Defying Distance? Cross‐Border Acquisitions by Emerging‐Economy Firms

We argue that emerging‐economy firms’ international location choices are driven by the pursuit of dynamic efficiency rather than the immediate minimization of transaction and learning costs, and hence the relationship between country distance and the number of cross‐border acquisitions will be less negative for these firms relative to advanced‐economy firms. We then test the hypothesis with respect to four measures of country distance—geographic, economic, cultural, and institutional—and find support for the hypothesis. Our study provides empirical support for claims in the literature about differences in the international expansion behavior of emerging‐economy firms with respect to location. In addition, our study makes a theoretical contribution by showing that the theoretical perspective of dynamic efficiency can explain the difference in the location choices for cross‐border acquisitions by emerging‐economy firms relative to those by advanced‐economy firms. © 2016 Wiley Periodicals, Inc..     

Why Doesn't the Black‐‐Scholes Model Fit Japanese Warrants and Convertible Bonds?

In this paper, we investigate the systematic departures of traded prices of Japanese equity warrants and convertible bonds from their theoretical Black–Scholes values. We briefly consider transactions costs and the dilution adjustment as potential explanations of the discrepancy. However, our major focus is on shifts in volatility of the prices of the underlying stocks as a function of the stock price changes; such shifts are not taken into account in the Black–Scholes values. We assume that the pseudo‐probability distributions of prices of stocks of cross‐sections of companies which are roughly similar in size are identical. This simple assumption, which can be generalized, enables us to infer the implied probability distribution and binomial tree for stock price changes using the Derman and Kani (1994), Rubinstein (1994) and Shimko (1993) approach. The cross‐section of warrant prices implies an inverse volatility smile and a positively skewed probability density for stock prices. Rubinstein's identifying assumptions generate an implied binomial tree in which the relative size of up‐steps and down‐steps, and thus volatility, changes systematically as stock prices change. We briefly consider potential explanations for the implied behaviour, and for the difference in the smile pattern between index options and the warrants and convertibles.     

Manual dishwashing process – a pre‐assigned behaviour?

Global studies have observed many techniques of manual dishwashing causing different levels of performance and using quite different amounts of water, energy, time and detergent. It is not known, however, if these techniques are pre‐assigned to a person and persist when dishes are washed under different conditions, or are adapted to the specific type of dish‐cleaning process. Here we explored this question in a study with 40 test subjects selected equally from Germany and East European countries by asking them to wash two place settings of dishes with different amounts of soil three times. The results showed that the test subjects did not adapt their washing‐up behaviour to the amount of soil. In general, no significant differences were found in the water, energy and detergent consumption for all test subjects. Only the time used by the German test subjects to wash the fully soiled dishes was significantly longer compared with the dishes with only a quarter the quantity of soil, and no significant difference was observed for all other parts. The only significant difference found between the level of soiling of the dishes was the cleaning result achieved: The less soiled the dishes were, the better the final cleaning result was, and this related to all test subjects. This lends support to the proposition that the consumers did not adapt their washing‐up behaviour to the specific circumstances of the dishwashing job to be done but retained some pre‐assigned behaviour.     

The carbon‐conscious‐consumer? A causal model for the product carbon footprint of asparagus at the consumer stage

Tools to measure climate impacts, such as a product carbon footprinting (PCF), have gained increasing attention in recent years. Our study shows that it is possible to develop a valid structural equation model for a PCF for the example of the use phase of asparagus on the basis of empirical data generated by a panel survey. The parameters considered in the model are environmental and sustainability‐related attitudes, sociodemographics and a technical component. The results show that the age of the technical component has effect on the PCF, an older technical component having an increasing impact, while a high degree of environmental concern has a decreasing effect.     

