房企"瘦身"能自救吗?

从今年下半年开始,西南地区的一些房产企业开始裁员.类似的裁员消息同样在北京、广州、深圳等城市出现.……     

信用赊销引发的应收账款的管理与控制

信用是现代市场经济正常运行的且不可缺少的基本条件,而信用赊销是以信用为基石,与现金交易相对的一种交易方式,此种交易方式已在各行业中广泛应用。但由于我国市场经济秩序的不完善以及传统企业管理方式的落后,企业间交易呈现出一种严重信用失控的局面,而信用的失控也就引发了应收账款管理的紊乱。要健全应收账款的管理和控制必须从前提、制度、措施等3个方面入手,多管齐下,企业的应收账款管理才能真正进入一个良性循环的轨道。     

Optimal portfolio choice with wash sale constraints

We analytically solve the portfolio choice problem in the presence of wash sale constraints in a two-period model with one risky asset. Our results show that wash sale constraints can heavily affect portfolio choice of investors with unrealized losses. The trading behavior of such investors is to a large extent driven by the desire to realize those losses, either immediately by sharply decreasing the holding of assets carrying unrealized losses, or indirectly by increasing such holdings in order to prepare for a decrease in a future period to earn the tax rebate payment. Our findings are robust to increasing the number of trading dates and introducing a second risky asset and a correlation structure.     

将希望装在瓶中出售的欧文琼斯

化妆品行业一向被人们称作"将希望装在瓶中出售"的行业.在众多的化妆品公司中,法国的欧莱雅无疑是最成功的公司之一.有人曾计算过,如果一个投资者在1978年购买1000美元欧莱雅公司的股票,那么,如今这笔投资已升值为8.65万美元.     

Causes of employee theft and strategies that HR managers can use for prevention

Business losses due to employee theft are estimated to approach $200 billion annually. Why do employees steal? Experts propose many reasons for employee theft, but provide few prevention strategies for human resource managers. In this article, the authors explore the various causes of employee theft, from employee personality characteristics, to the social environment, to flaws in the organization's control system. From this analysis, guidelines for theft prevention strategies are offered. Since strategies may involve top‐down control or trust‐building experiences for employees and managers, HR managers are encouraged to implement those strategies that fit their organization. © 2000 John Wiley & Sons, Inc.     

Asset sale,debt restructuring,and liquidation

This paper considers a dynamic model in which shareholders of a firm in distress have a choice of whether the firm proceeds to debt restructuring or direct liquidation at an arbitrary time. In the model, we show the following results. Fewer asset sales, lower financing, debt renegotiation, and running costs, a lower premium to the debt holders, a lower cash flow volatility, and a higher initial coupon increase the shareholders׳ incentive to choose debt restructuring to avoid full liquidation. In the debt renegotiation process, the shareholders arrange the coupon reduction and use equity financing to retire a part of the debt value to the debt holders. The timing of debt restructuring always coincides with that of liquidation without debt renegotiation. Most notably, the shareholders do not prefer asset sale in debt restructuring even if they face high financing costs. The possibility of debt renegotiation in the future increases the initial leverage ratio in the optimal capital structure.     

Determinants of the method of sale in privatization

This paper explores the method of sale in the privatization process and difficulties implementing the most efficient option. In countries where state involvement has been more pervasive, the method of privatization chosen is less often the best available option, improvements in efficiency have been slower, and privatization has brought with it greater political instability. This brings the question of why this has been the case, and what could have been done to smooth the transition. This paper finds that efficient mechanisms become more likely when the government's budget is more strained and when the existing capital markets are deeper.     

The cross market effects of short sale restrictions

This paper considers the impact of the 2008 short selling bans on the cross-market dynamics of stock indices across a wide range of countries. We measure the transmission of shocks between markets using a modified version of the spillover index of Diebold and Yilmaz (2009). The results show that the transmission of shocks between countries which did impose short sale bans was reduced and transmissions from countries with bans to countries without bans were also generally lower. In contrast, short sale bans did not provide protection from shocks emanating from countries which did not impose bans, as shocks from non-banning markets tended to have an increased impact on other markets during periods where bans were in place. Overall, the evidence supports the redirection of volatility in the system affecting the relationships between the groups of markets with bans and those without.     

