The Pricing of IPOs Post-Sarbanes-Oxley

The Sarbanes-Oxley Act (SOX) imposes new requirements for firms going public. Many provisions of SOX should improve the transparency of U.S. firms going public and therefore reduce the uncertainty surrounding their valuation. We find that initial returns of initial public offerings (IPOs) in the United States have declined since SOX. Furthermore, the aftermarket performance of IPOs since SOX is significantly higher. While the expense of public reporting has increased in the United States because of SOX, the valuations of newly public firms at the time of the IPO are subject to less uncertainty and smaller aftermarket corrections.     

利用客户智能 展开市场竞争——基于营销学3I构建竞争优势

序言：随着越来越多的产品和服务实现商品化,企业必须将客户智能作为一种可加以利用的资源,实现差异化和竞争优势。大部分营销组织已认识到,客户希望（或要求）企业将他们的关系向产品、部门、渠道及其他组织全面延伸。为满足这种需求,以客户为中心的3I营销模型为营销组织提供了方法和手段。     

21世纪中国农业水资源利用

一、中国水资源现状 (一)中国水资源供给 中国是一个水资源相对贫乏的国家。中国水资源年径流量仅为27110亿立方米,人均年径流量仅为2151立方米,比世界平均水平的1/4还要低。中国北部地区尤其缺水,人均年径流量仅为750立方米。海滦河流域水资源尤其匮乏,人均年径流量仅为355立方米,淮河、黄河流域稍高,但仍远低于国际可接受的1000立方米水紧张下限。     

Managerial stereotypes in Singaporean subsidiaries of multinational corporations

The responses of 365 managers from 34 Singaporean subsidiaries of multinational companies are used to profile the stereotypes these individuals hold of each other. The managers' replies to 18 semantic differential items show greater agreement on each other's managerial performance and style between expatriate and local managers in British corporations than in Japanese corporations. The results from American corporations are between these two. Stereotyping has been shown to be a very common phenomenon in international relationships (Davidson and Thomson, 1980). Despite some recognition of the importance of stereotyping in international business situations (Hays, 1972), very little empirical work has been conducted into the general process of stereotyping in multinational corporations (viz. Stening and Everett, 1980; Whitehead and King, 1973). Even less research has been conducted on the stereotypes held by expatriate and local personnel in multinational corporations of their own group (auto-stereotypes) and of other groups (hetero-stereotypes). This study examines the auto-stereotypes and hetero-stereotypes held by expatriate and local managers in Singaporean subsidiaries of British, Japanese and American corporations. It is apparent from the comparative management literature that there are differences in attitudes and behaviour among managers from these countries (Haire, Ghiselli, and Porter, 1966; Ronen and Kraut, 1977). There is insufficient basis, however, for anticipating variations among them in terms of their auto-stereotypes and their hetero-stereotypes. This exploratory study presents evidence on the nature of those variations.     

The deployment of temporary production workers in assembly operations: a case study of the hidden costs of learning and forgetting

The dynamics of workforce skill levels has a considerable impact on plant-level performance that is commonly overlooked by managers of manufacturing operations. In this study, we present a discrete event simulation model inspired by and validated in an actual manufacturing setting that includes short product life cycles, mid-volume production quantities, and a production environment consisting of assembly, inspection and testing.The effect of worker skill dynamics is analyzed using a factorial experimental design that contrasts the use of temporary versus permanent workers on manufacturing cost performance. The manufacturing costs assessed include labor, inspection and testing. The cost of reworking a defect is captured as an increase in the labor consumption. Materials costs are not assessed. At the core of the analysis, it is assumed that temporary workers have relatively less skill and therefore have higher average production times, higher average defect rates associated with their assembly activity, and lower rates of learning. In addition, the variance of the production time is higher for the temporary workers. Despite these indicators of performance problems, temporary workers may be used because of the considerably lower wage rate compared to permanent employees.Our in-depth case analyses shows that assigning skilled permanent workers to upstream build operations was superior to other policies deploying temporary workers, regardless of lot size or product complexity. Attesting to the importance of the labor mix component of manufacturing strategy, workforce deployment policies tended to dominate product switching frequency (a proxy variable for lot size and product mix) in impacting costs.     

French trade unions: crisis in the 1980s

France has had a Socialist President since 1981, and yet support for French trade unions has declined markedly. This article assesses the nature of this decline and examines the role of government, changes in the labour market, employer policies and trade union strategies, in order to explain this apparent paradox.     

The consumer retail search process: A conceptual model and research agenda

Consumers are continually faced with the task of finding their way through a wide variety of retail environments. Surprisingly, very little research has addressed questions about how consumers physically search through retail settings. This article explores this important, yet little researched behavior. A conceptual model of the consumer’s retail search process (CRSP) and several research propositions are advanced. The CRSP model integrates research findings relevant to an understanding of consumer retail search behavior. Literature from such diverse fields of scientific inquiry as environmental psychology, human factors, architecture, and marketing are reviewed and serve as the theoretical basis of the CRSP model. He received his Ph.D. in marketing from Pennsylvania State University in 1991. His current research interest concerns how consumers interact with the physical environment and how this interaction influences subsequent behavior. His research has been published in theInternational Journal of Research in Marketing and theJournal of Marketing Education. His teaching and research interests focus on marketing and the environment and services marketing. He has carried out extensive research under sponsorship of federal, state, and local agencies on consumer behavior and urban travel and energy consumption. He received a B.S. degree in psychology from the University of Washington in 1966 and a Ph.D., also in psychology, from the University of North Carolina in 1972.     

THE CHANGING RISK PROFILE OF U.S.-BASED MULTINATIONAL CORPORATIONS EXPOSED TO EUROPEAN COMMUNITY MARKETS

In this study we investigate the risk characteristics of U.S.-based multinational corporations (MNCs) that conduct much of their business in the European Community. Specifically, we assess the efficacy of a multifactor return-generating model that incorporates the influence of U.S. and European markets. Our results demonstrate that the European market is a significant factor in explaining the time-series behavior of MNC returns, and that the European market influence is stronger since the adoption of the Single European Act. In addition, the reduction in the sensitivity of MNCs to the U.S. market since the Single European Act is cross-sectionally associated with changes in their proportional levels of European sales. The results suggest that the returns of other MNCs expanding into increasingly integrated regional blocs may experience similar changes in their systematic risk profile.