第四讲股权结构与股票的种类

股本是企业按照公司章程和投资协议的规定向股东募集的资本,它代表股东对公司净资产的所有权.股份有限公司的股本是在核定的资本总额及核定的股份总额的范围内通过向股东发行股票的方式筹集的.每个股东股本的多少标志股东股权的大小.     

Cointegration relationships of strategy variables among firms within strategic groups

This study examines the long-term, dynamic equilibrium relationship for strategy variables of firms in strategic groups by conducting a cointegration analysis. Replicating the Nair and Filer (Strateg. Manage. J., 24: 145–159, 2003) methodology and extending it to four industries listed on the Taiwan Stock Exchange, we find that not all of non-stationary strategy variables have the cointegration relationships, and that only the strategy variables of strategic groups in our traditional industries (as compared to our high-tech industries) should have a long-term competitive equilibrium (cointegration relationship). In other words, we can proceed with an error correction model in some traditional industries to map out the relative positions of rival firm strategies and subsequently implement appropriate reactions.

The intra-day impact of block trades on the Australian stock exchange

This study is concerned with the impact of block trades on transaction prices, themarket bid-ask spread and the frequency of trading on the Australian Stock Exchange. Access to a unique microstructure database enabled the resolution of a number of research design issues in earlier, mainly US-based, studies. Contrary to previous findings, there is no evidence of either a price reversal or changes in the market bid-ask spread surrounding block trades. Further, there is no evidence of an increase in the frequency of trades surrounding block trades. These contrasting results warrant closer inspection of the alternative market structures underlying the different exchanges.The authors are from the Department of Finance, the University of Sydney, Australia. The comments and suggestions of colleagues at the Universities of Sydney, New South Wales, and Queensland are gratefully acknowledged.     

对债转股问题的思考

债转股作为企业减轻债务负担,改善国有商业银行资本结构的经济措施意义深远.但债转股政策执行中带来的诸多问题值得思考.本文对此提出7点设想及解决办法.即正确认识债转股的功能;严格政策把关;要坚持市场化运作;要注意防范风险;要予以法律支持;要充分考虑金融资产管理公司的退出方式;要注意相关部门的配合协作.     

A systemic approach to interpersonal relationships and activities among French teleworkers

Within a systemic and interactional approach, this study seeks to understand how French teleworkers (re)organise their relationships with others as well as their activities. Lexical analysis of interviews with 24 telecommuters (nomadic, alternating and working at home full‐time) confirms and complements the results in the literature in this field. On one hand, the findings confirmed a decline in the quality of professional relationships due to their being mediated through technology. On the other hand, there was a distinction between the ways in which different types of teleworkers ascribed meaning and adapted their activities and business, family and social relationships.     

Diversification and intervalling effects on stock returns

Diversification and intervalling effects on stock markets have been studied separately in the literature. This paper studies empirically the interaction of these two joint effects on five international stock markets. The diversification benefits may depend on the length of the holding interval because the covariance between two stock indexes may not change proportionally with the individual stock indexes' variances when the holding interval varies. The empirical results show that the degree of diversification benefit varies with the length of the holding interval. The greatest gain occurs with the shortest holding interval while the degree of risk reduction decreases with an increase in the holding interval in general.     

The relationships among leadership,goal orientation,and service quality in high-contact service industries: An empirical study

High-contact service industries are characterized by close interaction between service employees and customers, and diverse customer needs. Such characteristics pose a great challenge to the delivery of services of superior quality. In this research we conceptually explore and empirically examine several attitudinal and motivational factors of customer-contact employees, and the management style of managers as antecedents to service quality in high-contact service sectors. Based on dyadic data collected from 230 service firms in Hong Kong, we examine the relationships among transformational leadership, transactional leadership, affective organizational commitment, learning goal orientation, performance goal orientation, and service quality. We find that learning goal orientation is more effective than performance goal orientation in fostering service quality in the high-contact service context. We also observe that transformational leadership tends to be more effective than transactional leadership in influencing employee attitude in high-contact service firms. This research pioneers theory-driven examination of service quality in high-contact service firms using data collected from service employees and shop managers for hypothesis testing.     

