实行按操作规程进行的维修

指出企业传统维修管理方式存在的弊病,阐述企业按操作规程进行维修的意义,并从优化工作内容,明确工作指令,装备可维修性,采编、优化装备维修工作计划,人员配置,保持先进性等六个方面具体说明如何成为一个按操作规程进行维修的企业.     

Crossing Disciplines: A Constraint‐Based Model of the Creative/Innovative Process

This paper argues that artistic creativity and organizational innovation share a common problem‐solving process. The process per se is presented as a complement to the jazz metaphor for understanding organizational innovation. As modeled, it involves paired constraints that limit and direct search for a solution path. One of each pair identifies something to be precluded; the other specifies its substitute. The process can be initiated by necessity or by design. Once begun, the process is iterative: one substitution pair necessitates another. The creation/innovation is the novel solution path created by the substitution series. In‐depth analyses of two artistic creators are accompanied by allusions to parallel examples in organizational innovation.     

Regulatory Uncertainty and Financial Contagion: Evidence from the Hybrid Capital Securities Market

This paper examines the negative market impact that resulted from the insurance regulators’ potential reclassification of 140 hybrid capital securities in spring and summer 2006. It illustrates how financial contagion can spring from a regulatory policy change that lacks transparency. We investigate the impact of the uncertainty surrounding the regulators’ true classification criteria by measuring the effect of the reclassification announcements on hybrid new issue volume, cumulative average abnormal returns, bid‐ask spreads, and yield spreads. The financial contagion adversely affected the entire hybrid capital securities market for six months. The effect was most pronounced among those hybrids that were eventually reclassified as common equity equivalents. It was greater for Yankee Tier 1 hybrids, which had been more popular with insurance firm investors prior to the reclassifications, than among non‐Tier 1 hybrids.     

The Federal Reserve and the 2007–2009 Financial Crisis: Treating a Virus with Antibiotics? Evidence from the Commercial Paper Market

The two main explanations for the crisis in the commercial paper (CP) market are credit concerns and liquidity issues. The CP market is not homogeneous in terms of credit quality, maturities and types of issues. We find that lower credit‐quality CP suffered more during the crisis. Additionally, we find little evidence that Federal Reserve (Fed) liquidity facilities reduced the impact of the crisis, but that when the Fed became a lender in the CP market, the crisis pressures were dramatically reduced. We conclude that the crisis in the money markets is related more to increases in credit risk. Liquidity is a secondary issue.     

Interest on bank reserves and optimal sweeping

A key rationale offered by the Federal Reserve for the payment of interest on reserves was to remove the incentive for banks to operate sweep accounts. Sweeping shifts funds from transactions deposits subject to reserve requirements to non-reservable deposits. This paper extends a conventional banking model to analyze sweeping behavior. Sweeping responds positively to increases in bank loan rates and reserve ratios and negatively to increases in the interest rate on reserves or exogenous increases in bank equity. Sweeping generates greater responsiveness in lending to changes in loan rates or the interest rate on reserves and lower responsiveness to changes in reserve ratios or equity than in its absence. Empirical analysis of an explicit condition that we derive suggests that, with an unchanged reserve requirement, the Fed could eliminate sweeping by setting the interest rate on reserves to no less than approximately 4% points below the market loan rate.     

The dark side of financial innovation: A case study of the pricing of a retail financial product

The offering prices of 64 issues of a popular retail structured equity product were, on average, almost 8% greater than estimates of the products' fair market values obtained using option pricing methods. Under reasonable assumptions about the underlying stocks' expected returns, the mean expected return estimate on the structured products is slightly below zero. The products do not provide tax, liquidity, or other benefits, and it is difficult to rationalize their purchase by informed rational investors. Our findings are, however, consistent with the recent hypothesis that issuing firms might shroud some aspects of innovative securities or introduce complexity to exploit uninformed investors.     

Public perceptions of food-related risks: a cross-national investigation of individual and contextual influences

Public concerns about food risks have grown in recent decades in response to many food-related scandals. Despite some evidence that risk concerns vary across societies and risk domains, these variations remain understudied. To address this gap, this paper conducts a multi-level analysis of public concerns about biological and chemical/technical food risks in 26 European countries. Findings confirm previous work on individual predictors of risk concern and suggest that several contextual factors contribute to cross-national variations: aggregate perceptions of risks as unnatural, retail concentration in the food sector, and media coverage. The effect of institutional trust on risk concerns varies substantially across nations. Findings also reveal important differences in public concerns about biological versus chemical/technical food risks, supporting the view that food risk perception is multi-dimensional and complex.     

Sparse Signals in the Cross‐Section of Returns

This paper applies the Least Absolute Shrinkage and Selection Operator (LASSO) to make rolling one‐minute‐ahead return forecasts using the entire cross‐section of lagged returns as candidate predictors. The LASSO increases both out‐of‐sample fit and forecast‐implied Sharpe ratios. This out‐of‐sample success comes from identifying predictors that are unexpected, short‐lived, and sparse. Although the LASSO uses a statistical rule rather than economic intuition to identify predictors, the predictors it identifies are nevertheless associated with economically meaningful events: the LASSO tends to identify as predictors stocks with news about fundamentals.     

Far from the madding crowd: collective wisdom in prediction markets

We investigate market selection and bet pricing in a repeated prediction market model. We derive the conditions for long-run survival of more than one agent (the crowd) and quantify the information content of prevailing prices in the case of fractional Kelly traders with heterogeneous beliefs. It turns out that, apart some non-generic situations, prices do not converge, neither almost surely nor on average, to true probabilities, nor are they always nearer to the truth than the beliefs of all surviving agents. This implies that, in general, prediction market prices are not maximum likelihood estimators of the true probabilities. However, when more than one agent survives, the average price emerging from a prediction market approximates the true probability with lower information loss than any individual belief.