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《The North American Journal of Economics and Finance》2007,18(2):215-229
A two-stage CAPM approach is used to generate cost-of-equity estimates and sources of their uncertainty for 10 GICS sectors in Canada and the U.S. under the assumption of relatively integrated North American economies and equity markets. The estimated cost of equity for the Canadian sectors is, on average, about the same as that of the U.S. sectors, but with a higher estimation error. The estimation error of the market risk premium is the most important uncertainty component for the equity cost estimates, except for Canadian Utilities where beta uncertainty is the most important component. Beta and interaction effects play a relatively more important role in Canada due to relatively more volatile sector betas in Canada. Our study suggests that: (1) Canadian cost of equity should be estimated in an integrated market rather than a segmented market and (2) higher importance should be given to estimating the dynamics of betas for the Canadian sectors. 相似文献
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Ernst R. Berndt Ann F. Friedlaender Judy Shaw-Er Wang Chiang Christopher A. Vellturo 《Journal of Productivity Analysis》1993,4(1-2):127-144
We attempt to disentangle the effects of deregulation on rail costs from those directly attributable to mergers and acquisitions, employing a translog variable cost function, based on an unbalanced panel data set of annual observations for major U.S. Class I railroads from 1974 to 1986. We find that both deregulation and mergers contributed significantly to cost savings. However, of the accumulated cost savings achieved by the six major firms involved in mergers postderegulation, we estimate that by 1986 about 91% of the reduction in accumulated costs is due to deregulation, and about 9% is directly due to mergers and acquisitions (which in turn were facilitated by regulatory reforms). 相似文献
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美国的小企业在美国的经济发展中起到了举足轻重的作用。美国政府为小企业的发展提供了比较完善的社会环境,这些环境有利于美国小企业的发展。我们可以从美国的小企业的生存环境中借鉴成功的经验,为我国中小企业的发展创立有利条件,加快我国中小企业的发展。 相似文献
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针对我军装备维修管理费管理工作中存在的预算编制不完善、执行随意性大,预算调整、经费会计核算及监督与内控不规范等问题,在对美军装备维修费管理特点分析的基础上,给出了推进我军装备维修管理费规范化管理的启示和建议。 相似文献
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Christopher A. Vellturo Ernst R. Berndt Ann F. Friedlaender Judy Shaw -Er Wang Chiang Mark H. Showalter 《Journal of Economics & Management Strategy》1992,1(2):339-369
In this paper we attempt to disentangle the effects of deregulation on rail costs from those directly attributable to mergers. We estimate that cost reductions obtained from mergers ranged from a high of 33% for the Burlington Northern to a low of a 3% cost increase for the CSX. However, firms not engaged in significant merger activities experienced similar cost differentials indicating that consolidation was not a prerequisite for cost savings. We conclude that although mergers did confer some benefits on the participating firms, they were not a prerequisite for railroads being able to achieve substantial cost savings. 相似文献
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Douglas Laxton David Rose Demosthenes Tambakis 《Journal of Economic Dynamics and Control》1999,23(9-10):1459-1485
Recent statistical rejections of convexity in the Phillips curve have been uninformative because researchers have employed measures of business cycle gaps that are inconsistent with the implications of convexity. The paper shows that identifying convexity in the Phillips curve will become even more difficult if policymakers are successful in avoiding large boom and bust cycles. To the extent that convexity in the Phillips curve is used as a rationale for stabilization policy, our findings present an interesting conundrum because successful policymakers will further weaken the empirical evidence on which such policies are based. 相似文献
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Bert Spector 《人力资源管理》1987,26(1):3-16
The Tichy and Ulrich (1984) framework for transformational leadership is applied within the setting of a number of U.S. trade unions currently undergoing a realignment of their goals and objectives. That framework will be used to delineate both the transformational role being played by leaders in these unions and the opportunities for transformational leadership that are being underutilized. 相似文献
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从中美两国社会物流成本结构入手,应用灰关联分析方法分析了1996-2010年中美两国物流总成本变化趋势,GDP与社会物流成本构成成分之间的关联程度、差异性及其成因,并提出了降低我国社会物流成本的对策建议。 相似文献
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To find the key to the success of Japanese economic performance since World War II, Marsland and Beer explore five main "environmental" factors used by Japanese firms to build a successful human resources management approach: Japanese social values, the structure of private enterprise, the structure of labor markets, the historic development of the Japanese employment system, and the structure of Japanese management. This discussion shows that post-war Japanese management, faced with rapid change, introduced new concepts and techniques that reinforced and maintained certain social values and traditions that fit well with human resources management objectives. This skillful blend of new ideas with traditional values enabled the Japanese to achieve superior economic performance. 相似文献
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《Journal of Purchasing & Supply Management》2014,20(1):66-68
The phenomenon of reshoring to the U.S. has received wide attention ever since it became a political platform for U.S. politicians during the last presidential election. The economic downturn, a heightened emphasis on sustainability, and increasing customer expectations for flexibility and improved cost performance drove firms to re-consider the appropriate “shoring” decision. The intent of this research note is to add a U.S.-centric perspective to the “shoring” debate. 相似文献