An Insurance Approach to Risk Analysis of Debt Home Equity Conversion Programs

The use of home equity conversion debt creates a compounding obligation against the home that makes collateral deficiency a potentially dominant risk. Using an insurance methodology, an examination of this risk and its impact upon the potential for home equity conversion is conducted. The paper includes a consideration of how deficiency risk and maximum potential benefits are affected by the interaction of household characteristics with demographic and economic factors.     

企业社会绩效与品牌金融价值关系的实证研究

本文运用世界品牌实验室(World Brand Lab)发布的《中国500最具价值品牌排行榜》中的上市公司作为样本,以中国社会科学院发布的2009年中国企业社会责任发展指数计量企业社会绩效,实证分析了企业社会绩效与品牌金融价值之间的相互关系,结果发现:企业社会绩效与品牌金融价值存在相互促进的关系;企业规模不仅影响企业社会绩效,也影响品牌金融价值;企业社会绩效与企业性质存在显著的负相关,国有企业比非国有企业承担更多地企业社会责任,而对于品牌金融价值,无论是国有企业,还是非国有企业,均不受企业性质的影响。     

基于消费者效用的品牌权益模型及应用

品牌权益是品牌理论的核心内容之一。本文在现有品牌权益理论的基础上，以品牌战略营销为导向。以创造品牌价值为目标。从消费者效用的角度研究了品牌权益的价值源泉。建立了基于消费者效用的品牌权益模型，探讨了品牌识别系统、品牌的感知效用空间和品牌行为及品牌竞争优势之间的内在关系，提出了建立、维持、利用和提高品牌权益的路径和方法。     

A Multi-Attribute Product Life-Cycle Approach to Replacement Decisions: An Application of Saaty's System-With-Feedback Method

The lack of investment in new manufacturing technology compromises the long-range competitiveness of a manufacturing company. The choice of appropriate manufacturing equipment is an extremely important management decision. This paper presents a multi-attribute approach to equipment replacement decisions based on the product life-cycle. The problem is formulated using the System-With-Feedback (SWF) model developed by Saaty [10]. Saaty's model is particularly suitable tor the modeling of time-dynamic and tnieraciive elements of such replacement situations.     

产品危机中品牌资产的作用研究

品牌资产是企业重要的无形资产,能够为企业带来多方面的积极影响。在频繁爆发的产品危机中,品牌资产是否仍有积极影响？本研究基于两项实验的实证结论表明在产品危机过程中品牌资产是加剧而不是抵御了危机的负面影响。研究发现危机的严重性和群发性特征能够调节品牌资产的作用,并且发现感知期望破坏程度是产品危机中品牌资产对消费者态度变化影响的中介变量。     

论职务晋升的激励作用与公正原则

本文分析了职务晋升作为人力资源管理中的激励措施的积极作用与负面效果,提出了晋升决策的公正原则,指出晋升决策的结果公正性、程序公正性与交往公正性是发挥职务晋升的激励作用、消除晋升可能带来的消极影响的重要措施。     

浅谈品牌定位对服装设计的重要性

现代市场中服装行业很普及,但是人们却忽略了内在的发展因素,很多企业商家只看重销售率,服装行业正在向一个多元化发展趋势当中,如何让这种多元化形成规整体系,其中最重要的就是品牌定位和服装设计的内在联系,诠释这一点正是文章的核心。     

基于信息经济学视角的品牌资产生成研究

目前，国内外品牌资产的研究大都从企业或消费者单一角度出发，对品牌资产概念和外延体系及其品牌资产管理模式等方面进行研究，对品牌资产生成的研究甚为罕见。本文从信息经济学中信号理论的观点出发，对在品牌资产生成中信息传递的特殊作用、传递机理以及品牌资产生成路径进行了系统的分析，并首次提出只有建立企业与消费者的互动关系，企业与消费者才能最有效地传递和解读双方所发出的品牌信号，使得品牌信号的信息含量最充分地在企业和消费者之间传递，从而使品牌资产得以生成并在不断演进中增值。     

厂商市场份额的品牌经济模型及其现实解释

厂商的市场份额决定了其利润率,从而决定了厂商能否在残酷的竞争中生存、增长与发展。而在经济过剩的条件下,消费者的选择决定了厂商的市场份额,货币价格与品牌及品牌信用度决定的选择成本作为消费者选择和购买过程中的局限条件制约和影响着消费者的选择与购买。本文建立起引入品类需求强度系数、价格、选择成本的需求函数,并以此模型解释了厂商市场份额的决定是通过价格机制与品牌机制共同作用而实现的。在理论分析的基础上,对大量的现实进行了解释,在验证该模型的同时,对未来市场竞争及厂商市场份额做出了预测。同时,本文提出了提高厂商市场份额与定价权的＂品类需求强度—品牌信用度＂二维模型,并分别从开发具有较高品类需求强度的品类市场和提高品牌信用度的品牌建设方面给现实中的厂商提供了相应策略。     

争创名牌是促进油田多种经营企业经济发展的有效途径

从油田多种经营企业培育、发展名牌产品的重要性和紧迫性入手，全面论述了油田多种经营企业争创名牌的切入点和重点加强的工作。     

An Analysis of Home Equity Conversion in the RAM Program

Home equity conversion by elderly homeowners is described and analyzed. The transactions were completed under the California RAM Program. One hundred twenty-six of 345 applicants elected to enter into reverse mortgages or sale-leasebacks. Data from interviews conducted as part of the application/counseling process are analyzed to discern the most important variables in the equity conversion decision.     

