Tax-induced Dissimilarities Between Domestic and Foreign Mutual Funds in Italy

Using data from Italy over the period 1998–2002, this study investigates whether tax effects can account for differences in return patterns between domestic and foreign mutual funds, and if this dissimilarity translates into performance. The paper presents evidence that much of the difference between domestic and foreign funds is explained by the different tax systems. The asymmetry between the two groups, due to the fact that domestic funds are obliged to pay taxes on a daily basis while foreign funds are taxed when capital gains are collected, also affects performance. We prove that comparing pre-tax returns, Italian funds are virtually indistinguishable from their foreign counterparts in terms of risk-adjusted returns, while when comparing after-tax returns, foreign funds outperform.     

Market structure and competitive conditions in the Arab GCC banking system

This paper investigates the market structure of Arab GCC banking industry during the years of 1993–2002 using the most frequently applied measures of concentration k-bank concentration ratio (CRk) and Herfindahl–Hirschman Index (HHI) and evaluates the monopoly power of banks over the ten years period using the ‘H-statistic’ by Panzar and Rosse. The results show that Kuwait, Saudi Arabia and UAE have moderately concentrated markets and are moving to less concentrated positions. The measures of concentration also show that Qatar, Bahrain and Oman are highly concentrated markets. The Panzar–Rosse H-statistics suggest that banks in Kuwait, Saudi Arabia and the UAE operate under perfect competition; banks in Bahrain and Qatar operate under conditions of monopolistic competition; and we are unable to reject monopolistic competition for the banking market in Oman.     

Limits to Investment Exhilarationism

The aim of the paper is to understand the limits of an exhilarationist regime from a theoretical point of view. We propose a model where distributive shares are endogenously determined by assuming labor productivity to vary with the level of output/capacity utilization due to economies of scale. With an additional assumption of investment being determined by profit share we have a self-reinforcing interaction between the level of output and distribution of income in this model. Is there a limit to such a cumulative process? Here we analyze this question without relying on exogenous mechanisms such as ``ceiling/floor'' concepts.     

论卓越经营模式与6西格玛的互补、兼容和整合

本文基于对质量管理发展历史的回顾，分析了卓越经营模式和6西格玛这两个当代质量管理前沿理论的内涵和特点，论述了二者之间的互补和兼容关系，提出了企业如何进行整合推进的策略建议。     

LFMCW雷达多目标加速度和速度估计方法

在线性调频连续波(LFMCW)雷达中,加速度运动目标回波存在多普勒频谱畸变现象,造成目标检测性能和参数估计精度损失。本文提出对同一距离单元上的多个目标的多普勒信号进行修正的多项相位变换,能够以较小的运算量,准确估计多个目标的速度和加速度,达到改善目标的检测性能和提高参数估计精度目的。     

接近香农限的编织卷积码设计与仿真

本文主要阐述了斜纹编织卷积码的编码结构、迭代译码以及活性距离和交织器对其误码性能的影响等基本概念。通过系统仿真,在AWGN信道下发现斜纹编织卷积码的系统性能与系统传输帧长和编码器个数都有很大的联系,其误码性能十分接近香农限,且没有错误地板效应。     

基于软件通信体系结构的OFDM波形实现

探讨了软件定义无线电开放的软件通信体系结构(SCA),实现了其核心框架,在此基础上给出了OFDM波形应用的开发过程,这些都为以后其他波形应用的开发提供了基础。     

基于并行判决法的PCTH-UWB系统性能分析

伪混沌跳时序列(PCTH)最近提出应用于UWB系统。本文分析了PCTH-UWB的工作原理,提出了并行判决法,与直接判决法进行了比较,理论分析及仿真结果表明并行判决法可提高PCTH-UWB系统性能。     

The Relation Among Targets' R&D Activities, Acquirers' Returns, and In-Process R&D in the US

Abstract:  Using a sample of 129 mergers and acquisitions (M&As) in the US between publicly traded acquirers and targets in research and development (R&D) intensive industries over the period of 1994-2004 and a size- and industry-matched sample, we examine the relation among targets' R&D activities, the probability of acquirers' writing-off in-process R&D (IPRD), and acquirers' returns around the time of M&A announcements. We find that firms acquiring targets with higher R&D investments tend to write off some of the acquired R&D assets upon the completion of the M&As. We also find that the median cumulative abnormal return during the three days around M&A announcements for acquirers with subsequent IPRD write-offs is −2.73% while the return for acquirers without IPRD write-offs is −0.60%. This suggests that acquirers' stock returns around M&A announcements are much lower when investors expect acquirers to expense IPRD. The results are consistent with our conjecture that acquirers tend to write-off IPRD when they acquire overvalued targets. We also find that IPRD write-offs do not increase earnings or stock returns of acquirers after M&As, which is inconsistent with an earnings management hypothesis.