Rating of Network-Integrated Corporations

While conventional rating systems are still focused on individual companies, in reality stand-alone business of a single enterprise respectively debtor is more likely the exception than the rule. Joint business activities of two or more companies (organizational networks) are becoming ubiquitous and have a critical influence on each partners’ success. In order to avoid that rating that turns into some rather useless ritual, network characteristics, such as network assets, network capital, network securities, network management competency, network business opportunities and network structure have to be taken into account when evaluating solvency of a network-embedded corporation. Using primary credit cooperatives as an illustrative object, this paper gives an overview on those new rating criteria becoming relevant in conjunction with network-embeddedness, so that workable opportunities can be shown to improve the reliability of ratings.      

Institutional difference,organizational experience,and foreign affiliate performance: Evidence from Polish firms

We draw from the institutional economics and organizational learning theories to clarify two international business debates. The first debate involves how institutional distance affects foreign affiliate performance: some propose a negative and others a positive direct effect. We clarify this debate by differentiating between negative and positive institutional difference. The second debate involves how experience modifies this relationship: some propose a negative and others a positive moderating effect. We clarify this debate by differentiating between similar and dissimilar experience, creating four moderating effects: Advantage of Challenge Anticipation, Advantage of Opportunity Anticipation, Disadvantage of Polymath Downgrading, and Disadvantage of Specialist Upgrading.     

收视率调查状况与中国收视率发展模式的探讨——兼谈数据垄断

近几年来，收视率数据在我国电视行业中扮演起了越来越重要的角色，成为业内外人士共同关注的热点话题。2009年年初，曾在中国收视率市场上运作了十余年的AGB Nielsen退出中国市场，其直接后果是让在中国市场上本已占有了80％以上份额的CSM媒介研究某种意义上垄断了中国的收视率调查市场。垄断市场结构的形成，以及国际广告公司WPP对CSM的控股，引发了人们对数据客观性和公正性的关注。本文通过回溯历史．归纳全球收视率调查的商业模式，认为要推动中国收视率调查行业的健康发展，关键问题不在于关注垄断或者外资参股的问题，而在于对收视率调查业务的规范和监督问题．一个由行业各万共同参与和运作的收视平调查监督机制，正是未来中国收视半调查行业健康发展的必须。     

体验营销理念在奥运火炬传递活动中的运用

体验营销反映了受众参与的概念,奥运火炬传递活动作为体育赛事的一个环节也强调了全民参与体验的重要性。本文在分析奥运火炬传递中运用体验营销理念的意义的基础之上介绍了奥运火炬传递对体验营销理念的运用。     

颜之推的家庭教育及启示

"爱孩子,这是连母鸡都会的。"但是什么样的爱才是真正的爱,并不是每个父母都有清醒的认识,从颜之推的家庭教育经验中我们或许会得到某些启示。     

论潘序伦与近代上海征信事业的发展

我国“现代会计之父”潘序伦先生在他的思想体系中强调诚信观念,指出会计师之使命在于建立社会信用。在社会实践过程中,潘序伦利用会计师执业职能,积极支持近代上海及中国征信组织的发展,为近代征信事业的发展作出了重要的贡献。通过潘序伦代理中国征信所注册成立公司、设立联合保险查验所等活动的考察,说明潘序伦在近代上海征信事业发展史上具有重要的地位。     

一种基于MCMC稳态模拟的贝叶斯索赔校正模型

Btihlmann模型是贝叶斯方法在经验费率厘定中最为著名的应用，然而该模型在结构参数先验信息不足的情况下，并不能得出参数的无偏后验估计。本文针对传统方法的不足，运用基于MCMC模拟的贝叶斯方法对历史数据进行校正，通过Gibbs抽样构造出一种多层Poisson模型稳态分布的马尔可夫链，动态模拟出索赔频率的后验分布以及缺失参数值的后验估计，改进了传统的索赔校正模型，提高了计算的精度。利用WinBUGS软件包进行建模分析，证明了该模型的直观性与有效性。     

Bond rating changes and stock returns: evidence from the Spanish stock market

This study analyzes the effect of corporate bond rating changes by international agencies on stock prices. This topic has not yet been analyzed for the Spanish stock market, despite the growing importance of ratings in Spanish financial markets. On an efficient market, rating changes will only have an effect if they contain some new information. The results from an event study indicate that rating actions cause significant negative abnormal returns in issuing firms around the date of the announcement. This evidence indicates an informational effect related to downgrades, which supports the hypothesis that credit rating agencies provide information that may reduce the asymmetric information problem between firms and investors. In the case of upgrades, our results are compatible with a redistribution of wealth between bondholders and owners or with the reputation hypothesis.      

发展品质旅游的新思考

本文提出了在旅游业中发展品质旅游的新思想。文中给品质旅游赋予的内涵是：品质旅游是能带给游客真正体验的旅游，品质旅游应该是高质量的旅游而不一定是高档次的旅游。作者做了下面的研究：首先，从旅游者的角度分析了寻求品质旅游的游客消费特征；然后，从旅游企业的角度探讨了品质旅游对旅游产品开发的要求；最后得出结论——发展品质旅游是旅游业发展的重要方向。     

俄罗斯政府间财政关系的改革及对我国的启示

近年来俄罗斯对政府间财政关系进行了一系列改革和调整，成功地维护了联邦的统一，促进了经济的复苏和发展。正确处理政府间财政关系也是我国面临的重大课题之一，与我国有相似历史背景、同处于经济转轨时期的俄罗斯在这方面的经验与教训，对我们有更直接的借鉴意义和参考价值。本通过对俄罗斯财政关系现存问题的研究，提出进一步改革与完善的途径和方法，以资我们学习与借鉴。