结构调整的视阈中开拓人才战略的新思路。     

烟草市场内部监管联保互保管理模式探索

内部监管是烟草专卖的重要工作,将现代管理理论融合烟草专卖内部监管实践,建立联保互保管理模式及运行机制,有利于提升烟草内部监管系统工作的管理效益和社会效益。     

What drives agrifood firms to register for an Environmental Management System?

This paper examines empirically which factors determine voluntaryadoption of Environmental Management System (EMS) certification(ISO 14001 or EMAS) by agrifood industries. A discrete-choicemodel of EMS certification is applied to a sample of 1,000 Frenchagrifood firms. The findings suggest that management-relatedfactors drive certification more strongly than economic incentivesand provides a new perspective on Porter's theory of the doublebenefit of certification.     

国际标准化组织天然气技术委员会ISO／TC193第23届年会情况报告

介绍了ISO／TC193于2011年在中国南京召开的第23届年会的有关情况,对TC193组织结构、工作组构成及ISO标准发布作了简要概述,重点对ISO／TC193直属工作组、SCl“天然气分析测试”和SC3“天然气上游领域”分委会在2011年开展的天然气产品和分析测试技术国际标准化项目的发展动态进行了详细说明和研究,并提出下一步我国天然气产品和分析测试技术标准化的工作建议。     

Market Delineation under the Merger Guidelines: Monopoly Cases and Alternative Approaches

Despite the well-known Cellophane fallacy, the Merger Guidelines' market-delineation paradigm, which examines the effects of price increases above the prevailing level, has substantial utility in many monopoly cases. For monopoly cases in which the Guidelines' approach is not appropriate due to the Cellophane fallacy, no modification of that approach appears to solve the problem is a useful way. More direct methods for assessing monopoly power are likely to be preferable to structural analysis in many monopoly and merger cases.