Industry Structure and Corporate Debt Maturity

We examine how industry competition affects firms’ choice of short‐term debt. We find that the percentage of short‐term debt is positively related to industry concentration at low levels of concentration, and inversely related to industry concentration at higher levels of concentration. This nonlinear relation is stronger in industries where firms are either more homogeneous or compete more aggressively. Moreover, we find that firms with shorter‐maturity debt are less aggressive than their rivals in the product market. The overall evidence suggests that although financial contracts alleviate agency problems, they exacerbate the risk of predation.     

公共人力资源获取技术中的公平性价值追求研究

本文以公共部门人力资源获取对公平性价值的不懈追求为基本核心,从公共人力资源获取的概念及公平性价值对于人力资源获取的意义入手,深入全面地剖析了公平性价值在公共部门人力资源获取中制度层面及技术层面各个环节的渗透与体现,并着重提出了在当代公共部门人力资源获取中越来越呈现价值多元化并存的局面下,公平性价值怎样与各种价值相互竞争、相互兼容并最终达到平衡的过程。     

The Future of Managing Customers as Assets

SUMMARY

Most companies do a very poor job of determining the economic value of their customers. There are three primary reasons that this has been the case: (1) inadequacy of technology, (2) managements' internal focus on products (as opposed to customers), and (3) inadequacy of accounting systems. Each of these areas, however, has undergone rapid transformation in terms of their sophistication and managerial usefulness. As a result, it is manifest destiny that asset valuation and management will evolve to the evaluation of a company's most fundamental asset, its customers (i.e., customer lifetime value). Most managers have come to accept this inevitability. What managers fail to realize is just how radically an understanding of customer lifetime value will transform the business landscape. It will dramatically impact the breadth and type of data collected; the way managers view and segment customers; the types of experiences firms offer customers; the metrics executives provide to the financial markets; and the way companies structure and staff their organizations.     

Preventing drowning through design – the contribution of human factors

A number of routes can be followed towards the prevention of drowning, such as educating on water safety, installing barriers between non-intended users and water, mitigating the consequences of submersion incidents, and design. The human factor approach to safety is that design should always be the primary route. Human factors can be applied to the design of personal protective equipment such as buoyancy aids, barriers such as pool fencing, ancillary equipment such as swimming pool covers through to information and organisational factors such as safety signs and swimming campaigns. Design should consider all potential drowning scenarios and accommodate the characteristics of those at risk. A framework is presented with examples on how human factor principles can be applied to the design of potential drowning sites and products, with suggestions for methods and techniques that can be used in the key stages of predicting potential hazards and assessing risk.     

企业扩张方式与企业短期成长速度关系的实证研究——以资源闲置作为调节变量

文章从知识视角探讨了企业扩张方式，即市场扩张和产品扩张如何与财务资源闲置、人力资源闲置共同影响企业短期成长速度。文章通过100家中国制造业上市公司的数据，对提出的一些假设进行了检验。结果表明，市场扩张方式没有单独对企业短期内的成长速度造成直接影响，产品扩张方式也没有单独对企业短期内的成长速度造成直接影响，并且企业的财务资源闲置对企业扩张方式与企业短期成长速度之间的关系具有调节作用，而人力资源闲置没有调节作用。     

Growth and value hybrid valuation model based on mean reversion

This article proposes a novel valuation model, growth and value hybrid model, to estimate the stock price. This proposed model combines the essence of the asset-based approach, the income-based approach, and the principle of mean reversion to develop the theoretical closed-form formula consisting of three coefficients: value coefficient, value support coefficient and growth coefficient. Regression analysis is employed to fit market data to determine these coefficients. Moreover, this study proposes the double sorting method to build the quantile regression models of the formula to estimate the stock price at a specific quantile. The results show that the predictive capability of the hybrid valuation model is superior to the model without using value support coefficient, which supports the assumption that the PBR is not associated with the ROE when the ROE is less than a threshold. In different time periods of the stock market, no significant difference exists on the value support coefficient. However, the variations of the value coefficient and the growth coefficient are significant.     

工业产品设计数字化表现的前景探析

文章通过对工业产品设计数字化表现形式资料的收集和整理,结合笔者对工业产品设计数字化的认识和理解,针对如何利用数字化技术,促进未来工业产品设计发展的问题,着重阐述了产品美学和人文精神的意义,提出了具有总结性和前瞻性的初步研究结果,以谋求数字化时代工业设计产业的发展和进步。     

New development: The crisis and European local government reforms

This article highlights the main reform trajectories put in place in French, Italian, German and Portuguese local governments during the recent crisis and identifies a number of important trends: for example increasing centralization of decision-making powers away from local governments. The authors explain why local governments have an opportunity to use reforms during the crisis to strategically reposition their value proposition.     

Hicks's Valuation of Social income: an appraisal *

This paper attempts to reconstruct and assess the intellectual itinerary of Hicks on the valuation of social income. His 1958 and 1981 papers on that topic have been wholly ignored in the economic literature. In both of them differentmeasures of real income are provided. These show to what extenteach one of them can be relied upon. Our assessment argues that it is impossible to measure social income independentlyof the reasons for which that measure is required and that any valuation cannot ultimatelybe made independently of political and ethical considerations.