创新生产力最大化

许多企业都曾经历过这样的困境：在研发方面投入更多金钱而不能收获丰硕成果。PRTM最近的跨行业研究表明，研发费用与业务增长、获利性、市场覆盖率或者股东价值之间只有很少或几乎没有关联。相当多企业高管觉得他们的组织创新能力发挥不足，改进的努力不尽人意，而在创新上的巨额付出也少有回报。发生这种情况的原因何在，又该如何改进呢？     

Real interest parity: A note on Asian countries using panel stationarity tests

Existing panel data studies of real interest parity are either unable to identify which panel members are characterised by stationary real interest differentials, or are subject to size distortion resulting from the presence of structural breaks and cross-sectional dependencies. Using a panel stationarity testing procedure recently advocated by Hadri and Rao (2008) that allows for structural breaks and cross-sectional dependency, we are unable to reject the stationarity of Asian real interest rate differentials.     

National culture,leadership and citizenship: Implications for cross-cultural management

Continued globalization is raising the level of diversity within hospitality organizations as well as the likelihood that leaders will manage those from varying national cultures. Previous research has found that cultural congruence between leaders and stakeholders (i.e., from the same or different national cultures) impacts a variety of variables including perceived leadership style, satisfaction and trust. This study extends this line of research by investigating the relationship between cultural congruence, perceived leadership style, leader–member exchange (LMX) and employee citizenship behaviors. Using a highly diverse sample of 520 members of congruent and incongruent dyads from 66 countries working for 2 large cruise lines and 2 subsidiaries, multivariate analysis of variance (MANOVA) was used to test the relationships. It was determined that cultural similarity impacted employee perceptions of LMX relations and organization citizenship behaviors, but not leadership style. The results of the study provide strategies for cross-cultural management in the hospitality industry.     

Minimum variance cross hedging under mean‐reverting spreads,stochastic convenience yields,and jumps: Application to the airline industry

Exchange traded futures contracts often are not written on the specific asset that is a source of risk to a firm. The firm may attempt to manage this risk using futures contracts written on a related asset. This cross hedge exposes the firm to a new risk, the spread between the asset underlying the futures contract and the asset that the firm wants to hedge. Using the specific case of the airline industry as motivation, we derive the minimum variance cross hedge assuming a two‐factor diffusion model for the underlying asset and a stochastic, mean‐reverting spread. The result is a time‐varying hedge ratio that can be applied to any hedging horizon. We also consider the effect of jumps in the underlying asset. We use simulations and empirical tests of crude oil, jet fuel cross hedges to demonstrate the hedging effectiveness of the model. © 2009 Wiley Periodicals, Inc. Jrl Fut Mark 29:736–756, 2009     

An institutional theory perspective on the DRG framework, case-mix accounting systems and health-care organizations

Case-mix accounting systems have been advanced as both reflecting the economic reality that underlies a hospital's various “product lines”, as defined by DRG prospective payment categories, and facilitating rational decision making regarding resource acquisition, deployment and use. This article uses the institutional perspective to extend this conceptualization of case-mix accounting systems. The institutional perspective proposes that many elements of organizational structure, like case-mix accounting systems, reflect as much a need to conform to societal expectations of acceptable practice as the technical imperative of fostering rationality. This article also extends institutional theory regarding the issues of power and decoupling by considering institutionalization to be an unfinished process in the health-care context, wherein the active agency of individuals and organizations is subjected to systematic examination. In this specific context, case-mix accounting may play a significant role in establishing and perpetuating — not merely supporting — the very social structure of legitimacy, and may consequently be considered an interest-oriented activity having the potential to penetrate and alter the internal operating processes of financially strained hospitals.     

Cross-Hedging: Basis Risk and Choice of the Optimal Hedging Vehicle

The basis between a futures contract and its underlying instrument is an important measure of the cost of using the futures contract to hedge. In a cross-hedge, the relative size of the basis of alternative hedging vehicles often plays a decisive role in the selection of the optimal hedging vehicle. After adjusting hedge ratios for basis risk, a genuine risk-cost trade-off is seen in hedging 90-day certificates of deposit with either the Treasury bill contract or the Eurodollar contract. The Eurodollar contract was not uniformly superior as generally believed.     

How Distance, Language, and Culture Influence Stockholdings and Trades

This paper documents that investors are more likely to hold, buy, and sell the stocks of Finnish firms that are located close to the investor, that communicate in the investor's native tongue, and that have chief executives of the same cultural background. The influence of distance, language, and culture is less prominent among the most investment-savvy institutions than among both households and less savvy institutions. Regression analysis indicates that the marginal effect of distance is less for firms that are more nationally known, for distances that exceed 100 kilometers, and for investors with more diversified portfolios.     

Factors Affecting Self-Employment among Indian and Black Caribbean Men in Britain

The central issue addressed in this paper is encapsulated in the fact that many Indians, but relatively few black Caribbeans, are self-employed in Britain. This paper suggests two factors: first, black Caribbeans were "ethnically disinclined" to enter business; second, they did not posses the attributes that were positively related to entering business. Using data from the 1991 Census, this paper pinpoints how much of the observed paucity of self-employed black males in Britain was use to ethnic disinclination and how much was due to attribute disadvantage. More generally, it points to the importance of harnessing attitudes to attributes for generating a high rate rate of entry into self-employment. In this context, the acquisition of "social" attributes that relate to family formation, and the welding of the family into a cohesive economic unit, are at least as important as those attributes, like education, which relate purely to the individual.     

Science and politics: The 1981 and 1984 LIHEAP distribution formulas

The Low-Income Home Energy Assistance Program (LIHEAP) is a federal block grant program to help low-income households pay their heating and cooling bills. If the regular fiscal year LIHEAP appropriation is less than or equal to $1.975 billion, then a 1981 formula is applied to distribute funding across states, while if appropriations rise above the $1.975 billion threshold, a 1984 formula is applied in conjunction with two hold-harmless provisions. In 18 of the past 20 years, the 1981 formula has served as the default mechanism to distribute LIHEAP funding. The purpose of this paper is to call attention to the inadequacy of the 1981 formula and to explain why the objectives of LIHEAP are not met when this formula is used. We explain why the distribution of LIHEAP funds is not proportionate to the need for assistance and offer some suggestions for improvement. The 1981 formula is shown to be the outcome of a convoluted political process heavily biased in favor of cold-climate states, with cold-climate states receiving on-the-order of at least $150 million a year in allotment dollars beyond their “fair share” of heating requirements. The 1981 and 1984 distribution formulas are derived and a critical examination of each formula is presented. The 1984 formula is shown to be an ideal mechanism to distribute LIHEAP funds, based on a scientific and rational understanding of low-income energy needs, but legislative constraints prevent its application.     

Consumer Choice and the Popular Music Industry: A Test of the Superstar Theory

The superstar model predicts skewness of market outcomes and returns to artist quality. We test and confirm these predictions using a unique data set on popular music.