Network actors' participation in B2B SME branding

This study explores how network actors participate in branding in the context of SMEs operating in business markets. Branding is conventionally seen as an internally governed process and its exposure to external influences has been generally overlooked. By using narrative interviews this study analyzes the branding actions of network actors which impact on an SME's brand image. This article shows that social and business network relationships influence the SME's brand image, as does the nature of the company's internal branding decisions and identity. The findings propose and define the concept of a branding pool, expanding the focus of branding beyond the boundaries of an individual organization into the context of nets. An SME cannot manage its branding pool, but it can mobilize stakeholders in branding to improve the brand performance in the market.     

基于数学分析的应急物流资源配送优化

从整数规划数学模型构建的角度研究了应急物流系统中应急物资配送优化的问题,认为为了满足突发事件对于应急物资的紧急需求,可以通过对可重复利用物资和不可重复利用物资的综合考虑并在应急物资供应链内部实现物资转运调拨策略,并构建了应急物流系统物资配送优化模型,综合考虑了突发事件的动态性和不确定性、突发事件在未来事件内可能的物资潜在需求等,并引入了机会成本参与问题分析,从而能够更为科学地为应急物资配送优化方案的制定提供科学依据.     

Differential Market Reactions to Revenue and Expense Surprises

This study investigates investors' reactions to revenue and expense surprises around preliminary earnings announcements. Results show that investors value more highly a dollar of revenue surprise than a dollar of expense surprise. Results further show that these differential market reactions to revenue and expense surprises vary systematically for growth versus value firms and depend on (a) the proportion of variable to total costs, (b) the relative persistence of sales and expenses, and (c) the proportion of operating to total expenses. Results highlight the importance of interpreting the earnings surprise in the context of its sources—e.g. surprise in revenues or in total expenses.     

Sequential information arrival in the Finnish stock index derivatives markets

This paper investigates the hypothesis of sequential information arrival in the Finnish stock index futures and options markets. With no short selling restrictions in the derivatives markets, no causality relationships between returns and trading volume are observed. However, by using the so-called call-put signal, based on call and put volumes, causality between returns and volume is found supporting the hypothesis of sequential information arrival. In addition, it is discovered that the increased volume in stock index options relative to index futures has significantly increased their importance in the intermarket price discovery process.