Who should own it? An agency‐based explanation for multi‐outlet ownership and co‐location in plural form franchising

Plural forms exist when managers use two owners to perform one activity. Franchising is a plural form explained by agency theory, however, the theory is unable to explain two franchisor actions: 1) allowing franchisees to own multiple outlets and 2) co‐locating company‐owned and franchised outlets. We use research that describes a symbiosis between company‐owned and franchised outlets to extend agency theory and explain these actions. Our investigation of ownership patterns among 4,339 outlets of 16 plural form franchisors is consistent with our theory that multi‐outlet franchising is cost efficient and that co‐location occurs when franchisors fill market gaps left by franchisees. Copyright © 2011 John Wiley & Sons, Ltd.     

汉英明喻比较

汉语明喻和英语Simile作为比喻的一种类型,二者的基本结构相同,但由于英汉两种文化差异,导致不同的表现形式,即汉英明喻中比喻词词性相异带来表达结构的不同和喻体位置的不同。     

建筑施工企业发挥农民工党员模范作用的探索与思考

农民工党员是推动广西南宁市经济和社会发展的重要新生力量。发挥农民工党员模范作用是建筑施工企业党建工作和思想政治工作面临的新课题。文章针对南宁市建筑施工企业农民工党员队伍的现状，探讨发挥农民工党员先锋模范作用的有效形式。     

传统木结构建筑构架解析

我国木结构建筑具有显著的特色,无论从基础、木架结构、墙体围护、屋顶形式还是装饰方面都富有自己传统特色。中国古建筑非常重视造型与空间的变化,运用木材、石材、砖瓦、琉璃等建筑材料创造出不朽之作。木结构构件在建造过程中不断完善其形式和功能,对承载、抗压、受剪方面都有宝贵的经验,体现传统木结构建造技术的巨大成就,是我们进行现代建筑设计的宝贵财富。     

Contractibility,Strategy, and Network Dynamics: From Franchising to Licensing

The article examines the network dynamics from franchising to licensing due to the increase of contractibility of the franchiser's system-specific assets as determinant of the allocation of decision rights between the network partners. Based on the property rights approach, residual decision rights must be allocated according to the distribution of intangible knowledge assets between the franchiser and franchisee. Our analysis derives the following hypothesis: The more contractible the franchiser's system-specific assets, the higher is the tendency from franchising toward licensing. In addition, we investigate the impact of strategy change on the standardization (contractibility) of system-specific assets and the network governance. We argue that a change of strategy may increase the contractibility of system-specific know-how and consequently the tendency toward licensing. This study presents empirical evidence from company Getifix on the network dynamics from franchising to licensing.     

The effect of the establishment of an organized exchange on weak form efficiency: the case of Istanbul Gold Exchange

Evidence is presented from IGE (the Istanbul Gold Exchange) that an institutional regulation such as the establishment of an organized exchange is an important component of informational efficiency that should not be disregarded in the process of financial liberlization.     

A Reduced‐Form Model for Warrant Valuation

This paper studies warrant valuation using a reduced‐form model. Analogous to the credit risk literature, structural models require complete information about the asset value process and the firm’s liabilities. In contrast, reduced‐form models require only information about the firm’s stock price process. We introduce a reduced‐form model where the warrant holder is a price taker, and we relate our model to structural models appearing in the literature.     

价值运筹——价值工程在世※界经济新运行形态下的发展

认知世界经济的巨大变化需要新的观念,人类经济总体发展模型又称“四方式二形态”假说,可以作为研究经济和管理问题的基本框架和准则。由此得出当前世界经济按功能经济形态运行。列出了一些与物质经济运行形态不同的主要的新特征。总结出六条关于功能价值的基本原理,以供处理有关问题之用。给出了“价值运筹”的定义,指出价值运筹的实质是“智能经营”,因此“全员价值运筹”是必然的选择。它将推动企业管理创新     

民营经济发展与“重新建立个人所有制”

马克思的“重新建立个人所有制”是“联合起来的个人所有制”,是一种公有制,是劳动者个人能完整地享有所有者权益的所有制。在缺乏自主联合条件的社会主义初级阶段,民营经济对公有制经济的发展起促进作用,但还不是在社会共同占有基础上的个人所有制。要在民营经济与国有经济相协调的过程中不断探索公有制的实现形式。