Growth paths and survival chances: An application of Gambler's Ruin theory

This paper links new firm survival with growth, with a focus on the patterns in firms' growth paths. We theorise a Gambler's Ruin framework by arguing that new firm performance is best modelled as a random walk process, but that survival is nonrandom and depends primarily on the stock of accumulated resources. A firm's resources are either there when the business begins or are generated by successful periods — ‘wins’. The empirical section tracks, over six years, the sales and survival/non-survival of 6247 UK start-ups which all began trading in the same quarter of 2004. We do not find strong evidence in favour of a taxonomy of growth paths, because we observe that every possible growth path seems to occur with roughly equal probability. However, we observe that growth paths influence subsequent survival. Controlling for lagged size, we observe that longer lags of growth, and even start-up size, have significant effects on survival.     

Privatization,Foreign Acquisition and the Motives for FDI in Eastern Europe

The paper examines the motives for FDI in Eastern Europe by analysing foreign entry by acquisition facilitated by privatization programmes. Firm-level characteristics encouraging entry through their effect on expected profits, as well as industry level determinants are considered. The data are drawn from the list of the 500 largest companies in Polish manufacturing and span privatizations between 1993 and 1998. The results point to market-seeking rather than resource-seeking motives behind the location decisions of foreign investors. JEL no.  F23, L33, P31     

Supply-Side Economics and the Future

How will supply-side economics fare under the new administration? Paul Craig Roberts of the Center for Strategic and International Studies at Georgetown University in Washington, argues that supply-side economics was the major success of President Reagan but that the new administration may not follow its predecessor's example.     

The very idea of classification in international accounting

The paper discusses some issues and problems associated with attempts to classify national systems of accounting. Attention is given to classification experiences in other disciplines. The analysis aims to show the incoherence of taxonomies which rely upon appeals to objectivity and tries to present a case for the development of classifications which explicitly focus on the concept of an “accounting system”.     

志存高远的合作

三家合作伙伴为了追求摩尔定律,其紧密合作甚至延伸到了晶圆生产底层,但同时其间也仍存在着为争夺代工客户而进行的竞争.     

Loan Rates and Collateral

We investigate the relation between corporate loan spreads and collateralization. We use propensity scoring to create a matched sample of pairs of loan facilities from the Dealscan database. We find that noncollateralized loans are associated with lower spreads even after controlling for risk.     

Productivity and Turnover in the Export Market: Micro-level Evidence from the Republic of Korea and Taiwan (China)

Widespread empirical evidence indicates that exporting producershave higher productivity than nonexporters, although the reasonswhy are unclear. Some analysts argue that exporters acquireknowledge of new production methods, inputs, and product designsfrom their international contacts, and with this knowledge theyachieve higher productivity than their more insulated domesticcounterparts. Others argue that the higher productivity of exportersreflects the self-selection of more efficient producers intoa highly competitive export market. This article analyzes thelink between a producer's total factor productivity and itsdecision to participate in the export market, using manufacturingdata from the Republic of Korea and Taiwan (China). Differences are found between these two economies in the importanceof selection and learning. In Taiwan (China) transitions ofplants into and out of the export market reflect systematicvariations in productivity as predicted by self-selection models.In Korea there are no significant changes in productivity followingentry or exit from the export market that are consistent withlearning from exporting. A comparison of the two economies suggeststhat in Korea factors other than production efficiency are moreprominent determinants of the export decision.     

Updating the estimation of the supply of storage

An updated supply of storage is estimated to reflect recent developments in the literature. This study adds a measure of price variability, specifically implied volatility. It also adds a measure of the call‐option value to sell stocks before the end of the storage period, specifically a measure developed by Heaney (2002). The model is estimated for U.S. soybean stocks carried between crop years. A quadratic relationship is found between stocks to use ratio and implied volatility. A statistically significant, inverse, linear relationship is found between the storage‐cost–adjusted spread and the estimated call‐option value. This finding is consistent with the much debated idea that convenience yield is a return to storage that can offset losses from storage when intertemporal price spreads are negative. © 2006 Wiley Periodicals, Inc. Jrl Fut Mark 26:657–676, 2006     

5个不朽的法则

最先出现的摩尔定律又衍生出半导体工业的其他几个基本法则 Brian Halla,美国国家半导体公司首席执行官第一次听说摩尔定律是在1975年,那一年EB刚刚创刊,当时他还是英特尔公司的一名年轻工程师;Aart De Geus,Synopsys公司首席执行官于1979年的一次技术研讨会上首次听说摩尔定律,当时他还在读研究生;T.J.Rodgers,赛普拉斯半导体公司首席执行官也是1979年才首次从戈登·摩尔那里听说摩尔定律.