Subsidization of S&Ls under the flat-rate deposit insurance system: Some empirical estimates

This study provides some estimates of the magnitude of the subsidies extracted by S&L holding companies under the present flat-rate deposit insurance system. The results suggest that the flat-rate deposit insurance system induces substantially uneven and inequitable distribution of subsidies among thrift institutions. The analysis of the thrift institutions' asset volatilities over the 1966–1988 period does not support the claim that deregulation of the industry has led to a systematic increase in risk-taking in the industry. On the other hand, we find that a large fraction of the asset volatilities are attributable to firm-specific investment policies and that the risk of the institutions' assets change considerably over time. Taken as a whole, the results suggest that switching to a risk-based deposit insurance system would be economically more efficient than the present scheme. We provide some recommendations for policy changes that can increase the efficacy of risk-based insurance by increasing the level of monitoring by depositors and the financial markets.     

Adverse selection as an explanation of credit rationing and different lender types

An adverse selection model is utilized to demonstrate that informational asymmetry may make it wealth optimal for the financial intermediary (FI) to credit ration and to rationalize the existence of different lenders in the credit market. The crucial assumption is that borrowers differ in their tolerance for a lender-imposed default penalty, the severity of which also varies with the lender. The credit rationing portion proves that the FI will: 1) be forced by a binding regulatory constraint to overinvest in capital; 2) ration its worst risk class borrowers; 3) establish its optimal loan interest rate on the basis of the average quality of its loans and the interest rate elasticity of the borrower demand in its best risk category; and 4) decrease the total loan volume and increase the loan interest rate due to an increase in the capital requirement, but the effect on the default risk quality of its loan portfolio is ambiguous. The existence result is that if a lender has a high default penalty, he can charge a lower rate and attract only “good” borrowers, i.e., heterogeneous lender types encourage the screening of borrowers and vice versa.     

Estimating the variance of the ratio estimator for theMidzuno-Sen sampling scheme

Summary The problem of estimating the variance of the ratio estimator for theMidzuno-Sen sampling scheme is further studied in this paper. Sufficient conditions are derived for which the suggested variance estimator is always positive definite.     

企业统计如何迎接新挑战

随着我国《统计法实施细则》的颁布,在这一新的形势下,企业统计应如何发挥其作用,值得我们每一位统计工作者深思,本文对此进行了探讨。     

Code and conduct in French cuisine: Impact of code changes on external evaluations

We study the effects of organizational code‐preserving and code‐violating changes on external evaluations by third parties—an essential but under‐studied strategic outcome. We define code‐preserving changes as a variation in the firm's product range that preserves the social code within which the firm positions its offering. By contrast, a code‐violating change corresponds to a variation in the product range that breaks with past codes and embraces another social code. Our analyses of French haute cuisine restaurants show that code‐preserving changes and code‐violating changes have positive effects on external evaluations. Both effects decline with prior evaluations received by the organization, but only the effect of code‐violating changes is reduced with age. Moreover, external evaluations improve when restaurants undertake more code‐preserving changes than their direct competitors but decline when they make more code‐violating changes than competitors. These results enable us to derive implications for research on strategic change, strategic groups, and strategic social positioning. Copyright © 2007 John Wiley & Sons, Ltd.     

安徽省旅游企业信息化管理的重点和难点

信息化是当今世界经济和社会发展的趋势,为全球经济发展提供了新的生产力.为了加快安徽省旅游信息化的建设,根据目前安徽省旅游信息化的现状,站在旅游行业的高度,对旅游行业供应链、价值链进行重新设计,并就重点和难点问题展开专题研究.     

湖南旅游人才需求预测模型的构建

旅游业本身就是以人为本的服务性行业,行业的特点注定其发展必须以人为本,旅游人才开发就成为湖南旅游业发展的棱心．人才决定湖南旅游业发展的大局,也决定了湖南旅游业发展的未来。本文在湖南旅游人才的历史、现状和未来发展趋势的鲞础上,蛄合湖南旅游“十五”发展规划和小康社会建设的要求,采用多种技术方法,探讨构建湖南旅游人才需求预测模型,并对湖南旅游人才开发提出相应的对策。     

Building relationship innovation in global collaborative partnerships: big data analytics and traditional organizational powers

This study examines how relationship innovation can be developed in global collaborative partnerships (alliances, joint ventures, mergers, and acquisitions). The recently emerging theory of big data analytics linked with traditional organizational powers has attracted a growing interest, but surprisingly little research has been devoted to this important and complex topic. Therefore, after developing the theoretical foundations, our study empirically quantifies the links between the theoretical constructs based on the data collected from chief executive officers, managing directors, and heads of departments who work in contemporary global data‐and‐information driven collaborative partnerships. The results from structural equation modeling indicate that the relationship innovation depends on the power of big data analytics and non‐mediated powers (NMP, expert and referent). The power of big data analytics also mediates the correlation between NMP and relationship innovation. However, mediated powers (coercive and manipulative) negatively affect the power of big data analytics and relationship innovation. The interaction effects further depict that analytically powered partnerships have better relationship innovation compared with those which focus less on the analytical power. Consequently, the contributions of this study provide a deeper understanding of mechanisms of how modern collaborative partnerships can use big data analytics and traditional organizational powers to co‐create relationship innovation.     

Balancing social and political strategies in emerging markets: Evidence from India

This article explores the substitution and complementary effects between political and social strategies on firm performance in the context of an emerging market (EM). Using in‐depth, historical case‐study approach, the article investigates how companies integrate political and social resources in this market. Corporate performance includes traditional measures, such as accounting performance and nonfinancial measures like the ease of doing business. The study finds that social strategies are stronger enablers of firm long‐term performance than political strategies. The latter have a short‐term impact on performance, but their success over time is limited. The main drawback of reliance on political resources in EMs is the lack of political stability, fragmented polity, and weak political coalitions. We identify rather limited evidence of firms using these two strategies as complements. Thus, we suggest that firms should employ both these strategies in the EM.