The linkage between the US and Korean stock markets: the case of NASDAQ, KOSDAQ, and the semiconductor stocks

This paper examines the interrelationship between stock prices in the US and Korea by applying the vector autoregression (VAR) model to the daily stock prices at three different level of aggregation – the national aggregate index level, the high-tech industry level and the semiconductor firm level – for the period of July 1996 through February 2001. The major findings of this study are as follows. First, the US stock market plays a leading role over the Korean market at every level of aggregation. The reverse direction of influence, from Korea to the US, was found to be minimal. Second, the evidence also suggests that the speed of transmission of innovation from the US to Korea is swift and finished for the most part within a 24-h period, although it takes three or four days to complete the whole process. Third, the influence of the US stock prices on Korean stock prices, which is measured by the innovation transmission using the impulse–response function (IRF) analysis, seems to be somewhat stronger in the composite national stock price indices and the tech-laden indices than high-tech firms. Fourth, at the firm level, the influence of Micron Technology on the leading semiconductor manufacturers in Korea is shown to be strong and persistent by passing about 34 percent of its innovations to the Korean firms within the three-day period. The impact of IBM and Intel on the Korean chip makers seems to be relatively smaller. Finally, stock prices in Korea, national stock price indices and individual high-tech stocks alike, have become much more responsive to innovations in the US stock prices after the 1997 financial crisis. The implications of the main findings in this paper are also discussed.     

Modeling technical progress and total factor productivity: A plant level example

Shifts in the production frontier occur because of changes in technology. A model of how a firm learns to use the new technology, or how it adapts from the first production frontier to the second, is suggested. Two different adaptation paths are embodied in a translog cost function and its attendant cost share equations. The paths are the traditional linear time trend and a learning curve. The model is estimated using establishment level data from a non-regulated industry that underwent a technological shift in the time period covered by the data. The learning curve resulted in more plausible estimates of technical progress and total factor productivity growth patterns. A significant finding is that, at the establishment level, all inputs appear to be substitutes.This paper was processed by N.R. Adam.     

2006上海房地产路在何方?--两套思路的博弈

2005年12月19日，上海财经大学房地产经济研究中心教授印望华在接受本刊专访时透露：“我注意到最近中央经济工作会议的一种说法，即房产业拉动住房消费，在近阶段仍然是重要的国民经济支柱产业。如果是这样的话，那说明持续半年多的打压政策将可能有点变化了。”     

The role of co-managers in reducing flotation costs: Evidence from seasoned equity offerings

We examine the effect on expected flotation costs of including co-managers in the underwriting syndicate. We consider five components of SEO flotation costs: announcement returns, underpricing, the probability of withdrawals, offering delays, and underwriting spreads. The results show that the characteristics of co-managers participating in syndicates have significant effects on flotation costs, while the effect of the number of co-managers is largely insignificant. Our results are consistent with the notion that highly reputable underwriters and commercial banks serving as co-managers serve a certification role, reducing information asymmetries and, as a result, lowering SEO flotation costs.     

A bright side of financial constraints in cash management

This paper tests whether financial constraints play a disciplinary role in cash dissipation in the presence of agency problems. We hypothesize that when firms have difficulty raising external funds, empire-building managers of cash-rich firms will be less likely to spend cash on negative NPV projects as compared to unconstrained managers. Empirically, we examine firm performance after cash dissipation and associate it with the degree of financial constraints. We find that cash spending by managers in financially constrained firms is associated with higher future profitability and stock returns compared to cash spending by managers in unconstrained firms. Further tests reveal that the positive effect of financial constraints on firm performance is not driven by differences in corporate governance. Financial constraints actually substitute for good governance in disciplining managers. We find that corporate governance improves the efficiency of cash dissipation in unconstrained firms, but not in constrained firms. Likewise, financial constraints' disciplinary effect is found to be concentrated in firms that are poorly governed.     

工业城市物流经济发展对于城市交通网络的影响机制研究

本文对工业城市物流经济发展对于城市交通网络影响的研究进行了阐述,针对工业城市的特点以及工业城市物流经济发展对于城市交通网络的影响机制进行了分析,并通过攀枝花市物流经济发展情况对于城市交通网络影响的具体情况进行分析。本文旨在通过工业城市物流经济发展对于城市交通网络的影响机制的研究为工业城市规划提供依据。     

全面预算管理中的重点与难点问题研究

近年来，我国企业在大力推行全面预算管理的过程中，出现了一些急需解决的重点与难点问题，如：预算与战略脱节、预算缺乏严肃性、考核与激励不到位等。针对这些问题，立足于预算管理的整个流程，从战略导向、组织构架和业绩评价3方面提出改进建议，以使预算管理更好的为企业服务。     

用先进文化推动先进生产力的发展

文化是人类独有的生存方式，是一个民族的精神记忆，是综合国力的重要体现，先进文化是民族精神的火炬，是鼓舞人民前进的号角。代表先进生产力的发展要求，必须以先进文化作支撑。没有先进文化的强力支撑，推动先进生产力发展，便会成为无源之水，无本之木。因此，大力加强先进文化建设，特别是企业文化建设，是企业实现超常规，     

柏克德公司经营战略模式及其启示

二十多年来,中国的经济发展一直在走高能耗、高产出的粗放型道路。但是,在国内外各种原材料价格急剧上升,国际石油期货价格突破每桶70美元,铁矿石价格上涨70%的今天,改变经济增长方式,建立节约型社会的任务刻不容缓。而“走出去”实现产业转移,发掘和利用更多国际资源是中国经济继续保持可持续发展的重要方式。在“走出去”的主要形式中,对外工程承包非常重要。而中国的承包商要走向国际市场,绝对不能仅仅依靠我国廉价的劳动力资源。学习国外先进建筑工程企业的经验和做法是尽快与国际接轨的捷径。美国建筑工程行业的领袖柏克德公司(B echt…