2010年个私经济十大人物之唐骏:身陷"造假门"

曾经大众眼中的"打工皇帝",如今被指"野鸡大学"的"造假博士"。"学历造假门"事件不仅使唐骏的诚信及形象饱受争议,更引发了一场关于成功与诚信的社会大讨论。     

‘I click,therefore I am (not)’: is cognition ‘distributed’ or is it ‘contained’ in borderless e‐learning programmes?

This paper will problematise the notion of distributed cognition in courses across cultural learning borders, by presenting a narrative case study of six learners’ journeys to online learning. I will argue that although distributed cognition is a widely acceptable theory in e‐learning, it is based on an assumption that the ‘distribution’ of cognition is reciprocal between toolmakers, texts and users, when perhaps, in certain instances, it excludes the life (and learning) world of local learners in the global, borderless environment. In these instances the cognition that is assumed to be distributed is, in contrast, ‘contained’ in the narrative‐in‐action that is familiar to the learners, whose situated knowledge is embedded and embodied in a non‐global discourse ( Henning et al., 2000 ).     

2010年个私经济十大事件之富士康"N连跳":用工之变

富士康事件折射出中国工厂的巨大缺陷——企业长期以来只将工人当作低廉成本,缺少人文关怀2010年最沸沸扬扬的公司事件之一,是富士康员工跳楼事件。     

绿色经济·互利共赢——2010年"绿博会"专访中技国际招标公司总裁刘德冰

记者:本次"绿博会"是目前中国举办的规格最高、规模最大、商机最多的一次有关绿色产业和绿色经济的博览会.本届"绿博会"由招标公司承办,负责招展、组展、绿色金融论坛、新闻宣传等大量地策划与实施工作,历时5个多月,涉及多家公司、多个部门,从筹备、开幕直到最终圆满成功,您最大的感受是什么?     

JCP Book Notes “Economics &; Social Sciences” 4/2010

Book Notes

JCP Book Notes “Economics & Social Sciences” 4/2010     

2;J159;J160;J162;3;6;21;246;

6;J160_3;J162_21;J159_246;骆勇;105-107内部审计先进理念与发展趋势探索张崴; 天津财经大学会计系,内部审计;;先进理念;;发展趋势近年来,内部审计的发展和其作用的发挥在世界各国产     

The Gulf Co‐operation Council: A Slow Path to Integration?

This paper assesses the progress towards the intra‐regional integration among the GCC countries. We find that although there is limited trade integration in the region as a whole, there are specific countries (for example Bahrain and Oman) that are significantly integrated with at least one trade partner from within the region. The paper argues that the GCC region will have to create a consensus on the trade barriers on the imports from outside the region if progress towards the intra‐regional integration is to be increased.     

Me,my family or the public good? Do inter‐role conflicts of consumer–citizens reduce their ethical consumption behaviour?

This article examines role stress, especially inter‐role conflicts (IRC), against the background of the consumer–citizen duality. It tests whether consumer–citizen conflicts impair the purchase of ethical food in terms of the ethical intention–behaviour gap. Furthermore, this study examines the potential of eustress arising from citizen–consumer conflicts to enhance actual ethical purchases. Additionally, determinants and moderating conditions of both IRC are tested. A combination of observations of actual purchase behaviour and survey data in a field setting is used to gain insights into role conflict formation and manifestation, arising from the desire to fulfil the demands of two opposing roles: consumer and citizen. The quantitative data are analysed with structural equation modelling to test the hypothesized coherencies simultaneously. Results indicate that stress arises similarly from both IRC. While a positive impact of eustress on purchase behaviour was absent, consumer–citizen role conflicts impede the actual purchase of ethical groceries. The data show that this role conflict derives, for example, from economic demands sent by the consumer role set when a person has ethical buying intentions. Additionally, the identification with the consumer role further amplifies this conflict. The data indicate that consumers instead of citizens should be empowered by marketing practitioners and policy makers, for example by reducing the perception of stress by communicating positive outcomes referring to relevant consumer role set members (e.g., added value for children from purchasing ethically) to stimulate problem–focused coping.