Real Asset Valuation under Imperfect Competition: Can We Forget About Market Fundamentals?

Real assets are usually valued by computing the stream of profits they can bring to a price‐taking firm in a liquid market. This method ignores market fundamentals by assuming that all the relevant information is included in the spot price. Our article analyses the bias resulting from such an approach when the market is imperfectly competitive. We propose a stylised two‐period model of the natural gas market with no uncertainty, focusing on strategic interactions between two types of oligopolistic players—pure traders and suppliers with downstream customers—who have access to storage. We show that the true value of storage capacity is not the same for traders and for suppliers. Comparing the latter value with the traditional price‐taking valuation reveals a systematic bias that tends to induce underinvestment.     

Liberty and the Post‐utilitarian Society

Utilitarian foundations for limited government are shaky insofar as they assume rational and consistent individuals. Recently economists’ assumption of rational actors has come under sustained attack. Behavioural economics has suggested that people are plagued by irrational biases and inconsistencies. These developments have led to a post‐utilitarianism which is held to justify paternalistic interventions by the state via ‘sin taxes’, direct bans or new obligations. Individual responsibility is seriously undermined, as is faith in markets. Supporters of individual freedom need to move away from utilitarian reasoning, reassert core values of autonomy and responsibility, and define strict limits on the scope of government intervention.     

Do Institutionalized Traditions Matter During Crisis? Employee Downsizing in Korean Manufacturing Organizations

This study examines the downfall of the permanent employment tradition in South Korean manufacturing organizations in the aftermath of the 1997 East Asian economic crisis. We explore whether organizations abandon their traditional institutionalized practices under discontinuous environmental change or despite the change continue these time‐honoured practices. We examine both the organizational factors that inhibit lay‐offs and performance indicators that trigger organizations to re‐evaluate their lifetime employment practices under drastic environmental upheaval. We test our hypotheses on 574 Korean manufacturing organizations and find that under discontinuous change: (1) economic and institutional factors simultaneously apply opposite forces on organizational actions; (2) organizational factors such as poor performance on productivity and export create a need for headcount reductions while factors such as size, domestic ownership, government support, and unionization create social and institutional pressures that inhibit downsizing; and (3) prior experience with downsizing moderates the relationship between institutional factors and further downsizing.     

基于VBA的土地勘测定界信息系统开发

本文利用VBA语言对Auto CAD进行二次开发,定制了菜单栏、工具栏、线型库及符号库;生成技术报告等勘测定界信息系统的主要功能。     

“边缘化”与“游牧性”:扬州拖砖人社区的社会空间研究

基于社会空间统一辩证的视角,选取了扬州城北拖砖人为实证对象进行特定流动人口社区的社会空间研究。通过问卷、访谈、参与式观察等方法,从群体和个体两个层面对其工作生活的物质空间、社会空间进行了深描,展现了当前城市制度下,以拖砖人为代表的非正规性零散就业人口的生活状态和对未来生活的真实期许。研究发现,拖砖人空间在城市拆迁的挤压下如同游牧人一样"逐水草而居",实体空间的变动影响了他们社会空间在地化的表达。其社会空间分布总体上呈现出"边缘化"和"游牧性"的特点:居住空间多囿于城乡结合地带;在城市中的生活空间多局限于一些最基本的设施;社会网络呈现出一种有增长无发展的内卷化。这三个层次相互离散,被动地依附于城市主流社会空间,游牧在城市的边缘。     

增长竞争与权力配置:对中国城市规划运行环境的讨论

"财权上收、事权下放、人事任命权集中"的纵向行政权力配置,是市场经济转型下中央与地方政府间博弈的结果,也塑造了地方政府之间的"增长竞争"关系。在财政压力和晋升激励的驱动下,城市规划更多地扮演地方政府获取空间资本的工具角色,而其运行环境的优化只能依靠自上而下的体制改革。改革是对现有制度与权力关系的"渐进修补",而非否定。从历史的角度看,中央与地方政府间的行政权力配置,形成了较为有效的政府内部治理结构,为中国的市场经济转型构筑了稳定的政治环境,并强化了政府的行政能力。但这一结构仍有改良的必要。在国家治理转型的背景下,城市规划的运行环境进入了廓清政府职能,向市场与社会分权的阶段。     

浅谈钢筋加工场的整体布置与规划

本文通过郑徐客专站前工程桥梁桩基、承台、墩身施工中钢筋加工场的整体布置与规划,重点介绍根据工期要求进行钢筋场的整体布置与规划;根据施工工艺及流水线作业方式确定钢筋场加工各功能区的规划;根据建设单位施工现场标准化管理要求,实现统筹规划,合理布局,节约用地,注重实用,符合标准。     

河北省物流发展战略研究

在分析河北省发展现代物流业的客观背景和内在优势的基础上,从河北省物流发展的总体思路和战略目标两个方面阐述了河北省物流发展战略的构想,并就战略构想的实施提出了对策。     

Executives’ Orientations as Indicators of Crisis Management Policies and Practices*

ABSTRACT The paper examines effects of executives’ orientations on crisis management awareness and practices, drawing on the simplicity and paradox management theories. It is suggested that a focus on single‐sided management constitutes an antecedent of crisis proneness. Employing a set of key corporate domains and based on a holistic organizational approach, the study aims at assessing the extent to which companies are crisis prone or prepared. In a sample of 82 Istaeli business and not‐for‐profit organizations it was found that human resource management, strategy, structure, and unlearning factors significantly predicted crisis preparedness. These results suggest that unlearning, despite a mere allusion to this correlate in the simplicity and paradox management theories, correlates better with crisis preparedness. By contrast, traditional strategy‐related and structural effects were marginally related to crisis management policies. Implications and suggestions for further research are proposed.