The dual effects of perceived unfairness on opportunism in channel relationships

Opportunism has long-term negative consequences for channel relationships. The extant research has traditionally focused on economic forces in studying opportunism. However, social exchange theory stresses the role of social forces in shaping opportunistic behavior. In this study, we integrate transaction cost economics and justice theory to theorize and examine the impact of ‘perceived unfairness’ on distributor opportunism. We uncover the ‘dual’ effects of perceived unfairness on opportunism, i.e., 1) directly enhancing opportunism and 2) aggravating (positively moderating) the effects of economic forces on opportunism. Matched data on 247 supplier-distributor dyads in India provide empirical support for our theoretical model and research hypotheses. We find differential effects of the three dimensions of perceived unfairness (distributive, procedural, and interactional) on opportunism. We discuss the implications of our findings for theory and practice and present avenues for future research.     

我国上市公司盈余管理识别方法

滥用盈余管理会使会计信息失去公允性、可靠性和可比性,从而误导投资者并影响证券市场资源优化配置的功能.本文针对上市公司盈余管理的现状和主要手法,提出了识别上市公司盈余管理陷阱的一些方法.     

Seasonality and cultural influences on four Asian stock markets

We use daily returns to identify seasonality on the Kuala Lumpur Stock Exchange (KLSE), The Stock Exchange, Bombay (SEB), the Stock Exchange of Singapore (SES) and The Stock Exchange of Thailand (SET). On all four, we find strong day-of-the-week effects. Month-of-the-year effects exist on the KLSE and the SES but not on the SET or the BSE. Strong Chinese New Year effects are evident on the SES and the KLSE. The Chinese New Year effect on the SET is among small capitalization stocks. On the KLSE, we also find Islamic New Year and Vesak effects, but no Aidilfitri effect. Only weak holiday effects concerning several Indian lunar holidays are evident on the BSE. In general we find that cultural holidays evidence a stronger effect than state holidays. These results confirm the importance of cultural influences in the pricing of stocks.M. W. L. Chan is Professor of Finance and Business Economics at McMaster University, Canada, Anya Khanthavit Associate Professor of Finance, Thammasat University, Thailand and Hugh Thomas Assistant Professor of Finance, McMaster University, Canada. The authors would like to thank the Association of Deans of Southeast Asian Graduate Schools of Management for the financial support that enabled this research to be undertaken and an anonymous referee for his many insightful and constructive suggestions. Please direct all correspondence to Hugh Thomas, School of Business, McMaster University, 1280 Main Street West, Hamilton, Ontario, L8S 4M4, Canada, tel: (905) 522-6861 ext 23983 or email thomas@mcmaster.ca..     

The use of stock market returns in antitrust analysis of mergers

One of the most promising recent innovations in merger analysis has been the attempt to predict the effects of horizontal mergers by examining the share prices of the rivals to the merging firms. In this paper we describe the standard procedure, discuss some of the major criticisms of that procedure, and propose a modification, apply it to a sample of recent mergers, contrast the results with those from the standard procedure, and discuss the appropriate uses and remaining limitations of the model for antitrust analysis.The views expressed in this paper reflect those of the authors and do not necessarily reflect those of their employer. We wish to thank the referees and Mary Streitwieser for helpful comments, and Becky Carr for excellent typing services.     

好孩子成为第一家境外上市的玩具企业

2010年11月24日10时,好孩子国际控股有限公司在香港联合证券交易所挂牌上市,股票代码为1086,IP0发行价每股4.90港元,首日开盘5.69港元,收盘5.80港元,首日涨幅达18.36%。据了解,好孩子国际此次发行3亿股,计划募集资金净额8.95亿港元。好孩子集团总裁宋郑还在接受港媒采访时表示,满意股价表现,集团计划在国内外进一步巩固、加强品牌信誉,提高市场渗透率,并扩大在其他儿童耐用品领域的销量。     

The impact of regulating mobile termination rates and MNO-MVNO relationships on retail prices

A mobile virtual network operator (MVNO) provides mobile telecommunication services by eluding the constraints of the radio communication infrastructure and establishing an agreement with a hosting network operator (HNO) for the use of its spectrum. Thus, MVNOs offer a wide range of mobile services and directly compete with every mobile network operator (MNO). This paper studies the economic justifications for potential regulatory intervention that defines the level of mobile termination rates (MTRs) and negotiations and agreements among MVNOs and HNOs. The results show that symmetric MTR reduction leads to competition growth among operators, forcing every operator to reduce retail prices and, consequently, to enhancing consumer welfare. The paper also finds that a collaborative strategy adopted by an HNO and an MVNO is advantageous for both and induces a reduction in retail prices, thus weakening other MNOs.     

