The U.S. Wine Industry

Business Economics -     

Looking Ahead: Opportunities and Challenges for U.S. Manufacturers

Manufacturing has received increased attention in recent years, as it has enhanced its importance in the economy with output and employment gains and as a driving force of U.S. exports. Nonetheless, the sector faces serious challenges as well as opportunities. The challenges are weak global economic growth, burdensome taxes and regulation, and a labor force that is unprepared to meet twenty-first century needs. Opportunities, however, are likely to more than offset the challenges. These are an improving energy environment, an improved climate for international trade, strong productivity growth, and continued strength in innovation.     

行业特色高校学科发展模式：美国一流大学的启示

特色学科是差异化战略的具体体现,是行业特色高校核心竞争力的核心要素和集中体现。在美国保持特色优势是行业特色高校的立校之本,其学科发展有均衡发展与重点突破,有限发展与综合发展,学科交叉、协同发展几种典型模式。就我国而言多学科交叉协同、非均衡发展模式是行业特色高校的强校之路。成都理工大学“恃优先行,以点带面;以优促精,全面提高”的学科发展模式正是国内行业特色高校发展的典型案例。     

The Trucking Industry: The Lynchpin of the U.S. Economy

This paper describes the role of trucking in the U.S. economy; the major changes that have impacted the industry since the mid-1950s; its current and future position vs. other freight transportation modes, especially rail; and competition within the trucking industry.     

Views of Trade Activity with the Soviet Union and China by U.S. Manufacturers

Given the recent developments in China and the treaty activity between the U.S. and the U.S.S.R., it is important to understand the interest as well as the actual trade activity with these two countries. U.S. manufacturers that currently trade (as well as those that do not) with these countries were queried regarding their attitudes and interest in specific trade related activities. Based on an analysis and comparison of the resluts, the attitudes and trade activities are presented as well as the implications for the furture.     

Ingredients in the Early Development of the U.S. Biotechnology Industry

This paper explores the ingredients that stimulated the development of the biotechnology industry in the US and contrasts conditions with those in Europe. It examines relationships between established firms and new start-ups; the financing and managerial environment and the organizational environment, whereby firms were able to set up networks of alliances. Its main findings are that: 1) The funding of the medical science research base has been substantially more generous in the U.S. than Europe. It is the funding of the science base rather than of the biotechnology industry directly that has provided the foundations for start-ups to be created out of the science base. 2) It has been easier for U.S. academics to found start-ups, close to their research establishment, and to retain their academic posts and status as well as be involved in a commercial enterprise. In Europe, the scientific/academic and commercial worlds have a wider divide. 3) Start-ups have been concentrated in the therapeutics and agricultural fields, with strong scientific research inputs into their commercialization, in contrast to other sectors where downstream processing innovations have been more important, which have been undertaken in-house by the large incumbent companies. 4) Financing and managerial conditions have been significantly easier in the U.S. for start-ups, in terms of access to venture capital specialising in high technology, ability to use the stock market to raise capital, and access to people able to forge links between scientists and entrepreneurs, and to introduce managerial expertise into new companies. 5) There has been a greater facility in the U.S. than in Europe for alliances to be formed between incumbent companies and indigenous U.S. start-ups; European start-ups have not found similar backing from European incumbent companies.     

An Overview of the U.S. Regulated Fund Industry

The largest segment of the asset management business in the United States is registered investment companies (regulated funds). This article focuses on U.S. regulated investment companies—mutual funds, exchange-traded funds, closed-end funds, and unit investment trusts. These funds manage more than $17 trillion of assets, largely on behalf of U.S. investors. The industry has experienced strong growth over the past quarter century from asset appreciation and strong demand from households due to rising household wealth, the aging of the U.S. population, and the evolution of employer-based retirement systems. Price competition and supply-side product innovations and efficiencies have reduced the average price that investors pay for fund services.     

我国机床制造企业海外并购的关键因素研究

近年来,我国机床制造企业所进行的14次并购大多取得了成功。本文在总结现有并购成功因素的相关理论基础上,对我国机床制造企业这14次海外成功并购的关键因素进行了案例研究,以期对我国其他制造企业的海外并购有所启示。     

An Examination of Dividend Policy in the U.S. Restaurant Industry

Abstract

We examine the potential role that agency costs have on dividend payout policy in the restaurant industry. Specifically, we hypothesize that dividends serve to constrain the actions of management. Interest payments also have the same effect, and in a sense, may act as an effective substitute for dividend payments. Furthermore, the larger number of firm owners, the greater the need for dividends to control agency costs. Our findings show significant differences in debt ratios and the number of shareholders between restaurant firms that pay dividends and those that do not.     

