Fed Funds Rate Surprises and Financial Markets

This paper investigates the sensitivity of various financial markets to surprises in the federal funds rate. We employ the methodology outlined by Kuttner [2001] to reevaluate prior results and expand the analysis to include data up until the financial crisis, inclusive. Our data set includes additional events to previous studies, which led our results to differ than those earlier studies. For our sample excluding the financial crisis (1994–2007), we found that Fed funds surprises had a significant effect on the percent change in the S&P 500 index, but generally had little significant effect on Treasury yields and the trade-weighted dollar. We also studied a decomposition of the yield curve and found that the lack of significant effect on Treasury yields was a result of the offsetting effects of surprises on the term premium and risk-neutral yield. In addition, our analysis of the financial crisis revealed several shifts in the response of many asset classes, likely a result of the large signaling effects contained in monetary policy combined with the extraordinary events that were occurring.     

To Launch or Not to Launch: An Empirical Estimate of New Food Product Success Rate

New product introduction is one of the most important activities for a company’s growth. It is generally accepted that new product introductions are essential to the health of food companies. Yet, many believe that most new products fail, therefore discouraging companies to introduce some new products. However, most of the estimates suggesting high failure rates are either anecdotal or qualitative. This article provides a quantitative approach to measuring new product success rates for food products and to show the relationship between the success of new product and entry strategies. This article uses a quantitative approach to measuring product success/failure exclusively for food products. The authors contend that failure rates for food products are not nearly as low, and success rates much higher than it was previously established in the literature and perceived by the industry professionals. There was a significant variability of success rates between various food groups ranging from 58% for both fruit and vegetables and desserts and ice-cream categories to 88% for baby food. Success rates also varied among the different introductory strategies of the new food products, ranging from 50% for new packaging to 75% for re-launch strategies.

Academics and practitioners usually quote very low success rates for new products based on subjective and/or strictly qualitative information. This empirical quantitative research shows that success rates for food products are much higher than previously reported. This should encourage greater use of new products to grow sales and profits. The previously reported low success rate may have led to the reluctance to introduce new products and therefore set many of the legacy food companies in their current poor financial condition.     

走新型工业化道路

本文认为,中国工业化水平尚处于中级阶段,实现工业化仍然是长期艰巨的任务.中国工业化既不能走传统工业化道路,也不能走发达资本主义国家的工业化道路,而必须走新型工业化道路,以信息化带动工业化,关键问题是要努力提高企业和产业的国际竞争力,为此要正确处理改革、管理与技术进步的关系,把发挥比较优势和增强竞争优势结合起来,认真研究和借鉴国内外提高企业和产业国际竞争力的经验,保证我国工业化任务的完成,全面建设小康社会.     

A New Framework for Service Supply Chains

Despite the extensive amount of academic work devoted to supply chain management, today the structure of service supply chains still remains unexplored. The aim of this paper is to verify and explain this gap with regard to the unique nature of the services industry and the applicability of existing supply chain management literature to service businesses. This paper develops a new model for service supply chains and applies it to the healthcare industry. The results of this study are relevant both to practitioners in the services industry and to researchers conducting further studies in the field.     

深化改革与走新型工业化道路

战略性新兴产业是我国战略规划的重要内容之一.发展战略性新兴产业,有必要加深对中国特色新型工业化道路的理解与把握.中国特色新型工业化道路是创新之路,其基本特征,一是资源节约与环境友好,二是信息化与工业化融合发展,三是信息化深入融合、城镇化与农业现代化同步协调发展.为更好地实现新型工业化,必须重点解决好当前我国自主创新能力不强、资源环境难以支撑、产业结构不合理、地区行业不平衡不协调状况突出等深层次矛盾和问题,依靠创新驱动和改革开放来增强发展的动力和活力.一要提高自主创新能力;二要深入推进改革,完善宏观调控,建设开放型经济;三要推动中东西部地区协调发展;四要增强企业动力与活力.     

