A new proof of the maximum principle

Summary. We offer a new proof of the maximum principle, by using the envelope theorem that is frequently used in the standard microeconomic theory. Received: April 11, 2002; revised version: June 26, 2002 Correspondence to: K. Shimomura     

运筹帷幄,决胜千里——从TCL并购汤姆逊看跨国并购的风险

<正>20世纪90年代以来,全球范围内的企业并购浪潮风起云涌,并购规模的扩大和领域的拓宽正成为现代企业并购的趋势。当然,现实的经济活动中,不是任何并购都达到了预期的目的。并购是一项风险较高的经济行为,成功的企业并购会大大     

Customs Union and Gains from Trade Under Imperfect Competition: Variation of a Kemp-Wan Theme

In a world where firms are oligopolists, is it possible to create a customs union that raises the welfare of member countries without hurting non-member countries? We give sufficient conditions for an affirmative answer.     

影响我国电信业发展的经济因素的实证分析

本文利用1991-2002年的时间序列数据,对影响我国电信业发展环境的经济因素———经济发展水平、市场化程度、产业结构变动、储蓄存款增长、城镇化程度、固定资产投资增长额、科技化水平等因素进行实证分析,并提出建议。     

伦敦文化产业发展推介中心的启示

创意产业已成为伦教的核心产业 2001年，伦敦创意产业的总产出大约为210亿英镑．约占英国创意产业总产出的1／4．伦敦人均创意产业产出2500英镑，高出全英国的人均创意产业产出一倍以上。伦敦创意产业的产出仅次于商业服务业（320亿英镑）．成为伦敦缔造财富的第二大产业．1995年-2000年5年间，创意产业产出年均增速达8.5％，超过了其他各个产业。此外．高度多样性的创意产业还取得了生产率年增4％,就业量年增5％的优异表现．创意产业成为伦敦经济根本转变的组成部分．在商业服务业逐渐成为伦敦经济主导产业的过程中．创意产业的发展正成为伦敦经济增长的新源泉．推动着伦敦经济的进一步转变。     

On the relation between the market-to-book ratio, growth opportunity, and leverage ratio

The negative relation between the market-to-book ratio and leverage ratio is one of the most widely documented empirical regularities in the capital structure literature. Most related studies take this negative relation as given and debate about its economic interpretation. We show that firms with higher market-to-book ratios face lower debt financing costs and borrow more. The relation between the market-to-book ratio and leverage ratio is not monotonic and is positive for most firms (more than 88% of COMPUSTAT firms and more than 95% of total market capitalization). The previously documented negative relation is driven by a subset of firms with high market-to-book ratios.