Nested model comparison with structural equation approaches

Potential problems with the conventional nested model comparison procedure in the structural equation models context are discussed. It is argued that fixing parameter values might lead to creation of different unobservables in the nested model. A number of alternative ways of conducting model comparisons are reviewed and applied in a marketing example.     

Inflation,currency exchange rates,and the international securities markets

A time-state-preference model of an efficient and complete international financial market is employed to investigate the conditions under which the international Fisher Effect will hold, and the forward currency exchange rate will be an unbiased estimate of the future spot rate. The presence of stochastic inflation within countries in the fiat-currency prices of real goods will destroy both relationships, even in the absence of any institutional imperfections or trading barriers. Similarly, expected inflation rate differentials across countries will not coincide with spot-versus-forward currency exchange rate differentials.     

Experience seeking: A subjectivist perspective of consumption

The present research examines consumer behavior from a subjectivist perspective. In a phenomenological sense consumption consists of the generation of internal thoughts and|or sensations, which constitute the content of experience. The sociopsychological characteristics of consumers who primarily seek cognitive stimulation (cognition seekers), sensory stimulation (sensation seekers), novel stimulation (noveltry seekers), or are seekers of all three forms of experience (experience seekers) are delineated. Preliminary causal rationales for each type of consumption are put forward based on these findings.     

Adjustment costs and theory of investment under uncertainty

It is shown that the stochastic investment rule for the price-setting monopolist facing random demand differs from the deterministic rule, due to the presence of the covariance of the marginal utility of profits and the MRTS between capital and labor. For the risk-neutral quantity-setting monopolist, the optimal current investment under random demand is shown to be greater than that under deterministic conditions, given that production technology is of the Cobb-Douglas type with constant returns to scale. When random wages and prices follow first-order autoregressive schemes, the risk-neutral competitive firm's current investment level is shown to be at least equal to that under certainty.     

The determination of corporate optimal capital structure under value maximization and informational asymmetry

In this article we examine the optimal capital structure of the firm under conditions of informational asymmetry, i.e., when the manager of the firm is viewed by the market as possessing inside information about the firm's future profitability. Unlike previous research on this topic, in this study we preserve the objective of value maximization when examining the signaling property of corporate capital structure. We also recognize explicitly the other consequences of debt financing on the value of the firm. An integrated analysis of the capital structure problem within the context of rational expectation is presented, and a signaling equilibrium is derived and discussed. The nature of the welfare costs that emerge from the existence of informational asymmetry is also analyzed.     

Business Ethics in Spain

This article is an introduction to the selection of papers on "Business Ethics in Spain" included in this monographic issue of the Journal of Business Ethics. Specifically, this article is a survey of the development of the social, political, cultural and economic background of business in Spain since 1940, in order to show how the ethical values, attitudes and problems of the Spanish managers changed in these years. First, the global evolution of this background is explained, and then several relevant problems are discussed, namely those of the attitudes of business towards the State and the law (with an aside on the attitudes of society towards profit and wealth), corruption, and the grey economy, taxes, and irregular labour. The article concludes with a survey of the scientific developments of business ethics in Spain.     

Pricing practices in two industries

Although a critical part of marketing decision making, very little has been written about industrial pricing policy and strategy. This article has three objectives: First, to report the pricing practices of the chemical and construction industries; Second, to compare their pricing policies; and third, to develop a simple pricing framework for industrial marketers. The results of this study are interesting and somewhat unexpected. The buyer and his behavior only play a small part in pricing policy. A pricing framework or model is presented in a logical and systematic way.     

Algorithms to compute CM- and S-estimates for regression

Constrained M-estimators for regression were introduced by Mendes and Tyler in 1995 as an alternative class of robust regression estimators with high breakdown point and high asymptotic efficiency. To compute the CM-estimate, the global minimum of an objective function with an inequality constraint has to be localized. To find the S-estimate for the same problem, we instead restrict ourselves to the boundary of the feasible region. The algorithm presented for computing CM-estimates can easily be modified to compute S-estimates as well. Testing is carried out with a comparison to the algorithm SURREAL by Ruppert.     

CEPA条件下安徽民营高新技术企业的发展对策研究

安徽民营高新技术企业在近些年来取得了巨大的发展,规模不断壮大。但总体来看,安徽的民营高新技术企业还很弱小,面对CEPA,机遇与挑战并存。我们应该抓住机遇,迎接挑战,尽快的发展壮大我们的民营高新技术企业。