从承租人到所有人——以色列公有住房的出售

以色列建国以来 ,公有住房政策在解决回归移民的住房问题以及提高居民住房质量等方面发挥了巨大的作用。然而 ,随着社会经济的发展 ,时代的变迁 ,公房的问题不断表现出来 ,尤其是房屋维修的经费、房屋的建设标准与实际需求的差距等问题十分突出。因此 ,改善公房的经营管理状况 ,减轻政府的负担以及住房管理机构的压力 ,进行公有住房制度的改革成为国家经济、社会发展的迫切需要。在这种情况下 ,出售公房被视为实施改革的一条有效途径。　　一、公有住房出售的理念支持　　以色列公房的出售始于 2 0世纪 80年代。出售公有住房 ,鼓励人们从承…     

The Value of Employee Retention: Evidence From a Natural Experiment

We estimate the firm‐level returns to retaining employees using difference‐in‐differences analysis and a natural experiment where the enforcement of employee noncompete agreements was inadvertently reversed in Michigan. We find that noncompete enforcement boosted the short‐term value of publicly traded companies by approximately 9%. The effect is increasing in local competition and growth opportunities, and offset by patenting.     

Adapting to survive: The case of Danish employers' organisations

Scholars often characterise Danish employers' organisations (EOs) as relatively stable, with a continuing role in the coordination of industrial relations and corporatist policymaking. This article shows that, beneath surface stability, Danish EOs have significantly adapted structurally and functionally to survive environmental pressures. However, rather than converging onto a liberal market trajectory, we find that Danish EOs have layered new functions onto traditional collective functions. We also find significant variations in functional adaptation depending on the employer constituencies' exposure to international competition and position in value chains. We argue that these adaptations imply that the provision of collective goods, especially in collective bargaining, is no longer sufficient for the survival of EOs.     

基于WEB的数据库在销售管理信息系统的应用

文章介绍了一种基于Web的销售信息管理系统的构建方法及其特点。     

基于WEB的数据库在销售管理信息系统的应用

文章介绍了一种基于Web的销售信息管理系统的构建方法及其特点。     

信用赊销引发的应收账款的管理与控制

信用是现代市场经济正常运行的且不可缺少的基本条件，而信用赊销是以信用为基石．与现金交易相对的一种交易方式，此种交易方式已在各行业中广泛应用。但由于我国市场经济秩序的不完善以及传统企业管理方式的落后，企业间交易呈现出一种严重信用失控的局面，而信用的失控也就引发了应收账款管理的紊乱。要健全应收账款的管理和控制必须从前提、制度、措施等3个方面入手，多管齐下，企业的应收账款管理才能真正进入一个良性循环的轨道。     

The sale of relational capital through tenure profiles and tournaments

In this paper, a specific form of human capital is analyzed, relational capital, which consists of matches between market parties. Search and information costs make these matches valuable to both parties. Its peculiarity is that the control over such matches is transferred within firms from those who initially control it to anyone who works with it for a period.This characteristic allows someone who approaches the end of his working life to sell his relational capital to junior partners. This sale can explain upward sloping tenure profiles and can result in tournaments if juniors are budget-constrained and perfect contracting is not possible. The need to keep the amount of relational capital constant implies a generational balanced workforce within each firm.     

Loading strategies for a freight transport system

Dynamic programming and graph theory are utilized to obtain a solution and portray the policies to be followed at each of a sequence of freight depots. The system involves alternate stages of decision and uncertainty. The objective is to select the size of truck at each depot which will minimize the transport costs, where the events at the future depots are a stochastic variable. The methodology provides a solution, portrayed on a graph, which shows the decision maker what action to take at any decision point and any load size.     

Effects of the short sale circuit breaker on the stock market

We provide new evidence on the effects of the recently introduced short sale circuit breaker, Rule 201, which triggers when the price of a stock drops more than 10 percent in a single day. The regulatory presumption is that the trigger should damper intraday price declines for affected stocks. However, our evidence suggests that this is not the case. The circuit breaker fails to reduce intraday volatility and intraday price declines, especially for the most volatile stocks in the market. Market quality measures based on liquidity and pricing efficiency are largely unaffected. Higher dispersion of investor opinion increases overpricing when the circuit breaker is in force. Price stabilization after stocks trigger the circuit breaker is shown for stocks that experience substantial price declines. Finally, post‐shock drift reduction is consistent with improved informational efficiency.     

随机需求下基于增量返利合同的供应链协调

基于单个制造商和单个零售商组成的两级供应链进行研究,比较了分散决策与集中决策对供应链利润的影响,分析了供应链协调的重要性,建立了增量返利激励的供应链合作模型。最后通过数值算例说明了所建立的协同机制可以使分散的供应链系统达到了和集中式供应链系统相同的绩效,系统实现了帕累托的改进,实现供应链成员的利益共享。