THE EFFECT OF INSTITUTIONAL INTEREST ON THE INFORMATION CONTENT OF DIVIDEND-CHANGE ANNOUNCEMENTS

We test the hypothesis that the information content of dividend-change announcements, as reflected in stock prices, is directly related to the degree of pre-announcement information asymmetry in the stock. The dividend-change announcements include initiations, large increases, large decreases, and omissions. Information asymmetry is proxied by the proportion of stock held by institutions. Consistent with the hypothesis, we document a significantly positive relation between the absolute values of the announcement-period excess returns and the degree of pre-announcement information asymmetry in the stock. This finding appears to hold for all types of dividend changes except dividend omissions.     

Investigating the recall inhibition effect: A test of practical considerations

Alba and Chattopadhyay (1985, 1986) have demonstrated that having consumers think about a familiar brand can interfere with the retrieval of competitive brand names, including those that might otherwise be considered for purchase. However, their research is silent about two issues of pragmatic importance. First, is it possible to inhibit retrieval of the consumer's preferred brand? Second, can an unfamiliar brand evoke recall inhibition? Our findings indicate that recall inhibition does not extend to the preferred brand. Our findings further suggest that recall inhibition can be induced by cueing consumers with an unfamiliar brand name, but that such inhibition is less pervasive than evoked by a highly familiar brand name.     

Combining revealed and stated preferences data

Our objective is to develop a unifying framework for the incorporation of different types of survey data in individual choice models. We describe statistical methodologies that combine multiple sources of data in the estimation of individual choice models and summarize the current state of the art of data combination methods that have been used with market research data. The most successful applications so far have combined revealed and stated preference data. We discuss different types of market and survey data and provide examples of research contexts in which one might wish to combine them. Although these methods show a great deal of promise and have already been used successfully in a number of applications, several important research issues remain. A discussion of these issues and directions for further research conclude the paper.     

Modeling Methods for Discrete Choice Analysis

This paper introduces new forms, sampling and estimation approaches fordiscrete choice models. The new models include behavioral specifications oflatent class choice models, multinomial probit, hybrid logit, andnon-parametric methods. Recent contributions also include new specializedchoice based sample designs that permit greater efficiency in datacollection. Finally, the paper describes recent developments in the use ofsimulation methods for model estimation. These developments are designed toallow the applications of discrete choice models to a wider variety ofdiscrete choice problems.     

社区基金会的全球视野与中国价值

社区基金会发源于1914年的美国,在全球发展已有一百年的历程。社区基金会以满足本地需求为使命,以通过富有创造力的公益活动和卓越的领导能力推动社区建设为核心任务,正逐渐被世界上越来越多的社区与民众接受,成为公益组织的重要形式之一。本文以全球视野分析了社区基金会的定义、功能和运作经验,探讨培育发展中国特色社区基金会的价值和意义。     

低碳时代餐饮企业实施绿色管理与清洁生产研究

文章结合餐饮企业生产流程及排污特点,按照清洁生产原理,从提高资源利用率和减少环境污染出发,提出餐饮企业应强化绿色管理理念,实施全过程、全方位、全员参与的绿色管理,对餐饮企业实施清洁生产在生产设备、资源能源利用、环境管理方面提出技术要求。     

基于单片机的艺术彩灯系统设计

本文设计了一种新型的艺术彩灯控制系统,该系统使用单片机作为控制核心,采用了PWM脉宽调制技术。在系统硬件电路中增加了过零检测,利用三极管电路控制彩灯颜色的变化和组合。改进了传统艺术彩灯制作工艺要求严格,色彩变化单一的缺点。通过实验,该系统运行稳定,易于扩展。     

Productivity and Trade During the Softwood Lumber Dispute

The gap in total factor productivity in sawmills and wood preservation between the US and Canada generally increased from 1958 to 2005. The present paper examines the effects of the various phases of the softwood lumber dispute, including relatively free trade, Canadian export taxes, and low and high countervailing duties, on this productivity gap. Exogenous control variables include US housing demand, the exchange rate, softwood lumber prices, and ratios of capital and nonproduction labor to labor. The effects of phases of the dispute on US imports from Canada are also examined.     

美国清洁能源与安全法案概览及对中国的影响

由于美国是世界主要的温室气体排放上的重要国家,所以美国在应对气候变化上面的政策举措和立法备受瞩目。本文从多个角度全面的介绍了美国众议院于2009年6月通过的美国清洁能源与安全法案。着重反映了该法案的立法过程、主要内容、争议焦点以及各方对此法案的反响。并在此基础上,结合中国的目前的实际,总结美国在此立法上的得失,提出了中国可以借鉴的内容。同时也为中国将来采取何种减排措施作了分析,给出了相应的建议。     

A hierarchical utility model for the dynamic acquisition of heterogeneous items

This paper develops a model for situations in marketing and elsewhere in which an individual decision maker acquires multiattributed items that belong to several classes over time. The model captures the dynamic acquisition of heterogeneous items. Measurement and parameter estimation methods are described and illustrated with a small set of experiment data involving the acquisition of durable goods by households. Future research steps are also outlined.