Strategic International Diversification and Monthly Seasonality

To the author's knowledge no other studies have dealt with the effect of international diversification on stock market monthly seasonality. The aim of this study is to investigate this effect in various ways: stock market monthly seasonality is analyzed by incorporating exchange rates and trading costs in international portfolio returns. The variance of the world portfolio is decomposed into six components. Stochastic dominance approach is used to show the robustness of the results. Five trading strategies are compared to help international investors be more informed. All the results show that monthly seasonality is clearly present in an economic sense and robust. Particularly, when exchange rates are incorporated into portfolio returns. January has the highest return and the lowest risk in the world portfolio.     

Corporate Diversification and the Cost of Debt

The Journal of Real Estate Finance and Economics - This paper investigates whether corporate diversification by property type and by geography reduces the costs of debt capital. It employs...     

Corporate Diversification and the Cost of Capital

We examine whether organizational form matters for a firm's cost of capital. Contrary to the conventional view, we argue that coinsurance among a firm's business units can reduce systematic risk through the avoidance of countercyclical deadweight costs. We find that diversified firms have, on average, a lower cost of capital than comparable portfolios of stand‐alone firms. In addition, diversified firms with less correlated segment cash flows have a lower cost of capital, consistent with a coinsurance effect. Holding cash flows constant, our estimates imply an average value gain of approximately 5% when moving from the highest to the lowest cash flow correlation quintile.     

环境不确定性、多元化经营与资本成本

以2007-2013年的上市公司为研究对象,考察新兴市场中的微观环境因素如何影响企业的经营战略以及两者的交互作用对资本成本的影响。研究表明,环境不确定性与企业资本成本显著正相关,进一步发现,随着环境不确定性的增加,企业多元化经营程度呈现先升后降的趋势,而资本成本则随着多元化经营程度增加呈现先降后升的趋势。研究结果说明,在转型经济环境下,微观环境的不确定性加剧了企业与投资者和债权人之间的信息不对称程度,增加企业的资本成本,而企业实施多元化经营降低环境不确定性对企业资本成本不利影响的作用是有限度的。     

The Diversification and Cost Effects of Interstate Banking

This study examines recent interstate bank geographic diversification inside the United States. More than 80 holding companies that gradually evolved into interstate banking companies were tested for significant linkages to risk and efficiency indicators. The study finds that while geographic expansion frequently is associated with increases in risk, when banking firms were grouped by threshold levels of geographic diversification more highly diversified interstate banks appear to achieve reductions in risk exposure and operating costs. The study's results suggest the spread of interstate banking may change the industry's risk and cost profile significantly with profound implications for the future of the deposit insurance fund.     

环境不确定性、多元化经营与权益资本成本

以2009~2012年我国 A 股上市公司为研究样本,检验环境不确定性及多元化经营对公司权益资本成本的影响。研究发现,环境不确定性越高则公司的权益资本成本也越高,同时在高环境不确定性背景下,多元化经营将有助于缓解环境不确定性与权益资本成本之间的正相关关系;进一步,对于政府控制公司,多元化经营能够更显著地降低环境不确定性所导致的代理问题,并且若其所处地区政府干预程度较低,则多元化经营缓解环境不确定性与权益资本成本之间正相关关系的作用越大。     

The Cost of Diversity: The Diversification Discount and Inefficient Investment

We model the distortions that internal power struggles can generate in the allocation of resources between divisions of a diversified firm. The model predicts that if divisions are similar in the level of their resources and opportunities, funds will be transferred from divisions with poor opportunities to divisions with good opportunities. When diversity in resources and opportunities increases, however, resources can flow toward the most inefficient division, leading to more inefficient investment and less valuable firms. We test these predictions on a panel of diversified U.S. firms during the period from 1980 to 1993 and find evidence consistent with them.     

以战略成本管理提升企业核心竞争力

我国企业目前基本上还停留在传统成本管理阶段,片面追求成本节约的管理模式。随着企业经营环境的变化,战略成本管理这一新的成本管理理念应运而生。本文从战略成本管理及战略管理的高度为企业决策者提供了竞争对手的价值链分析,为企业的战略决策提供了信息支持,对提升我国企业核心竞争力有很重要的实践价值。     

企业并购成本的战略效益分析

经过金融危机的洗礼,各国经济复苏发展,企业为了在市场发展中占领战略先机,纷纷通过兼并﹑重组来扩大市场规模,因此在并购过程中的付出成本成为企业管理层不得不重视的问题。论文试图从企业的战略发展角度出发,剖析企业的并购成本,分析成本对企业并购产生的战略效益,针对战略发展的需要提出减少企业并购成本的措施。     

企业如何取得战略成本优势

企业成本管理的目的不仅在于降低成本,更重要的是为了建立和保持企业的长期竞争优势.能提高企业长期竞争力的成本优势即战略成本优势,为此,企业必须探求提高其竞争地位的成本降低途径.通过价值链分析,有助于企业形成规模经济,提高竞争优势;战略定位分析是企业在分析内外部环境的基础上所确定的竞争战略;战略成本动因分析为企业改变成本地位,增强竞争力提供了契机.     

