现代物流与经济增长的VAR模型分析

本文在建立VAR模型的基础上，运用脉冲响应函数和预测方差分解来刻画现代物流发展与经济增长关系的相关性。研究结果表明，我国的现代物流发展与经济增长之间存在着较强的正向相关性。因此，在当前条件下，加速推进现代物流发展是持续促进经济增长的重要路径选择。     

厦门市证券业存在问题及对策研究

一、厦门市证券业存在的问题 1、上市公司存在的问题 ——厦门市上市公司个体与群体规模均偏小,与全国平均水平比较有较大差距。1993年中国证券市场刚起步,当年的证券市场新股上市家数132家,厦门有4家,占3.03％;1996年上市的公司全国为212家,厦门占5家,占2.35％;1997年以后中国证券市场进入高速发展期,每年上市家数都在100家以上,而厦门3年仅上了3家,2000年全国上市168家,厦门却没     

The rank and model specification of demand systems: an empirical analysis using United States microdata

A rank-three demand system is estimated with United States Consumer Expenditure Survey microdata. A unique price data set is also used, which permits the analysis of effects of systematic errors in price variables. It is found that errors in price variables bias test results for the rank-three hypothesis, in particular towards rejection. Other test results are affected to a lesser extent. Estimating smaller systems of demand equations, even when conditioning on excluded goods, yields significantly different results. Another important conclusion is that model specification is statistically significantly different for households of varying family sizes and housing tenure statuses. JEL Classifications: C31, D12.
Le rang et la spécification du modèle des systèmes de demande: une analyse empirique utilisant des microdonnées américaines. On calibre un système de demande de rang trois à l'aide de microdonnées américaines tirées de la United States Consumer Expenditures Survey. Un ensemble unique de prix est utilisé afin de permettre l'analyse des effets d'erreurs systématiques dans les variables de prix. Il appert que les erreurs dans les variables de prix distorsionnent les résultats du test de l'hypothèse de rang trois en faveur d'un rejet. D'autres résultats de tests sont affectés à un moindre degré. Si l'on calibre de plus petits systèmes d'équations de demande, même en posant des conditions sur des biens exclus, des résultats qui diffèrent de manière significative s'ensuivent. Une autre conclusion importante est que la spécification du modèle est différente de manière statistiquement significative pour les ménages selon la taille de la famille et le statut domiciliaire.     

基于可持续发展观的企业财务政策选择研究

企业的财务政策是企业根据其目标和理财环境以及本身的财务实力制定的财务方针和策略，它大量涉及企业理财的谋略和企业的商业秘密，所以必须根据企业内外客观情况的变化，对政策不断加以修改补充，甚至更新替代。然而，这种更新与替代却是很难的，一方面旧的财务政策由于其内部韧性作用而得以维持；另一方面，人们由于心理中的惰性因素而倾向于维护自己已经熟悉的政策。本文探讨如何把可持续发展观引入企业财务政策的选择过程，以解决以上的矛盾。     

Probable evolution of artificial-intelligence-based educational devices

The potential capabilities of artificial-intelligence-based educational devices are briefly described, and a technical forecast of an advanced instructional work station's attributes is presented. Forces driving implementation are delineated, and likely long-term consequences of adoption are assessed. The barriers that impede this evolution are discussed, and policy options are analyzed.     

Foreign-currency transactions and the recovery of German industry in the aftermath of the First World War: the case of Schering AG

While historians have for a long time recognized the importance of the First World War to the general flow of history, business economists do not fully appreciate the impact of the war on commercial relationships. The First World War transformed the political, economic, and social context, in which business was done, forcing companies to develop new strategies and activities, some of which were almost unimaginable before August 1914. This article focuses on one aspect of doing business: foreign exchange management. It argues that Schering AG and its parent, like many German companies after the First World War, were obliged to refocus their activities around their foreign exchange exposures and that the management of foreign exchange issues contributed to a much tighter relationship between businesses, government, and business associations than had existed before the war and for which some aspects of Germany's system of corporate control were not well adapted to handle.     

The Association Between Activity-Based Costing and Manufacturing Performance

This study examines the association between activity-based costing and manufacturing performance. Results using a cross-sectional sample of manufacturing plants indicates that extensive ABC use is associated with higher quality levels and greater improvements in cycle time and quality, and is indirectly associated with manufacturing cost reductions through quality and cycle time improvements. However, on average, extensive ABC use has no significant association with return on assets. Instead, we find weak evidence that the association between ABC and accounting profitability is contingent on the plant's operational characteristics.     

Incentive Fees and Mutual Funds

This paper examines the effect of incentive fees on the behavior of mutual fund managers. Funds with incentive fees exhibit positive stock selection ability, but a beta less than one results in funds not earning positive fees. From an investor's perspective, positive alphas plus lower expense ratios make incentive-fee funds attractive. However, incentive-fee funds take on more risk than non-incentive-fee funds, and they increase risk after a period of poor performance. Incentive fees are useful marketing tools, since more new cash flows go into incentive-fee funds than into non-incentive-fee funds, ceteris paribus.     

Measuring the economic benefit from R&D: results from the mass, length and flow programmes of the UK national measurement system

This study sought to measure the economic consequences of reduced expenditure on specific sections of the UK National Measurement System (NMS), part of the state-funded technological infrastructure. A method was developed which can be adapted to any publicly or privately financed R&D of which the benefits and cost-effectiveness are unclear or contested.
The recent interactions between the NMS and industry were investigated empirically. Five mechanisms were found to account for the majority of instances of successful value creation. Several case studies of each mechanism were collected, illustrating their existence beyond reasonable doubt.
Each of the cut projects would have been expected to have encouraged growth and profitability in identified sectors of the economy through one or more of these five mechanisms. The effects of the cuts were modelled over 30 years. Compared to the costs of the cut projects projected over the same period, the benefits to the economy were predicted to exceed the costs.