DO INSIDERS PRACTICE WHAT THEY PREACH? INFORMED OPTION EXERCISES AROUND MERGERS AND ACQUISITIONS

We examine executive stock option exercises around a sample of merger and acquisition announcements between 1996 and 2006, focusing on a subset we identify as potentially informed. For stock‐financed acquisitions, we find a surge in informed exercises by acquirer insiders in the year leading up to the acquisition announcement, but target insiders display no similar increase. We find the market reaction upon the announcement for acquirers is negatively related to extreme early exercises and find some evidence of long‐run underperformance. Overall, our evidence indicates that insiders knowingly bid for firms when they personally believe their own firm is overvalued.     

浅谈民办高校辅导员师德建设

辅导员在学校人才培养中发挥着不可替代的作用。建设一支高素质的高校辅导员队伍的关键是加强辅导员队伍师德建设。当前民办高校的辅导员师德建设的状况并不乐观,出现了一些与民办高校发展不同步的现象。本文力图从民办高校的辅导员师德建设方面提出一些看法,希望就民办高校如何发展方面能够提供一些参考。     

办公自动化网络安全的设计

文中就信息网络安全内涵发生的根本变化,阐述我国发展民族信息安全体系的重要性及建立有中国特色的网络安全体系的必要性。文中论述了防火墙部署原则,并从防火墙部署的位置阐述了其的选择标准。     

小议建筑工程造价中钢筋比例

本文依据不同城市、不同计价模式、不同结构类型的建筑工程实例的造价分析,发现合理的钢筋比例可以合理控制建筑造价。     

软硬互层场地勘察及基础设计要点

本文通过对软硬互层场地勘察的描述,详细的介绍了勘查中必须注意的一些主要的物理性质和变形特征,比如如何提高岩芯采取率,提高钻探质量,结合野外钻探工艺,提出一些看法。以及在基础设计中需要充分考虑的设计要点。     

我国物流园区规划建设的条件思考

现代物流园区的规划已成为我国发展物流业的又一建设高潮。为了使我国物流园区的规划建设能科学的展开,在分析了国内外物流园区建设现状的基础上,文章提出了我国物流园区规划建设的三个主要条件,指出必须在条件成熟下开展物流园区的规划工作,同时为培育三个条件的成熟提出相应的建议。     

浅谈石油标准化宣贯的目标管理

阐述了为解决目前石油标准化工作中宣贯效果不够理想的问题。介绍了目标管理的特点、要求．配合目标管理应采取的措施和办法，以及目标管理在标准化工作中所起的作用。     

商业银行制度演进的逻辑——一个基于社会资金流动视点的分析框架

从社会资金流动视点观察,银行的经济性质是社会资金流动的管道,银行的基本功能是为经济活动中的资金流动提供管道服务。商业银行制度演进的实质,是社会资金流动管道功能的发展,是对现代市场经济中资金流动新态势的真实再现。中国的商业银行改革和发展的路径,是实现从原来的国家融资工具向社会资金流动管道的转变。     

Relationships in the purchasing of business to business professional services: The role of personal relationships

There has been a shift from transactional to relational exchange and relationship marketing both in the business to business and professional services contexts. This paper seeks to explore the manner in which personal relationships affect the process and outcomes of purchasing of professional business services. Specifically, it focuses on the role of the professional service providers as boundary spanners in the formation of personal relationships. These personal relationships constitute the underlying basis of long-term relationships between the purchasing and provider organizations in such complex service settings. The findings of this study demonstrate that the manner in which the boundary spanners cultivate relationships support the concept of relationship specific tasks. It extends this conception by use of the data to outline the chronological process over time Understanding the roles, function, and ultimately importance, of these relationships facilitates the identification and development of appropriate strategies to manage these relationships.     

试析知识产品的价值形成和实现机制

传统的价值理论认为,商品的价值量取决于社会必要劳动时间,商品按照价值量相等的原则进行交换。商品的价格随商品的供求关系围绕着价值上下波动。知识产品的价值规则与此不同,它是由个别优等劳动时间决定,其价值实现是一种低价递减机制。