Empirical evidence of the value of monitoring in joint ownership

Joint ownership of assets by two partners can have an adverse effect on the incentives to invest and can result in unstable and inefficient organizational structures. Control sharing, however, plays an important role in economic, political, and social institutions. There is scarce empirical evidence on the benefits of joint ownership in corporate finance. We analyze acquisitions of corporate assets by joint ventures to empirically ascertain the value of joint ownership in economic activities. The results indicate that firms experience significantly larger returns in joint acquisitions than in full-control acquisitions and that this difference is restricted to the sample of firms in which both partners share equal ownership in the target. These findings suggest that monitoring in joint ownership structures ameliorates the possibility of value-destroying corporate decisions.     

Do Newspaper JOAs Charge Monopoly Advertising Rates?

Conventional wisdom argues that all commercial and economic competition between two daily newspapers stops when they merge their advertising and printing capabilities to form a joint operating agreement (JOA). Clearly the JOA acts a monopolist in the sale of advertising, but there are two forces that may constrain the JOA to sell more advertising than a profit maximizing single paper monopolist would find optimal. First, there is the possibility of what is sometimes termed ``end game competition'. Disposition of assets from a JOA are often not determined until the JOA is near its termination date, and this may induce the weaker paper to maintain quality, both to improve its bargaining position and to keep open the possibility of remaining in the market as a competitor at the end of the JOA. Second, a daily paper arguably has to maintain a certain level of advertising and maintain a certain ``look' and ``feel' if it is to be considered a daily paper. This may constrain the JOA to sell more advertising and maintain a higher joint circulation than might be optimal for a single paper monopolist. We present econometric evidence that shows JOAs to have ad rates that are closer to those of competitive dailies than to those of single paper and 2-edition monopolists.     

钢铁联合研究基金资助与可持续发展的思考

钢铁联合基金是我国国有企业与国家自然科学基金委联合出资建立的专项研究基金,该项基金的设立实现了企业与高校的资源共享.但该研究基金实施三年来,在项目管理等方面存在诸多问题,因此,应在明确行业特点、保证项目质量、加强合作等方面做进一步的改善.     

对南北战争前美国股份制经济的历史考察

在美国，从国家独立到走向繁荣的进程中，股份经济起着十分重要的作用。其股份经济最早产生于17世纪初，它从英国移植而来，为美国提供了现成的企业组织形式。18世纪中后期，一些州政府对有限责任的许可，推动了美国股份经济的初步发展，19世纪30年代到南北战争前发生的以铁路建设大发展为标志的交通运输业革命，导致了美国历史上股份经济发展的第一个高潮，它为南北战争后美国经济迈入世界工业化强国奠定了基础。     

哈大客运专线引入哈尔滨枢纽方案研究

按不同引入方式对拟建的哈大客运专线引入哈尔滨枢纽的方案进行了分析,确定了动车段的位置,并对各种引入方案的优缺点进行了比较。结合哈尔滨市的城市发展规划,在考虑与公共交通体系整体配合等相关问题的基础上,探讨了新建专线客运站的位置,分析了客运专线与既有铁路的衔接和运营分工。     

手术在治疗跟骨关节内骨折28例的临床效果

目的探讨手术治疗根骨关节内骨折的临床疗效。方法本选取2009年12月～2011年12月我院收治的跟骨关节内骨折患者28例的临床资料。按其来院顺序,将其随即分为两组,切开复位内固定组(A组)和改良式复合外固定支架固定组(B组),每组患者均为14例。比较两组的临床疗效。结果 A组治疗在SandersⅡ型上,其优良率好于B组,且差异具有统计学意义(x2=8.45,P<0.05)。两组在SandersⅢ型-Ⅳ型的治疗上,B组好于A组,差异具有显著统计学意义(x2=14.36,P<0.01)。结论切开复位内固定和改良式复合外固定支架固定治疗根骨关节内骨折临床疗效均较好,且操作简单,并发症少,值得在临床中广泛应用。     

浅谈我国房地产政策——以房价的过快上涨所引发的思考

我国近些年来经济突飞猛进的发展,其背后房地产对CDP的拉动功不可没,特别在金融危机中,大幅拉动内需,成为我国实体经济的支柱产业,但随着需求增大,房价节节攀升,购房困难成为百姓实现小康生活的头号难题。本文就房价过高产生的原因,以及如何看待我国的房地产政策谈了几点看法,并针对高房价提出了几点对策建议。     

基于共同生态利益的城乡一体化发展政策与法律分析

城乡之间的生态联系在于,城市享受着乡村所提供的生态利益,同时也受到来自农村发展可能带来的生态影响。当前经济形势下城乡共同发展生态型经济是城乡统筹发展的长远之计。在总结我国城乡一体化发展经验教训的基础上,文章提出以生态联系为纽带,在发展生态农业的环境与资源政策、城乡共同发展体设想以及扩大城乡生态型内需的途径等方面提出了城乡统筹发展的政策与法律主张。     

Developing land use and transport PSS: Meaningful information through a dialogue between modelers and planners

One of the key barriers to integration of land use and transport planning is the lack of a “common language” (i.e. tools, instruments, indicators) that can support planners from both domains in developing shared visions and integrated strategies. Many of such tools and indicators have been developed in recent years, but not so many are implemented in practice. In this paper a new, participatory development approach for planning support systems (PSS) is proposed, termed “mediated planning support” (MPS) that addresses bottlenecks blocking this implementation. It is founded on insights from knowledge management, system dynamics and software innovation and is applied in the Greater Region of Amsterdam. This paper discusses the evolution of the PSS, highlighting the most useful elements which can be applied in other land use and transport planning projects. It offers insights for practitioners and researchers interested in land use and transport planning integration and for professionals that are dealing with supporting planning with information and technologies.     

The joint replenishment and delivery scheduling of the one-warehouse, n-retailer system

We deal with the joint replenishment and delivery scheduling of the one-warehouse, n-retailer system in this paper. We suggest a more flexible policy for the joint replenishment and delivery scheduling of a warehouse compared with the existing researches. We introduce the mathematical model and two efficient algorithms for the joint replenishment and delivery scheduling of the warehouse. Subsequently, we develop the hybrid genetic algorithm (GA) and compare it with two efficient heuristic algorithms for extensive computational experiments. Further, we show the advantages of our GA in dealing easily with resource restrictions.