Aggregation is not the solution: the PPP puzzle strikes back

Recently, Imbs, Mumtaz, Ravn and Rey (2005, hereinafter IMRR) have argued that much of the purchasing power parity (PPP) puzzle is due to upwardly biased estimates of persistence. According to them, the source of the bias is the existence of heterogeneous price adjustment dynamics at the sectoral level that established time series or panel data methods fail to control for. This paper re‐examines this claim in two steps. Firstly, we demonstrate that IMRR's measures of sectoral persistence are systematically downwardly biased because they are based on an inaccurate definition of the ‘average’ impulse response function (IRF). We then show that standard estimates of shock persistence are recovered after this bias is corrected. Secondly, building on the results in Mayoral (2008), which prove that aggregate and micro models induce the same shock persistence behavior, we show that estimates based on aggregate and sectoral exchange rates are, in fact, highly consistent. Thus, aggregation is not the solution to the PPP puzzle. Copyright © 2009 John Wiley & Sons, Ltd.     

国有产权转让不是廉价宴席

关键句一:2005年4月14日,国务院国有资产监督管理委员会、财政部正式公布了<企业国有产权向管理层转让暂行规定>,对企业国有产权向管理层转让提出了规范性要求.     

Advancing environmental productivity: Organizational mindfulness and strategies

This study investigates the importance of mindfulness‐based organization systems and policies on the organization's continuous efforts to become a greener company. The study is devised as a pooled cross‐sectional time series analysis of productivity in energy consumption, water utilization, and waste generation and recycling of U.S. companies. The data set taken from U.S. Newsweek 500 recorded 600 companies dispersed into 63 industries during the period of 2012–2014 and provided 1,498 company–industry–year observations. The study found that systems and policies (e.g., deployment of third‐party auditors for its environmental metrics report; linkage of the remuneration of company's senior executive team with the achievement of environmental performance targets; and establishment of a committee at the Board of Directors' level whose mandate includes sustainability of the company in environment‐ and resource‐related matters) connect the company's mindfulness to its effort in improving the environmental quality through the company's productivity in energy consumption, water utilization, and waste generation and recycling. The relationships are positive and significant. Also, systems and policies serve as a motivator for the firm to continue to improve upon the current achievements. The study emphasizes the importance of translating organizational and individual mindfulness into organization policies and systems in order to motivate the organization to continuously improve its productivity in energy consumption, water utilization, and waste generation and recycling leading to improvements in environmental quality.     

Planned giving: wealth is not a prerequisite

Concentrate on consistent donors and volunteers. Look for older individuals and pay special attention to those who have no direct heirs.     

危机仍未过去

从表面上看目前的经济形势比较稳定,各国经济都在复苏,澳大利亚等国家甚至已经开始加息,以防止可能出现通货膨胀、投资过热等问题。有些人认为金融危机已经过去,世界经济仿佛已经进入了“后金融危机时代”,然而实际情况并非如此。     

条码解决方案:最合适才是最好的——访群科系统工程有限公司总经理施磊

上海群科系统工程有限公司（以下简称群科），是一家专业从事条码等自动识别产品的应用研究和企业执行系统集成的高科技企业，提供基于企业数据采集系统的全套软硬件产品和全面解决方案。群科系统通过应用现代化的管理理念和方法，以及最新的自动识别、无线网络和移动计算等技术，来实现制造业、物流业和商业零售业等企业执行系统的集成，     

Constructive Supervisor Feedback is not Sufficient: Immediacy and Frequency is Essential

In the present study, we investigated the relationship between perceived constructiveness and perceived immediacy and frequency of supervisor performance feedback and work performance. In two pilot studies, we obtained support for the two‐dimensionality of our measure of supervisor performance feedback. In the main study, perceived constructiveness of supervisor performance feedback and work performance was positively related when perceived immediacy and frequency of supervisor performance feedback was high. We discuss theoretical and practical implications and directions for future research. © 2016 Wiley Periodicals, Inc.     

Yugoslavia is not Unique

American illusions about Yugoslavia's use of oversas aid are dispelled by Yugoslav economist Dr Sirc, a close observer of Eastern Europe.     

Inequality is not Injustice

The American sciologist John Rawls of Harvard has influenced academic discussion by his argument that justice requires equality as a primary purpose of governent policy. The British philosopher Antony Flew, formerly of the University of Reading and currently teaching at the Social Philosophy and Policy Center of Bowling Green State University in Ohio, questions Rawls reasoning. He affirms that equality is not justice, a truth seen and expounded by the classical philosophers, but neglected by egalitarians.     

跨国供应链管理及其解决方案

中国制造的成功,把世界带进了中国。中国制造的下一步应是中国创造,把中国带向世界。相信中国企业在跨国供应链管理解决方案的帮助下,能够尽快达成这一目标。     

The weighted average cost of capital is not quite right

A firm's cost of capital used in discounted cash flow analysis is commonly calculated as a weighted average of the after tax costs of the firm's various sources of financing (equity, debt, preferred stock). Its use implies that for investment projects earning precisely the WACC the cash (in)flow is exactly sufficient to reward all the suppliers of finance with their respective costs of capital. However, the necessary cash flow (normal profit) implied by the WACC is inadequate to provide the cash flows to the individual sources of financing when they are considered separately. This note discusses the problem (WACC is a linear approximation of a nonlinear relationship) and presents a modification of the WACC which is conceptually superior to the WACC as commonly calculated.     

The packaging industry is not carried away by public opinion

The size and composition of our bin has changed over the years, as a result of the evolution of our way of living and our consumption habits. The wider range of goods now offered to consumers has resulted in significant augmentation of waste discarded in the form of packaging. The latter is estimated to represent about 30% by weight of total domestic waste. More than ever concerned about environmental issues, the public, alarmed by the media, has shown a strong interest in the problem of waste and waste management. Packaging is now felt as excessive, wasteful and bad for the environment, in particular plastic packaging since plastics are not as easily recycled as other materials. This paper, which includes the results of a consumer survey, brings to light the attitude and misconception of European consumers towards packaging and packaging materials and gives another insight into the problem.     

Work-related acculturation: change in individual work-related cultural values following immigration

The effects of culture in the workplace have been well documented. Because cultures vary across countries, business practices that are effective in some regions may not be effective in others. While cross-country cultural differences have been explored in depth, little is known about cultural variations and dynamics in the context of immigration. On the basis of a multilevel study of 2163 immigrants and locals residing in Canada, we investigate (1) patterns of immigrant acculturation; (2) the relationship between acculturation of visible elements of culture, such as language proficiency or cuisine and music tastes, and acculturation of tacit cultural values and (3) individual- and group-level predictors and moderators of acculturation. The results are discussed with a focus on implications for practitioner managers and immigration policy makers.     

奥运营销不是一切

在奥运会举办之前．很多人曾预言这场在家门口举办的体育盛会,一定能够成功地至少把一家中国企业推向世界舞台。这些预言家并以1964年东京奥运会成就了索尼、1988年汉城奥运会成就了三星为例,证明一定会有中国企业通过2008奥运在全球经济竞争中成为万众瞩目的明星。