The cheapest hedge

Investors often wish to insure themselves against the payoff of their portfolios falling below a certain value. One way of doing this is by purchasing an appropriate collection of traded securities. However, when the derivatives market is not complete, an investor who seeks portfolio insurance will also be interested in the cheapest hedge that is marketed. Such insurance will not exactly replicate the desired insured-payoff, but it is the cheapest that can be achieved using the market.Analytically, the problem of finding a cheapest insuring portfolio is a linear programming problem. The present paper provides an alternative portfolio dominance approach to solving the minimum-premium insurance portfolio problem. This affords remarkably rich and intuitive insights to determining and describing the minimum-premium insurance portfolios.     

一体化供应链设计的组合战略研究

在分析敏捷供应和精细供应的主要特征的基础上，研究在新的市场环境下精细思想如何与敏捷结合，并探讨在敏捷－精细组合战略下高效供应链设计的一体化方法与模式。     

The Market Quality of Dealer versus Hybrid Markets: The Case of Moderately Liquid Securities

Abstract:  Over the last decade, electronic limit-order trading systems have been sweeping securities exchanges around the world. This paper studies a transitional case, namely, the commencement of trading of a group of moderately liquid stocks on SETS of the London Stock Exchange. The evidence reveals that the liquidity of those stocks dropped substantially after the introduction of the limit order book and the removal of the market makers' obligations. This transition provides an example that a hybrid market with a limit order book and voluntary dealers may not perform as well as a dealership market with obligatory market makers.     

全球新能源汽车产业竞争格局研究

本文通过对影响新能源汽车产业竞争力的关键因素分析,得出结论如下:第一,全球新能源汽车替代率仍较低,仍然处于发展初期,但发展迅速、市场前景乐观。新能源汽车产业规模不断扩大,相对于传统汽车的竞争能力有所提升,纯电动汽车的市场竞争能力强于插电式混合动力电动车。第二,在新能源汽车产业链条中,中美欧在终端市场销售上拥有优势,中日美三国在生产制造环节具有竞争优势,中日韩在产业配套上具有竞争优势;中国公共基础设施方面具有竞争优势,挪威在新能源汽车替代传统汽车方面表现突出。第三,中美两国新能源汽车产业的发展路径不同,各自的竞争优势也不同,竞争优势差异主要表现在:美国在核心技术创新能力、新能源汽车市场对外开放程度和单一车型市场占有率等方面具有显著的优势;中国则在政策支持力度、产业规模、市场规模、产业配套、政策综合效果等方面优势显著。     

The Mexican-Japanese-US Model for Auto Assembly in Northern Mexico

Abstract

The automobile stamping and assembly plant in Hermosillo, Mexico is world class in productivity and quality. We analyze the process of integrating the Mexican workforce with the Japanese-designed lean production system and the U.S. Fordist management to create a unique collaborative, cross-cultural hybrid organization model. In particular, we examine several cultural attributes of work that necessitated mutual adaptation and cooperation among the workers, and the state of labor relations, gender dynamics, and quality of work life. Finally, we pull together these factors to explore the short and long term implications of the plant as a model for developing countries.

Resumen

La planta de estampado y ensamblado de automóviles en Hermosillo, México es una operatión clase mundial en calidad y productividad. En este artículo estudiamos los procesos que lograron integrar una fuerza de trabajo mexicana, con un sistema de productión japonés altamente eficiente (lean production), y una administración estadounidense diseñada de acuerdo a los métodos tradicionales de fabricación de la compañía Ford, que hicieron posible un modelo colaborativo e intercultural de trabajo único en su clase. En particular, examinamos algunos factores culturales que requirieron especial adaptación como la cooperación entre los trabajadores, la adminisración de personal y las relaciones industriales, la interacción entre los trabajadores de ambos sexos y la calidad de vida en el trabajo. Finalmente, se consideran de manera conjunta todos estos factores, con el propósito de explorar las implicaciones de corto y largo plazo de la planta Hermosillo como un modelo potencial para paises en vías de desarrollo.