中国低消费率问题探究——1992—2005年中国资金流量表的分析

本文以国家统计局公布的1992—2005年中国资金流量表为基础,从收入分配和部门消费倾向两个方面对居民和政府部门的消费率进行了比较分析。研究发现,国民消费率的下降主要是由居民消费率下降引起的,城乡收入差距的扩大,居民消费倾向的下降,以及由国民收入初次分配和再分配结构的变化所引起的居民收入占比的降低是居民消费率下降的主要原因。为了实现以提高国内消费率为核心的经济发展战略,必须从国民收入初次分配和再分配机制两方面来改善国民收入分配结构,从建立公共财政体系角度来提高政府消费倾向,加快人口城市化进程和促进居民尤其是城市居民的消费水平。     

巧妙利用网游，打开营销新途径——访广州恒询机构总经理陈豪

记者：网络是年轻人的天下!网游是年轻人的新宠，个性化是年轻人的追求，而网游应该是最适合承载个性化诉求的，可谓“得网游者得天下”，对此您怎么看？     

社区来沪青少年服务站:城市流动人口管理与服务的新模式

通过对上海市社区来沪青少年服务站的首批试点单位及其服务接受者(即流动青少年)的调查研究.分析了社区来沪青少年服务站模式管理和运作方式的适应性问题.与其他大城市流动人口管理与服务模式作了比较.从政府、社会和社会工作者等角度提出了对策建议.     

可持续发展融入企业管理框架的路径

从“十二五”计划当中不难发现,可持续发展已成为潮流,企业正受到鼓励,将可持续发展融人日常运营当中。许多企业从战略方面开始考虑这一问题,事实上,如何将可持续发展真正融入企业管理框架也一样重要,否则虽然战略很好,但是无法执行。将可持续发展融入框架的方式有很多,但都必须彻底地由上至下地落实。     

A New Framework Integrating Environmental Effects into Technology Evaluation

This study aims to propose a framework considering both economic issues and environmental effects in technology evaluation in order to provide firms’ decision makers a useful reference in adopting technologies that will enable them to fulfill corporate social responsibilities and get competitive advantages at the same time. Recently, the demands for technology evaluation have increased with the flourishing development of technology licensing, technology transaction or joint venture on the one hand and with the pressing needs of environmental protection for human beings’ sustainable development on the other hand. Under such conditions, it thus goes without saying that firms’ decision makers are propelled to take into account both economic benefits and environmental effects in evaluating technologies by choosing low or nonpolluting technologies for manufacturing products. Although technology evaluation is not a new and emerging subject currently besetting scholars in the field of management, previous research on this topic has unwittingly left behind the pressing issue of environmental effects. Based on this observation, this study purports to develop a new framework for technology evaluation by taking both economic benefits and environmental perspectives into consideration. In it, we seek to demonstrate that our proposed framework will not only be a workable model but also can serve as a useful point of reference for technology appraisers and firms’ decision makers.     

Managing CSR Stakeholder Engagement: A New Conceptual Framework

As concepts of corporate social responsibility (CSR) continue to evolve, the predicament facing CSR managers when attempting to balance the differing interests of various stakeholders remains a persistent management challenge. A review of the extensive literature in this field reveals that the conceptualisation of corporate approaches to responsible stakeholder management remains underdeveloped. In particular, CSR practices within the specific context of the pharmaceutical industry, a sector which particularly dramatically depicts the stakeholder management dilemmas faced by business managers, has been under-researched. To address this gap, this paper utilises qualitative, exploratory data, obtained via multiple research methods, to investigate the CSR practices of major pharmaceutical companies in the UK and Germany. The data are employed to critically re-examine and revise a previously published explanatory framework which identifies the management steps involved in CSR stakeholder engagement. The resulting revised explanatory framework is the main contribution of this paper. By abstracting those factors which influence CSR practice, it provides an analytical tool which is designed to be of practical use for business decision-makers when managing their stakeholder engagement activities. Given that the research addresses values and ideals and prescribes practical recommendations for practitioners, it is essentially applied and normative in nature. Ultimately, the framework proposes a set of steps for developing CSR strategies which could help CSR professionals to make a ‘mindset transition’ from a narrower ‘traditional’ approach to CSR to a more innovative way of thinking.     

渠道理论中的"相互依赖"新模式--一个跨学科的研究框架

尽管渠道理论研究的焦点在不断转移--从渠道"效率和效益"转向渠道"权力和冲突",再到以渠道"关系和网络"为重心,但"相互依赖"始终都是一个核心的基础性概念.本文在跨学科的视野下,借用相对成熟的国际关系理论,阐明了渠道"相互依赖"关系新模式:渠道中的相互依赖通常都表现出非对称性,这影响着关系规范的安排;相互依赖的脆弱性是影响关系成员采取行动的关键因素;构建和谐的渠道关系的途径是走向"复合相互依赖",即渠道成员之间的多渠道联系、各个问题没有等级之分、(威胁)退出关系不发生作用.     

