The fed model: The bad,the worse,and the ugly

The negative relationship between stock market P/E ratios and government bond yields seems to have become conventional wisdom among practitioners. However, limited empirical evidence and a misleading suggestion that the model originated in the Fed are used to support the model's plausibility. This article argues that the Fed model is flawed from a theoretical standpoint and reports evidence from 20 countries that seriously questions its empirical merits. Despite its widespread use and acceptance, the Fed model is found to be a failure both as a normative and as a positive model of equity pricing.     

那些人 那些事 那个年代

“一九六零年四月十六号下午三点之前的一分钟你和我在一起,因为你我会记住这一分钟。从现在开始我们就是一分钟的朋友,这是事实,你改变不了,因为已经过去了。”——《阿飞正传》     

The plough,gender roles,and corruption

Cross-country empirical studies of corruption using ordinary least squares commonly find that nations in which women play a greater role in economic and public life suffer less corruption. This has been a controversial finding since measures of women’s participation in the economy and politics are likely endogenous. This study uses an aspect of national ancestral geography as a novel instrumental variable in the estimation of the true causal effects of gender upon corruption. It thereby finds that ordinary least squares estimates of the effects of gender upon corruption are biased. This conclusion is upheld in time-series fixed-effects estimation.     

The Firm, Money, and Economic Calculation

A bstract This paper examines the role of money and monetary calculation in the determination of the production structure of the economy.     

The Nexus of Population,Energy, Innovation,and Complexity

For the past 200 years, humans have benefited from the abundant, inexpensive, and easily obtained energy of fossil fuels. Energy surpluses such as this are unusual in human history. In systems with little surplus energy, population growth is low and complexity emerges slowly due to the energetic costs it carries. On the rare occasions when energy is readily available, societies respond by growing rapidly. They must become more complex in response to the social, economic, and resource challenges of dense population. More complex societies are more expensive, requiring greater energy per capita. The process of increasing complexity necessitates greater energy production, creating a positive feedback cycle. Past societies have collapsed under such pressures. Population and complexity grew rapidly when the Industrial Revolution replaced economies based on annual solar radiation with economies fueled by fossil energy. The Green Revolution of the 20^th century is credited with preventing mass starvation, but it has made food production and sustaining population ever‐more dependent on high‐energy (low‐entropy) inputs. Some believe innovation will overcome the limitations of resources and permit unchecked growth. However, increases in complexity, innovation, and fossil energy are all subject to diminishing returns, and cannot continue to support population at current levels.     

西门子整流单元、逆变器、PLC在卸船机上的应用

介绍了西门子整流单元、逆变器、PLC在卸船机上的应用。重点介绍了整个系统妁构成、软硬件特点和关键点。     

美国铝金属协会

机构介绍：AA成立于1933年，作为有关铝和铝工业的非商业、全行业范围的情报源，向公众提供服务。成员包括粗铝锭、铝薄板、铝板的生产商、主要的挤压厂、铸造厂、二次熔铝厂、锻造厂和铝电导线生产厂，代表了几乎全部的美国粗铝和百分之八十五的铝半制成品生产。其宗旨包括：持续增强铝合金材料的竞争力；发展、维护和促进铝产品应用的全球标准；代表美国和国际政府成员的利益制定、出版、分发技术数据，收集和出版行业统计资料及实施训练计划和举办行业学习班。本协会的标准化活动成果是大多数政府、美国试验与材料学会、公司和其他单位的铝和铝合金制品规格的基础。     

最软的最硬—江铃公司企业文化建设报告

江铃汽车集团公司总经理孙敏,16年前满怀壮志来到江西汽车制造厂(江铃公司前身),凭着企业家的胆识和勇气,带领全厂上下顽强拼搏,终于使这个严重亏损、资不抵债的地方小厂起死回生,蓬勃发展.今天江铃公司已拥有20亿总资产、30个子公司,年销售额突破40亿,业务扩展到进出口、贸易、证券、房地产、化工等领域,部分产品已出口到中东、东南亚、非洲.     

Re-innovation: The construct, measurement, and validation

There has been substantial research in the area of innovation, which is widely regarded as a powerful weapon to create competitive advantage. One important reason of the substantial research in innovation is the presence of valid and reliable measures of key innovation characteristics, such as radical, incremental, or disruptiveness innovation. Re-innovation, an extension of innovation, is renowned for its potential in creating competitive advantage with reduced cost and time implications. Unfortunately, very little research in re-innovation has been conducted, possibly because to date it still lacks a psychometrically valid measure. There is also a lack of research on convergent and discriminant validities of the re-innovation construct, resulting in the impossibility to discriminate re-innovation characteristics from radical or incremental innovation characteristics. The purpose of this paper is to develop a valid and reliable scale for measuring the construct of re-innovation. To test its reliability and discriminant and convergent validities, we used data collected from 294 general managers of SBUs in 89 electronics-related companies in Taiwan and performed a series of analyses. The reliability measures, exploratory factor analyses, confirmatory factor analyses, and convergent and discriminant validity tests strongly support our scale. In addition, nomological validity is demonstrated. Hence, this study distinguishes the re-innovation from radical and incremental innovation constructs. Finally, discussion, limitations, and future research are presented.     

The Who,Where, What,How and When of Market Entry

This introductory, along with the eight articles contained within this Special Issue, highlights and brings greater clarity to entrant‐incumbent interactions and to firm movement – when entrants traverse market territories for the creation and/or delivery of offerings, where ‘markets’ include service or product categories, technology or resource spaces, industries, sectors and/or geographies. Collectively, this Special Issues explains that firm movement across market boundaries is highly consequential, influencing resource‐capability mixes inside firms, interfirm relations, market logic and industry value chains, and of course, people, communities and even nations. Specifically, we develop a field‐wide perspective of market entry by expanding on the framework of market entry that Zachary and his colleagues developed (Zachary et al., 2015) – i.e., the who (players such as incumbents, entrants, suppliers, etc.), when (the timing and sequence of entry), how (the strategy, resources, capabilities, etc.), where (the space of entry) and what (product, service, business model, etc.) – to include two additional categories: complements (networks, platforms, ecosystems) and non‐market elements (government, political, social and cultural arrangements). We also summarize the eight highly diverse and insightful articles that make this Special Issue, and conclude with a discussion to highlight foundational questions that point to new directions in future research in this field. In sum, we hope to inspire scholars to go beyond counting outcomes (e.g., entry/exit rates, or profiling successful versus unsuccessful entrants), to consider contexts, processes and contingencies (e.g., cost, time, collaboration, competition, interfirm relations, etc.) and to discover boundary conditions that inform a theory of market entry.     

The holdout problem, urban sprawl, and eminent domain

Developers attempting land assembly often face a potential holdout problem that raises the cost of development. To minimize this extra cost, developers will prefer land whose ownership is less dispersed. This creates a bias toward development at the urban fringe where average lot sizes are larger, resulting in urban sprawl. This paper examines the link between the holdout problem and urban sprawl and discusses possible remedies, including the use of eminent domain for urban redevelopment.