SOME ANALYTICS OF WHY CONDITIONAL IRRs CAN CONTAIN GROWTH RATE RELATED MEASUREMENT ERROR

This paper investigates the consequences of incorrectly modelling the investment outflow/benefit inflow relationship on estimates of the internal rate of return (IRR) prepared by using cash recovery rates (CRRs). The main result of this paper is that CRR-based estimates of the IRR will contain such bias if and only if either the duration of the assumed shape of the investment outflow/benefit inflow relationship is less than the duration of the true investment outflow/benefit inflow relationship for all rates of interest or the duration of the assumed shape of the investment outflowlbenefit inflow relationship is greater than the duration of the true investment outflowlbenefit inflow relationship for all rates of interest. This result is then applied to the case where both the true and the assumed shape of the investment outflow/benefit inflow relationships have benefit inflows that change exponentially over time. It is shown that if the exponential rate of change is mis-specified the resulting CRR-based estimate of the IRR will contain systematic bias monotonically related to the rate of growth.     

基于胜任力结构的企业家才能分析

一、企业家才能的相关理论在西方经济学界,人们认为劳动、资本、土地、企业家才能四部分构成了生产要素,在这四种生产要素中企业家才能则是其灵魂性的要素。企业家才能是指企业领导的经营管理和创新能力,包括创新能力、合作精神、敬业精神、竞争意识、冒险精神、自信、判断能力     

引进战略投资者的谋略

一、正确界定战略投资者 战略投资者是指与标的企业业务联系紧密、以谋求长期战略利益为目的、持股量较大且长期持有、拥有促进标的企业业务发展的实力并积极参与公司治理的法人投资者.与一般法人投资者相比,战略投资者持股的安定性更强、集中度更高、参与公司治理的积极性更大,因而是一种积极持股者和安定性股东.     

集团公司现金回收管理系统的建立与控制

中国经过20多年改革开放的风雨历程，正在进入竞争日趋激烈的世界大市场，融入国际经济大循环。在现代企业制度相继建立后，要在竞争中取胜，必须彻底转变在计划经济体制下的行政性、经验性、粗放型的管理模式，使之向市场化、知识化、集约化的方向发展，实现经营管理的现代化。随着科学技术不断进步，市场竞争日益激烈，生产经营日趋复杂，企业规模不断扩大，跨地区、跨行业经营的集团公司不断涌现，这就对集团公司的管理提出了较高的要求。本文只探讨集团公司的现金回收管理问题。     

Race,revenues, and college basketball

Customer discrimination may result in racial differences in the marginal revenue products generated by workers. College basketball data allow for direct comparisons of the racial differences in the marginal revenues generated by players. This article compares the revenue generating potential of the top black and white college basketball players. A highly skilled white college player generates over $100,000 in per game revenues as compared to around $30,000 for a black player of equal talent, providing a strong incentive for colleges to discriminate against recruiting black student-athletes.     

Not just understudies: The dynamics of short-term leadership

Contrary to the stereotype that the period between CEOs is a hiatus, interim and acting executives serve during an important strategic window. A model is presented to illustrate the dynamics of short-term leadership, including the precipitating circumstances for the temporary administration, the tasks of short-term leadership, and the moderating factors seen to affect the selection and success of the next chief executive. Researchers and practitioners are urged to consider more carefully the potential that a well-managed interregnum has to repair damage from a traumatic departure, buffer between administrations, and prepare the organization to accept and work with new leadership. © 1995 by John Wiley & Sons, Inc.     

英诗建行之管见

本文就英诗建行问题阐述了作者的观点,并提出了诗人在诗歌创作过程中应注意的几项原则。     

Ethics and Australian International Business which way to Asia?

In an era of domestic and economic reform wherein deregulation/privatisation becomes a priority, short shift has too often been given to evaluative analyses of business activities. Evaluative monitoring and oversight are especially needful in highly competitive international business environments, where the temptations are very strong to adjudge individual effectiveness by the sole criterion of the bottom line. But what additional or alternative criteria should be administered, and by whom, is less clear. That any but the most vague Judeo-Christian or secular ethical standards are applicable (e.g. notions of fairness) is widely contested. The debate is significantly only widened when doing business across national borders involving peoples from different cultures and languages. This section is devoted to explicating the normative role of international codes of conduct for guiding the decision making of managers involved in multinational operations, and clarifying what ethical frameworks are available to the international manager for taking decisions which require selecting actions inconsistent with either home or host country demands.Daniel W. Skubik is a lecturer in the College of Liberal Arts, Florida Atlantic University; and is also an independent consultant. He holds the PhD (philosophy), a JD (law), and an MA (Hons.).     

Employment,schooling and productivity growth

Summary This paper presents an empirical analysis of labour demand and labour productivity growth in The Netherlands. Assuming an aggregate production function with as factors capital and 3 types of labour, distinguished by educational attainment, cost minimization leads to a set of 3 labour demand relations to be estimated on time series data. Using the estimates and the implied elasticities, aggregate labour productivity growth is decomposed into factor substitution, autonomous factors, labour time shortening, economies of scale, utilization rates and the increased educational level of the working population. The contributions of substitution, utilization rates and education appear to be substantial, notably in the seventies.

List of symbols

Variables a _i Efficiency index of skill leveli - C production - h _i working-time index for skill leveli - g _i steady-state growth rate of skill leveli - K capital stock - L _i employment volume of skill leveli - L _i ^* desired level of labour skill leveli - p output price - p ^* desired output price - s _i ^* long-run static labour shares in the production value - p _k rental price of capital - P index of total factor productivity - P _l index of labour productivity - u _i utilization rate of skill leveli - u _k utilization rate of capital - w _i wage rate for skill leveli - y production volume - y _yij Hicks partial elasticities of complementarity - _i steady-state cost share of skill leveli - _k Bk steady-state cost share of capital - _f lf highest level price index in cost function nesting - _g 4 intermediate level price index in cost function nesting - _h 4 lowest level price index in cost function nesting - _i steady-state relative wage share of skill leveli - _ij Allen partial elasticities of substitution Parameters d _i l adjustment speed of skill leveli - d _p price adjustment speed - M mark-up on marginal costs - scale elasticity of production - _i distribution parameter in cost function,i = 3, g - _i distribution parameter in cost function,i = k, h - _i distribution parameter in cost function,i =1, 2 - _i autonomous labour productivity growth for skill leveli - _i cost share of skill level in base year - _f production cost index in base year - _i hours elasticity in labour efficiency index - group elasticity of substitution betweenL ₃ and (K, (L ₁,L ₂)) - _g Og group elasticity of substitution betweenK and (L ₁,L ₂) - _h 6h group elasticity of substitution betweenL ₁ andL ₂ We would like to thank B. Downey, G.M.M. Gelauff, A. Nieuwenhuis, J.M.M. Ritzen, J.C. Siebrand and an unknown referee for helpful comments on earlier drafts.