The European Central Bank’s Ethical Rules

Intereconomics - The study analyses the private securities transactions at the US Federal Reserve that have been made public since late 2021 and are worthy of criticism. It is shown by way of...     

Arbitrage Values Generally Depend On A Parametric Rate of Return

Let X denote a positive Markov stochastic integral, and let S ( t , μ) = exp(μ t ) X ( t ) represent the price of a security at time t with infinitesimal rate of return μ. Contingent claim (option) pricing formulas typically do not depend on μ. We show that if a contingent claim is not equivalent to a call option having exercise price equal to zero, then security prices having this property—option prices do not depend on μ—must satisfy: for some V (0, T ), In( S ( t , μ) X ( V )) is Gaussian on a time interval [ V, T ], and hence S ( t , μ) has independent observed returns. With more assumptions, V = 0, and there exist equivalent martingale measures.     

THE GROWTH OPTIMAL CAPITAL STRUCTURE: MANAGER VERSUS SHAREHOLDER OBJECTIVES

Utilizing a geometric mean wealth maximization approach, this paper shows potential differences between the capital structure preferred by stockholders and the one preferred by managers. In general, managers may prefer more conservative, equity-oriented financing, while stockholders desire greater financial leverage. The problem arises because of differences in the degree of portfolio diversification achieved by managers and stockholders. Stockholders tend to have reasonably well-diversified portfolios, causing them to be concerned with systematic risk. Managers' portfolios are apt to be more concentrated and directly tied to the financial success of an employer, causing managers to be concerned with total risk. Thus, for a given capital structure, each party views the firm as having a different level of risk. Several executive compensation plans are considered that might more closely align the interests of managers and stockholders.     

Dynamic factor demand equations in U.S. and Canadian agriculture

This research provides one of the first empirical estimates of a data-based dynamic factor demand model for American and Canadian agriculture. Models such as these deserve more widespread use in the empirical analysis of agriculture. These models have the advantage that they do not impose inappropriate dynamics on the data. Rather they permit the data to select the appropriate dynamics. We use a model originally developed by Anderson and Blundell. This model is a general first-order dynamic model which contains as testable hypothesis several simpler models. This model permits us to estimate the long-run agricultural production structure as a subset of the dynamic parameter estimates. We will test this long-run structure for symmetry, homotheticity and neutral technical change. The estimated models may be used to test for three alternative dynamic structures. In the limit, dynamics may not be needed and we can test for the static long-run equilibrium model. Two intermediate cases are the autoregressive and the partial adjustment models which are simpler than the general model but still include dynamics. Our results suggest that the long-run equilibrium model is unsatisfactory in both countries. A dynamic model is needed. In both countries, the two more restricted dynamic models are rejected. The general dynamic model is required. In Canada, the long-run equilibrium structure is homothetic with neutral technical change. In the United States, homotheticity is also accepted but neutral technical change is rejected.     

法律与秩序不能忽视的知识产权五大问题

从历史上看,有关知识产权的法律演变非常之缓慢.但自从有了互联网之后,一切都变了--根据摩尔定律,事物正以加速度方式快速发展.     

Interpreting and responding to strategic issues: The impact of national culture

Perceptions of environmental uncertainty and organizational control influence strategic behavior. As national culture influences these perceptions we expect to find cultural differences in interpretation and response to strategic issues. Given a case describing an issue concerning deregulation of the U.S. banking industry, managers completed questionnaires rating interpretations and responses to that issue. National culture was found to influence interpretation and responses. In particular, Latin European managers when compared with other managers were more likely to interpret the issue as a crisis and as a threat. Latin Europeans were also more likely to recommend proactive behavior. This study indicates that different cultures are likely to interpret and respond to the same strategic issue in different ways. These differences may help to explain and predict different responses of European countries to ‘1992’.     

The contribution of manufacturing to shortening design cycle times

Shortening design cycle times, without increasing design costs or sacrificing quality has become an important management goal. In this paper, we will provide a short overview of the literature on shortening design cycle times. Building on this, we want to establish how manufacturing and the manufacturing/R&D interface can contribute to shorter development cycle times. The European Manufacturing Futures database will be used to test some of the literature findings on a sample of large European Manufacturers.     

What's in it for the customers? Successfully marketing green clothes

Most green marketing literature is strongly based on the assumption that a consumer's environmental awareness is a pre‐condition for green purchasing. While following such a ‘behaviouristic’ green marketing both scholars and companies seem to have neglected that green products are bought only if customers perceive the products as superior to competitors’ offerings. This paper argues that economic theory can give additional valuable input to green marketing. A first important step for marketing according to the economic approach is to identify how consumers perceive the products' cost and benefits. In this paper, cost and benefits are differentiated into different categories, which may help companies in finding their products' value added. In a second phase, companies can focus on stressing product advantages rather than on overcoming barriers. Using the example of green clothes this contribution shows what such a marketing strategy can look like. Copyright © 2001 John Wiley & Sons, Ltd and ERP Environment