Accruals quality and corporate cash holdings

This Work Uses Panel Data For Firms Listed In The Spanish Stock Exchange Over The Period From 1995 To 2001 To Analyse The Effect Of Accounting Quality On Cash Holdings. The Results Show That Firms With Good Accruals Quality Hold Lower Cash Levels Than Firms With Poor Accruals Quality. This Finding Suggests That The Quality Of Accounting Information May Reduce The Negative Effects Of Information Asymmetries And Adverse Selection Costs, Allowing Firms To Reduce Their Level Of Corporate Cash Holdings. The Results Also Show That Cash Holdings Decrease When Firms Increase Their Use Of Bank Debt And In The Presence Of Cash Substitutes. In Contrast With This, Firms With Higher Cash Flow Hold Higher Levels Of Cash.     

现代企业自主创新管理机制研究

提高自主创新能力是现代企业生存和发展的根本途径。通过对自主创新的概念、内涵、特点和机理的分析，建构了由核心技术竞争、科研力量整合、组织管理激励、科技成果转化四个因子组成的现代企业CIPT自主创新管理机制，从而为现代企业提高自主创新能力提供参考。     

长三角地区外资、外贸与经济增长关系研究——基于协整和Granger因果关系分析

本文根据苏浙沪两省一市1985~2006年实际利用外国直接投资存量、进口流量、出口流量和地区生产总值的年度数据,采用协整和Granger因果关系检验对长三角地区外资、外贸与经济增长之间的关系进行实证研究。结果表明,它们之间存在着长期稳定均衡关系;外资和出口贸易在长期和短期都具有经济增长效应,而进口只在长期具有经济增长效应;在短期,外资具有贸易创造效应,出口能够拉动进口。文章最后根据实证检验结果提出相应的政策建议。     

Open Innovation und Beziehungsmanagement bei Henkel

Eine Open-Innovation-Strategie greift auf externes Wissen zurück und steigert dadurch die unternehmensinterne Innovationskraft. Um auf externe Wissensquellen zurückzugreifen, stehen zahlreiche unterschiedliche Methoden zur Verfügung. Dieser Beitrag zeigt, zu welchem Zeitpunkt im Innovationsprozess bei Henkel welche Methoden eingesetzt werden und welche überlegungen dahinter stehen.     

The changing role of governments in corporate social responsibility: drivers and responses

The aim of this article is to contribute to understanding the changing role of government in promoting corporate social responsibility (CSR). Over the last decade, governments have joined other stakeholders in assuming a relevant role as drivers of CSR, working together with intergovernmental organizations and recognizing that public policies are key in encouraging a greater sense of CSR. This paper focuses on the analysis of the new strategies adopted by governments in order to promote, and encourage businesses to adopt, CSR values and strategies. The research is based on the analysis of an explanatory framework, related to the development of a relational analytical framework, which tries to analyze the vision, values, strategies and roles adopted by governments, and the integration of new partnerships that governments establish in the CSR area with the private sector and social organizations. The research compares CSR initiatives and public policies in three European countries: Italy, Norway and the United Kingdom, and focuses on governmental drivers and responses. The preliminary results demonstrate that governments are incorporating a common statement and discourse on CSR, working in partnership with the private and social sectors. For governments, CSR implies the need to manage a complex set of relationships in order to develop a win–win situation between business and social organizations. However, the research also focuses on the differences between the three governments when applying CSR public policies. These divergences are based on the previous cultural and political framework, such as the welfare state typology, the organizational structures and the business and social and cultural background in each country.     

A NON‐SUBSTITUTION THEOREM WITH NON‐CONSTANT RETURNS TO SCALE AND EXTERNALITIES

An input–output model with non‐constant returns to scale and externalities is presented, and it is shown that in this model the non‐substitution theorem is still valid. More precisely, the quantity side of the theorem, i.e. the proposition on efficiency, remains valid, while there can be no equilibrium prices independent of final demand.     

WIFI技术的深入探讨与研究

WIFI是一项宽带无线技术,具有接入速率高、覆盖范围大等优点。本文将对WIFI技术、WIFI的应用和发展趋势进行分析。     

Modeling the Euro overnight rate

This paper describes the evolution of the daily Euro overnight interest rate (EONIA) by using several models containing the jump component, such as a single-regime ARCH-Poisson–Gaussian process, with either a piecewise function or an autoregressive conditional specification (ARJI) for the jump intensity, and a two-regime-switching process with jumps and time-varying transition probabilities. To model the jump intensity, we include the following effects which are significant for the occurrence of jumps: (1) the end of maintenance period effect because of reserve requirements, (2) the end of month effect, also known as the calendar day effect, caused mainly by accounting adjustments and finally, (3) the meeting effect caused by the meetings of the Governing Council of the European Central Bank (ECB). These effects lead to better performance and several of them are also included for the behavior of the transition probabilities. Since the target of the ECB is to maintain the EONIA rate close to the policy rate, we model the conditional mean of the overnight rate series as a reversion process to this policy rate, distinguishing two alternative speeds of reversion, specifically, a different speed if EONIA is higher or lower than the policy rate. We also study the jumps of the EONIA rate around the ECB's meetings by using the ex-post probabilities of the ARJI model. Finally, we develop a volatility forecasting analysis to measure the performance of the different candidate models.     

造假经济的研究分析——以深圳为例

本文研究了一个还没有被充分认识,但却日益受到人们关注的经济活动领域—造假经济。目前关于造假经济方面的专门研究还存在极大不足。近年来,据有关数据显示,造假经济一直具有相当规模,并且严重影响了社会经济发展的正常秩序。另外,由于深圳地区经济发展的不平衡性及其他特殊性,造假经济在这一地区体现得非常明显。因此结合深圳市经济发展的现状,对造假经济进行系统和深入的研究就显得十分必要。本文首先从经济学原理视角出发界定造假经济基本概念,然后在此基础上分析了深圳造假经济的特征和特殊成因等方面,最后结合治理现状提出相应的治理对策建议。     

Firm efficiency,industry performance and the economy: three-way decomposition with an application to Andalusia

An economy may perform better because the firms become more efficient, the industries are better organized, or the allocation between industries is improved. In this paper we extend the literature on the measurement of industry efficiency (a decomposition in firm contributions and an organizational effect) to a third level, namely that of the economy. The huge task of interrelating the performance of an economy to industrial firm data is accomplished for Andalusia.