Net selectivity revisited

The lack-of-diversification premium in Fama’s net selectivity model is recast to measure risk from a downside perspective. The switch left evaluations of 143 of 155 growth-only mutual funds unchanged but elevated the remaining 12 from below-average to above-average status. The same 155 funds were also ranked by the revised Fama model for the 1980–89 period. Fidelity Magellan finished #1, but some underfollowed funds populated the “Top 10.”     

Europe 1992 revisited: Assessing the Net Benefit for the UK

Calendar time has passed the 31.12.1992 deadline for completion of the EC internal market and although a voluminous body of literature has accumulated over recent years, the predictive assessment of the economic consequences of the Single European Market cannot be considered as a settled issue. The widely quoted estimates of the welfare gains from ‘Europe 1992’ suggested in the Cecchini Report of the European Commission have failed to find the unanimous approval of the economics profession. The controversial academic discourse concerning the validity of these estimates has at least shown the need for further research in this direction. Moreover, in the face of the envisaged establishment of the Single European Area, which extends the internal market regime to the EFTA group, as well as in view of the imminent EC membership applications by several Community neighbours, the refinement of the tools for the analysis of further European integration retains a high ranking on the research agenda for future years. As a contribution to the ongoing exploration of the economics of the Single Market, this article summarises the main results of a recently concluded London Business School research project to quantify the net gains from completing the EC internal market for the UK. The analytical approach adopted for the purpose is an applied computable general equilibrium (CGE) model which incorporates recent advances in international trade theory by allowing for the presence of imperfect competition, intra-industry product differentiation and economies of scale. The approach overcomes various shortcomings of previous evaluations of regional integration programmes. The quantitative results suggest in particular that the UK is a net winner of the Single Market programme, yet the aggregate welfare gain remains well below 0.5 per cent of benchmark GDP. The analysis furthermore indicates that the long-tern industrial restructuring processes induced by the programme are likely to be far more moderate than is widely believed.     

Money demand revisited: An operational subjective approach

This paper proposes a method of data analysis founded on the philosophy and understanding of uncertain knowledge developed by Bruno de Finetti. Specifically, the paper investigates the informational content of interest rates for the prediction of M1. This empirical application replicates that of Cooley and Leroy (1981) and McAleer, Pagan, and Volker (1985), but the procedures and their interpretation follow the operational subjective approach. The issue of an autocorrelated error structure is recast in the operational subjective context. Methods are developed to assess the interest sensitivity of the demand for money in this context. © 1996 John Wiley & Sons, Ltd.     

An inequality and a lemma revisited

The proofs in two recent papers have been questioned and we now offer some corrections and clarifications. We also draw attention to some earlier work, which in fact implies one of the main results, and note that it is illuminating in another context.     

An extension of the damage model

The damage model was introduced byRao [1963] and is based on the assumption that an original observation is subjected to a destructive process. Rao, examined in detail the case where the distribution of the original observation and the destructive process were Poisson and Binomial respectively with fixed parameters.In this paper we extend the damage model to the case where either the parameter of the Poisson or the parameter of the Binomial is a random variable with a given distribution function (d.f.).     

Infrastructure and productivity: An extension to private infrastructure and it productivity

This paper incorporates both public and private infrastructure within the framework of a nonlinear production function. The theoretical model specifies a technological growth rate as a nonlinear function of government infrastructure and private infrastructure generated by the information sector of the economy—cable, wireless stations, satellites, internet facilities, broadcasting, etc. The time trend is included to capture the effect of all other variables. The empirical estimates generated by the model imply increasing returns to scale for the US economy in the last few years. The evaluation of the growth accounting equation implies that information technology was the largest contributing component to growth during the expansion of the 1990s.     

Disclosure and determinants studies: An extension using the Divisive Clustering Method (DIV)

Abstract

Past accounting research contains an extensive range of disclosure and determinants studies. But these studies have one major methodological drawback: the disclosure analysis is often restricted to determination of the disclosure index, that is, the sum of disclosed items, weighted or unweighted. The disclosure profile (which reflects the structure of published information) is generally not part of the research design. The objective of this paper is to introduce a divisive (descendant) clustering method, which splits the sample into homogeneous sub-groups corresponding to disclosure patterns (or profiles), for clearer determination of the financial characteristics of each group. This methodology is illustrated by a study of disclosure on provisions by large French firms. The results show that the disclosure pattern is related to provision intensity, size, leverage and market expectation, but not to profit, return and industry. This new research method is a valuable complementary tool for expanding on disclosure and determinants studies, moving from disclosure levels to disclosure patterns.     

Introduction: the Asia-Pacific HRM model revisited

This article introduces a symposium which 'revisits' the Asia-Pacific HRM model, much discussed in recent literature. It argues that, while the IR/HRM systems of the countries in the region are prima facie heterogeneous, there is both commonality and diversity. It posits the four logical cases of 'hard convergence', 'soft convergence', 'soft divergence' and 'hard divergence'. It argues that the most probable outcomes are likely to be the middle options. 'Soft convergence' may have occurred as a result of broader responses to broad economic trends such as globalization; 'soft divergence' may still be de rigueur , as the devil is always 'in the details'. Institutional and legal changes may also take place more slowly than enterprise-level or organizational ones.     

