The effect of experience on Internet auction bidding dynamics

On the basis of the bidding history of a panel of new eBay bidders, we examine the impact of different types of experiences on bidding behavior evolution. Accounting for unobserved bidder heterogeneity, the results indicate that losing experiences make the bidders’ bidding behavior evolve toward the normative predictions of auction theory, in that they submit fewer bids and bid later. Winning experiences, however, do not have such an effect. Moreover, the experience effect pertains to the bidder’s entire previous bidding experience regardless of product categories. We also assess the potential bias introduced by using feedback ratings (compared with actual participation) as experience measures.

我国公共投资的金融效应分析

储蓄是投资的资金来源,投资是储蓄的资金使用;经济和投资的持续增长则扩大了有效贷款需求。本文的实证分析表明,公共投资与国内储蓄、存款、贷款、存贷差之间分别具有长期均衡的协整关系和短期动态调整机制,其中公共投资的国内储蓄效应为负,存款、贷款、存贷差效应为正;国内储蓄、存款、贷款、存贷差与公共投资之间只存在单方面的因果关系。     

全球价值链的利益分配机制及政策启示

随着国际分工的日益深化,各国分工由原来的产业间分工向现在的产业内和产品内部转移.全球价值链将某产品的生产过程分解成不同环节,并将每个创造价值的环节安排给具有相对优势的一组国家的企业从事创造价值活动.每个环节的国家是基于要素禀赋的差异嵌入其中,由于各环节所处的地位不同,最终所获得的利益是不对等的.发达国家凭借其产业资本和商业资本及技术研发的优势,在全球价值链中掌握着利益分配的话语权,控制着所创价值的大部分,而发展中国家只能通过劳动密集加工组装活动获取极少的利益.     

基于线性神经网络模型的政府财政支出结构预测——以新疆为例

在分析1978—2010年新疆政府财政支出现状的基础上,运用线性神经网络模型,利用1995—2010年新疆政府财政支出的统计数据,对2011—2015年的相关数据进行预测,分析了此期间新疆政府财政支出的发展趋势。结果表明:2011—2015年期间,新疆政府的经济建设支出、基本公共服务支出、行政支出占财政支出总额的比重有所减小,国防支出可能呈平稳增长趋势——这与新疆所处的地理位置、自然环境、宗教文化等因素密切相关。最后结合新疆的特殊区情,提出了针对性的政策建议。     

The value relevance of brand equity in the financial services industry: an empirical analysis using quantile regression

The purpose of this article is twofold. First, it attempts to explore the factors contributing to the brand values of Taiwan??s financial service companies. Second, it aims to examine the value relevance of their brand equity. Our empirical findings from OLS regression show that advertising expenditure in banking firms have positive significant effects on brand evaluation and that the brand equity of banking firms is positively related to their market value. The general findings remain valid when we apply conditional quantile regressions to re-examine these relationships. Moreover, the quantile estimates indicate that the factor of brand loyalty could bring benefits to the banks with lower levels of brand equity. However, brands do not offer insights into the banks that have extremely low market capitalization.     

文化主导型岳麓山旅游线路设计研究

岳麓山文化资源丰富,文化底蕴深厚,为典型的文化主导型旅游景区。其文化旅游资源具有＂古＂、＂全＂、＂特＂的特征。文章提出了岳麓山文化旅游资源的直接开发、整合提升、历史复原三种开发模式,围绕岳麓山文化旅游内涵从内外两个方面设计了具有吸引力强、潜在价值巨大的旅游文化专线。这将丰富文化旅游开发理论和区域竞争理论的内容,对于提升岳麓山区域旅游形象、指导岳麓山＂两型＂旅游示范区建设具有积极意义。     

以知识产权为核心的商业模式创新——以华东有色地质调查公司为例

知识产权在地勘单位的产业链中有举足轻重的作用,而如何构建适合地勘单位的以知识产权为核心的商业模式则成为影响其发展的关键途径。华东有色地质调查公司基于知识产权的商业模式与新兴策略包括:技术更新推动商业模式更新;知识产权商业化推动商业模式更新;知识产权资本化提升技术成果价值。在创新模式时,企业要把握好顾客需求及企业关键资源和能力,对企业的技术创新、技术成果专利化、知识产权商业化和知识产权资本化四个方面促进商业模式的创新和价值实现,以市场为导向,实现知识产权的效益最大化,提高企业竞争力。     

Board connections and M&A transactions

We examine M&A transactions between firms with current board connections and find that acquirers obtain higher announcement returns in transactions with a first-degree connection where the acquirer and the target share a common director. Acquirer returns are also higher in transactions with a second-degree connection where one acquirer director and one target director serve on the same third board. Our results suggest that first-degree connections benefit acquirers with lower takeover premiums while second-degree connections benefit acquirers with greater value creation. Overall, we provide new evidence that board connectedness plays important roles in corporate investments and leads to greater value creation.     

我国城市水务供给行业公私合作体制探索——基于重庆水务集团公私合作案例分析

公私合作(PPP public-private-partnership)模式是一种有效的公共产品或服务的供给方式。我国水务市场正逐步允许民间资本参与投资和经营,由于其自然垄断性以及我国传统的公有制要求,水务市场主要由国有企业参与项目融资建设。文章通过案例分析的研究方法,讨论政府和重庆水务集团公私合作关系、运作模式和特点,分析了该模式存在的困惑及障碍。针对问题提出了明晰政府定位、建设公私合作信息公开机制、合作竞争机制、构建合作结构等四方面的体制改革途径,从而实现新型的水务提供方式、让公众享受最好的供水服务和提升水务产品公私合作效率。     

A mutuality perspective of psychological contracts regarding career development and job security

Psychological contracts are more likely to be fulfilled when the parties to the contract develop mutuality (agreement) concerning the expectations and obligations of both parties. This study explores the impact of psychological contract mutuality about career development responsibility and job security on the in-role and organizational citizenship behavior (OCB) performance of employees. These relationships are also tested to see if they vary by the managerial vs. non-managerial job level of the employee.