The Determinants of Plant Exit: the Evolution of the U.S. Refining Industry

This paper analyzes the exit and expansion of U.S. petroleum refineries using plant-level data from 1947 to 2013. We find that small refineries and refineries owned by a multi-plant firm are more likely to close. If a multi-plant firm closes a refinery, it closes a smaller one. Unlike previous research, we find no clear relationship between a firm’s share of national refining capacity and the probability of refinery exit. We also find that refineries close when the industry as a whole has low capacity utilization. In total, firms close small, likely inefficient, refineries when refinery utilization is low.     

China's Shale Gas Industry Attracts U.S. Firms

China,the world's biggest energy user,is set to copy the U.S.success in making shale gas a cheap and plentiful new fuel source.Though still in its early days with production nowhere near the commercial stage,China's shale-gas industry holds lucrative opportunities for U.S.companies that provide oil-field services.     

美国物质产品生产部门产能过剩变动趋势及其原因的经验分析

1990-2011年美国采掘业、制造业和公用事业的资本积累和产出不断增长．但这种增长的背后却存在越来越严重的产能过剩问题。为了解释这一现象,笔者提出二个假定并进行统计检验,结果表明三部门的产能过剩主要归因于生产部门整体资本有机构成、三部门自身的利润率和资本积累的变化。此分析结果对于区分中国产能过剩形成过程中政府和市场的不同作用有一定借鉴意义。     

论美国国会与对外贸易法的制定与执行

在美国三权分立政体下,对外贸易法律的制定和执行是国会、总统交互作用的复杂过程。国会一方面通过授权总统扩大自由贸易;另一方面又建立完善的进口救济制度来平衡贸易保护主义的利益。国会还把相当的权力委托给国际贸易法院由其行使司法审查权,防止行政机关滥用授权。美国贸易政策的制订权往往是在行政部门和立法部门之间进行分配,法院通常奉行"司法克制"的态度,通常避免就国会和总统之间在对外政策领域的权力关系问题进行裁决。但其一旦决定介入,必然成为最终的决定性因素。     

Estimates and Determinants of Armington Elasticities for the U.S. Food Industry

This paper provides estimates of elasticities of substitution between domestic and imported goods for 40 4-digit S.I.C. food manufacturing industries and explains the inter-industry differences among these coefficients in terms of industry sectoral characteristics. The results show that there is a wide range of variation among such elasticities and that the intensity of each industrys percentage of output sold to final consumers, foreign direct investment, expenditures on advertising and the existence of import quotas affect the degree of substitutability between domestic and foreign goods in the face of a relative price change.     

Can Industry Consolidation Lead to Greater Efficiencies? Evidence from the U.S. Defense Industry

The question of whether mergers in various industries lead to greater market power or improved efficiencies has been the subject of numerous public policy debates. This analysis focuses on the impact of consolidation in the U.S. defense industry over the past 20 years and examines the reasons behind the wave of defense consolidation, the results in terms of the reduction in contractors, the antitrust response to mergers, and evidence on the impact of the mergers on weapons systems’ total and per-unit costs. The analysis finds that merger activity was driven less by declines in spending following the Cold War than by a stronger economy and a vibrant financial market. The cost data show that 39 to 44 percent of systems experienced statistically significant change in either total costs or per-unit costs following a merger. Somewhat more systems were likely to exhibit lower postmerger per-unit costs than higher per-unit costs, suggesting improved efficiency. The analysis also examines the impact on weapon systems cost by type of weapons system, manufacturer, and service (Army, Navy, Air Force). The evidence suggested greater efficiencies following consolidation for many sectors. Army and Navy systems overall showed lower per-unit costs, but the Air Force weapons systems showed mixed results.     

Product Market Competition and Lobbying Coordination in the U.S. Mobile Telecommunications Industry

This paper empirically investigates market behavior and firms?? lobbying in a unified structural setup. In a sequential game, where firms lobby for regulation before they compete in the product market, we derive a testable measure of lobbying coordination. Applying the setting to the early U.S. cellular services industry, we find that lobbying expenditures, as measured by campaign contributions, and market conduct were consistent with a one-shot Nash equilibrium and that price caps were binding on average. Furthermore, campaign contributions from cellular firms effectively lowered the burden of the price caps and reduced production costs.     

China Int＇I Fair for Investment Trade Opens

China International Fair for Investment and Trade（CIFIT） the 11th of the kind.opened recently,as Chinese Vice Premier Wu Yi used a symbolic key to open a door to a hall at the main venue of CIFIT,where diverse rounds of business talks will be carried out.[第一段]