Mehr Transparenz in der Bildungspolitik

In a new report, the Academic Advisory Board at the Federal Ministry for Economic Affairs and Energy points out that not all information sources are used to analyse and improve education policy in Germany. Here it is argued that providing information on school policy measures across federal states can create new knowledge and improve outcomes considerably.     

Does advertising create sustained firm value? The capitalization of brand intangible

This research inquires into the nature and degree of advertising effects on firm intangible values. Based on marketing research on consumer based brand equity, this paper challenges the prevailing decaying assumption employed in the accounting/finance disciplines to model the advertising-firm value relationship. Meanwhile, using financial data and methods, we provide new measures for the marketing discipline to evaluate the effectiveness of advertising to create brand intangible. Results indicate that advertising effects on firm intangible assets are sustainable and accumulative and support the asset/investment-like characteristics of advertising expenditures. The research provides an empirical method to assess long-term advertising performance and suggests firms’ varying effectiveness in creating brand equity through advertising. This study is the first to report negative persistence effects of advertising to firm intangible values.

Do Free Trade Agreements Increase the New Goods Margin? Evidence from Korea

We analyze the changes in the composition of bilateral trade—and more specifically, in the new goods margin—following the free trade agreements (FTAs) signed by Korea between 2004 and 2008. We find that new goods trade increased disproportionately after the FTAs came into effect, and that least-traded goods (LTG)—those accounting for the lowest 10% of trade prior to the FTAs—ended up accounting for 37% of post-FTA trade with FTA partners. In contrast, the corresponding share for a comparable group of countries that did not sign FTAs with Korea was only half as large, averaging close to 20%. We also find that only less than 2% of all least-traded products accounted for most of the growth in LTG trade, and that those goods tended to be clustered in the same industries as the intensively-traded goods. Furthermore, a larger fraction of LTG became heavily traded for the case of FTA partners than for non-FTA countries. Finally, we find evidence that least-traded imports were subject to higher pre-FTA tariff protection than other products.     

Structural stability regardless of membership turnover? The added value of blockmodelling in the analysis of network evolution

The extent to which the emergent structure of an organization remains the same, regardless of the turnover of the members, is one of the most interesting questions raised by the analyses of its evolution. This paper uses longitudinal network analysis to provide an answer to this question. Its shows the usefulness of combining both dynamics and comparative statics (here, blockmodelling) in the study of this evolution. An empirical study examines the evolution of the structure of the advice network among judges of the Commercial Court of Paris. The combination of dynamics and comparative statics answers the initial question: Radical structuralism turns out to be wrong. An answer depends on the dimensions of the structure on which observers focus. The pecking order in the advice network remains relatively stable, regardless of members’ turnover. However, social differentiation measured in terms of role relationships and division of work shows that the relational structure does not remain the same regardless of members’ turnover. Specifically, relational processes within the organization, such as collective learning, impose varying constraints on different kinds of members over time and the overall relational structure reflects these members’ changing reactions and responses to these constraints. Since the former vary, so do the latter, and so does the resulting emergent overall structure.     

Financial equilibrium with asymmetric information and random horizon

We study in detail and explicitly solve the version of Kyle’s model introduced in a specific case in Back and Baruch (Econometrica 72:433–465, 2004), where the trading horizon is given by an exponentially distributed random time. The first part of the paper is devoted to the analysis of time-homogeneous equilibria using tools from the theory of one-dimensional diffusions. It turns out that such an equilibrium is only possible if the final payoff is Bernoulli distributed as in Back and Baruch (Econometrica 72:433–465, 2004). We show in the second part that the signal the market makers use in the general case is a time-changed version of the one they would have used had the final payoff had a Bernoulli distribution. In both cases, we characterise explicitly the equilibrium price process and the optimal strategy of the informed trader. In contrast to the original Kyle model, it is found that the reciprocal of the market’s depth, i.e., Kyle’s lambda, is a uniformly integrable supermartingale. While Kyle’s lambda is a potential, i.e., converges to 0, for the Bernoulli-distributed final payoff, its limit in general is different from 0.     

2007年上半年长三角地区港口经济运行分析

今年上半年,长三角地区水运经济延续了2006年较快增长的势头,各项运输指标继续在高位运行.港口经济运行状况良好,依然保持较快增长态势,港口货物吞吐量、外贸货物吞吐量、集装箱吞吐量等生产指标均取得突破性进展.     

An Examination of the Equity Market Response to The Gramm-Leach-Bliley Act Across Commercial Banking, Investment Banking, and Insurance Firms

Abstract:  This paper examines the wealth effects of the events surrounding the passage of the Gramm-Leach-Bliley Act of 1999 and changes in systematic risk from the pre-Act period to the post-Act period for commercial banks, investment banks, and insurance firms. The results suggest that investment banks and insurance firms are better positioned to exploit the benefits of product-line diversification opportunities allowed by the legislation compared to commercial banks that experience no significant market reaction. Further evidence indicates a significant risk shift and overall reduction in riskiness for the financial sectors under consideration around the event period.     

The classical myth of Ulysses versus Palamedes: an early metaphor for the qualitative/quantitative debate?

This essay examines the classical myth of the confrontation between Palamedes (pro-quantitative) and Ulysses (pro-qualitative). This para-mythical transposition is used as an interpretative metaphor for the methodological debate regarding the use of qualitative or quantitative paradigms of research in the fields of social sciences and education. Although the debate about paradigms has come to a halt over recent years, it may be appropriate to rekindle it now, with less rancour than before, in order to move towards a fertile dialogue without striving to reach any kind of consensus.     

基于PXA 270的嵌入式数字存储示波器的研制

介绍了一种嵌入式数字存储示波器的设计原理与实现,该示波器以PXA 270为嵌入式CPU,采用现场可编程门阵列(FPGA)为逻辑控制单元。其数据采集部分由预处理电路、A/D转换器、同步动态存储器(SDRAM)和集成于FPGA芯片的数字逻辑电路组成;并在PB和EVC开发环境下完成了WinCE系统剪裁等嵌入式软件部分。该示波器经过实际测试,最高实时采样率可达1 GHz/s,达到预期设计要求。     

Forecast persistence and clustering: Additional evidence

This study intends to address the persistence of the bias in analysts’ earnings forecasts and clustering effects of time, industry classification, and stock exchange listing. Following Kwag and Shrieves (2006), I use a look-back portfolio formation method that captures salient features of analysts’ past forecasting behavior and form quintile portfolios that describe the range of analysts’ forecasting behavior. Consistent with Kwag and Shrieves, empirical evidence suggests that analyst optimism and pessimism tend to persist. Time, industry classification, and stock exchange listing do not seem to influence such phenomenon. (JEL G14, G19)