Generalized piecewise linear histograms

We extend the concept of piecewise linear histogram introduced recently by Beirlant, Berlinet and Györfi. The disadvantage of that histogram is that in many models it takes on negative values with probability close to 1. We show that for a wide set of models, the extended class of estimates contains a bona fide density with probability tending to 1 as the sample size n increases to infinity. The mean integrated absolute error in the extended class of estimators decreases with the same rate n^–2/5 as in the original narrower class.     

石油价格进入更加波动的新时期

通过对油价波动的历史原因、市场内在因素和人为因素的分析可以看出，石油市场已进入一个新时期，油价将变得更加动荡，而且在波动中呈上升趋势。预计新的平均价位大体为每桶20美元。为此，石油公司应积极研究贸易策略，一方面设法使自身免受损失，另一方面还要寻求从价格波动中赢利。只有准备充分，才能够抗御油价的剧烈波动和周期性变化，进而获得生存与发展。     

Directly measuring early exercise premiums using American and European S&P 500 Index options

The Chicago Board Options Exchange concurrently listed European‐style and American‐style options on the Standard and Poor's 500 Index from April 2, 1986 through June 20, 1986. This unique time period allows for a direct measurement of the early exercise premium in American‐style index options. In this study, using ask quotes, we find average early exercise premiums ranging from 5.04 to 5.90% for calls, and from 7.97 to 10.86% for puts. Additionally, we are able to depict a potentially useful functional form of the early exercise premium. As in previous studies, we find some instances of negative early exercise premiums. However, a trading simulation shows that traders must be able to trade within the bid–ask spread to profit from these apparent arbitrage opportunities. © 2003 Wiley Periodicals, Inc. Jrl Fut Mark 23:287–313, 2003     

THE EFFECT OF INVESTMENT IN INTERORGANIZATIONAL INFORMATION TECHNOLOGY IN A RETAIL SUPPLY CHAIN

The primary purpose of this research was to investigate the effect of investment in information technology in a supply chain. The results of that investigation are presented by focusing on an empirically tested supply chain relationship model containing both behavioral and operational constructs. The four behavioral constructs represented in the model are relationship trust, relationship commitment, relationship dependence, and long‐term relationship orientation. The four operational constructs represented in the model are retailer investment in interorganizational information technology, perceived supplier investment in interorganizational information technology, logistics efficiency, and logistics effectiveness. Among other findings, the results of the investigation found that perceived supplier investment in interorganizational information technology has a significant and positive effect on logistics efficiency.     

RELATIONSHIP MAGNITUDE AND ITS ROLE IN INTERORGANIZATIONAL RELATIONSHIP STRUCTURE

Close relationships between and among supply chain members are becoming more prevalent. However, there is lack of agreement in the literature and in practice concerning the characteristics of different interorganizational relationships. The resultant confusion is an obstacle to the progression of research and could cause problems among firms in a supply chain. Based on previous research and an exploratory study conducted with company executives responsible for supply chain management activities, this article seeks to introduce the concept of relationship magnitude (i.e., the extent or degree of closeness or strength of the relationship) and differentiate it from relationship type (i.e., classes of relationships that share common traits). Implications for managers and opportunities for future research are provided.     

A RE-EXAMINATION OF THE EFFECT OF 12B–1 PLANS ON MUTUAL FUND EXPENSE RATIOS

In this paper we re-examine the effect of 12b–1 payments on mutual fund expense ratios by analyzing data from 1988 through 1991. The findings are consistent with previous studies that find charges are a dead-weight cost borne by shareholders. However, we show that this cost increases over time.     

Globalization frustrated: The case of white goods

This paper challenges the common view that mature industries are always ripe for global strategies. Based on data from the European Domestic Appliance industry, this paper shows how changing economic conditions can diminish the value of global strategies. Critical in these shifts were simultaneous rises in demand for variety (that eroded the benefits of scale and continental market share) and decreases in manufacturing scale (that permitted new supply options), which reduced the extent of the strategic market to national dimensions. They added complexity that decreased the profitability of the global players and increased that of national strategies. The fluctuating fortunes of leading firms are shown to have been caused primarily by choices of strategy, not by national factor costs.