Sophistication and price impact of foreign investors in the Brazilian stock market

The purposes of this paper are to investigate the informational sophistication of foreign investors in the Brazilian stock market and to assess the price impact on local securities generated by the trading conducted by these agents. As a first finding, these agents exhibit positive and significant responses to past returns, supporting the trend-chasing hypothesis. Additionally, the results indicate a positive and significant influence of these investors on domestic price discovery, an effect that is amplified in magnitude by crisis scenarios. All these findings, combined with the fact that these agents sporadically herd, classify foreign investors as potential local price destabilizers.     

Advertising Decisions and the Long Run Effects of Advertising

The long-run or carry-over effects of advertising have been well documented. These have important implications for decision making in advertising. This article discusses these implications and reports the extent to which directors of advertising of large manufacturing firms are aware of these long-run effects. The study indicates that these individuals do not recognize this phenomenon in making advertising decisions.     

战略管理中持续经济租金产生机制探析

在战略管理领域中 ,资源选取机制与能力建造机制对于公司短期经济租金的获取作出了较为圆满的解释 ,但对于长期经济租金产生机制的阐释却存在明显不足。通过分析两种经济租金产生机制的固有缺陷 ,二者在租金持续产生过程中是互补而不是独立的关系 ,只有两种机制的有效融合才是公司获取持续经济租金的源泉 ,而核心能力为二者的融合提供了基础。     

Key business dilemmas & the marketing remit in business-to-business marketing services

Various studies examining the business trends and utilisation of marketing techniques have been undertaken by the authors in many fields of marketing services, including advertising, public relations and strategic marketing consultancy. Recently, these findings have been updated through a survey of practitioners' views. From these findings, this paper first explores the core underlying business trends and key resulting marketing issues facing these providers of marketing services. The discussion then expands to examine how these businesses themselves utilise the marketing toolkit, benchmarking current practices against the ‘textbook’ view of good marketing endeavour. For these providers of marketing services the understanding and use of marketing per se differ quite significantly, but all acknowledge the need to improve their own strategic and tactical marketing practices.     

Identifying and Developing Measures of Information Technology Ethical Work Climates

A model of information technology (IT) ethical work climates is presented. Using these ethical work climates and data collected from a national mail survey of Association for Computing Machinery (ACM) members, empirical measures were developed and evaluated. A mailing of 2446 questionnaires was sent to ACM members and 136 usable responses were returned (5.6%). Using these data, an exploratory factor analysis was performed using principle components analysis to identify the IT ethical work climates from the data. Six of these work climates were identified as predicted by the model. Two ethical work climates that were combinations of the proposed climates were also identified.From the results of the exploratory factor analysis, a confirmatory factor analysis was performed using Calis in PC SAS version 8. The purpose of this analysis was to evaluate the overall fit of these measures to the data and evaluate the psychometric properties of the measures. The fit of the IT ethical work climates model was acceptable. The psychometric properties of these measures were good. Based on these results, conclusions, limitations of the study, and directions for future research are proposed.     

Multilateral rules on foreign direct investment

During the last decade the world stock of foreign direct investment has more than doubled. Nevertheless, considerable impediments to FDI continue to exist. The following paper discusses these and offers an answer to the question as to whether multilateral rules on FDI are necessary to remove these barriers and what form these rules could take.     

Consumer Welfare Implications of Changes in Interstate Telephone Pricing

Past practice in regulating telephone prices has encouraged telephone companies to incur excessive costs. The Federal Communications Commission has recently changed some of these practices. In this paper the consumer welfare implications of some of these changes are examined, primarily the institution of interstate subscriber line charges and changes in the procedures for allocating costs among jurisdictions. The conclusion is that these changes serve consumer interests.     

On Multinational Corporations and the Provision of Positive Rights

Insights from contemporary psychology can illuminate the common psychological processes that facilitate unethical decision making. I will illustrate several of these processes and describe steps that may be taken to reduce or eliminate the undesirable consequences of these processes. A generic problem with these processes is that they are totally invisible to decision makers – i.e., decision makers are convinced that their decisions are ethically and managerially sound.     

Relational foundations of an unequal consumer credit market: Symbiotic ties between banks and payday lenders

Banks have financially supported payday lenders for decades. In this article I qualitatively demonstrate how these financial relationships have reinforced and expanded a bifurcated consumer credit market, and why these relationships matter for consumer access to financial services. I use archival financial documents from publicly traded payday lending companies between 1996 and 2014, available through the Securities and Exchange Commission, to construct the bank-payday lender network and reveal motivations for these financial relationships. I find that bank-payday lender relationships are sustained over many years, and that these relationships are mutually beneficial, enabling payday lender expansion and providing a way for banks to quietly profit from high-interest lending in the face of other regulatory constraints. Further, I show that these relationships have significantly reshaped the consumer credit market over the past two decades. I conclude by considering broader implications of symbiotic institutional relationships in contemporary markets.     