An Analysis of REIT Security Issuance Decisions

This article tests the ability of traditional capital structure theories to explain the issuance decisions of real estate investment trusts (REITs). For issuances made between 1997 and 2006, we find strong support for the market timing theory of capital structure. Controlling for past returns and growth, a REIT is more likely to issue equity when its price-to–net asset value ratio is high. This suggests that REITs issue equity in public markets when the cost of equity capital is lower in the public market than in the private market. Consistent with traditional market timing, REITs are more likely to issue equity after experiencing large price increases. We also find some support for REITs following the trade-off theory of capital structure. REITs are less likely to issue debt when proxies for expected bankruptcy costs are high.     

An Empirical Analysis of the Housing Decisions of Older Homeowners

This paper examines the effects of finanacial, demographic and housing variables on older homeowners' propensity to make a variety of housing changes. Pooled cross-sectional data from the Panel Study of Income Dynamics is used in a multinomial logit framework. The results indicate that demographic factors are much more important than financial factors in explaining housing changes by older homeowners.     

An Organizational Learning Approach to Product Innovation

This article examines product innovation as an organizational learning process. It provides a framework allowing managers and scholars to relate product-innovation learning skills to organizational goals. Daryl McKee shows how different types of organizational learning skills are involved in incremental innovation, discontinuous innovation and institutionalization of innovation within the organization. This conceptualization can help scholars and managers diagnose an organization's learning skills and how they relate to new product management; direct the organization toward learning more efficient and effective product innovation; and provide scholars with a structure for future research.     

Equity stakes and exit: An experimental approach to decomposing exit delay

Research summary : Exit delay is an important problem for entrepreneurs and managers alike, yet relatively little is known about its causes. We conduct a laboratory experiment in which optimal exit is well defined, and in which a treatment group with equity stakes—the actual cash flows of a firm and decision rights over its continuation—is compared to a control group whose compensation is based solely on its assessment of the firm's profitability. While treatment group participants make exit decisions that are nearly optimal given their beliefs, their beliefs are significantly distorted relative to the control group. The pattern of distortion is consistent with confirmatory bias and motivated reasoning. A fundamental finding of our study is that incentives may not only affect behavior, but belief formation as well. Managerial summary : Managers and entrepreneurs frequently destroy significant value by failing to shut down underperforming businesses in a timely manner. To address this problem, we must understand the mechanisms causing exit delay. We examine behavioral mechanisms causing delay through a laboratory experiment in which subjects make decisions about when to exit a failing venture. We find that “equity stakes”—receiving the firm's cash flows and having decision rights over exit—cause participants to discount negative performance information, retain overly optimistic beliefs, and delay exit. By contrast, participants without these high‐powered incentives exit nearly optimally. Our findings suggest ways to reduce exit delay in managerial settings, including implementing automated decision rules, removing equity‐based compensation, and recruiting managers less susceptible to knowledge overconfidence, a trait associated with exit delay. Copyright © 2015 John Wiley & Sons, Ltd.     

重视承上启下的晒版工作

晒版既是连接印前与印刷的重要工序,又是沟通PS版制造与印刷的桥梁。晒版的质量直接关系到印成品的质量。但是,现实工作当中,真正认识到晒版工序的重要性并严格按照规范进行晒版操作的企业却不多。作者作为多年从事印刷技术工作的专家,对晒版工序进行了详细的分析,同时给出了晒版人员应该遵循的正确操作方法     

An Approach to the Capital Budgeting Problem with Multiple Objectives

This paper describes a course in Engineering Economy which has been taught at Bradford for twenty years. It employs a variety of teaching methods to meet the preferred learning styles of students with different personality profiles and rt enables them to develop by passing through all four quadrants of the Experiential Learning Cycle. To facilitate this process, a novel business game has been invented which allows the Net Present Value of a project to be calculated quickly. Working as teams, students can thereby appraise the economic merits of a capital project as it proceeds through the various stages of its life cycle. The derivation of this model is provided herein with a few examples of the memoranda which enable the game to develop in a realistic way and by applying sequential decisions.     

An Empirical Study of the Effect of Brand Proliferation on Private Label – National Brand Pricing Behavior

This paper investigates the competitive pricing interaction between national brand and private label food products, focusing on the effect of brand proliferation. IRI scanner data from 1991 and 1992 for 135 food product categories and 59 geographic markets are used. Empirical findings are grouped into three categories: i) price, promotion and competitive effects, ii) brand proliferation and entry deterrence, and iii) local market effects. Results indicate that both private label and national brand reaction functions are positively sloped and asymmetric. Successful private label penetration, as measured by total private label share, lowers the average price of national brands. The paper's central finding is that the impact of brand proliferation on market pricing behavior is multi-dimensional. First, an increase in the number of brands increases the ability of national brand manufacturers to raise price. Second, the effectiveness of a brand proliferation strategy depends upon the distribution of market share. The more concentrated the brand structure, the lower the market price of national brands. Thus, the net effect of brand proliferation strategies is dependent upon not only the number of brands, but upon the actual distribution of brand shares. Finally, local market conditions play only a small role in the competitive interaction between private labels and national brands.