Moderating effect of capital intensity on the relationship between leverage and financial distress in the U.S. restaurant industry

During the recent and ongoing economic turmoil, countless businesses have been facing financial distress and many have filed for bankruptcy. This issue is especially critical for the restaurant industry due to restaurants’ sensitivity to economic fluctuations. Therefore, the purpose of this study is to examine the financial distress issue in the U.S. restaurant industry. In particular, the study examines a moderating effect of capital intensity on the relationship between a firm's leverage and degree of financial distress. The dataset includes publicly traded U.S. restaurant firms during the period 1990–2008. The study measures the degree of financial distress by modified Z-scores, and findings suggest a positive moderating effect of capital intensity on the relationship between leverage and financial distress.     

The negative spillover effect of food crises on restaurant firms: Did Jack in the Box really recover from an E. coli scare?

Despite the enormous impact of food crises on restaurants, limited understanding of their long-term impacts and associated factors has undermined crisis managers’ ability to handle crisis situations effectively. This article investigated the long-term impact of food crises on the financial performance of restaurant firms and identified the factors that influenced this impact. This explanatory study examined the case of Jack in the Box, whose 1993 Escherichia coli scare was the first and largest restaurant-associated food crisis in modern times. An event study method was used to uncover stock price movements of Jack in the Box, in conjunction with 73 unrelated food crises that occurred from 1994 to 2010. Stock prices of Jack in the Box exhibited significantly negative responses to other firms’ food crises, moreover, the negative spillover effect was stronger if the crisis occurred closer in time, was similar in nature, and was accompanied with no recall execution. These findings shed light on the long-term financial impact of food crises and offer insights for crisis managers to develop more effective crisis management strategies.     

贵州金融深化弱经济增长效应的成因分析

改革开放以来,伴随贵州经济的持续较快增长,贵州金融业得到了长足的发展,经济的金融化过程不断加深,金融总量持续稳定增长,结构不断改善,自身供给能力不断增强。但与其他省份相比,贵州金融基础薄弱,发展相对滞后。本文提出了贵州金融深化的弱经济增长效应,并剖析了这一效应的成因。     

The Contribution of Sectoral Productivity Differentials to Inflation in Greece

This paper estimates the magnitude of the Balassa-Samuelson effect for Greece. We calculate the effect directly, using sectoral national accounts data, which permits estimation of total factor productivity (TFP) growth in the tradeables and nontradeables sectors. Our results suggest that it is difficult to produce one estimate of the BS effect. Any particular estimate is contingent on the definition of the tradeables sector and the assumptions made about labour shares. Moreover, there is also evidence that the effect has been declining through time as Greek standards of living have caught up on those in the rest of the world and as the non-tradeables sector within Greece catches up with the tradeables.

高管同酬、激励效率与公司绩效

我国部分上市公司的董事长和总经理领取的年薪完全相同。这种高管同酬的确定依据是什么？高管同酬是否具有激励效率？高管同酬又会对公司绩效产生什么影响？文章利用2007－2012年 A 股上市公司数据,对高管同酬及其经济后果进行了实证分析。研究发现,部分上市公司出现高管同酬,主要是因为高管薪酬由公司政治因素或内部薪酬比较所决定,而并非遵循最优契约观所寓示的“效率逻辑”;与高管异酬的公司相比,高管同酬公司的董事长薪酬激励缺乏效率;高管同酬对公司未来财务绩效产生了显著的负面影响。这表明在中国情境下,高管薪酬契约的设计和实施需要关注公司权力博弈或内部薪酬比较等非经济性因素的影响。     

中国经济增长的可能性:一种基于修正的索洛模型的估算

索洛模型这一经典的经济增长模型有它无可比拟的优点,但对于考察中国问题来说,也有一些内在缺陷.本文根据中国经济增长的特征事实,对索洛模型做出了一些修正,并据此对中国经济增长的可能性进行了重新估算.     

巴塞尔新资本协议对发展中国家潜在影响评述

巴塞尔新资本协议自1999年6月提出征求意见稿,到2004年6月26日正式公布最终稿,并于2006年底在10国集团开始实施。新资本协议从出现就成为众人关注和研究的焦点,围绕它的争论也一直没有停息过。人们纷纷对新资本协议的复杂性、风险敏感性以及在不同市场环境中的适应性,尤其对发展中国家的影响等方面进行了广泛的研究。本文将对此方面的研究成果、最新进展和现实意义进行总结和概括,并且指出存在的分歧和问题,以便更深入地研究。     

Optimal distribution of the injured in a multi-type transportation network with damage-dependent travel times: Two metaheuristic approaches

We study a location-allocation-routing problem for distribution of the injured in a disaster response scenario, considering a three-type transportation network with separate links. A circle-based approach to estimate the impacts of the disaster is presented. After formulating relations for computing the percentage of the injured, the destruction percentage and the damage-dependent travel times, the problem is formulated as an integer nonlinear program. We utilize a genetic algorithm and a discrete version of the imperialist competitive algorithm for solving large problems. An empirical study focused on earthquakes in Tabriz, Iran, illustrates applicability of the proposed model and performance of the proposed algorithms.     

装备保障链中的牛鞭效应弱化措施评价方法研究

利用D-S证据理论和层次分析法相结合的方法,在分析了装备保障链中牛鞭效应的主要成因和控制措施的基础上,建立了牛鞭效应的层次模型,提出了牛鞭效应弱化措施的评价方法。最后通过实例说明这种方法在牛鞭效应弱化措施评价中的应用。     

技术标准与产业发展：中国政府的3G战略

文章介绍了3G标准的形成与发展,并以此为例说明了技术标准与产业发展的关系。