零售业:规划整合VS市场活力

上海:巨变时期华丽转生举步可及、颇具海上风情的街铺本是上海的标志。比如说,抗战胜利之后,曾出台了《大上海都市计划》,其中有:孩童自住宅到学校步行不超过15分钟;离开住宅不超过10分钟步行范围内应有日用品店铺;半小时步行距离内应有娱乐设施……所有的细节试图营造一个温暖的城市。     

Diversification and top management team complementarity: is performance improved by merging similar or dissimilar teams?

This study examines the impact of complementary top management teams (defined as differences in functional backgrounds between the acquiring and acquired firm managers) on post-acquisition performance. Based on a sample of 147 acquisitions completed during 1986–88, we find that complementary backgrounds have a positive impact on postacquisition performance in both related and unrelated acquisitions. Another major finding is that complementarity is negatively related to top management team turnover among acquired managers, suggesting that differences in functional backgrounds are more easily integrated into the new organization. Finally, top management team turnover among acquired managers is negatively related to postacquisition performance. These findings highlight the importance of examining complementarity in terms of differences, and reinforce the notion that differences have the potential to create unique value for the organization. © 1997 by John Wiley & Sons, Ltd.     

Stock Return Predictability and The Role of Monetary Policy

This article examines whether shifts in the stance of monetary policy can account for the observed predictability in excess stock returns. Using long-horizon regressions and short-horizon vector autoregressions, the article concludes that monetary policy variables are significant predictors of future returns, although they cannot fully account for observed stock return predictability. I undertake variance decompositions to investigate how monetary policy affects the individual components of excess returns (risk-free discount rates, risk premia, or cash flows).