Orthogonalized factors and systematic risk decomposition

In the context of linear multi-factor models, this study proposes an egalitarian, optimal and unique procedure to find orthogonalized factors, which also facilitates the decomposition of the coefficient of determination. Importantly, the new risk factors may diverge significantly from the original ones. The decomposition of risk allows one to explicitly examine the impact of individual factors on the return variation of risky assets, which provides discriminative power for factor selection. The procedure is experimentally robust even for small samples. Empirically we find that even though, on average, approximately eighty (sixty-five) percent of style (industry) portfolios’ volatility is explained by the market and size factors, other factors such as value, momentum and contrarian still play an important role for certain portfolios. The components of systematic risk, while dynamic over time, generally exhibit negative correlation between market, on one side, and size, value, momentum and contrarian, on the other side.     

Profitability, Ownership Structure and Technical Efficiency of Enterprises in the People's Republic of China: A Case of Manufacturing Industries in Shanghai

This paper studies the relationship between accounting profits and technical efficiency of manufacturing enterprises in Shanghai during the period 1989–1992 and examines which factors affect the profitability of manufacturing enterprises. We first estimate the average technical efficiency of four major manufacturing industries in Shanghai. Then, we test for the presence of ownership effects of technical efficiency on profits of those enterprises in these four industries.     

Environmental strategy and low waste operations: exploring complementarities

Organizations require guidance on the most effective functional areas in which to invest in order to improve and sustain environmental performance. As managerial practices progress from concerns with compliance towards practices seeking competitive advantage, more theory is needed regarding the manner in which corporate strategy and operational practices influence environmental performance. This research considers the potential for previously under‐researched complementarities between strategy and operations and the bridging role of environmentally specific practices such as the use of environmental experts as determinants of environmental performance. Using a sample of manufacturing firms, this study explores the relative contribution to environmental performance of strategic intentions, core operational practices such as data and quality management and environmentally specific practices that link strategy to operations. The most significant influence on environmental performance was found to be environmental expertise – which creates a bridge between strategy and operations – and information‐intensive practices such as quality and data management. Strategic intentions or core operational practices in isolation were not considered sufficient support to successfully maintain or improve environmental performance. This research provides a contribution to our understanding of interactions between those functions that have the greatest influence on environmental performance management in manufacturing firms. Copyright © 2008 John Wiley & Sons, Ltd and ERP Environment.     

信息通信技术对马达加斯加旅游业的影响

<正>我们是否有明显的证据表明马达加斯加的旅游观光产业有很强的竞争优势呢?几乎所有的相关文献都一致认为马达加斯加的旅游观光产业有很可观的潜力。这些竞争优势来源于该国独特的     

Identification of technological structures using patent statistics

This paper studies the use of patent statistics in identifying four aspects of technological structure, namely, the potential knowledge pool, cumulativeness, inter-firm homogeneity in technology levels, and the scope of innovations. The firms are sampled from the chemical (CHEM), the computer (COM) and the electrical and electronic (EE) industries worldwide. Using the proxies defined, we find that (i) the contributions of intra-industry spillover are low, at 12%, 10%, and 9% for the three industries respectively; (ii) they can internalize 15%, 19% and 13% of their previous research efforts respectively; and (iii) a positive relationship between knowledge spillover and technology overlap, and between scope of innovation and number of patents being cited in future.     

Aligning Knowledge Strategy and Knowledge Capabilities

This paper outlines a framework that links knowledge strategy and knowledge capabilities in a similar way as prior studies for the more generic concepts of strategy and capabilities. Existing theory in knowledge strategy is fragmented and focused on competitive positioning. We utilize concepts of good strategic management and the theory of the firm to place knowledge strategy on a more theoretically sound basis. This expands knowledge strategy beyond competitive positioning to include internal organization and the boundaries of the firm. This expanded view of knowledge strategy is compared to a conceptualization of knowledge capabilities that focuses on different capabilities for internal, collaborative and competitive situations. Using this perspective highlights the interconnection between knowledge capabilities and knowledge strategy—they are often jointly determined. It also provides a basis for integrating competence- and knowledge-based views of the firm in an empirically testable model. Suggestions for further research are proposed.     

The Use of Person–Group Fit for Employment Selection: A Missing Link in Person–Environment Fit

Given an increased emphasis on work teams in organizations, it is important to select applicants based on their ability to make contributions to a given work team. This paper proposes that person–group fit should be useful to select applicants for work teams and suggests that effective use of person–group fit will create both more cohesive work units and more effectively functioning work units. It proposes ways to make valid and reliable assessments of person–group fit that could be used to minimize bias in the selection process. Finally, it addresses several implications of using the person–group fit paradigm for human resource management practice. © 2001 John Wiley & Sons, Inc.     

Performance of the Official Composite Leading Index in Monitoring the Singapore Economy

This paper attempts to evaluate the performance of an official composite leading index (CLI) which is used for economic forecasting in Singapore. To examine whether the CU or its component leading indicators presage activity over the business cycle, we use bivariate time series techniques. Crossamlation functions are estimated to determine the strength of leadlag relationships between the leading indicators and the Gross Domestic Product (GDP). The predictive ability of the CLI is also assessed by its contribution towards time series model forewts of the economy.     

Debt rescheduling and the choice between bonds and loans for LDCs' foreign debt

This paper examines less developed country (LDC) borrowers' choice of financing methods. I devleop and test the hypothesis that ex-ante consideration of rescheduling affects LDC borrowers' choice between bonds and commercial loans. Banks can monitor and distinguish between permanent and temporary shocks, while bondholders cannot. Therefore, debt rescheduling based on the nature of economic shocks is feasible with loan financing. Our empirical findings indicate the debt rescheduling is considered exante in LDC lending. In addition, default risk and contract size affect the choice of financing instruments.     

Examining differences in consumer reactions to partitioned prices with a variable number of price components

Partitioned pricing is a tactic in which a seller presents multiple prices for a single product or service instead of one, all-inclusive price. This research investigates effects of partitioned prices containing a variable number of price components, under varying levels of seller trustworthiness, and with or without the presentation of the total price. The results indicate that partitioning into a large number of price components, relative to a small number of price components, negatively affects perceived fairness and purchase intentions for less trustworthy, but not more trustworthy, sellers when the total price is not presented. However, partitioning into a large number of price components positively affects fairness and purchase intentions, regardless of seller trustworthiness, when the total price is presented. The research also examines effects of partitioning on price estimation and recall.