Looking for contagion in currency futures markets

This article tests whether there are pure contagion effects in both conditional means and volatilities among British pound, Canadian dollar, Deutsche mark, and Swiss franc futures markets during the 1992 ERM crisis. A conditional version of international capital asset pricing model (ICAPM) in the absence of purchasing power parity (PPP) is used to control for economic fundamentals. The empirical results indicate that overall there are no mean spillovers among those futures markets, but they are detected during the crisis period. That is, past return shocks originating in any one of the four markets have no impact on the other three markets during the entire sample period, suggesting that these markets are weak‐form efficient. However, this weak‐form market efficiency fails to hold during the market turmoil, especially for British pound and Swiss franc, and the sources of contagion‐in‐mean effects are mainly due to the return shocks originating in three European currency futures markets. As for the contagion‐in‐volatility, it is detected for British pound only because its conditional volatility is influenced by the negative volatility shocks from Canadian dollar, Deutsche mark, and Swiss franc, with Deutsche mark playing the dominant role in generating these shocks. JEL Classifications: C32; F31; G12. © 2003 Wiley Periodicals, Inc. Jrl Fut Mark 23:957–988, 2003     

MANAGING VENDOR INVENTORY IN A DUAL LEVEL DISTRIBUTION SYSTEM

Collaborative arrangements among members of the supply chain have received a great deal of interest in recent years as a means of reducing costs. One such arrangement is vendor managed inventory (VMI). VMI allows the vendor to make decisions concerning the quantity and timing of deliveries to the retailer. Such an arrangement offers the potential of a more efficient supply chain by removing the negative effects of retail ordering policies. A thorough review of the literature was conducted to identify factors likely to impact the performance of a VMI partnership. Computer simulation was used to study the effects of these factors from both the vendor's and retailer's perspectives. The results lend insight into the performance of VMI and guidance for managers as to the environments in which VMI is most effective.     

AN EVALUATION OF PROCESS‐ORIENTED SUPPLY CHAIN MANAGEMENT FRAMEWORKS

Supply chain management (SCM) is implemented by integrating corporate functions using business processes within and across companies. Several process‐oriented frameworks for SCM have been proposed but only two of these provide sufficient detail to enable implementation. We evaluate the Supply‐Chain Operations Reference (SCOR) framework and The Global Supply Chain Forum (GSCF) framework using four criteria and identify their relative strengths and weaknesses.     

论项目管理对投资效益的支持作用

投资活动具有独特的运行规律，政府和企业在管理模式上现存的缺陷不利于投资效益的实现，有必要在实际 工作中引入项目管理的模式，项目管理以效益为直接目标，以项目为核心，以竞争为手段，以协调为基础，以法律为保障，辅以现代化的项目管理方法和技术，为投资效益的实现铺垫了良好的基础，具有坚实的支撑作用。     

The Contingent Value of Responsive and Proactive Market Orientations for New Product Program Performance*

While the benefits of being market oriented are largely accepted, a group of scholars and managers remain skeptical. Marketing scholars have sought to counter the criticisms leveled against market orientation (MO) by arguing that it has both responsive and proactive dimensions. However, few studies have empirically examined the complexity of the effects of these dimensions on firm performance. Drawing on theories of resource‐based advantage and organizational search behavior, this article advances understanding by arguing that responsive and proactive market orientations have curvilinear effects on product development performance, that their interaction may be positively related to product development performance, and that their effects on new product program performance are moderated differentially by the organizational implementation conditions and marketing function power. Survey results of 175 U.S. firms indicate support for most of the hypotheses. Specifically, whereas responsive MO has a U‐shaped relationship with new product program performance, proactive MO has an inverted U‐shaped relationship with new product program performance. Contrary to the arguments presented here, the interaction of both orientations is negatively related to new product program performance. This study finds that both orientations are needed; however, new product program performance is enhanced when one is at higher level and the other is at lower level. Finally, responsive MO is only positively related to new product program performance under specific conditions such as when strategic consensus among managers is high. On the other hand, the positive effect of proactive MO on new product program performance is further strengthened when learning orientation and marketing power are high. Overall, this study suggests that the effects of responsive and proactive MO on new product program performance are more complex than previously theoretically argued and empirically examined.     

深化对马克思企业理论的研究

深化对马克思企业理论的研究既有助于澄清一些人认为“马克思没有企业理论”的误解,也有助于纠正企业理论研究中“言必称西方”的倾向,还可以为我国的企业改革实践提供指导。研究的途径有“回到马克思”、“依据变化了的实际分析马克思企业理论的‘合理内核’与时代局限”、“批判性地借鉴西方经济学的企业理论”等。     

引进战略投资者的谋略

一、正确界定战略投资者 战略投资者是指与标的企业业务联系紧密、以谋求长期战略利益为目的、持股量较大且长期持有、拥有促进标的企业业务发展的实力并积极参与公司治理的法人投资者.与一般法人投资者相比,战略投资者持股的安定性更强、集中度更高、参与公司治理的积极性更大,因而是一种积极持股者和安定性股东.     

河北省水利工程正效益分析

分析了河北省建国以来水利工程总体正效益，包括城市供水效益、农业灌溉效益、节水灌溉效益、治理盐碱土地效益、防止水土流失效益、防汛抗旱效益等。     

浅谈会计信息失真的主要原因与对策

目前会计信息失真的严重程度,是社会各界普遍关注的问题之一,但对会计信息失真的原因、治理方法却是见仁见智,文章认为只有认真贯彻《会计法》,改革财会人事管理体制,加大政府财政部门的“检察”力度,运用内部监控机制,才能从根本上得到解决。     

强化对抽象行政行为的监督是加强廉政建设的必要途径

抽象行政行为是当今世界各国实施行政管理的重要基础性手段之一。它直接关系到行政行为的公平、公正和效率。分析了当前我国在抽象行政行为监督方面存在的问题 ;论述了强化对抽象行政行为监督的现实意义及主要途径。