中国投资者进军美国市场将获新途径

中国股市从不久前的辉煌之巅急转直下，而与此同时，这个全球第一人口大国的投资者们又将获得新的渠道进军包括美国在内的海外股市。     

Mutual Fund Advisory Contracts: An Empirical Investigation

We investigate marginal compensation rates in mutual fund advisory contracts and find the following. Equity and foreign fund advisors receive higher marginal compensation than debt and domestic fund advisors. Advisors of funds with greater turnover receive higher marginal compensation. Also, closed-end fund advisors receive higher marginal compensation than open-end fund advisors. Finally, we find that marginal compensation is lower for advisors of large funds and members of large fund families. We argue that these differences in marginal compensation reflect differences in advisor marginal product, differences in the difficulty of monitoring performance, differences in control environments, and scale economies.     

B‐TO‐B E‐COMMERCE: A CONTENT ANALYTICAL ASSESSMENT OF MOTOR CARRIER WEBSITES

An Internet presence is a critical early component in the process of building towards a fully operational and unified e‐commerce strategy. E‐commerce has significantly impacted logistics/supply chain strategies and the development and implementation of a website have become key issues for many firms within the transportation industry. This study provides an overview of website content within the motor carrier industry. Content analysis was used to assess the site design, informational content, and the interactive content of 152 motor carrier websites, and to compare the features offered on the Top 100 motor carrier firm websites with those offered on the sites of smaller carrier firms.     

RELATIONSHIP MAGNITUDE AND ITS ROLE IN INTERORGANIZATIONAL RELATIONSHIP STRUCTURE

Close relationships between and among supply chain members are becoming more prevalent. However, there is lack of agreement in the literature and in practice concerning the characteristics of different interorganizational relationships. The resultant confusion is an obstacle to the progression of research and could cause problems among firms in a supply chain. Based on previous research and an exploratory study conducted with company executives responsible for supply chain management activities, this article seeks to introduce the concept of relationship magnitude (i.e., the extent or degree of closeness or strength of the relationship) and differentiate it from relationship type (i.e., classes of relationships that share common traits). Implications for managers and opportunities for future research are provided.     

Voting Rights and Market Reaction to Dual Class Common Stock Issues

This paper examines the return of the original class of common stock around the announcement of the creation of a second class of stock. As in previous studies, this one finds a generally ambiguous market reaction on the first public announcement. However, this paper offers new evidence that both the voting rights and the compensation for loss of voting rights are important determinants of the market's reaction. Specifically, it demonstrates that a second class stock issue that contains no compensation for the lost voting rights results in negative returns. When the original stockholders are compensated for lost voting rights, they experience positive abnormal returns.     

The Lowry Model Revisited: Incorporating a Multizonal Input-Output Model into an Urban Land Use Allocation Model

This paper formulates a new generation of Lowry-style models that combine a multizonal input-output model and an urban land use allocation model. Three different types of models are proposed: 1) an unconstrained model, 2) a primal of a linear programming approach that includes land supply constraints, and 3) a modified dual of the linear programming approach that allocates land based on additional conditions of economic efficiency. The modified dual formulation improves upon the limitations of Lowry models and their derivatives. First, the proposed model has sound theoretical underpinnings that incorporate the production theory of input-output models and the behavioral theory of optimization models. Second, the proposed model allocates land on the basis of economic efficiency by imposing a procedure that equalizes shadow prices. And third, the proposed model is an optimization model that fully accounts for the spatial and sectoral relationships of multiplier effects determining land use demand.     

我的九条命

在我生命中各个阶段里，我与学术界不知不觉地频频有缘。启蒙时期，我科到名师的熏导业已浸淫于国学；经史子籍，无所不读，撰文作诗，直追唐宋，俨然是一个“小老学究”。当我入仕时，一秉传统士大夫的志趋，一心为国为民，在我自我流放期间，发现我唯一可谋生的本领是学术，我既没有继承万贯家财，也没有在当权时放出许多人情，作为经商的捷径，实际上，我曾试探经商之路，但是在没有有力的后台引见下，我意识到，要加入一家企业，条件是能够为其带来多少商机，我对这种用才标准并不欣赏，在此情形下，要做一个小企业家，其生活方式也难以适应，特别是对我的妻女是一种冒险。     

The Long Run Growth and Productivity Performance of the United Kingdom

This paper examines Britain's long run growth and productivity performance since the late nineteenth century, taking an international comparative perspective and disaggregating by sector. Britain was richer than the United States and Germany in 1870 largely because of high levels of labour productivity in services and agriculture rather than in industry, together with a highly favourable structure, particularly a small share of the labour force in agriculture. By 1990, the productivity gap in manufacturing had not grown bigger. Rather, the deterioration in Britain's overall comparative labour productivity position has been concentrated in services and agriculture, together with the effects of structural change, particularly the later shift of labour out of agriculture in the United States and Germany.