Mexico's integration into the North American capital market

We explore a model of time varying regional market integration that includes three factors for the North American equity market, the local Mexican equity market and the peso/dollar exchange rate. We argue that a useful instrument for the degree of integration is the sovereign yield spread. Applying our methodology to Mexico over the 1991–2002 period, we show that the degree of market integration was higher at the end of the period than at the beginning but that it exhibited wide swings that were related to both global as well as local events. We also discover that Mexico's currency risk is priced. Further, the currency returns process reveals strongly significant asymmetric volatility that is strongly related to the asymmetric volatility of the Mexican equity market returns process. A plausible reason for these results is that currency devaluations in emerging markets like Mexico can cause default-risk crises in local banking systems that mismatch local-currency assets and hard currency liabilities, whereas appreciations produce no such problems. Devaluations that destabilize banking systems are, therefore, more likely than appreciations to increase the volatilities of both the currency's and the equity market's returns.     

The integration of the developing countries into the world economy

Despite decades of efforts, it has not yet been possible to integrate the developing countries satisfactorily into the world economy. Professor Glastetter examines the reasons for the failure of the integration strategies pursued hitherto and discusses the prospects of success with alternative approaches. Abridged version of a paper presented at a conference organised by the Evangelical Academy, Loccum, between 16th and 18th September 1988.     

为企业在海外市场注入活力--属地化经验谈

走出国门,开展跨国经营的中资企业怎样才能尽快适应新的环境,怎样才能在激烈的市场竞争中站稳脚跟?通过属地化改造提高企业在海外市场的竞争能力,这是振华(新加坡)工程有限公司在海外摸爬滚打十余年所得出的宝贵经验。     

The practices of effective managerial coaches

Coaching is a frequently cited, but less often effectively implemented, developmental tool for enhancing managerial performance at all levels. The purpose of this paper is to identify and explore the practices junior managers consider to be most critical for senior managers to employ when implementing coaching as a performance improvement practice. In this research, we engaged 45 focus groups consisting of 225 middle managers from over twenty different US organizations to explore the issue of managerial coaching and its implications for organizations and individual managers.     

The integration of Japan into the world economy and its meaning for Germany

Japan is currently still characterized by a low degree of import integration in the field of finished products. What are the reasons behind this? What can be done to remove the existing trade imbalances vis-à-vis Western industrialized countries? What, on the other hand, can be learned from the Japanese?     

The integration of accession countries into EMU—Concerns about convergence

Accession countries willing to enter EU and EMU as soon as possible face concerns on the part of the EU about incomplete convergence. This paper looks into the progress of convergence à la Maastricht and argues that a broader measure of convergence is needed. An indicator is used to assess the convergence of accession countries in a broad sense and in comparison with a reference group of EMU member countries.     

Facilitating expatriate adjustment: The role of advice-seeking from host country nationals

The expatriation literature consistently suggests that expatriates on assignment require a great deal of support to adjust to their new environment. This study examines the potential of host country national (HCN) coworkers as an important yet often overlooked source of support for expatriates. Analysis of survey data collected from 350 expatriates working in the U.S. indicated that expatriates who sought advice from HCN coworkers reported higher levels of work and interaction adjustment. This study also found that expatriates were more likely to seek advice from HCN coworkers they perceived as being credible and likable. Implications for research and managerial relevance are offered.     

The impact of crisis on managerial behavior

Crises emerge in definable stages, not all at once. If the symptoms of these stages can be spotted, the firm is able to begin to deal with the crisis sooner, and thus with more chance of success.     

财务会计与管理会计的融合性研究

会计界一直认为管理会计和财务会计是两个不同的分支,但笔者认为事实上两者随着经济形势的转变和会计理论的不断完善是可以融合的.本文就财务会计和管理会计二者融合的现实性及其理论基础进行探讨,构建了融合的模型,并就其在成本核算过程中的应用做进一步说明.     

财务会计与管理会计的融合性研究

会计界一直认为管理会计和财务会计是两个不同的分支,但笔者认为事实上两者随着经济形势的转变和会计理论的不断完善是可以融合的.本文就财务会计和管理会计二者融合的现实性及其理论基础进行探讨,构建了融合的模型,并就其在成本核算过程中的应用做进一步说明.     

The managerial behaviour of families with preschool children

The purpose of this study is to examine the managerial behaviour of families with preschool children. Dummy variable regression analysis is used as an analysis of covariance procedure in order to ascertain how reported managerial behaviour scores of families with only younger children vary with regard to other family types. This study has resulted in two major findings. The first is that there is indication that managerial behaviour is more a function of family composition than socio-economic/demographic characteristics. The second finding is that families with only preschool children are more similar to families with only older children than to families with both younger and older children or families without children. The conclusion is that it is not just the presence of preschool children that makes a difference in managerial behaviour, but whether or not there are only preschool children in the family.     

来自出国展会组织者的声音——访服务于中国机电产品对外贸易的三大中介组织

走出国门,参加境外展览已逐渐成为我国机电企业了解世界市场,产品推向全球的条重要途径之一。组织展览会是全国各类商会、贸促会的一个重要职能。它们作为展览组织者的重要代理机构,组织企业参加国内外各种展览会,特别是组织企业参加国外展览会的业务更是占到了绝对的比重,约占全国出国展览营业额的60％。一直为机电产品出口竭诚服务的三大中介组织——中国机电产品进出口商会     

The impact of managerial ability on crisis-period corporate investment

In this study, we document a strong positive relation between pre-crisis managerial ability and corporate investment during the crisis period, which remains robust in the presence of a large array of control variables capturing corporate governance attributes, executive compensation incentives and CEO characteristics. This relationship was prevalent only among firms with CEOs that had general managerial skills, rather than firm-specific skills. Our results also show that the positive relationship between managerial ability and corporate investment was supported by the capacity of such firms to secure greater financing and be less vulnerable to financial constraints during the crisis. Finally, we find that, on average, the stock market evaluates crisis-period investments positively, yet this effect is evident solely among firms characterized by high pre-crisis managerial ability. Overall, the results are consistent with the view that high managerial ability helps to mitigate underinvestment problems during a crisis which in turn increases firm value.     

Incorporating international strategic alliances into overall firm strategy: A typology of six managerial objectives

This research differentiates between international strategic alliance (ISA) structures, functions, and objectives, focusing on the latter and the link to overall firm strategy. Six objectives are put forward–learning, leaning, leveraging, linking, leaping, and locking out–with a discussion of the strategic implications of each. From a theoretical perspective, it is suggested that more emphasis should be placed on ISA objectives as a means of supporting overall firm strategies, as opposed to focusing on ISA structures or functions. From an applied perspective, managers are encouraged to consider the long-term strategic implications inherent in specific alliance arrangements. © 1995 John Wiley & Sons, Inc.     

引导和推动企业境外投资的政府职能

实施"走出去"战略,提高企业境外投资规模和质量,需要正确处理好政府与市场关系,发挥好政府的职能作用。从目前我国政府实际履行的职能来看,还存在着比较明显的"越位"、"缺位"和"错位"现象。为了加快"走出去"战略的顺利实施,不断提高企业境外投资规模和质量,需要通过"退位"、"补位"和"正位"来矫正政府职能缺陷,让政府履行好该履行的职能,退出不该履行的职能。