Cost of Capital, Strategic Disclosures and Accounting Choice

Abstract:   Theory suggests a negative relationship between disclosure and the cost of capital. However, empirical research has not, in general, confirmed this. In particular, Botosan (1997) finds no evidence of a negative relationship for firms with a high analyst following, and moreover, Botosan and Plumlee (2002a) find that firms' cost of capital increases with timely disclosures. There are several possible explanations for this puzzle. First, the theory‐driven hypothesis may be false and require re‐specification. Second, there may be correlated omitted variables contaminating the results. Finally, these inconclusive results may have arisen due to problems with the measurement of disclosure. We construct an innovative measure of timely disclosure, that attempts to capture quality rather than quantity of strategic disclosures. In addition, motivated by new theoretical research by Gietzmann and Trombetta (2003) , we control for a possible omitted variable, namely accounting policy choice. With this revised research design, we find the expected negative relationship. Furthermore, as predicted by Gietzmann and Trombetta, this relationship is only significant for firms adopting aggressive accounting policies.     

降低渠道成本的战略性途径研究

基于制造商的视角,站在战略的高度,渠道成本应划分为供应方成本和需求方成本两个部分.因而,降低渠道成本就是要实现供应方成本和需求方成本总额的最小化.制造商可以通过调整渠道一体化程度、渠道扁平化和改善渠道关系三种途径降低渠道供应成本,而需求方成本的降低只能通过以渠道服务产出为基准的渠道重新设计和调整来实现.     

论战略成本管理的基本思想与方法

战略成本管理的基本思想包括成本的源流管理思想、与企业战略相匹配思想、成本管理方法措施的融入思想和培养职工的成本意识。成本管理要从成本发生的源流着手 ,所采取成本管理战略方法措施要与企业的基本战略、企业的发展阶段相适应 ,各种战略措施之间要协调配合。成本管理的方法措施只有融入到管理过程与业务活动之中才能真正发挥作用。控制成本需要全体职工的共同参与 ,需要培养职工的成本意识。战略成本管理的方法措施体系包括战略成本分析体系、成本管理的战略方法措施体系以及成本管理保障措施体系和绩效评价体系。战略成本分析的内容包括影响企业成本的环境分析、企业内部条件分析和竞争对手成本分析 ,进行这些分析需要有特定的分析方法。成本管理战略方法措施体系的内容可以从改变成本发生的基础条件和日常成本管理两个方面展开。成本管理保障措施体系包括制度保障体系、组织保障体系和成本预警分析系统。另外 ,建立成本管理绩效的评价体系也是战略成本管理方法措施体系的重要内容。     

基于低碳经济视角的企业战略成本管理

低碳经济是以低能耗、低排放、低污染为特征的社会经济模式。它对解决人类面临的气候变暖危机以及经济的持续增长问题提供了一种双赢选择。但由于发展低碳经济前期需要加大成本投入,成本问题将使低碳经济发展面临一定的压力和挑战。如何从战略成本的角度,分析我国发展低碳经济的成本因素,在低碳经济模式下进行企业战略成本管理具有重要的理论意义和现实意义。     

多元化与资本成本的关系——来自中国股票市场的证据

根据期权定价模型,多元化降低了公司风险,但其受益者是债权人,而不是股东,这使得公司部分财富从股东手中转移到债权人手中,由此降低了股东财富,因此,多元化可能并不为股东所欢迎,从而多元化公司的权益资本成本可能高于专业化公司。同时,由于内部资本市场在公司内部的资源再配置作用,使得公司降低了对融资成本较高的外部资本市场的依赖,因此,多元化经营公司的总资本成本可能低于专业化经营公司。本文以2001—2004年我国上市公司为例,对多元化与公司权益资本成本和总资本成本之间的关系进行了实证检验。研究结果表明,多元化与权益资本成本正相关,而与总资本成本负相关。     

Cambridge Business Conferences: A Case Study of Strategic Cost Analysis

This case follows Shank, and Govindarajan (1988)in developing a scenario which provides opportunities for both “relevant cost” and “strategic” analyses. The case focuses on the use of relevant costs in a practical decision-making framework. It requires a distinction between fixed, variable, sunk and discretionary costs and a facility with break-even analysis. Further, it highlights the importance of economic and marketing reality to cost-based decisions.     

各有花样

即便是被列入＂其他产品＂类别的房产项目,其项目甄选依然不会脱离公司旗下三大政策。金地集团依据中国各个区域的城市化进程、经济发展状况和房地产市场的成熟程度,针对不同层级的城市制定了不同的发展策略和楼盘产品。截至目前,金地集团旗下散布于国内各大城市的产品众多,除了五大成熟的产品系产品外,另有诸多散布于国内各大城市的楼盘项目。     

基于销售成本差异的制造商策略选择研究

本文以企业核心竞争能力理论和库存理论为基础,研究了由一个制造商和一个零售商组成的二级供应链中制造商的前向一体化策略与供应链策略的选择问题。假设需求不确定和供应链存在销售成本,当制造商和零售商向市场出售产品都发生销售成本且销售成本存在差异时,通过对制造商的利润比较分析发现,销售成本的差异决定了制造商供应链合作策略与前向一体化策略的选择。     

Diversification disasters

The recent financial crisis has revealed significant externalities and systemic risks that arise from the interconnectedness of financial intermediaries’ risk portfolios. We develop a model in which the negative externality arises because intermediaries’ actions to diversify that are optimal for individual intermediaries may prove to be suboptimal for society. We show that the externality depends critically on the distributional properties of the risks. The optimal social outcome involves less risk-sharing, but also a lower probability for massive collapses of intermediaries. We derive the exact conditions under which risk-sharing restrictions create a socially preferable outcome. Our analysis has implications for regulation of financial institutions and risk management.