Determinants of bidder competition in corporate takeovers

The importance of bidder competition in the corporate takeover process has long been recognized in theoretical models. This paper provides empirical tests of those models. The results indicate that resistance by target management to an initial bid encourages multiple bidders. Competing bidders are less likely to enter in cases where the target is large, but more likely to arise when the initial bidder is highly levered. High initial bids (preemptive bids) are found to discourage entry by additional firms. Surprisingly, targets with high levels of free cash flow tend not to be the recipients of multiple bids.     

发货管理系统全面提高物流现场工作效率ARON化学合成公司关东工厂案例分析

1951年，ARON化学合成公司在聚氯乙烯管研制方面首次获得成功。在此基础上，ARON化学合成公司有效地利用其独特技术，一跃成为塑料制品的综合厂家。目前，ARON化学合成公司所涉及的业务范围已经非常广泛，包括以聚氯乙烯管、小13径聚氯乙烯水管为核心的管材行业。电力、通信行业，保险、建筑等行业，一些需要使用树脂产品的复合型行业也大多采用其产品。     

Profit efficiency in U.S. BHCs: Effects of increasing non-traditional revenue sources

Using information multiple times across revenue streams, BHCs may increase efficiency due to economies of scope. Our main contribution is to be the first to examine noninterest income after passage of the Gramm-Leach-Bliley Act, when additional opportunities to increase noninterest income arise. We examine profit efficiency and its relationship to noninterest income for BHCs using stochastic frontier analysis and multivariate analysis on BHC data from 2003 to 2006. Contrary to our hypothesis, the results indicate multi-noninterest income types are associated with decreased profit efficiency. These results are robust using the Efficiency Ratio as our measure and are particularly strong for small BHCs.     

交易效率与我国城市化进程中的政府角色定位

本文认为,经济学有关政府在经济中角色定位的经典表述今天仍有意义,但市场经济条件下政府的角色定位应明确为提高经济体的交易效率.未来几十年内城市化将一直是我国必须面临的一个重要历史课题,将提高经济体的交易效率作为城市化进程中政府行为的总原则具有理论和现实意义.     

A study on the wealth effects of irish takeovers and mergers

This paper presents the findings of an empirical study on the share-price effects of takeovers and mergers on the Dublin Stock Exchange. The population under study consists of all acquisitions during the period 1965–83, and it is limited to those instances in which both partners were quoted and traded on the exchange. The Market Model has been adapted to take account of market inefficiencies. Any findings are evaluated in the light of other reported research.     

Evaluating food retailing efficiency: the role of information technology

Information and internet-based technologies have fostered new supply chain initiatives in food retailing but little research has evaluated performance and efficiency impacts. A distance function based on three key performance measures for food retailers is used to evaluate store performance and efficiency. The effects of store format, membership in a chain, unionization, and the adoption of a variety of information technologies. Supply chain technologies are groups into three general categories including data sharing technologies, decision sharing technologies, and technologies that support product assortment, pricing, and merchandising decisions.      

服务模块化的效率分析

本研究将通过资源投入的视角,探讨服务模块化的合理性,并对其效率进行分析,以加强对服务模块化的认识,并了解其实施的必要性与利益。如同实体产品模块化生产一般,服务通过模块化供应的过程除了便于因应复杂的客制化之外,更能保障各个专用性投入资源在调度上的灵活性与效率的发挥。     

Technical efficiency of Norwegian banks: The non-parametric approach to efficiency measurement

The nonparametric frontier methodology is applied to a sample of banks, where output levels are measured either by the number of accounts and their average size, or by the total balances of the accounts. The efficiency rankings of individual banks are found to depend substantially on our choice of output metric, whereas the estimated size of potential productivity improvements in the banking sector are less affected. The results on economies of scale are also largely unchanged.The refereeing process of this paper was handled through S. Grosskopf.     

Work stress and leadership development: The role of self-leadership, shared leadership, physical fitness and flow in managing demands and increasing job control

Leaders work in highly stressful environments, yet few leadership development efforts have focused on managing work stress. We posit that self- and shared leadership practices can help leaders manage high job demands and increase long-term job control. We examine the effects of high-strain jobs; identify the outcomes of active jobs, and highlight physical fitness as a key strategy of, and flow as a natural outcome of self- and shared leadership. We argue that self- and shared leadership, and the consequent and entailed fitness and flow benefits, support healthful regeneration and increased engagement and are thus vital to the leader's ability to manage work stress and create an active work environment. Our multi-disciplinary model offers a proactive way for leaders to manage the stressful demands of today's work environments.     

