Regulation and investment in the U.S. telecommunications industry

Reversing a two-decade deregulatory trend of telecommunications services, in 2010 U.S. regulators embarked on an aggressive regulatory agenda including, but not limited to, the regulation of high-speed Internet services under the auspices of net neutrality using utility-style regulations codified in the 1930s. Firms, regulators, and analysts feared a reduction in capital spending, contradicting established policy goals of expanding Internet availability and adoption. In this article, a difference-in-differences regression model augmented with randomization inference is applied to government data on capital spending in telecommunications. Large negative effects on investment are found. The estimated effects are robust across changes in estimation periods and model specifications, and multiple tests of the model’s assumptions lend credibility to the findings.     

封闭式基金业绩持续性研究

采用基于横截面回归的方法,考察1999年12月至2003年6月间的20只封闭式基金的业绩,从单位净值收益率和市价收益率两个方面研究基金业绩的持续性。检验结果显示,以基金单位净值收益率衡量,封闭式基金在样本期间内并未表现出显著的持续性,但如果以基金市价收益率衡量,封闭式基金的收益率在样本期间在中短期内呈现出显著的反转性。     

Inflation and its impact on investment decisions in the hospitality industry

The impact of inflation is more severe in the hospitality industry than in some others because of its high level of capital investment. Proper evaluation of investment returns can only be made if inflation is considered in the evaluation process. This article presents an approach based on the net present value method of investment evaluation which incorporates the anticipated level of inflation and provides for the uncertainties of future cash flows.     

Spatial patterns of leisure travel by trip purpose

This article reports the problems encountered and procedures developed to conduct a secondary analysis of the 1977 National Travel Survey. Using the travel regions developed by the Travel Industry Association of America, these procedures were applied in an analysis of the interregional distribution of leisure travel by trip purpose. The results indicate that differences in travel patterns exist among different leisure purposes; that the South and Great Lakers were the major attractor and generator, respectively, of leisure travel for all purposes; and that interaction existed across purposes betweent the New England and Eastern Gateway regions and between the Mountain West and Far West regions.     

Multidivisional Structure and Productivity: The Contingency of Diversification Strategy

This study examines the relationship between multidivisional (M-form) structure and productivity. The relationship is hypothesized to vary with diversification strategy. Findings based on longitudinal analysis of productivity data from 62 firms in industries, indicate that following M-form implementation, productive efficiency decreases for vertically integrated firms and increases for related diversified firms. For unrelated diversifiers the moderate increase in productivity is not significant.     

“三网合一”的电子商务物流配送体系探讨

电子商务物流配送是现代物流配送在电子商务环境下的必然发展。通过对电子商务物流配送内涵的分析,提出一个合理、高效的电子商务物流配送体系应当是在实体配送网、虚拟配送网与客户营销网“三网合一”基础上的综合配送体系．并对“三网合一”的实施策略进行了探讨。     

“总资产收益率”不能作为考核指标

文章认为,对企业进行考核应该站在企业的所有者的角度。由于企业的所有者关心的是"投入产出比",所以,"净资产收益率"是有效的考核指标,用"总资产收益率"进行考核的错误在于,其分子是所有者的收益,分母却加上了别人的收益,致使分子分母口径不一致。     

浙江省内河水网对水运物流的影响

首先分析浙江省域范围内主要内河水网的河道总长度长、等级内内河航道里程总量大、内河河道主要分布在经济较为发到的地区等优势,接着讨论汛期水量大枯水期水量小、潮汐影响大、等级航道比例不高、内河通航里程逐年减少等不足。然后结合浙江省水运物流的现实情况,归纳水运物流目前的货物量持续增长、水运量占总货运量的比例变化不大、水运货物多为大宗低值商品等发展特点。最后提出航道信息系统建设及航道资料公布、财税政策适当向航运企业倾斜、错位发展、加大航道投资、增加通航里程,提高通航级别、协调水库蓄水,形成阶梯布局航道等建议。     

浅谈基于铁路运输的整车物流发展模式

介绍了国内外整车物流的发展情况,在此基础上分析了我国整车物流存在的问题,并根据我国整车市场需求的实际情况,结合我国的铁路网络情况,对基于铁路运输的整车物流发展模式提出了几点建议。     

中国商业银行净利差率影响因素研究——基于1999—2006的经验证据

本文利用中国26家商业银行1999—2006年的数据,实证检验了商业银行净利差率影响因素及其变化,揭示了利率市场化改革对商业银行利率定价行为的影响。结论如下:(1)资本充足性监管对商业银行利率定价行为影响显著,基准利率对商业银行定价行为影响逐渐减弱;(2)商业银行自主定价能力正逐步形成,其中以2004年利率市场化改革措施影响最为明显;(3)经营区域限制因素对商业银行净利差决定因素产生一定影响。