SUPPLY CHAIN INFORMATION SHARING IN A VENDOR MANAGED INVENTORY PARTNERSHIP

Vendor Managed Inventory (VMI) involves the vendor making the replenishment decision for products supplied to a customer based on various inventory and supply chain policies. Information sharing between supply chain members is required in VMI. Sometimes VMI decisions are delayed and/or the information shared is inaccurate. This research examines the effects of information delay and accuracy, and the sharing of sales and forecast information in a VMI environment facing stationary and nonstationary demand. The simulation experiments show the impact of information delay, information inaccuracy, and information sharing on a variety of performance measures, including inventory levels and fill rates.     

LOGISTICS SALIENCE IN A CHANGING ENVIRONMENT

The primary purpose of this paper was to empirically explore some of the reasons that logistics has become more important, or salient, in comparison to other functions within the firm. A survey of 296 managers across multiple industries in the U.S. found logistics becomes more important within the firm when the industry increases in uncertainty, when there is an emphasis on time‐based competition, when there is greater adoption of information technology, and when there is an emphasis on cross‐functional integration.     

The European high-speed train network: Predicted effects on accessibility patterns

The principal aim of this paper is to evaluate the impact of the future European high-speed train network on accessibility, by reducing time distance between places and modifying their relative location. We compare the current situation with that foreseen for the year 2010, according to the Outline Plan of the European High-Speed Train Network, in order to analyse which areas will most benefit from construction and improvement of the infrastructure. It is hypothesized that the high-speed train will certainly bring the peripheral regions closer to the central ones, but will also increase imbalances between the main cities and their hinterlands. A weighted average distance indicator is applied for this purpose. This measure identifies the spatial distribution of accessibility in the area of study, emphasizing the infrastructure effects, and locates accessibility changes at the European level. A Geographic Information System (GIS) has been used to carry out this study.     

Effet des Evolutions Techniques et des Changements de la Spécialisation Internationale sur les Marchés du Travail et les Systèmes Productifs: Comment les Statisticiens Pourraient-ils Relever les Défis?

Thinking about future needs and about what can reasonably be expected as feasible in the next century, how should producers of statistics direct their activity? Increasing complexity and diversity of needs leads us to recognize that, between producers and users of statistics, a mediating role is more and more often played by analysts and research workers who are requesting above all good data bases. Concerning infrastructures for statistics on productive systems, coordination between accountants and statisticians will be crucial, as well as adaptation of the constraints which, because of excessive worry about confidentiality, could prevent establishment or use of data bases. In an increasingly competitive world, where private firms will sell analyses and informations, particularly on very large enterprises, the public statistical service will remain essential in all respects. Intangible investments, innovations and many aspects of the internal organization of firms will create formidable challenges. Information on employment and labour markets has been much developed during the past decades; but on a few specific and difficult issues progress is still needed: lifecyles in the working-age population, acquisition of knowledge and skills in formal education and on the job, matching labour supplies and demands, and so on. Particular attention will have to be given to the lower levels of cultural and professional skills.     

Whose Capital is It? Putting Owners Back in Control

John Bogle, founder of The Vanguard Group, looks at corporate governance issues. JEL Classification G3     

The Relation between Market Values,Earnings Forecasts,and Reported Earnings*

Recently, much of the research into the relation between market values and accounting numbers has used, or at least made reference to, the residual income model (RIM). Two basic types of empirical research have developed. The “historical” type explores the relation between market values and reported accounting numbers, often using the linear dynamics in Ohlson 1995 and Feltham and Ohlson 1995 and 1996. The “forecast” type explores the relation between market value and the present value of the book value of equity, a truncated sequence of residual income forecasts, and an estimate of the terminal value at the truncation date. The analysis in this paper integrates these two approaches. We expand the Feltham and Ohlson 1996 model by including one‐ and two‐period‐ahead residual income forecasts to infer “other” information regarding future revenues from past investments and future growth opportunities. This approach results in a model in which the difference between market value and book value of equity is a function of current residual income, one‐ and two‐period‐ahead residual income, current capital investment, and start‐of‐period operating assets. The existence of both persistence in revenues from current and prior investments and growth in future positive net present value investment opportunities leads us to hypothesize a negative coefficient on the one‐period‐ahead residual income forecast and a positive coefficient on the two‐period‐ahead residual income forecast. Our empirical results strongly support our hypotheses with respect to the forecast coefficients.     

Study on China＇s Logistics Industry in the Information Era

In the information era, China＇s logistics industry faces a development opportunity, as well,as an austere challenge. In order to establish a reasonable strategy in China, it is very important to analyze the logistics industry＇s operation circumstances with a global and informational perception. For this reason, this article analyzes the current situation of China＇s logistics industry, identifies the existing problems, and further finds the possible solutions in present China.     

Auditor conservatism and voluntary disclosure: Evidence from the Year 2000 systems issue

This study further examines the phenomenon of conservative auditor behaviour by considering the level of voluntary disclosure of Year 2000 remediation information in company annual reports. Previous studies have provided evidence of conservative auditor behaviour by examining the link between Big 6 auditor choice and accruals (Francis and Krishnan 1999; Becker et al ., 1998; Defond and Subramanyam 1998). Protecting their reputation capital increases Big 6 auditor incentives to act conservatively to avoid litigation risk. We propose and find that Big 6 auditor clients disclose more Year 2000 remediation information than non–Big 6 auditor clients.