The role of sales representatives in cross-cultural business-to-business relationships

This study responds to the call for the “internationalization of sales research” by collecting data from 160 international buyers spanning 33 countries and regions. Based on survey data, archival sales records and cultural-distance indices, this research examines the performance-enhancing effect of sales rep-owned commitment as well as its antecedents under varying degrees of cultural distance. Our results show a strong and direct impact of rep-owned commitment, independent of the effect of firm-owned commitment, on enhancing performance indicators including sales volume, importers' purchase share, and importers' future purchase intentions. Moreover, we find two important antecedents to rep-owned commitment: benevolence trust and capability trust. Interestingly, cultural distance moderates the effects of benevolence and capability trust on rep-owned commitment: the larger the cultural distance, the stronger the effect of benevolence trust but the weaker the effect of capability trust. We conclude with theoretical and managerial implications to international marketing research and practice.     

The role of program fairness in asymmetrical channel relationships

Managing distributor compliance with manufacturer-initiated programs is critical to both program success and relationship enhancement. This study examines how a manufacturer might better motivate distributors with varying levels of dependence. Previous research suggests that two variables influence distributor compliance: economic incentives and dependence dynamics. Drawing from fairness heuristic theory, this study extends previous research by investigating the role of fairness in affecting compliance and long-term relationships. The authors observe the contingent effect of fairness along various levels of distributor dependence. In the context of a naturally occurring program, the authors collect data from a focal manufacturer's distribution channel and find that (1) fairness perceptions have significant impacts on both compliance and relational outcomes, (2) the efficacy of program fairness declines as distributor dependence increases, and (3) distributor dependence increases the effect of economic incentives on compliance. The authors discuss the theoretical and managerial implications of these findings.     

The impact of interfirm relationships on investment: Evidence from the Polish dairy sector

Financial constraints and credit market imperfections are a major constraint on investment, growth and poverty reduction in transition and developing countries. This paper analyses the impact on investments of financial assistance programs as part of interfirm relationships. Our empirical evidence is based on a two-stage survey methodology. Qualitative evidence on dairy companies’ assistance programs was gathered in the first stage through in-depth interviews at the level of the dairy companies. Quantitative data on 290 milk producing rural households in Poland was collected through a random survey in the second stage. The empirical analysis shows that dairy companies have played an important role in financial assistance, in particular for dairy-specific investments. In addition, they had an important indirect impact on farm activities and investments through feed supply and loan guarantee programs.     

The effects of sales supervisor relationships on work meaning: The case of Canadian and Chinese salespersons

Although the meaning of work—an individual's understanding of the purpose and significance of his or her work—is often discussed, the issue of how to enrich the meaning of work for salespeople remains poorly understood. This study examines the role of sales manager-salesperson relationships in the development of work meaning in a cross-cultural context. To better understand how work meaning might differ in Eastern (collectivist) and Western (individualist) cultures, data were gathered from salespersons in the Chinese and Canadian telecommunications industries. Findings suggest that the development of work meaning among Canadian salespeople is ascribed to the perceptions of customer orientation and self-determination. Conversely, in China, a quality relationship with one's sales supervisor is a direct factor in the development of work meaning. Managers of global sales forces should carefully consider the cultural differences of their salespersons and how a close personal relationship can impact the understanding of the purpose and significance of work for their sales team. After discussing the findings, managerial implications and suggestions for future research are offered.     

Some reflections on the theory and application of concentration indices

Focusing attention on the choice amongst concentration indices which are weighted averages of market shares, this paper derives a meaningful interpretation of those weights for both homogeneous and heterogeneous goods industries. An explicit model allowing for measurement errors and the incomplete information is developed to allow empirical estimation of these weights under data constrained circumstances, and is applied to a particular sample.     

On the interaction between forecasting and stock control: The case of non-stationary demand

The effect of using estimated (forecast) demand parameters on the performance of an inventory control system is an intriguing and important subject. Recent research has been undertaken on this phenomenon assuming stationary demand data. In this paper we extend the research to non-stationary demands, by means of simulation. The case of a periodic order-up-to-level inventory system is considered and the experimental structure allows us to evaluate in a progressive manner the accumulated effect of using the optimal forecasting method, optimal forecast parameters and correct variance expression procedures. The results allow insights to be gained into operational issues and demonstrate the scope for improving stock control systems.