What do interest rates reveal about the functioning of real business cycle models?

This paper begins by documenting the extent to which the predictions of standard Real Business Cycle (RBC) models are incompatible with observed movements in real interest rates. The main finding of the paper is that extending the baseline model to include habit persistence in consumption and adjustment costs to capital significantly improves the model's empirical performance. In our evaluation of the model's performance, we take special care of estimating and testing predictions of the model using both moments drawn directly from the data and moments calculated after identifying shocks to the stochastic trend.     

On the measurement of corporate diversification strategy: Evidence from large U.S. service firms

Actual, not potential, relatedness determines the results of diversification strategies. An external examination of a firm's businesses, products, markets and technologies permits an assessment of potential relatedness among its various businesses. Potential relatedness is, however, often not realized. Also, relatedness may be externally invisible. Hence, actual relatedness may diverge from externally measured potential relatedness. This paper provides evidence suggesting that measures of corporate diversification strategy based on internal data differ significantly from those based on externally available data.     

在做大商业品牌中正确处理六个关系

本文分析了入世后,上海企业家在做大商业品牌中,应正确处理好的六个关系,以及有关的述评。     

THE LAST MILE: AN EXAMINATION OF EFFECTS OF ONLINE RETAIL DELIVERY STRATEGIES ON CONSUMERS

The Internet has increased the level of importance of the end‐consumer market to transportation carriers. In two between subject experiments, carrier disclosure on retail merchant websites is examined as a strategic differentiation strategy. Predictions are offered concerning effects of carrier disclosure strategies on product delivery‐related expectations, consumer attitudes, and intentions to purchase a product online. Results from Study 1 reveal significant differences between disclosure and nondisclosure of the carrier for numerous product delivery‐related variables, as well as many differences between the six carriers examined in this first study. Study 2 extends these findings by showing that providing consumers with a choice of carrier leads to increased levels of satisfaction with the online experience and greater willingness to buy, relative to nondisclosure and disclosure strategies.     

合并会计的经济学思考

在合并会计的研究中引入现代经济学理论 ,可以使我们以开阔的理论视野 ,重新审视合并会计的理论和实务问题。本文在这方面进行尝试 ,以现代经济学为指导 ,重点讨论了合并会计的目的——原则和合并会计制度等问题。     

AN EVALUATION OF PROCESS‐ORIENTED SUPPLY CHAIN MANAGEMENT FRAMEWORKS

Supply chain management (SCM) is implemented by integrating corporate functions using business processes within and across companies. Several process‐oriented frameworks for SCM have been proposed but only two of these provide sufficient detail to enable implementation. We evaluate the Supply‐Chain Operations Reference (SCOR) framework and The Global Supply Chain Forum (GSCF) framework using four criteria and identify their relative strengths and weaknesses.     

Business relatedness and performance: a study of managerial perceptions

Understanding of business relatedness and performance effects is the foundation of any diversification decision, but we have limited knowledge of how managers consider relatedness. This study identified relatedness classes and performance effects using perceptual survey data from top industrial executives. Four classes with significant variable differences were found: high, technology, customer, and low relatedness. Technology relatedness had a strong positive performance effect and high relatedness had a negative effect. The findings confirm that perceptions are multidimensional, but may include five key factors rather than the previously identified attribute categories of product–markets, resources, and value chains. Contributions to diversification literature are discussed. Copyright © 2006 John Wiley & Sons, Ltd.     

DEFAULT RISK AND DIVERSIFICATION: THEORY AND EMPIRICAL IMPLICATIONS

Recent advances in the theory of credit risk allow the use of standard term structure machinery for default risk modeling and estimation. The empirical literature in this area often interprets the drift adjustments of the default intensity's diffusion state variables as the only default risk premium. We show that this interpretation implies a restriction on the form of possible default risk premia, which can be justified through exact and approximate notions of "diversifiable default risk." The equivalence between the empirical and martingale default intensities that follows from diversifiable default risk greatly facilitates the pricing and management of credit risk. We emphasize that this is not an equivalence in distribution, and illustrate its importance using credit spread dynamics estimated in Duffee (1999) . We also argue that the assumption of diversifiability is implicitly used in certain existing models of mortgage-backed securities.     

A monetary business cycle model with unemployment

To reproduce key features of the post-war U.S. data, most monetary business cycle models must assume there are high price markups and that agents have high labour supply elasticities despite the existence of contradictory microeconomic evidence. This paper eliminates the need for these assumptions by introducing imperfectly observed effort into a limited participation model. The estimated model is better able to capture the sluggish price response to a monetary policy shock than the standard model, and is consistent with evidence regarding the qualitative responses of the U.S. economy to technology shocks, fiscal policy shocks and monetary policy shocks.     

基于BPR理论的企业重组

首先介绍BPR基本理论，接着从企业经营过程的具体实际出发，提出了基于BPR理论的企业重组，引出了企业重组的原则，内容，重组模型在企业中实施的具体步骤。