The controller's role in management

A controller has two apparently contradictory responsibilities: (1) the management service responsibility of ensuring that specialist knowledge and expertise get proper consideration when business decisions and actions are taken, and (2) the custodial and monitoring responsibility of ensuring the accuracy of financial reporting and the integrity of internal control. The apparent contradiction is that the first responsibility requires active involvement in management while the second calls for a sense of independence from affiliated management. Sathe stresses that "strong" controllers overcome this dilemma by developing certain interpersonal skills. Such "strong" controllers thus have access to sensitive information and deliberations in progress--an access that permits them to take before-the-fact actions that stop ill-conceived, ill-advised, or illegal decisions before they are taken. A controller who is not actively involved in decision making is not privy to such information and can exert only after-the-fact or reactive control. However, the costs of operating with a strong controller must be weighed against the potential benefits and compared with the benefits of alternate approaches.     

谈谈效益审计的概念和假设前提

本文从效益审计的概念出发,分析了效益审计的基本含义,并通过对效益审计假设构建原则等的探讨,初步提出了效益审计的四个假设前提.     

The efficiency of interprovincial migration in Canada, 1961-1978

A programming model is used to analyze the impact of the efficiency of migration flows on regional income disparities in Canada. A new method to measure such efficiency is presented in an attempt to show that occupations involving high-level skills and training have efficient migration patterns. The relationship between income differentials and internal migration is discussed.     

The role of management accountants in sustainability

Praxis | Magazin

The role of management accountants in sustainability Konferenz-Review     

上海市九大工业园区技术效率与规模效率实证分析

工业园区是90年代我国经济发展的重要特征之一。这些园区普遍具有较高的科技含量,形成范围经济和规模经济的效应。上海九大市级工业园区经过十多年的发展,已日益成为世界先进制造业在上海乃至中国的集聚地,是上海经济和财政的支柱之一。工业园区有着独特的优势,广阔的发展前景,因而值得经济界及政府特别关注。本文作者常亚青、宋来在调研的基础上,采用先进的DEA分析法,对九大园区的技术效率及规模效率进行了分析,反映出九大园区的“双效率”均处于有效状态,但也存在许多不足,他们的实证分析,对促进园区的健康发展有一定的借鉴作用。     

关于城市绿化建设中增加生物多样性问题

城市化建设是城市有生命的基础设施建设,是城市生态环境建设的主体.保护和增加生物多样性是城市绿化建设的目的之一,也是提高其生态功能的主要手段.本文概述了城市绿化建设中保护和增加生物多样性的必要性,分析了目前在保护城市生物多样性方面存在的一些模糊认识和不合理做法.指出城市绿化建设的生物多样性保护工作要从整个城市地域的角度着手,把城市的建设成区、近郊区和远效区作为一个有机的整体,进行全面规划,合理布局,大力保护和发展自然和近自然林模式,提高城市绿地生态系统的多样性和稳定性.     

The efficiency of training and hiring with intrafirm bargaining

This paper demonstrates that firms hire and train workers efficiently in a matching and intrafirm bargaining economy when the Hosios condition holds and returns to scale are constant. This conclusion stands in contrast to the prevailing view that training costs are a source of inefficiency in imperfect labor markets. The efficiency of the competitive economy relies on the ability of large firms to take into account the negative impact of the training rate on the wages negotiated inside the firm through intrafirm bargaining: untrained workers accept a wage reduction in compensation for potential training that is accessible only following employment. This intrafirm bargaining process solves efficiency problems associated with training costs that would otherwise lead to inefficient hiring and training decisions. This conclusion holds true for both specific and general human capital.     

The choice of efficiency benchmarking metric in evaluating firm productivity and viability

Journal of Productivity Analysis - The Debreu–Farrell measure of technical efficiency is widely used to benchmark firm performance. A limitation of this measure is that it is orientation...     

The dynamics of role interaction

Success in our respective business environments is not totally dependent on technical expertise; we must be able to also effectively interact with people. The necessity of successful leadership is assumed; however, we often fail to recognize the value of strategically subordinating ourselves to others. Both roles must be emphasized with the knowledge that preferred individual styles are valid.     

操作课上发挥学生的主体作用

为了让学生能力得到提高,文章对以主体的身份参与课堂实践、主动积极的获取知识来提高教学效率进行了探讨。