Exploring the interaction between incubators and industrial clusters: the case of the itri incubator in Taiwan

This article aims to explore the interaction between incubators and industrial clusters, which is an important linkage for local development but has not been analyzed in the literature. A model is proposed to describe this interaction. The Industrial Technology Research Institute (ITRI) Incubator within the Hsinchu industrial cluster, the core of Taiwan's technology industries, is considered to be an empirical case. This case is investigated with the proposed model and methods including data analysis, in–depth interviews, manager surveys and stakeholder analysis. It was found that the clustering effect in the Hsinchu industrial cluster is main factor in the ITRI Incubator's development. The ITRI Incubator in turn reinforces the cluster in some aspects as feedback. This result confirms the existence and importance of this interaction in local development. It is recommended that government officials and incubator managers take account of this interaction in operating an incubator program and utilize the proposed model to analyze the incubator's contributions to its industrial cluster.     

The price adjustment and lead-lag relations between stock returns: microstructure evidence from the Taiwan stock market

This paper investigates the price adjustment and lead-lag relations between returns on five size-based portfolios in the Taiwan stock market. It finds evidence that the price adjustment of small-stock portfolios is not slower than that of large-stock portfolios. Additionally, limited evidence supports a positive leading role of large-stock portfolio returns over small-stock portfolio returns. These two findings are substantially different from the results of previous research on developed markets.     

UNIT MANAGEMENT BUYOUTS, STOCKHOLDER WEALTH, AND SELLING FIRMS' CHARACTERISTICS

Previous research on unit management buyouts, UMBs, has shown that selling firms benefit from the selloff transaction. The current research demonstrates that when the selling firm has either poor liquidity or poor earnings, selling firm shareholders do not benefit as much. We hypothesize that the unit managers have knowledge about the selling firm's difficulties so they do not pay as large a premium for the assets. Since the unit managers technically are employed by the selling firm shareholders, their bargaining to achieve a better price is an agency cost. Finally, selloff frequency does not affect seller abnormal returns.     

计轴自动站间闭塞及调度集中设备的行车组织对策建议

介绍了计轴自动站间闭塞和调度集中设备概况,针对这些技术设备在青藏铁路哈尔盖—格尔木间的应用,论述了相应的行车组织对策,并根据目前的有关规章要求,对计轴自动站间闭塞方式和调度集中作业提出了应进一步研究和探讨的问题。     

An empirical analysis of the relationship between the hedge ratio and hedging horizon: A simultaneous estimation of the short‐ and long‐run hedge ratios

This article analyzes the effects of the length of hedging horizon on the optimal hedge ratio and hedging effectiveness using 9 different hedging horizons and 25 different commodities. We discuss the concept of short‐ and long‐run hedge ratios and propose a technique to simultaneously estimate them. The empirical results indicate that the short‐run hedge ratios are significantly less than 1 and increase with the length of hedging horizon. We also find that hedging effectiveness increases with the length of hedging horizon. However, the long‐run hedge ratio is found to be close to the naïve hedge ratio of unity. This implies that, if the hedging horizon is long, then the naïve hedge ratio is close to the optimum hedge ratio. © 2004 Wiley Periodicals, Inc. Jrl Fut Mark 24:359–386, 2004     

A variety-increasing view of the development of the semiconductor industry in Taiwan

The development of the semiconductor industry depends on its interactions with the environment. Developing countries face more constraints and the environmental interactions seem more complicated. The development process of the semiconductor industry could be better understood with regard to the interactions and social changes. This study proposes a variety-increasing viewpoint based on the concepts of variety increasing and internal learning to analyze the developmental experience of the semiconductor industry in Taiwan. The result shows that the development of Taiwanese semiconductor industry is a continuous variety-increasing process, which is achieved by searching and establishing successful associations in an increasingly wider and complex environment. Implications on the ongoing development of Taiwan's semiconductor industry and the development experiences of other East Asian countries are discussed.     

Understanding Urban Inequality: A Model Based on Existing Theories and an Empirical Illustration

In the debate on urban inequality, Sassen’s theory on social polarization and Wilson’s theory on spatial mismatch have received much attention. Where Sassen highlights the decline of the middle classes, Wilson focuses on the upgrading of urban labour markets. In this article we argue that both theories may be valid, but that they have to be put in a more extended theoretical framework. Of central importance are national institutional arrangements, membership of different ethnic groups and networks, and place–specific characteristics rooted in local socio–economic histories. As a first empirical illustration of our model, we use data on the labour markets of Amsterdam and Rotterdam and show that different forms of inequality can be found both in economic sectors and within ethnic groups. The model we present could be used both to reinterébatpret existing data and as an analytical framework for the analysis of different forms of urban inequality. Dans le d& sur l’inégalitéurbaine, la théorie de la polarisation sociale de Sassen et celle de la disparité spatiale de Wilson ont retenu l’attention. Alors que Sassen souligne le déclin des classes moyennes, Wilson s’attache à la revalorisation des marchés du travail urbains. Cet article soutient que, si ces deux théories sont admissibles, elles doivent étre placées dans un cadre théorique plus large. En effet, sont essentielles les dispositions institutionnelles nationales, l’adhésion de différents réseaux et groupes ethniques, et les spécificités du lieu enracinées dans les histoires socio–économiques locales. Comme première illustration empirique de notre modèle, nous utilisons des données relatives aux marchés du travail d’Amsterdam et de Rotterdam pour montrer qu’il y existe différentes formes d’inégalitéà la fois dans les secteurs économiques et les groupes ethniques. Le modèle présenté pourrait servir à réinterpréter les données existantes et fournir un cadre à l’analyse des diverses formes d’inégalité urbaine.     

从“江阴板块”看苏南乡镇企业的新发展

苏南乡镇企业能否实现与现代市场经济的有效对接是社会各界广泛关注的重要课题。可喜的是，作为苏南乡镇企业的发源地之一，进入９０年代以来，江苏无锡地区的江阴市，一大批乡镇企业积极实施资本经营战略，从１９９７年至今的短短几年间，已有１０家公司上市，形成了中国股市     

Institutional design and the closure of public facilities in transition economies

As part of the reforms of their systems for financing and delivering health care, many transition economies, particularly in central and eastern Europe, have adopted national insurance funds that are institutionally separate from ministries of health. Most of these countries have also grappled with the problem of restructuring the delivery system, especially the need to reduce hospital capacity. Although improving the performance of medical care providers through a shift from passive budgeting to explicitly incentive mechanisms is important, why this change in financial relations between the government and providers could not be implemented simply by reforming the role of health ministries is not obvious. This paper presents an explicit rationale for the separation of powers between the regulator (the ministry of health) and the financing body (the insurance fund), based on the inability of a single agency to commit to closing hospitals. JEL classification: L51, P20, P35, I18.     

物流热的冷思考

物流圈内好热闹自2000年以来,随着各种物流高峰会、研讨会、展览会的召开,“物流”和“网络”并驾齐驱,驰骋于各种媒体之上。如果说去年物流圈内热闹纷繁还只局限于理论炒作上,那么去年众多高科技企业和上市公司的强力介入,物流“热”似乎显得实在了一些。中国诚通集团在上海宣