Market novelty, competence-seeking and innovation networking

Studies of innovation networking have frequently been concerned with the occurrence of dyadic relationships and with their apparent impact on simple measures of firm-level innovation outputs. This paper takes a more detailed look by analyzing the connection between different types of innovation and forms of networking. Based on the market novelty of innovation outcomes and the extent to which innovation activities require new competences, four types of innovation are identified. It is proposed that these types correlate with various innovation network dimensions, including the volume of networks, the strength and content of ties, and the specificity of ties. Drawing on survey data of 594 innovations realized by Dutch small firms, it is observed that the requirement to access new competences for innovation correlates positively with the number of network partners involved. We also note more subtle connections between types of innovation and networking, including that novel innovation outputs correlate with using network partners as a source of inspiration, whilst new competences associate with networking for knowledge capital. In the latter case, these activities also draw on new and intended ties relatively often, i.e. network partners which are actively sought out for the specific contributions they may make to the innovation process. Finally, innovation which is simultaneously new-to-the market and requires new competences uses strong ties relatively often. Implications for innovation policy and practice are discussed.     

Local government type and municipal bond ratings: what’s the relationship?

There is an extensive literature analysing the executive branch within local U.S. government jurisdictions. This has largely revolved around the differences between elected mayors and appointed city managers. Much of the academic work has considered the potential efficiency gains that may be associated with either form of government and comparative analyses between the two. However, the empirical literature has been divided regarding the relative efficiency of either form. This article attempts to add to that literature by considering how bond markets may perceive potential efficiencies that emerge from one executive type over the other by evaluating bond ratings for a sample of large municipal governments in the United States. Overall, the results suggest that municipalities headed by a city manager are associated with increased bond ratings (and thus lower borrowing costs), which may lend support that this form of administration is, on some margin, relatively more efficient than others. These results are robust to a number of specifications.     

Dynamic R&D choice and the impact of the firm's financial strength

ABSTRACT

This article investigates how a firm's financial strength affects its dynamic decision to invest in R&D. We estimate a dynamic model of R&D choice using data for German firms in high-tech manufacturing industries. The model incorporates a measure of the firm's financial strength, derived from its credit rating, which is shown to lead to substantial differences in estimates of the costs and expected long-run benefits from R&D investment. Financially strong firms have a higher probability of generating innovations from their R&D investment, and the innovations have a larger impact on productivity and profits. Averaging across all firms, the long-run benefit of investing in R&D equals 6.6% of firm value. It ranges from 11.6% for firms in a strong financial position to 2.3% for firms in a weaker financial position.     

中国公司债券交易量与价格波动的关系

使用中国沪深证券交易所的公司债数据,检验了债券交易量与价格波动的线性关系和非线性尾部相关性,分析了债券流动性水平对量价关系的影响,研究了债券量价关系的时变特征。结果表明:中国公司债市场中债券交易量与价格波动之间存在显著的线性关系;债券流动性水平对量价关系有显著影响,债券流动性水平越高(低),则量价关系越弱(强);债券交易量与价格波动存在非对称的下尾相关性;债券量价关系具有时变性,市场低风险时期量价关系较弱,市场高风险时期量价关系较强。     

上海A股市场股价波动相互影响能力实证研究

股票市场中股票价格的波动是相互影响的,但不同的股票其价格波动时对其他股票价格行为的影响能力是不同的。本文通过对我国上海A股市场的实证分析表明,有少数股票其价格波动时对其他股票价格行为有很强的影响能力,而大多数股票的这种影响能力很小。此外,单个股票价格波动时引起其他股票价格涨、跌的能力一般都有显著差异。     

高强钢筋与高强混凝土的匹配问题

介绍了钢筋混凝土匹配问题研究的重要性,基于对钢筋混凝土结构发展的简述,对钢筋与混凝土的匹配问题进行了初步探讨。通过对普通钢筋与普通混凝土、普通钢筋与高强混凝土、高强钢筋与普通混凝土的粘结锚固性能分析,介绍了钢筋与混凝土之间的粘结匹配关系,对高强度钢筋与高强度混凝土而言,不存在两者不匹配的问题。     

瓦楞纸箱的尺寸比与抗压强度关系的研究

在瓦楞纸箱的周长、材料、瓦楞结构确定的情况下,文章研究了瓦楞纸箱的尺寸比与抗压强度的关系,结果表明瓦楞纸箱的长、宽、高尺寸比的变化对其抗压强度有显著影响。     

对"旅游需求"概念及其影响因子分析的深度认识

以“旅游需求”教学内容为研究对象，在对目前教材中混淆“旅游需求”与“旅游需求量”现象进行澄清的基础上，对已有的三种定义进行了利弊剖析，进而从旅游活动发生过程和社会进步角度，对旅游需求的因子进行了梳理和约束强弱分析。通过讨论文章指出，对旅游需求的认识不能简单化和静止化。     

试论中国国债的创新与发展

中国国债在国民经济发展中发挥了重要作用,为社会主义经济建设聚集了大量资金,为全面实施财政政策和货币政策提供了保证,应从改变国债利率、增加国债品种及优化国债期限结构等方面发展中国国债市场。     

国债期货最便宜交割债券的确定与实证分析

国债期货是指买卖双方通过交易所,约定在未来的某一时间,按照事先约定的价格和数量,进行券款交割的国债交易方式。虽然交易所对国债期货合约标的做了明确规定,但实际上这种名义标准债券并不存在,其对应的是一篮子可交割债券。由于付息和交割日的不同,可交割债券之间也有很大区别。投资者可以选择成本最低、最有利的债券进行交割,该债券就被称为最便宜可交割债券。最便宜可交割债券可通过隐含回购利率法、净基差法来确定。