Modelling bicommunal conflict: 2. Structuring the model

The problems encountered in this exercise included those of drawing the system boundaries, selecting the most appropriate subsystems, deriving usable measures for complex parameters, and establishing relationships between variables. The article discusses the ways in which such problems were handled in a model of a complex social process.     

内外均衡冲突下的人民币汇率政策选择:基于斯旺模型的研究

本文以斯旺模型为理论基础,研究了当前中国经济内外均衡,中突,并对内外均衡冲突下的汇率政策和货币政策之间的冲突进行了深入分析。根据斯旺模型,这两种冲突的解决要求当前实行紧缩国内支出政策和人民币升值政策的配合。因此,汇率政策的选择就变得至关重要。当然要解决当前经济内外均衡冲突,还需要其他政策的配合。     

The expectancy–valence theory revisited: Developing an extended model of managerial motivation

This empirical study examines the relationship between managerial perceptions of elements of the performance measurement, evaluation and reward system (PMERS) and motivation. An extended version of the traditional expectancy–valence (E–V) model is developed to conceptualise the process of motivation at the middle management level. Based on this model, the direct effect of and interplay between the value of rewards, the attainability of targets, the accuracy of measures used to gauge achievement, the transparency of the performance–rewards relationship and managerial motivation are examined. Using structural equation modelling (SEM), the perceptions of 200 plus middle managers in a large, successful company in the financial services sector are analysed. The observed data generally provide a good fit with the structural model. The findings indicate that both extrinsic and intrinsic rewards have a significant positive impact on managerial motivation. However, the value of extrinsic rewards is significantly affected by other elements of the PMERS design, namely the accuracy of the performance measures and the transparency of the performance measures–rewards link. This has important implications for the design of extrinsic reward schemes, and the utilisation of alternative motivational drivers potentially present in the middle manager's job environment.     

Modelling bicommunal conflict: 3. simulation and validation

Some of the mathematical and computing technicalities of the model of bicommunal conflict are explained, eg the structure of the data file, time delays. The validation exercise has concentrated on the minority community submodel; unfortunately, it proved difficult to replicate any arousal of massive communal mobilisation, despite inputs reflecting discrimination and deprivation, while a number of other aspects of bicommunal conflict behaviour did occur.     

The systems analysis of conflict

This article is the outcome of a continuing programme of research involving systems engineers and political scientists. The ultimate aim is to explore the relevance of some of the methodologies of systems engineering to problems in the social sciences, especially the dynamics of domestic and international conflict. An initial exercise in modelling domestic conflict in terms of state equations (system dynamics) is described, although the study reflects the authors' interest in several approaches by the broadly based survey of past work and proposed diversification of their research.     

Financing bank stock ownership: A question of conflict of interest

The bank stock loan conflict of interest question arises when compensating balances are intermingled with a bank's correspondent balances for the benefit of those bank stockholders seeking a bank stock loan. This study attempts to determine if this practice exists usign two-stage least square regression analysis and cross-sectional data obtained from one-bank holding company applications in the Tenth Federal Reserve District. Our results suggest that bankers with established correspondent banking relationships capitalize on their correspondent balances to obtain favorable interest rates on bank stock loans.     

The dynamics of the management-shareholder conflict

This article investigates the distribution of equity ownershipbetween entrenched management and dispersed outsiders when managementhas the ability to manipulate the cash flows and when it iscostly for equity holders to prove managerial wrongdoing incourt. Management chooses the distribution of equity ownershipso as to maximize private benefits against the risk of potentialcontrol challenges. When shareholders are long-term oriented,then outside shares trade at a premium over the value to management,and management is inclined to sell off its equity stake to dispersedoutsiders. When shareholders are short-term oriented, then outsideshares trade at a discount below their value to management,and disciplinary pressure can be substantially reduced via strategicshare purchases. Changes in the cost of capital drive a wedgebetween entrenched management's and dispersed outsider's valuationof shares. Management exercises its option to buy (sell) shareswhen the option is in the money: when management values sharesmore (less) than outsiders do.     

