Market efficiency and cointegration: Some evidence in Pacific-Basin black exchange markets

This paper investigates the efficiency of the black exchange markets in Indonesia, Malaysia, the Philippines, South Korea, Taiwan, and Thailand. The study applies unit root and cointegration tests to examine black exchange market efficiency of Pacific-Basin countries. The generating process of black exchange rates appears to be a random walk. This is consistent with Gupta (1981) and other foreign exchange rate unit root test studies. Johansen cointegration tests are performed for these black exchange markets together with Japan and Singapore. The results suggest that there is at least one unit root among the black market exchange rates. Hence, black exchange markets are not collectively efficient.     

虚拟企业伙伴选择方法的研究

选择正确的合作伙伴是虚拟企业组建的关键步骤之一,也是虚拟企业成功运作的首要前提。针对某一具体案例,从目前虚拟企业伙伴选择的几种典型方法入手,运用系统研究方法,对各方法的具体思路作一总结,并提出了各方法的适用范围、优势与弊端,同时,找出了它们之间的差异所在。     

Bilateral Opportunism in Buyer–supplier Partnerships

ABSTRACT

Purpose

Literature analyzes interorganizational relationships mostly from a relational perspective by emphasizing partnerships’ positive aspects. Yet business reality is often less romantic and more opportunistic. Especially within the automotive industry opportunistic behaviors often cause extreme reactions in both partners, resulting in poisoned relationships. This study examines the effects of bilateral opportunism between buyers and suppliers on both partners’ relationship induced financial performance, using an automotive industrial setting of new product development (NPD) partnerships. Furthermore, we evaluate the “opportunistic fit” between both partners to assess whether partnerships are characterized by opportunistic parity or unilateral domination.     

龙门刨床改刨铣床实例

以B2016Ax6m龙门刨床为例,介绍采用机电综合先进技术,将龙门刨床改造成刨铣两用机床的主要方法,改造后的刨铣床大大提高了工作效率。     

Bundling as a new product introduction strategy: The role of brand image and bundle features

Marketers can bundle an unknown brand with a strong brand as a new product introduction strategy. Drawing upon the categorization theory and the elaboration likelihood model, this study examines how a new brand can benefit from bundling with a strong brand. The results of two studies indicate that consumers’ quality perception of a new brand will be affected by the brand image of a bundle partner, and this effect is moderated by the bundle forms and the complementarity of bundle components. Academic and managerial implications of these findings are presented, along with suggestions for further research.     

新农村建设中我国农业补贴立法体系的建构

农业是国民经济的基础,农业的弱质性决定了农业补贴的重要性和必要性.我国当前的农业补贴立法体系结构比较松散,缺乏内部逻辑性,与新农村建设要求相距甚远,必须对现有的农业补贴立法进行有效的梳理.从农村市场主体、农村市场规制和农业宏观调控等方面进行补贴立法的创新和完善、是新农村建设中建构我国农业补贴立法体系的科学思路.     

南充市米粉中重金属污染物调查与分析

为调查南充市米粉中重金属污染物情况,评价食用米粉摄入重金属对消费者的健康危害,采集南充市辖区不同类型、不同来源米粉样品200个,采用国家标准方法对米粉中5种重金属进行检测。结果表明:米粉中铅超标率为1.00%,镉超标率为0.5%,铬超标率为2.00%,砷、汞未超标,米粉中重金属综合污染指数为0.380,污染程度为安全,米粉综合健康危害指数为0.562,南充市米粉中重金属总体处于安全范围,不会对食用者造成健康危害。     

The impact of monetary policy on oil price persistence: An application of the smooth regime-switching model

This paper employs the smooth transition autoregressive model to evaluate the persistence of oil price changes, and chooses monetary policy variables as transition variables of the model to assess their roles in the persistence effects. The empirical results show that oil price changes displayed asymmetric adjustments within different regimes and were more sensitive to the movement of interest rates than inflation rate. In addition, high inflation rate would give rise to low oil price persistence, and expansionary monetary policy would bring about higher oil price persistence. Moreover, when the short- and long-term interest rates were over their threshold values, the persistence effects of oil price changes were opposite. In the present relatively low US interest rates, adopting either an inflation-targeting policy or/and a debt-financing policy to stimulate economic growth, the timing is appropriate and the effect will be positive and expected because of low persistence of oil price changes.     

Toward an Integrated Model of Purchase Intention of Dietary Supplements in Sexually Oriented Advertising

This study was designed to examine antecedent factors that yielded a model of purchase intention of dietary supplements in sexually oriented advertising. Results suggested that sexual cognition, gender difference, individual attitude toward advertisements, and product involvement were yielded as key predictors toward people's purchase intention of dietary supplements. However, sexually oriented advertising did not considerably increase their purchase intention. A regression analysis also loaded sexual cognition and product involvement as two key determinants in the model of purchase intention of dietary supplements. Moreover, people with a more positive level of sexual cognition significantly resulted in their higher degree of purchase intention of dietary supplements.     

地方保护、要素价格扭曲与资源误置——来自A股上市公司的经验证据

尽管压低要素价格有助于实现低成本下的高增长,但也会加剧经济结构的失衡.本文基于中国A股上市公司经审计后公开披露的经营数据,采用对企业层面生产函数估计的改进范式,测算2006-2012年国民经济中13个门类产业因要素价格扭曲而导致的资源误置状况.结果发现:首先,与劳动力、中间产品、中间服务等相比,尽管上市公司的资本要素投入较多,但资本配置的效率却较低,地方保护下的种种壁垒阻碍了资本从制造业向服务业的流动,造成产业间资本配置的扭曲;其次,地方保护对劳动力配置效率的负向效应显著,这一情形不仅存在于三次产业之间,而且延伸至服务业内部;最后,替换年份区间的稳健性检验支持了上述论断.未来应从促进普惠金融发展、放松服务业管制、完善地方税体系等方面着手,发挥要素再配置的正向效应,减少资源误置.