The contribution of granular and fundamental comparative advantage to European Union countries' export specialisation

This paper analyses the contribution of fundamental comparative advantage (a country-specific component) and granular comparative advantage (a firm-specific component) to European Union countries' export specialisation. We find that, on average, granular comparative advantage may explain export specialisation in 29% of industries, which account for 47% of total exports. We also show that 60% of the variation in export specialisation across countries and industries may be explained by granular comparative advantage. These results highlight that some outstanding firms may play a very important role in explaining European Union countries' export specialisation.     

Women’s Roles on U.S. Fortune 500 Boards: Director Expertise and Committee Memberships

This study examines the presence and roles of female directors of U.S. Fortune 500 firms, focusing on committee assignments and director background. Prior work from almost two decades ago concludes that there is a systematic bias against females in assignment to top board committees. Examining a recent data set with a logistic regression model that controls for director and firm characteristics, director resource-dependence roles and interaction between director gender and director characteristics, we find that female directors are less likely than male directors to sit on executive committees and more likely than male directors to sit on public affairs committees. There is little if any evidence of systematic gender bias in director assignment to other board committees. We find some evidence that boards evaluate resource dependence differently for women than men. Craig A. Peterson Western Michigan University, Grand Rapios, MI 49503, USA Craig A. Peterson is associate professor of finance at Western Michigan University, Grand Rapids Regional Center. In addition to corporate governance, his research interests include investment management and corporate finance. James Philpot is assistant professor of finance and general business at Missouri State University. His research interests include corporate governance, financial planning and financial education.     

新股发行定价的聚类分析方法研究

新股定价问题一直是国际金融界公认的最具迷惑性的难题之一。针对我国证券市场的特点 ,对现行国内外各种新股定价模型和理论进行了研究。在此基础上 ,将多元分析方法的聚类分析应用于新股定价中 ,并通过实证研究表明这种方法是一种比较实用的、客观有效的新股定价方法 ,该方法可以有效地解决新股抑价现象 ,并对我国新股发行定价的改革将产生重要的指导意义。     

外资投资中国物流业若干问题的探讨

随着2006年现代物流在中国产业地位的进一步确立,以及中国物流业的全面对外开放,更多的外资瞄准了中国物流市场。本文分析了外资投资中国物流业的成因,阐述了其对中国经济贸易的积极作用,梳理了其发展变革的历史脉络,指出了其潜在隐患与对策建议。     

北京市老龄产业发展现状、问题与对策研究

面分析了北京市老龄产业发展的现状 ,探讨了老龄产业发展存在的问题 ,提出了相关的政策建议     

Earnings Metrics,Information Processing,and Price Efficiency in Laboratory Markets

An enduring issue in financial reporting is whether and how salient summary measures of firm performance (“earnings metrics”) affect market price efficiency. In laboratory markets, we test the effects of salient earnings metrics, which vary in how they combine persistent and transitory elements, on investor information search, beliefs about value, offers to trade, and market price efficiency. We find that including transitory elements in salient earnings metrics causes traders to search unnecessarily for further information about these elements and to overestimate their effect on fundamental value relative to a rational benchmark. In contrast, separately displaying persistent elements in earnings increases the accuracy of traders’ value estimates. Prices generally reflect traders’ beliefs about value, and prices are most efficient when transitory elements are excluded from earnings metrics entirely. Our study contributes to research on salience effects in financial reporting by showing that including transitory elements in salient earnings metrics causes inefficient information search and biased beliefs about value that can aggregate to affect market prices. We also contribute to research in experimental markets by showing that redundant disclosure is not always beneficial; redundant disclosure of transitory earnings elements, in particular, appears to have negative consequences for investor behavior and market efficiency.     

The Fundamental Theorem of Asset Pricing under Proportional Transaction Costs in Finite Discrete Time

We prove a version of the Fundamental Theorem of Asset Pricing, which applies to Kabanov's modeling of foreign exchange markets under transaction costs. The financial market is described by a   d × d   matrix-valued stochastic process  (Π _t ) ^T _{t =0}  specifying the mutual bid and ask prices between d assets. We introduce the notion of "robust no arbitrage," which is a version of the no-arbitrage concept, robust with respect to small changes of the bid-ask spreads of  (Π _t ) ^T _{t =0}  . The main theorem states that the bid-ask process  (Π _t ) ^T _{t =0}  satisfies the robust no-arbitrage condition iff it admits a strictly consistent pricing system. This result extends the theorems of Harrison-Pliska and Kabanov-Stricker pertaining to the case of finite Ω, as well as the theorem of Dalang, Morton, and Willinger and Kabanov, Rásonyi, and Stricker, pertaining to the case of general Ω. An example of a  5 × 5  -dimensional process  (Π _t )² _{t =0}  shows that, in this theorem, the robust no-arbitrage condition cannot be replaced by the so-called strict no-arbitrage condition, thus answering negatively a question raised by Kabanov, Rásonyi, and Stricker.     

Social Issues and Media Sensationalism: The Effectiveness of Teaching Methods to Affect their Perceived Importance

This study assessed the perceived importance of various social issues and the effect that teaching methods have on business students' perceptions of those issues. Subjects in the test group were shown an educational video that explained how some social issues are reported inaccurately with extensive coverage, or sensationalized in the media, resulting in a moral panic. Other issues are not covered as extensively, but may have a more significant impact on business, society and the subject. The importance of five social issues was rated by students who had completed a course that covered business ethics and social responsibility content and those who had not taken the course yet.Results indicated that business ethics and social responsibility course content had no effect on perceived importance of social issues, but that viewing the video did. Subjects who viewed the educational video on social issues in the news media rated those issues receiving extensive coverage as lower in importance than those subjects who did not view the video. Also, subjects who viewed the educational video rated those issues not receiving extensive coverage as higher in importance than those subjects who did not view the video. Implications for business ethics and social responsibility educators are discussed.     

坚持马克思主义在意识形态指导地位的根本制度思考

马克思主义为什么行?为什么要坚持马克思主义在意识形态指导地位的根本制度?这是一个非常重大、非常严肃的问题,需要认真回答。在当今世界,马克思主义是世界范围的真实存在,没有任何一种学说能像马克思主义那样深刻地影响并改变世界,没有任何一种理论能像马克思主义那样深刻的影响并改变中国。历史充分证明,马克思主义是中国共产党赢得胜利的"看家本领"。在新时代以习近平为核心的党中央坚强领导下,我们依然要加强马克思主义理论引领和思想武装,依然要坚持运用这个强大的思想武器克服发展中的一系列难题,不断开辟当代中国马克思主义、21世纪马克思主义新境界,不断推进中国特色社会主义的伟大事业奋勇前行。     

美国联邦宪法基本人权保障的发展路径

从中世纪英格兰开始，再延续至北美殖民时代，对普通法体系建立和权力法案的形成沿革进行详细的阐述，以美国独立宣言、宪法前言及人权典章所构筑的宪法优先原则，透过美国联邦最高法院的审查，形成限制国家权力的框架，具体落实宪法规范之最高性及权力分立，借此保障基本人权。