Employee motivation: a powerful new model

Motivating employees begins with recognizing that to do their best work, people must be in an environment that meets their basic emotional drives to acquire, bond, comprehend, and defend. So say Nohria and Groysberg, of Harvard Business School, and Lee, of the Center for Research on Corporate Performance. Using the results of surveys they conducted with employees at a wide range of Fortune 500 and other companies, they developed a model for how to increase workplace motivation dramatically. The authors identify the organizational levers that companies and frontline managers have at their disposal as they try to meet workers' deep needs. Reward systems that truly value good performance fulfill the drive to acquire. The drive to bond is best met by a culture that promotes collaboration and openness. Jobs that are designed to be meaningful and challenging meet the need to comprehend. Processes for performance management and resource allocation that are fair, trustworthy, and transparent address the drive to defend. Equipped with real-world company examples, the authors articulate how to apply these levers in productive ways. That application should not be selective, they argue, because a holistic approach gets you more than a piecemeal one. By using all four levers simultaneously, and thereby tackling all four drives, organizations can improve motivation levels by leaps and bounds. For example, a company that falls in the 50th percentile on employee motivation improves only to the 56th by boosting performance on one drive, but way up to the 88th percentile by doing better on all four drives. That's a powerful gain in competitive advantage that any business would relish.     

Stockholder-bondholder conflict and dividend constraints

This paper examines a large, randomly chosen, sample of bond indentures focusing on the constraints they set on dividend payments that have the potential to transfer wealth from the bondholders (i.e., payments which are financed by a new debt issue or reduced investment). The nature of these restrictions support the hypothesis that bond convenants are structured to control the conflict of interest between stockholders and bondholders. Further, the empirical evidence suggests that these constraints are not binding — i.e., stockholders do not pay themselves as much dividends as they are allowed to. Explanations of this puzzling empirical regularity are suggested.     

IBM中国步伐

在IBM的全球整合布局中,中国是IBM全球整合的战略性市场,也是IBM"全球创新中心"与"全球服务中心"的交汇点。     

Determinants of Swap Spreads in a Developing Financial Market: Evidence from Finland

This paper presents empirical evidence on the determinants of swap spreads in Finland using four years of data. Spreads exhibit a significant negative relationship with the amount of fixed rate deposits with banks, which reflects the importance of banks in the Finnish capital markets. Spreads are positively linked to business cycle and market risk factors such as the slope of the yield curve and the volatility of interest rates. The influence of hedging costs has become increasingly important over time, especially in longer dated swaps. A relationship is also observed between swap spreads and the external value of the currency.     

An Institutional Theory Perspective on Corruption: The Case of a Developing Democracy

The purpose of this paper is to use quantitative data to describe corruption in the SANPS, and use Luo's ( 2005 ) institutional theory to gain insights into how corruption develops and remains entrenched despite the introduction of anti‐corruption legislation. A total of 1,500 questionnaires were distributed to public servants in nine provinces, but predominantly in Kwa Zulu Natal and Gauteng. There were 702 returned giving a response rate of 47%. We conclude that the findings discussed in this paper lend support for Luo's theoretical model being able to provide insight into the development of corruption, its consequences and possible remedies.     

The modified mixture of distributions model: a revisit

Andersen (J Financ 51, 169–204 (1996)) introduced a modification of the mixture of distributions model based on microstructure arguments. Based on a small sample of five stocks, he infers that this modified mixture of distributions (MMD) model adequately captures the joint behavior of trading volume and volatility. We re-examine this claim using a larger sample of twenty-two stocks and two sample periods. Our tests show that 59% of the sample rejects the MMD model in the period 1973–1991, the same period studied by Andersen. Results for the second period (1993–1999) are more supportive of the MMD, especially for number of trades, although nearly one-third of the sample still rejects the MMD. We conclude that further tests are needed before the general validity of the MMD can be established. JEL Classification Numbers C12, C52     

Choosing a System of Unemployment Income Support: Guidelines for Developing and Transition Countries

Mounting evidence suggests that excessive job protection reducesemployment and labor market flows, hinders technological innovations,pushes workers into the informal sector, and hurts vulnerablegroups by depriving them of job opportunities. Flexible labormarkets stimulate job creation, investment, and growth, butthey create job insecurity and displace some workers. How canthe costs of such insecurity and displacements be minimizedwhile ensuring that the labor market remains flexible? Eachof the main unemployment income support systems (unemploymentinsurance, unemployment assistance, unemployment insurance savingsaccounts, severance pay, and public works) has strengths andweaknesses. Country-specific conditions—chief among themlabor market and other institutions, the capacity to administereach type of system, and the size of the informal sector—determinewhich system is best suited to developing and transition countries.      

中小银行在收购兼并中走向共赢

兴业银行成功收购佛山商行,为中小股份制银行与城市商业银行之间的合作和发展探索出了一条共赢的道路。     

盈余管理的定义及其意义研究

本文在对相关文献进行研究的基础上 ,对改进盈余管理定义存在的问题提出了意见 ,以期建立具有意义明确和变量可被直接测量的新定义 ,并讨论了该项研究在学术研究、实务操作和准则制定等方面的意义