Renesas:挑战低价关键在于创新

据说,1943年时,IBM当时的董事会主席Thomas Watson曾说过这样的说:"我认为计算机的全球市场容量为五台."     

The impact of audit penalty distributions on the detection and frequency of fraudulent reporting

We investigate how the distribution of the penalties incurred by auditors for failing to detect fraud influences their effort to detect fraud and auditees’ commission of fraud. We compare a probabilistic, skewed audit penalty to a penalty that automatically imposes the expected penalty of the probabilistic distribution (hereafter, a deterministic penalty). Our experiments show that a deterministic penalty with the same expected value of a probabilistic, skewed penalty increases audit effort to detect fraud and decreases fraudulent reporting by auditees and that these benefits hold in a game involving both auditee and auditor players.     

Valuing Pre-Commercial Genetic Resources: A Maximum Entropy Approach

Genetic improvement has been a major contributor to agricultural productivity in the United States, but many questions about the economics of crop breeding, such as the value of pre-commercial germplasm, remain unanswered. This study estimates the marginal value of poorly characterized materials contained in the U.S. national germplasm system. Within the search theoretic framework, we apply a maximum entropy method to estimate the probability and the expected level of improvement in pest susceptibility relative to its best previously observed level. The results indicate that the lower-bound estimate of benefit is significantly higher than the upper-bound cost of conserving an accession.     

A tale of three cities: Large,medium, and small consumer markets compared

In what size consumer markets does the consumer fare best — those of large, medium-sized, or small cities/towns? This is the general question that this article seeks to answer through analysis of price-quality data pertaining to Minneapolis (a large city), Ann Arbor, MI, and Ithaca, NY (a small town). While differences were smaller than expected, limited evidence from this pilot study support the notion that small markets are most efficient. At the same time the analysis confirms others' findings that most consumer markets are chaotic.     

The 4% rule: Does real estate make a difference?

This paper examines the wealth maximisation and preservation effects of including commercial real estate in retirement-phase portfolio management. Prior research addresses the role of real estate during the wealth-accumulation phase of the investor lifecycle; however, little is known about the contribution of real estate during the invest-and-spend, or decumulation, phase. To address this issue, we estimate short-fall risk based on the widely known 4% Rule. We use pricing data for multiple asset classes and simulation techniques, combined with a robust correlation structure, to examine: short-fall risk sensitivity to alternative spending rules; the impact of public vs. private real estate allocations; wealth preservation as an investment objective; and the effect of real estate on upside, or wealth maximisation, potential. We find short-fall risk in a decumulation portfolio decreases with substantial allocations to real estate. This result holds for a portfolio including either public or private real estate. Additionally, and under most conditions, the best performing decumulation-phase portfolios include a real estate allocation with both public and private real estate exposure. These results have significant implications for investors, whether they be retirees, plan administrators or endowments, as well as financial economists studying the lifecycle of investment decisions.     

COORDINATING PRODUCTION AND DISPOSAL OF COMMODITY STOCKPILES WITH APPLICATION TO AUSTRALIA'S WOOL INDUSTRY

Following the dismantling of a price-support program, a central bureaucracy is left with a commodity stockpile to dispose. It happened with wheat and feed grains in the U.S. in 1986 and wool in Australia in 1991. It soon may happen in Europe with grains, manufactured dairy products and other commodities which have supported prices. Obvious policies include privatising the stockpile, disposing of the stockpile by a central bureaucracy and quarantining the stockpile from the market. Each policy imposes constraints on disposal based, perhaps, on judgments of political acceptability to producers and government. In this article, optimal rules for production and disposal are derived and solved and a new policy is proposed. Then the model is applied to the disposal of Australia's wool stockpile. Results show that centralised disposal will almost always be preferred to privatisation of the stockpile. Centralised disposal is also preferred to quarantining the stockpile if interest rates are high, but quarantining is preferred if interest rates are low. Centralised disposal and quarantining are not optimal, however. Optimal production and disposal combines the efficiency of privatisation with the market power of centralised disposal. To achieve this, the property rights to the stockpile can be redefined using payment-in-kind certificates and individual transferable entitlements. The payment-in-kind certificates assign ownership of the stockpile to individual producers who then make both production and disposal decisions. The individual transferable entitlements allow the industry to produce efficiently and extend market power from the central bureaucracy to producers. For the Australian wool stockpile, optimal production and disposal would benefit the industry by an estimated $2.7 billion.     

Exploring the relationship between marketing and supply chain management: introduction to the special issue

Supply chains and supply chain management are important areas of business practice and scholarship that overlap with the discipline and practice of marketing and marketing management. The co-editors of the Journal’s Special Issue “Exploring the Relationship Between Marketing and Supply Chain Management” provide an introduction to the special issue, overview its contents and extend their appreciation to the authors, reviewers, editor and staff whose contributions and efforts made it possible.