Accurate estimation of expected coverage: revisited

As noted in several studies (Batta et al., Transp. Sci. 23 (1989) 277), (Burwell et al., Comput. Opns. Res. 20 (1993) 113), (Daskin, Network and Discrete Location, Wiley, New York, 1995), (Marianov and ReVelle, Eur. J. Opns. Res. 93 (1996) 110), (Saydam et al., Socio-Econ. Plann. Sci. 28(2) (1994) 113), the accurate estimation of expected coverage is an important and open issue. Although the maximum expected coverage model is empirically shown to prescribe a robust set of “optimal” locations, earlier findings suggest that it could also over or underestimate the coverage by a significant margin. In this study, we present a genetic algorithm (GA) that combines the expected coverage approach with the hypercube model (Jarvis, Mgmt. Sci. 31 (1985) 235), (Larson, Comput. Opns. Res. 1 (1974) 67), (Larson, Opns. Res. 23 (1975) 845) to solve the maximum expected coverage location problem with increased accuracy and realism. Our findings suggest that the GA provides at least as good solutions 94% of the time making it a viable alternative to the two-step procedures stipulated earlier.     

我国投资基金选股与择时能力的实证研究

文章选择了比较成熟的单因素T-M模型和H-M模型,对2004年1月1日～2007年11月31日间194个交易周的10只基金进行业绩评价,考察证券投资基金是否在我国这种弱式有效的市场上表现出良好的选股与择时能力。结果表明,除个别基金外,我国基金整体不具备择时能力,虽具有一定的选股能力,但表现并不显著。     

An extension of Mohring's model for land rent distribution

In an early paper Herbert Mohring (J. Pol. Econ., 49 (1961)) presented a model for land rent distribution yielding the well-known result that the price of land must fall with the distance from the city center to offset transportation costs. Our paper is an extension of Mohring's model in which we relax some of his drastic simplifying assumptions. This extended model has been incorporated in a method for economic evaluation of city master plans which has been applied to a Swedish city. In this method the interdependence among housing, heating, and transportation, the durability of urban structures, and the uncertainty of future demand are explicitly considered within a cost-benefit approach. Some empirical results from this pilot study concerning land rent distributions are also presented here.     

Oppression Net

In its early days the Internet was thought to be resistant to regulation and censorship. However, the technology of the Internet has developed in a climate of moral responsibility. The support for self-regulation has taken the initiative from the state and placed it firmly in the grasp of the industry itself. As a result, unprecedented levels of material have been removed from the Net. The dynamic for self-regulation now frequently outstrips government proposals both in extent and effectiveness.     

Freedom Net

As the Internet becomes ubiquitous, there is widespread anxiety that it is either a source of moral corruption or a threat to business. This anxiety stems from the fact that the Internet calls the most restrictive aspects of legislation into question. Because the Internet is intrinsically orientated towards freedom, it should be championed, but there is a danger of celebrating new technology as an end in itself rather than the uses to which it can be put. Those commentators who most zealously promote the Internet are often as deluded as those who are afraid of it.     

Human resource management in China revisited: introduction

This introduction attempts to provide an overview of the Special Issue of the IJHRM on ‘Human Resource Management in China Revisited’. It deals first with the economic background of the recent changes in the PRC from 1978 to the present day, exploring the change from a command economy to a more market-led one, as well as the demise of ‘iron rice bowl’ policy dominated by a model to Soviet-inspired personnel management in favour of one gradually being characterized by possibly Japanese-/Western-influenced human resource management (HRM), albeit with ‘Chinese characteristics’. It then introduces the main debates in the field before summing up, at some length, the empirical contributions based on ‘state of the art’ field research contained in the papers submitted. Last, it deals with the comparative setting of the contributions on China vis-à-vis the national HRM systems of Japan and South Korea.     

Vertical quasi-integration revisited: The role of power

Vertical quasi-integration is differentiated from other forms of interfirm organization and the issue of power is examined drawing from the theoretical and empirical literature on interorganizational relations. The firm's power is described in terms of its dimensions and the various types of power which may be manifested under conditions of vertical quasi-integration are discussed. The nature of the link between power and dependence is considered and a number of influences are identified which may inhibit the effectiveness of power attempts in interfirm relationships.     

中国网民关于气候变化的认知状况调查

极端恶劣天气给人类的生产生活带来了极其严重的影响,积极应对气候变化是当前国际社会共同关注的问题。应对气候变化不仅需要政府的积极努力,也需要广大公众的积极参与。而公众应对气候变化的积极性与他们对气候变化的认知程度呈正相关。本研究通过对3489名网民的调查,了解中国网民对气候变化的认知情况,有针对性地开展宣传教育活动,提高公众认知水平,有利于更好地实施节能减排计划,应对气候变化。