在衰退中成长

如今,全球都笼罩在经济衰退之中.如果下一个就要轮到贵公司,你该怎么办?当然你要尽力保证企业财务的稳定.但更重要的是,你还必须了解公司在衰退结束后的目标设计.如果你知道企业的发展方向和如何实现这一目标,那么衰退时期是改善公司相对战略地位的好时机.     

LOGISTICS SALIENCE IN A CHANGING ENVIRONMENT

The primary purpose of this paper was to empirically explore some of the reasons that logistics has become more important, or salient, in comparison to other functions within the firm. A survey of 296 managers across multiple industries in the U.S. found logistics becomes more important within the firm when the industry increases in uncertainty, when there is an emphasis on time‐based competition, when there is greater adoption of information technology, and when there is an emphasis on cross‐functional integration.     

Book Review

Books reviewed:
Ira A. Jackson and Jane Nelson, Profits with Principles: Seven Strategies for Delivering Values with Values .     

Half-Way House or Dead End?

Education vouchers ore conventionally attacked by commentators who prefer to maintain the dominance of the srate in the supply of education. Richard Henderson, of the stockbrokers Sheppards & Chase, analyses the vulnerability of vouchers to capture by pressure group and therefore argues for a genuine market in education without the compromise of vouchers.     

The New Growth Theory and Coasean economics: Institutions to capture externalities

The New Growth Theory and Coasean Economics: Institutions to Capture Externalities. — This paper presents the main theoretical arguments which lead many adherents of the New Growth Theory to the conclusion that externalities in research and development are important for economic growth and warrant government subsidies. In contrast, the authors point to private institutions like associations, company structures and industry clusters which can capture such externalities. An international comparison of private R&;D investment and special features of institutions in Switzerland and Japan are in line with this hypothesis. Thus, the argument for R&;D subsidies made by the New Growth Theory is considerably reduced.     

Syndicated Loan Announcements and Borrower Value

Announcements of syndication loans increase borrowers' shareholder wealth if they are revolving credit agreements but not if they are term loans. Share price responses to revolving credit announcements are positive and significant, whereas the wealth effect for term loans is negative and significant. The results show that announcements from both the financial press and commercial information providers can affect borrower share price reaction. Overall, single syndication announcements appear to be more newsworthy than multiple announcements reported in the financial press, and we find evidence of information leakage, post‐announcement drift, or both.