Negotiators' Communication, Perception of Their Counterparts, and Performance in Dyadic E-negotiations

The aim of this study was to improve our understanding of negotiation strategies, behaviors, and outcomes, and the relationships between these factors based on data collected from questionnaires, actual behavior during the negotiation process implemented using e-negotiation system, and the negotiation outcomes. This study clustered the negotiators based on either the negotiators' own strategies or their thoughts about those of their partners. This resulted in a division into cooperative and noncooperative clusters. We found that the negotiators whose own strategies are less cooperative tend to submit more offers but fewer messages. However, these people consIDer that they have less control over the negotiation process compared with those who adopt a more cooperative strategy, who make fewer offers but send more messages. Those in the cooperative cluster consistently feel friendlier about the negotiation and more satisfied with the outcome and their performance. Further, there is a correlation not only between self-strategies and the thoughts about partners' strategies, but also between strategies and final agreements. Finally, the proportion of negotiations reaching agreement is larger for the cooperative cluster than for the noncooperative cluster.     

Equity Valuation Employing the Ideal versus Ad Hoc Terminal Value Expressions*

Recently, Penman and Sougiannis (1998) and Francis, Olsson, and Oswald (2000) compared the bias and accuracy of the discounted cash flow model (DCF) and Edwards‐Bell‐Ohlson residual income model (RIM) in explaining the relation between value estimates and observed stock prices. Both studies report that, with non‐price‐based terminal values, RIM outperforms DCF. Our first research objective is to explore the question whether, over a five‐year valuation horizon, DCF and RIM are empirically equivalent when Penman's (1997) theoretically “ideal” terminal value expressions are employed in each model. Using Value Line terminal stock price forecasts at the horizon to proxy for such values, we find empirical support for the prediction of equivalence between these valuation models. Thus, the apparent superiority of RIM does not hold in a level playing field comparison. Our second research objective is to demonstrate that, within each class of the DCF and RIM valuation models, the model that employs Value Line forecasted price in the terminal value expression generates the lowest prediction errors, compared with models that employ non‐price‐based terminal values under arbitrary growth assumptions. The results indicate that, for both DCF and RIM, price‐based valuation models outperform the corresponding non‐price‐based models by a wide margin. These results imply that researchers should exercise care in interpreting findings from models using ad hoc terminal value expressions.     

Do Financial Reforms Improve the Performance of Financial Holding Companies? The Case of Taiwan

We examine the performance of financial holding companies (FHCs) in Taiwan after the financial reform that removes the separation of banking, securities, insurance, and other financial services. Using data envelopment analysis, we find that FHCs fail to improve technical efficiencies in the post‐reform era. They also do not outperform independent commercial banks after the financial reform. Lower technical efficiency caused by excess operating expenses appears to be the primary source of inefficiency. While scale efficiency may improve as FHCs grow larger, the benefits are marginal and insufficient to offset the potential costs of organizational diseconomies. Our findings suggest that increasing the size and scope of financial activities alone do not necessarily improve the performance of financial firms.     

新疆特色林果业实施品牌战略的条件分析

新疆特色林果业实施品牌战略,是确立新疆特色林果大区、强区地位的必由之路,具有重要的理论意义与现实意义。本文重点分析了新疆特色林果业实施品牌战略的条件及需要重点突破的几个问题。     

The euro and pound volatility dynamics: An investigation from conditional jump process

This paper investigates the variations of the volatility of euro and pound after the introduction of euro. A GARJI model is employed to analyze the impact of the news arrivals on the exchange rate volatility. The results are robust to the data-splitting schemes and indicate: (1) the conditional variance of euro is larger than that of pound. (2) The stability of euro exchange rates has made progress in recent years, which is accomplished by the decreases in the jump innovations. This paper supports the arguments on the determinants of exchange rate stability claimed by Mundell (1998) and Mussa (2000).     

Aggregate nursing requirement planning in a public health care delivery system.

In this paper, we present an aggregate nursing requirement planning model for inpatient services to provide inputs for preparing yearly budgets in a public health care delivery system. A forecasting system using autoregressive integrated moving average time-series models forms the basis of project demands for nursing hours by medical specialities. These projections along with the institutional constraints and patient care requirements are all incorporated in a linear programming model for assessing needs for permanent staff, overtime pay and contracting temporary help—by medical service, nursing skill level and time period (month). We also expand the model to evaluate the sizing of a pool of float nurses. The model is developed within the framework of routine managerial planning process of the system under study (vis-à vis, the data base and the organizational structure). Historical data are used to estimate input parameters for the model. The staffing needs generated from the model for 1978 are compared with the actual system performance.     

The memory-search frame effect: impacts on consumers’ retrieval and evaluation of consumption experiences

Marketing Letters - When consumers recall past consumption experiences (e.g., vacations), they often need to search their memory for relevant events within certain time frames (e.g., the past...     

住房价格、住房投资、消费与货币政策——基于金融加速器效应的DSGE模型研究

以BGG模型为基础建立包含金融加速器机制的DSGE模型,采用数值模拟方法研究中国货币政策冲击对住房价格与住房投资及消费的影响,结果表明金融加速器机制明显放大了货币政策冲击对三者的影响;与不带金融加速器模型相比,使用带有金融加速器效应模型分析时,中国货币政策冲击对房价、投资和消费的影响程度更大,并且更符合现实数据特征。模拟结果还显示货币政策对消费的影响与已有文献的结论存在差异,即货币政策冲击对消费短期影响较大,且影响持续时间也较长。     

把握信贷投放节奏,支持国家经济结构调整和经济增长方式转变

科学发展观要求商业银行必须准确把握信贷投放节奏,实现均衡投放,这是保持我国金融资源合理配置和金融经济生态稳定、支持国家信贷结构调整和经济增长方式转变的要求,是银行业自身风险控制、审慎经营、实现可持续发展的内在要求,也是着力关注民生、协调统筹解决热点、难点问题,履行金融企业社会责任的必然要求.