A revisit to the dependence structure between the stock and foreign exchange markets: A dependence-switching copula approach

This paper develops a dependence-switching copula model to examine dependence and tail dependence for four different market statuses, namely, rising-stocks/appreciating-currency, falling-stocks/depreciating-currency, rising-stocks/depreciating-currency, and falling-stocks/appreciating-currency. The model is then applied to daily stock returns and exchange rate changes for six major industrial countries over the 1990–2010 period. The dependence and tail dependence among the above four market statuses are asymmetric for most countries in the negative correlation regime, but symmetric in the positive correlation regime. These results enrich the findings in the existing literature and suggest that analyzing cross-market linkages within a time-invariant copula framework may not be appropriate.     

Demand disruption and coordination of supply chain via effort and revenue sharing

This article explores the equilibrium behaviour of a basic supplier–retailer distribution channel under demand disruption via effort and revenue sharing contract. This differs from the traditional supply chain coordination model. Firstly, demand is simultaneously affected by retail price and nonprice marketing effort from manufacturers and retailers. Secondly, when the demand is disrupted, this article considers disruptions in the market scale and price sensitivity coefficient. Thirdly, the supply chain coordination model is proposed via effort and revenue sharing contract. In this way, the manufacturer reduces the wholesale price as an incentive for the retailer to share revenue. Finally, the total supply chain profit is greater with contract than no contract. This also constitutes another incentive for the players to follow the effort and revenue sharing contract.     

Location,Marketing, and the Financial Flexibility of Nonprofit Performing Arts Organizations in Second Tier Cities

This article examines the effect of location relative to other marketing factors on the financial flexibility of nonprofit performing arts organizations (PAOs). While product development and promotional and pricing strategies are important marketing factors, locational advantages have become an important strategic asset for the arts industry. Yet very little research has been done on the locational dimensions of this industry. Based on a survey of PAOs in six second tier U.S. statistical metropolitan areas (SMAs), that is, Buffalo, Pittsburgh, Cleveland, Columbus, Cincinnati, and Milwaukee, this article investigates the extent to which location and other marketing mix factors influence the financial flexibility, and thereby success of PAOs. All six SMAs have a population range of 1 million to 2.5 million. The statistical analysis suggests that location and product selection are particularly significant marketing mix factors that contribute positively to financial flexibility, and therefore organizational success of the PAOs in the cities.     

On the Value of Municipal Bond Insurance: An Empirical Analysis

Using a large sample of municipal bond data from 2001 to 2010 in the U.S., this paper documents the time variation of the value of municipal bond insurance, estimated from the insured and uninsured bonds yield at issue differentials. We find that insured municipal bonds carry significant lower yields at issue compared to those of the equivalent uninsured bonds before 2008. However, this cost saving disappeared with the aftermath of the subprime credit crisis. We find that the supply of bonds and the level of market interest rates to have significant positive impacts on the time‐varying value of bond insurance. We also detect asymmetric response of these yield differentials to rises and declines of market interest rates. Economic intuition suggests that the value of municipal bond insurance is a function of business cycles but our tests support the contrary, which may be explained by the habitat preference of municipal bonds issues.     

Technological diversification, complementary assets, and performance

Most research on technological diversification or complementary assets has been carried out in isolation when assessing their effects on performance. In this study, we posit that technological diversification and performance are positively linked and that specialized complementary assets have a moderating effect on this relationship. This study also finds that different specialized complementary assets have distinctive moderating effects on the relationship between technological diversification and performance. We conclude that maintaining a coherent relationship between technological diversification and specialized complementary assets give firms generates competitive advantage.     

Maximum likelihood estimation of seemingly unrelated stochastic frontier regressions

This paper explores the changes in value added (VA) of a sample of schools for cohorts of students finishing secondary education between 2005 and 2008. VA estimates are based on distance measures obtained from DEA models. These measures are computed for each pupil in each school, and evaluate the distance between the school frontier in a given year and a pooled frontier comprising all schools analysed. The school VA is then computed by aggregating the VA scores for the cohort of pupils attending that school in a given year. The ratio between VA estimates for two consecutive cohorts, that attended the school in different years, is taken as the index of VA change. However, the evolution of school performance over time should consider not only the movements of the school frontier, but should also take into account other effects, such as the proximity of the students to the best-practices, represented by the school frontier, observed over time. For that purpose we developed an enhanced Malmquist index to evaluate the evolution of school performance over time. One of the components of the Malmquist index proposed measures VA change, and the other measures the ability of all school students to move closer to their own school best practices over time. The approach developed is applied to a sample of Portuguese secondary schools.     

基于作业的BSC和AHP在制造业企业物流成本绩效评价中的应用

将基于作业的平衡计分卡与层次分析法结合使用,构建了物流成本绩效评价模型,并对西部制造业企业Z公司的物流成本绩效进行了模拟实证评价分析.     

Type A behaviour at work – an empirical study of Taiwanese managers and entrepreneurs

Bortner's Type A Behaviour Questionnaires were used to explore the work behaviour of Chinese managers and entrepreneurs in Taiwan and to investigate how that behaviour was influenced by occupation, age and gender. One hundred and seventeen subjects participated in the study, of which 45 were also interviewed. The mean score on the questionnaire was 74.68, the median (74) and the mode (76) within a scoring range of 0–140. Eighty-four subjects registered scores of 80 or less (Type B behaviour) and 33 came within the mid-range of 81–120. None of the subjects registered scores of 121–40 (Type A behaviour). The highest score of 113 was registered by a female bank vice-president and the lowest (47) by a male manager working in a charitable organization and about to retire. The results are discussed within the context of Chinese cultural traditional and parenting practices, the unique characteristics of Taiwan's recent history and the subjects' career experience.     

中国民营企业对外投资30年

当前,民营经济已经发展成为经济舞台上一股活跃而不可忽视的力量。民营经济"走出去"取得的巨大进展,蕴含着几代民营企业家的奋斗历程,也伴随着30年来国际国内环境的深刻变革。随着实力的壮大,越来越多的民营企业适应经济全球化潮流,对外投资势头越来越猛,取得了积极进展。与此同时,也给新时期支持民营企业参与国际竞争的政策环境提出了新要求。