Currency Undervaluation and Sovereign Wealth Funds: A New Role for the World Trade Organization

Two aspects of global imbalances – undervalued exchange rates and sovereign wealth funds – require a multilateral response. For reasons of inadequate leverage and eroding legitimacy, the International Monetary Fund has not been effective in dealing with undervalued exchange rates. This paper proposes new rules in the World Trade Organization to discipline cases of significant undervaluation that are clearly attributable to government action. The rationale for WTO involvement is that there are large trade consequences of undervalued exchange rates, which act as both import tariffs and export subsidies, and that the WTO's enforcement mechanism is credible and effective. The World Trade Organization would not be involved in exchange rate management, and would not displace the International Monetary Fund. Rather, the authors suggest ways to harness the comparative advantage of the two institutions, with the International Monetary Fund providing the essential technical expertise in the World Trade Organization's enforcement process. There is a bargain to be struck between countries with sovereign wealth funds, which want secure and liberal access for their capital, and capital‐importing countries, which have concerns about the objectives and operations of sovereign wealth funds. The World Trade Organization is the natural place to strike this bargain. Its General Agreement on Trade in Services already covers investments by sovereign wealth funds, and other agreements offer a precedent for designing disciplines for these funds. Placing exchange rates and sovereign wealth funds on the trade negotiating agenda may help revive the Doha Round by rekindling the interest of a wide variety of groups.     

New Rules Pave the Way for Foreign-invested RMB PE Funds

On March 1, 2010, the longawaited Administrative Measures on Establishment of Partnership Enterprises by Foreign Enterprises or Individuals （hereinafter referred to as ＂Foreign-invested Partnership Measures＂）     

FDI与区域就业转移:一个新的分析框架

改革开放以来,特别是进入九十年代以后,随着经济全球化影响的加深和FDI的大量进入,我国的劳动就业在总量增长缓慢的情况下呈现出明显的区域分布不均和替代特征。这种区域就业差异与FDI的区域偏向和选择有很大的关联性。其作用机理在于FDI的直接效应和间接效应带来了区域间就业机会特别是非农就业机会的转移。FDI→就业转移→区域就业差异是解释我国转型时期外资与区域就业关系的一个新的分析框架。     

Mentoring: A Path to Prosocial Behavior

Public accounting firms can build integrity within their organizations through early detection of fraud. One way to reduce and detect fraud is to encourage whistleblowing as a prosocial behavior. We explore the impact of mentoring on intention to report fraud. A survey with 120 responses from the US public accountants suggests that quality mentoring relationships, a common feature in the profession, and caring ethical climate positively relate to internal reporting of fraud. Two intermediate variables, trust and affective commitment, mediate these effects. Mentor-relationship quality also increases perceptions of caring ethical climate. The study contributes to two bodies of research by (1) finding extended benefits from mentoring, beyond those typically discussed in academic literature; and (2) identifying a previously unexplored firm intervention capable of positively influencing prosocial behavior and combating fraud.     

新区域主义理论脉络及研究动态述评

随着"新区域主义"的发展,区域经济一体化理论的研究试图超越基于比较优势、资源重新配置和效率的传统分析框架,探讨生产要素的配置效率以外的因素,如贸易与生产率的关系、动态比较优势和贸易需求增加带来的效率增加等。对传统一体化理论研究框架和"新区域主义"的理论和实证研究进行了梳理,特别是从贸易生产率关系、不完全竞争、投资效应、利益集团与政治经济学理论的发展趋势方面进行了综述。     

强化管理开拓创新努力提高省属粮库仓储管理水平

以浙江省储备粮管理有限公司强化管理,开拓创新,努力提高省属粮库仓储管理水平所取得的一系列进展为依据,论述了加强和推进省级储备粮油仓储管理规范化、科技化、精细化建设六大要素,即人员素质是前提,仓储设施是基础,规章制度是保障,储粮技术是手段,粮食品质是目标.     

我国利用外资的新阶段及政策调整

改革开放以来,我国利用外资有了长足的进展。外资经济已成为我国经济的重要组成部分。亚洲金融危机以来,我国利用外资进入了一个新阶段。机遇与挑战并存。本文在分析国内外经济新形势的基础上,对我国外资政策的调整进行了探讨。     

中小企业应对技术性贸易壁垒的策略研究框架

技术性贸易壁垒是当代国际贸易中最主要的制约因素,应对策略研究也成为当前的热点。本文在分析应对技术性贸易壁垒的策略框架的基础上,提出应按照市场结构和产业集聚状况等因素来区分和界定不同主体在应对中的职能定位,从公共选择的角度出发,对策研究应主要针对中小企业和产业集聚状况展开,本文通过浙江省的案例说明了这一思路。