How passive ownership restrictions affect the rate of franchisee failure

What variables influence the adoption of passive ownership restrictions in franchise systems and what are the effects of these restrictions on the rate of franchisee failure of such systems? This article shows how standard performance models that do not account for self-selection of these contractual decisions can improperly suggest a negative relationship between the adoption of passive ownership restrictions and a performance outcome of franchise systems – the rate of franchisee failure. However, models that do account for self-selection of these restrictions indicate that these contractual decisions per se do not affect such a performance outcome. The findings also show that franchise systems with misaligned passive ownership restrictions show a higher rate of franchisee failure than their better-aligned counterparts.     

The internationalization of emerging stock markets

Stock markets in developing countries today account for about 7 per cent of world equity market capitalization, and this share is rising rapidly. Foreign investors have in the past often faced restrictive barriers to access to these emerging markets. A growing number of developing countries have now started to dismantle these barriers, however, resulting in an increasing interest by international portfolio managers in these emerging stock markets.     

战后美国直接投资对东南亚国家经济发展的影响

本文认为,在东南亚国家的现代化进程中,美国直接投资在特定时期起到了非常关键的作用。美国直接投资是东南亚重要的资金来源之一,是其国内储蓄的重要来源;它推动了东南亚国家的出口,有助于东南亚国家实现出口导向的经济增长;通过技术转移促进了东南亚国家技术进步和生产率的提高。这使东南亚国家迅速地克服了战后初期基础设施落后、资金匮乏、技术落后等困难,在出口导向政策引导下,提高了产业结构层次和技术水平,增加了国民生产总量,逐步加快了现代化进程。     

网络外部性与网络金融发展差异分析

网络的特性导致网络产品异于一般产品的供求规律,而且不同的网络产品外部性强弱的差别将导致其发展状况的差异。网络金融是基于互联网的金融创新,具有网络产品的特性。目前,网络证券、网络银行和网络保险的发展情况,表明外部性较强的网络证券和部分网络银行业务发展较为迅速,而外部性较弱的大额借贷以及保险等业务的网络产品发展较慢,可见外部性强弱的差别是导致其发展状况差异的原因之一。     

Corporate Responsibility in Scandinavian Supply Chains

This article examines corporate responsibility in the supply chains of four of the largest Scandinavian multinational corporations – IKEA, Nokia, Novo Nordisk, and StatoilHydro – and offers two key findings. First, these Scandinavian companies have all implemented responsible supply chain practices where suppliers in developing nations, and the communities of these suppliers, are engaged as key stakeholders and treated as partners. Second, these supply chain practices all share the common bond of having honesty and the establishment of trust-based relationships at their foundation. As a result, these Scandinavian companies have developed a “cooperative advantage” in their ability to form successful, long-term partnerships in their respective supply chains.     

中国银行业竞争与稳定关系研究

根据1993～2008年间的数据对我国银行业竞争与稳定之间关系的分析,分别运用Z值和勒纳指数衡量银行业的稳定和竞争程度,结果表明：我国银行业的稳定性和竞争程度在样本期内均呈现出波动变化的特征,竞争与风险之间呈现出U型关系,即在初期银行竞争有助于稳定性的增强,而随着竞争程度的进一步上升稳定性有所下降。     

What can Psychology Tell us About Business Ethics?

Insights from contemporary psychology can illuminate the common psychological processes that facilitate unethical decision making. I will illustrate several of these processes and describe steps that may be taken to reduce or eliminate the undesirable consequences of these processes. A generic problem with these processes is that they are totally invisible to decision makers – i.e., decision makers are convinced that their decisions are ethically and managerially sound.     

Corporate Responsibility in Scandinavian Supply Chains

This article examines corporate responsibility in the supply chains of four of the largest Scandinavian multinational corporations – IKEA, Nokia, Novo Nordisk, and StatoilHydro – and offers two key findings. First, these Scandinavian companies have all implemented responsible supply chain practices where suppliers in developing nations, and the communities of these suppliers, are engaged as key stakeholders and treated as partners. Second, these supply chain practices all share the common bond of having honesty and the establishment of trust-based relationships at their foundation. As a result, these Scandinavian companies have developed a “cooperative advantage” in their ability to form successful, long-term partnerships in their respective supply chains.     

雁行发展理论与我国生产能力过剩产业的发展

近几年 ,我国国内市场不景气 ,我国部分行业生产能力严重过剩的问题逐渐凸现出来。这些产业严重过剩的生产能力如何寻找新的出路 ?根据雁行发展形态理论分析了这些产业的发展历程 ,提出通过细分国际市场 ,把握比较优势 ,以扩大出口 ,从而解决我国部分产业生产能力严重过剩的问题     

深入推进社会主义市场经济体制改革——纪念邓小平南巡讲话20周年

邓小平的南巡讲话,确立了中国的市场经济,脱去了过去强加在市场经济上意识形态的外衣,恢复了市场经济客观性的本来面目;确定了中国的改革目标,即以市场经济体制代替计划经济体制;突破了斯大林所设置的社会主义体制,改变了其公有制、计划经济、按劳分配三大经济特征;同时也对社会主义制度下能否搞市场经济近百年的争论画上了句号。可以说,它是社会主义运动史上具有划时代意义的一个里程碑。