Competitive and Information Effects of Cross-Border Stock Listings

We examine the effect of 269 cross‐border listings on rivals in the listing and domestic markets and find that U.S. rivals experience significant gains whereas domestic rivals do not. Both competitive and information effects are important in explaining the reaction of U.S. rivals. Regarding the competitive effects, the reaction of rivals is less favorable when listings originate in developed countries and more favorable when listing firms do not have prior operating presence in the United States. Regarding the information effects, the reaction is less favorable when listings are combined with equity offerings and more favorable when the listing is the first to occur within an industry.     

从惠普文化看企业有效沟通

文化对企业而言，犹如人的灵魂，无影无踪，却又无处不在。惠普公司把企业文化称为“道”，深得中国传统文化的精髓。惠普之道看似简单直白，并没有什么奇异之处，但净心领悟后，人们就会发现其中的精致微妙。本刊由惠普公司协助，开辟本栏目，以探讨企业文化建设在企业管理中的重要作用。     

The Theory of Socially Embedded Games: Applications and Extensions to Open and Closed Games

An earlier article, drawing on the mathematical theory of rules and rule complexes, extends and generalizes game theory (GGT). The theory has been used to conceptualize and analyze diverse social relationships, roles, and games as particular types of rule complexes.For instance, a social role, as a major basis of a parent's action in a game, consists of at least four key components – which are mathematical objects – in the determination of action: value complex, model of reality (including beliefs and knowledge bases), a repertoire of acts, routines, programs, and strategies, and modality, a role-specific algorithm for determining or generating action in game settings. This article applies and extends GGT in analyses of a market bargaining game (a type of open game) and of the classical game of prisoners' dilemma (a type of closed game). The applications show the concrete effects of social embeddedness on game structuring, game interaction patterns and outcomes, and social equilibria.     

加入WTO后我国对外贸易的外汇风险防范

我国加入WTO后,按照世界贸易组织的相关规定,企业有了外贸经营权.那么,如何面对开放的国际市场,做好汇率预测工作,避免和减少因汇率波动而造成的企业利润减损,具有十分重要的意义.企业应学会选择有利的交易计价货币,并在贸易中适当调整商品价格,还可以利用货币保值条款进行保值.任何外汇风险的防范手段都是基于对外汇汇率走势的准确预测,只有尽快建立相应的研究机制在实践中摸索学习,才能应对国际市场的挑战.     

高校践行代表先进文化的要求之我见

高等院校作为党领导下的传承知识、智慧和文明的园地 ,在践行代表先进文化方面责任重大。高校必须大力弘扬科学精神 ,推进社会主义精神文明建设 ;培养学生的创新精神 ;加强高校的理论研究 ,增强针对性和可行性 ,推进科教兴国。     

Environmental Regulation and Substitution Between Sources of Pollution: An Empirical Analysis of Florida’s Storage Tanks

Stringent and very specific environmental regulations may spur behavioral responses by the regulated entities that can offset the intended pollution control goals. I empirically examine the effects of regulating underground storage tanks for petroleum products and hazardous substances, focusing on their possible substitution or complementarity with a less stringently regulated alternative, aboveground tanks. Longitudinal county-level tank data from Florida reveal that the relationship between underground and aboveground tanks changed, from one of complementarity to one of substitution, after the regulations were issued. Tank installations are affected by resident characteristics that enter in the firms calculus of the damages from leaks.     

Assessing Voluntary Programs to Improve Environmental Quality

The last decade has seen a dramatic increase in the use of voluntaryapproaches (VAs) to environmental protection, which has spurned agrowing literature on the relative merits of voluntary vs. mandatoryapproaches. This paper draws on that literature to discuss both thetheoretical and empirical issues that arise in the evaluation orassessment of a particular VA. We consider both the environmentaleffectiveness and the efficiency of this policy approach. Our aim is toaid policymakers in evaluating a specific program or in thinking aboutthe use and design of a VA. We identify some key features that arelikely to increase both the effectiveness and the efficiency of VAs.     

泰山旅游需求时空分布规律及旅游者行为特征的初步研究

泰山旅游需求存在着明显的时空分布规律．调查显示．游人数量的日变化、周变化和年内变化十分显著；客源地主要分布于山东及其周边省市；旅游区内部以泰山中路和岱顶的需求强度最大。最后对旅游交通方式、旅游消费、旅客职业构成双重游率等旅游者行为特征进行了分析。     

Why are some people (and countries) more protectionist than others?

We analyze two cross-country data sets that contain information on attitudes toward trade as well as a broad range of socio-demographic and other indicators. We find that pro-trade preferences are significantly and robustly correlated with an individual's level of human capital, in the manner predicted by the factor endowments model. Preferences over trade are also correlated with the trade exposure of the sector in which an individual is employed: individuals in non-traded sectors tend to be the most pro-trade, while individuals in sectors with a revealed comparative disadvantage are the most protectionist. Third, an individual's relative economic status has a very strong positive association with pro-trade attitudes. Finally, non-economic determinants, in the form of values, identities, and attachments, play an important role in explaining the variation in preferences over trade. High degrees of neighborhood attachment and nationalism/patriotism are associated with protectionist tendencies.     

企业高中级管理者压力状况调查及对策建议

企业高中级管理者是现代企业竞争优势的重要源泉,其压力状况直接关系到企业的健康发展。该文通过对江苏省134名企业高中级管理者进行的压力状况调查,得出如下结论:江苏省企业高中级管理者属高应激群体,压力感因角色提高和区域竞争激烈而加大;个人认知与社会传统会加大其压力感;国企高中级管理者的压力状况更值得关注。因此,必须采取多种措施将企业高中级管理者的压力水平控制在合理的范围内。