The Relation Among Targets' R&D Activities, Acquirers' Returns, and In-Process R&D in the US

Abstract:  Using a sample of 129 mergers and acquisitions (M&As) in the US between publicly traded acquirers and targets in research and development (R&D) intensive industries over the period of 1994-2004 and a size- and industry-matched sample, we examine the relation among targets' R&D activities, the probability of acquirers' writing-off in-process R&D (IPRD), and acquirers' returns around the time of M&A announcements. We find that firms acquiring targets with higher R&D investments tend to write off some of the acquired R&D assets upon the completion of the M&As. We also find that the median cumulative abnormal return during the three days around M&A announcements for acquirers with subsequent IPRD write-offs is −2.73% while the return for acquirers without IPRD write-offs is −0.60%. This suggests that acquirers' stock returns around M&A announcements are much lower when investors expect acquirers to expense IPRD. The results are consistent with our conjecture that acquirers tend to write-off IPRD when they acquire overvalued targets. We also find that IPRD write-offs do not increase earnings or stock returns of acquirers after M&As, which is inconsistent with an earnings management hypothesis.     

WTO制度、贸易不对称与国外对华反倾销——部分国家和地区对华反倾销调查的实证分析

本文利用计数模型,从WTO制度和贸易不对称角度分析了1994～2006年间美国、欧盟、澳大利亚、土耳其、墨西哥、阿根廷和印度对华反倾销调查的共同影响因素,结果发现,WTO制度和中外贸易不对称关系严重影响着国外对中国的反倾销政策.中国加入WTO显著地增加了国外对中国反倾销调查的数量;中国双边贸易不对称度上升和中外双边贸易量的增加,引起国外对中国反倾销数量增加;中国对外反倾销调查数量增加会显著抑制国外对华反倾销调查行动.     

快速消费品上市阶段的渠道选择策略

在快速消费品上市阶段,除市场引导者外,大部分快速消费品企业面对的是一个存在同类产品竞争者的市场。根据快速消费品的产品特点和消费者的购买习惯,营销策略定位越准确,市场跟进者获取营销成功的可能性越大。因为消费者对该类产品有所认知,但缺乏品牌忠诚度;此时一种新品的上市更能激起消费者的购买欲望。由于此时新品的铺市率很低,品牌认知度几乎为零,     

对进一步建立完善档案执法监督检查运行机制的思考

本文围绕建立完善档案执法运行机制这一主题,从增强以档案法律为主导的依法治档意识、建立完善档案执法监督检查运行机制、加强档案执法队伍建设等方面进行了有益的探索和认真的研究,旨在适应档案管理格局的新变化.     

宁南旱作农区生态经济农业发展思路研究

宁南旱作农区是我国经济落后的地区．生态环境十分严酷，农民生活十分贫穷。按照西部大开发的战略要求，保护生态，实现社会经济与生态恢复同步发展已成为该地区当前和以后相当长一段时期的主要任务。面对中国小康社会建设目标和农业现代化要求，发展草畜一体化生态经济农业将是该地区经济发展的战略选择，以草畜产业为基础的生态经济农业必将成为干旱半干旱地区可持续发展的主要途径。     

2008-2011年贵州省区域创新能力比较分析及对策研究

区域创新能力决定着该区域的经济发展水平和可持续发展能力。目前国内对区域创新的研究较多,但针对西部地区尤其是贵州省的区域创新研究文献却不多。首先分析了2008-2011年贵州省区域创新能力状况,并把贵州省与云南省、广西壮族自治区、甘肃省、新疆维吾尔自治区的4个省区创新能力进行了对比,在此基础上结合贵州省实际提出了相应对策措施,以期为贵州省制定下一步区域发展政策提供参考。     

对资本保值增值率的再认识

资本保值增值率是衡量企业财务效益的一项重要指标,当前我们常用的资本保值增值率的计算是基于财务资本保全理论的.实物资本保全理论下的资本保值增值率存在着诸多缺陷,不能准确反映权益资本的保值增值状况.因此对资本保值增值率做进一步的思考,将有助于资本保值增值率对企业资本保全状况的真实反映和衡量.     

Greening transportation fleets: Insights from a two-stage game theoretic model

The greening of organizational transportation fleets, especially trucks and automobiles, has gained increasing attention by companies in a variety of industrial sectors. The reasons for this concern and attention are due to regulatory and competitive pressures, but also increasing costs of fossil-fuels. Surprisingly the amount of research and modeling for fleet management overall has been rather limited, with the focus on managing green vehicle investments virtually non-existent. In this study we develop a two-stage game theoretic model that helps evaluate, from both policy and organizational perspectives, the implications of greening of transportation fleets. Various parameters are evaluated including factors such as innovations in green vehicle technology, levels of service differences, cost of fuel, adjusting tax policy, regulatory compliance requirements, and adaptation costs. This evaluation provides practical insights into actions that could be considered by regulators and organizations to encourage environmental investments.     

创业型领导对追随者创造力的影响

采用201位领导者-追随者调研数据,以组织支持理论为基础,从工作情境和非工作情境两条路径,分析创业型领导通过工作激情和心理脱离对追随者创造力的影响机理,同时探究内隐追随对两条路径的调节效应。结果表明：创业型领导对创造力有显著正向预测作用,工作激情与心理脱离在创业型领导和创造力之间起中介作用。内隐追随在创业型领导与工作激情的情境路径中,以及在创业型领导与心理脱离非工作情境路径中均起正向调节作用,同时,内隐追随也调节工作激情和心理脱离的中介效应。研究结果揭示了不同情境传导机制下,创业型领导对追随者创造力正向作用的一致性,也丰富了创业型领导个体层面后果变量研究。