Smiling less at LIFFE

This study investigates the structure of the implied volatility smile, using the prices of equity options traded on the LIFFE. First, the slope of the implied volatility curve is significantly negative for both individual stocks and index options, and the slope is less negative for longer‐term options. The implied volatility skew can be described by risk‐neutral skewness and kurtosis, with the former having the first‐order effect. Moreover, the implied volatility skew for individual stock options is less severe than for index options. Finally, the relationship between the real and risk‐neutral moments implied in option prices is significant. The results indicate that, for equity options traded on the LIFFE, the slope of the implied volatility skew is flatter than that on the Chicago Board of Exchange (CBOE). © 2008 Wiley Periodicals, Inc. Jrl Fut Mark 28:57–81, 2008     

Profit sharing as a worker discipline device

A synthesis of profit-sharing and efficiency wage models is constructed to provide a preliminary account of how a firm determines its pay parameters, and why it chooses to be a profit-sharing or a fixed-wage firm. We find that the properties of the worker's effort function crucially influence the firm's choices between different compensation systems, and that the adoption of a profit-sharing scheme cannot guarantee the attainment of full employment. Other findings of the paper also seem to be very different from those of Weitzman's share model.     

论中日韩FTA建立的可能性

在讨论中日韩建立 FTA 的问题上, 目前的建议大多针对基于要素禀赋理论上的产业间贸易模式,考虑到要素禀赋理论的静态缺陷。本文从动态角度出发,探讨 FTA 建立后,贸易模式的变化且这种变化带给中国的影响,从而分析是否存在建立 FTA 的可能性。     

Service failure,time pressure,and conscientiousness of service providers: the dual processing model perspective

Service providers often work under serious time constraints that increase the likelihood of service failure. This study uses a dual processing model to investigate how time pressure and the conscientiousness of service providers interact to influence service failure. This study hypothesizes that time pressure is positively related to service failure for health service providers with low levels of conscientiousness, but not for those with high levels of conscientiousness. A cross-sectional design and paper-based questionnaires were used. The study hypotheses were then analyzed using regression analyses. The results of this study supported the hypotheses. Moreover, the empirical findings support the dual processing model.     

Price or quality? The influence of fluency on the dual role of price

Despite extensive pricing research focusing on price information processing, the importance of the role of fluency on price-perceived quality and monetary sacrifice remains unclear. Studies 1 and 2 demonstrate that consumers with high retrieval and processing fluency are more likely to evaluate price according to its implications for perceived quality and less likely to focus on price-perceived monetary sacrifice. By contrast, consumers with low retrieval and processing fluency are more likely to evaluate price according to its implications for monetary sacrifice and less likely to focus on price-perceived quality. Besides, study 2 further demonstrates the influence of fluency on purchase intention. Finally, the mediating role of the incidental affect induced by fluency in the theoretical link between fluency and price perceptions is also demonstrated.     

企业集团边界的演变趋势研究

提出母子公司体制下的企业集团,其基于控制权的治理边界,超越了企业法人边界,使得其边界非平面性,而是三维立体的边界。还进一步从动机、有效范围、演变趋势等方面对企业集团三维边界作了分析,提出现实生活中企业集团整合边界范围帕累托最优是比较困难的,尤其是大型国有企业集团在战略重组中往往只能在不优的整体边界范围内创造局部有效的边界范围。最后,运用所提出的理论观点对我国企业集团成长中的规模、结构、管控等问题进行了解释。     

Cognitive complexity implications for research on sustainable competitive advantage

Cognitive complexity of top managers gains increasing attention in the management field. Performance implication of cognitive complexity is an important one. This article clarifies several of the original points to reply to Huang's commentary. In particular, we comment on some issues of testability and measurement of cognitive complexity and internal/external related dimensions.     

MNC foreign investment and industrial disasters: The moderating role of technological,safety management,and philanthropic capabilities

Research Summary: We investigate how industrial disasters can discourage FDI and how MNCs' technological, safety management, and philanthropic capabilities can moderate these effects. Using two unique panel data sets of entry and expansion of U.S. wholly‐owned manufacturing subsidiaries overseas, we found that industrial disasters are associated with reduced foreign entry of wholly‐owned subsidiaries in the disaster industry, but not for all firms in the host country experiencing the disaster. We also found that MNCs' technological, safety management, and philanthropic capabilities can, in some cases, positively moderate the negative relationships between industrial disasters and the foreign entry and expansion of wholly‐owned subsidiaries. Additionally, three‐way interactions with government stability suggest that technological and safety management capabilities substitute government stability in managing industrial disasters, while philanthropic capability complements government stability. Managerial Summary: How can MNCs' technological, safety management, and philanthropic capabilities overcome the effects of industrial disasters such as chemical spills and explosions in host countries? Our results show that industrial disasters are associated with reduced foreign entry of wholly‐owned subsidiaries in the industry in which the industrial disaster occurs, but not for other firms operating in the country experiencing the disaster. However, an MNC's technological capability can, in general, lower the negative consequences of industrial disasters in both the entry and expansion of its wholly‐owned subsidiaries. Regarding the institutional quality of a host country, the results imply that MNCs should develop philanthropic capability when the government stability of the host country is strong, and develop technological and safety management capabilities when the government stability is weak.     

浅析我国产业结构存在的问题及政策建议

从我国目前的经济发展现状来看,产业结构调整中存在一些问题和矛盾,只有解决这些问题,才能促进国民经济的健康、快速、稳定的发展。针对这些问题,我国产业结构必须进行合理有效地调整,制定适合我国情况的产业政策,促进产业结构的合理化和高度化。     

我国乡镇企业技术创新的制约因素及对策研究

技术创新是乡镇企业面向未来,积极参与国内外市场竞争和实现可持续发展的必然的战略选择。为了搞好技术创新,乡镇企业必须针对自身的缺陷和存在的问题,强化技术创新的技术层面与非技术层面的集成作用,提供有力的政策环境与市场环境,加强技术创新过程管理,建立健全技术创新动力机制和产权激励机制等。