Resumo

A montadora de automóveis em Hermosillo, México, é mundialmente reconhecida por sua produtividade e qualidale. Nós analisamos o processo de intergração entre a força de trabalho mexicana, os eficientes métodos japoneses de sistema de produçãao e o estilo Fordista de gerência americana ao criar um modelo organizacional hibirdo colaborativo e inter-cultural único. Em particular, nós examinamos diversos atributos culturais do trabalho que necessitou de adaptação mútua e de colaboração entre os trabalhadores, como também o estado das relações de trabalho, a dinâmica entre os sexos e a qualidade da vida no trabalho. Finalmente, nós agregamos esses fatores para explorar as implicações de curto e de longo prazo do processo como um modelo para países em desenvolvimento.     

Characterisitcs of Exporting and Nonexporting Joint Ventures in Saudi Arabia

The study profiled 83 exporting and onexporting manufacturing joint ventures (JVs) in Saudi Arabia. This represents about one-fourth of all manufacturing JVs in operation at the end of 1987. Stepwise discriminant analysis showed that a set of 9 characteristics representing 4 factors were signficant in differentiating the two groups. Exporting JVs tend to be larger, produce industrial goods in more technology intensive industrial sectors, and be more leveraged than nonexporting JVs. Potential limitations of these findings, and their implications for the policy makers are also discussed.     

Entrepreneurial marketing and hybrid entrepreneurship: the case of JM Reid Bamboo Rods

ABSTRACT

Through the presentation of the case of James Reid, a hybrid entrepreneur that transitioned towards full-time entrepreneurship, this paper discusses a number of entrepreneurial marketing issues faced by a small business. When presented with several opportunities for business growth, Reid evaluates the extent to which growth could impact his business model, brand image and his passion. The case study demonstrates the importance of maintaining brand values and establishing a clear strategic orientation in order to create a strong brand. However, these are shown to also significantly limit the growth prospects of the business. The discussion of the case delves into these issues together with an examination of the entrepreneurial journey of a highly skilled transitory hybrid entrepreneur. This paper further introduces the concept of a comfort entrepreneur, one that willingly halts the growth of their venture, and examines the business implications thereof.     

Opportunities and risks of combining shopping experience and artistic elements in the same store: a contribution to the magical functions of the point of sale

ABSTRACT

This article draws on the construct of store atmospherics to address one of the latest developments in that field, i.e. the strategy of incorporating artistic elements into the store. On the one side, incorporating artistic elements in store atmospherics constitutes an innovative way for retailers to differentiate their shopping experience. Such a hybrid retail strategy seeks to offer maximised hedonic gratification to store visitors, while adding symbolic value to the commercial offering. Store traffic and sales are thus stimulated. Incorporating artistic elements is also a magic way to conceal the store’s transactional purpose; through this association with the art world, the store is viewed as less mercantile. However, there is a risk that consumers will view the store as a ‘museum’ and visit without purchasing. Therefore we conduce a conceptual investigation of that experiential strategy in order to assess its effects on retailer’s commercial and marketing performance.     

国企分类改革下国有出资人模式的重构

分类改革是我国此轮国企改革的核心。要实现分类改革的目标,必须对关乎国企管理体制的国有出资人模式进行重新审视。我国国有出资人模式主要有集权模式和分权模式两种。但无论是以国资委为代表的集权出资模式,还是以行业或地域为标准的分权出资模式,其主要缺陷在于没有回应国企分类改革的要求,没有区分商业类国企与公益类国企而分别构建出资人制度。实际上,在国企分类改革下,有必要确立集权模式与双重模式并行的混合出资人模式。针对商业类国企采国资委集权出资模式,由国资委专司“管资本”,剥离其监管企业的职能;而针对公益类国企采功能双重出资模式,由多个部门分工协作,既“管资本”也“管企业”,实现有效监管的职能。     

高斯型混合双多模噪声模型分析

本文以一类高斯型混合非高斯噪声双模噪声为背景噪声,详细分析了二进制数字调制系统的抗噪声性能。为研究更一般的情形,本文提出了窄带多模过程的数学模型,进行了较详细的研究,给出了混合噪声中信号检测的一般方法,是对原建立在高斯噪声基础上通信与信号处理理论的完善和补充,有一定的普遍意义。在理论分析的基础上,最后给出了仿真结果并进行了分析。