Believing in employment discrimination: The case of Forrest Mims,Scientific American,and title VII protection

This article reviews the law regarding Title VII employment discrimination protection from religious discrimination. The issues surrounding the principal legal protection in this regard are explored in the context of a recent controversial case in which an author, Forrest Mims, was not hired as a regular contributor forScientific American magazine, ostensibly because of his belief in the theory of creation over the theory of evolution. The definition of what constitutes a protected religious belief or practice is seen to have expanded over time. However, a belief in creationism is not necessarily seen as being tantamount to a religious belief under present legal interpretation of Title VII. The implications of this finding for future needed Title VII revision are discussed.     

The Wealth Effect of Domestic Joint Ventures: Evidence from Taiwan

This study presents important international evidence by examining the wealth effect of domestic joint ventures by Taiwanese firms. In opposite to United States evidence, we find that announcements of domestic joint ventures by Taiwanese firms are, on average, associated with significantly negative abnormal stock returns. We also find that the stock market response to announced domestic joint ventures is significantly positively related to the announcing firms' investment opportunities, size of investment and debt ratio, and is significantly negatively related to the business relatedness variable. In contrast, free cash flow, firm size, relative firm size and managerial ownership are found to have no significant power in explaining the market response. Our results support the investment opportunities, synergy and complementarity hypotheses as well as a broad interpretation of the free cash flow hypothesis, but reject the absolute size, relative size and alignment-of-interests hypotheses. This study makes valuable contributions to the literature by providing the first direct evidence on the role of investment opportunities, synergy and alignment-of-interests in explaining the wealth effect of domestic joint ventures     

中国家电物流:步入发展快车道

尽管只有短短20余年的发展史，中国家电业所取得的成绩却令世人瞩目。目前，中国已名符其实地成了世界家电第一人国，是当之无愧的“家电世界工厂”，国际市场80％的家电产品均来自中国，世界市场80％的知名家电品牌也都“MADE IN CHINA”，家电业已成了中国发展最迅猛，市场化最早，市场化程度最高，     

银企关系与会计信息稳健性——中国资本市场的经验证据

本文以Watts（2003）的契约理论为基础，分析股东与债权人之间利益冲突对会计信息稳健性的影响。虽然会计信息稳健性有助于保护债权人的利益，但是如果股东可以作为公司的债权人，则投资者对会计信息稳健性的需求下降。本文采用Basu（1997）模型分析了2004年中国上市公司会计信息稳健性，发现国家控制的上市公司的会计信息稳健性程度较低，而民营控制的上市公司会计信息稳健性程度较高，但是股东特征对会计信息稳健性的影响，随着银行在公司中利益的增加而趋于一致。     

Alternative hypotheses and the volume of trade: the gravity equation and the extent of specialization

Abstract.  We examine why the gravity equation works and the implications for its use. First, we demonstrate that the gravity equation as a statistical relationship can be generated from a model with incomplete specialization and trade costs. Second, we analyse the predominance of zero bilateral trade values as a 'puzzle' broadly inconsistent with the complete specialization models typically used to derive the gravity equation, but consistent with the alternative hypothesis of incomplete specialization. Third, we demonstrate that the explanation for why the gravity equation works has considerable relevance for how the gravity equation is interpreted and used and how we view bilateral trade.     

Further Evidence on PPP Adjustment Speeds: the Case of Effective Real Exchange Rates and the EMS*

Two different approaches intend to resolve the ‘puzzling’ slow convergence to purchasing power parity (PPP) reported in the literature [see Rogoff (1996) , Journal of Economic Literature, Vol. 34.] On the one hand, there are models that consider a non‐linear adjustment of real exchange rate to PPP induced by transaction costs. Such costs imply the presence of a certain transaction band where adjustment is too costly to be undertaken. On the other hand, there are models that relax the ‘classical’ PPP assumption of constant equilibrium real exchange rates. A prominent theory put together by Balassa (1964, Journal of Political Economy, Vol. 72) and Samuelson (1964 Review of Economics and Statistics, Vol. 46) , the BS effect, suggests that a non‐constant real exchange rate equilibrium is induced by different productivity growth rates between countries. This paper reconciles those two approaches by considering an exponential smooth transition‐in‐deviation non‐linear adjustment mechanism towards non‐constant equilibrium real exchange rates within the EMS (European Monetary System) and effective rates. The equilibrium is proxied, in a theoretically appealing manner, using deterministic trends and the relative price of non‐tradables to proxy for BS effects. The empirical results provide further support for the hypothesis that real exchange rates are well described by symmetric, nonlinear processes. Furthermore, the half‐life of shocks in such models is found to be dramatically shorter than that obtained in linear models.     

The evolution of a local R&D strategy: the experience of a service in the UK National Health Service (NHS)

Increasing concern about the state of health‐related research in the UK in the 80s and early 90s, led to an influential parliamentary review. The consequence of this was to strengthen health research through a programme that was fully integrated into the management structure of the NHS. No country had ever attempted such an ambitious approach ( Black, 1997 ). In 1994 a far‐reaching review, recommended further, revolutionary changes to the management of R&D in the UK National Health Service ( Culyer, 1994 ). Many of these were implemented in 1997 with the result that every UK health service at regional and local level has developed an infrastructure, and management arrangements for R&D activity. In most local areas, hospitals with significant involvement in R&D have been eligible to bid to the UK Department of Health for NHS R&D Support funds. In Nottingham, three Hospital Trusts and a community based service made bids to the Department of Health and received grants to support R&D. This paper focuses on one of the hospital Trusts ‐ the mental health service in Nottingham. Our experience will be of particular interest as the first bid that the mental health service made was spectacularly unsuccessful. The organisation was forced to consider dis‐investment in its existing research infrastructure and a potential negative impact on the provision of patient care. This led to a wide‐ranging consultation and evaluation of research and research‐related activity. A range of approaches and tools were deployed to develop the strategy and to ensure its successful implementation and evolution. The strategy reflected a balanced approach, taking into account historical and organisational research strengths, while recognising the need to build capacity and capability, enhance foresight capability and strengthen the knowledge base. The ability to contribute to, and influence policy and practice has been a key driver of the strategy. The result was a successful bid and the evolution of an R&D strategy that has been flexible in its response to policy changes, changing local circumstances and wider socio‐economic trends and technical innovations. Furthermore, R&D performance, measured through outputs, impacts and income, has continually improved and increased.