A Test of the Persistence in the Performance of UK Managed Funds

We employ a United Kingdom data set of weekly returns from a sample of investment trust companies available on the Datastream database. We analyse the relative performance of the funds and determine whether a 'good' (above-median), past-performance is indicative of future performance. Our study focuses on within sample relative performance. We examine persistence in performance in the short and long run based on a number of tests. Overall we find that both raw and risk-adjusted returns exhibit evidence of persistence in performance in the long run but not in the very short run.     

Marketing to associations that specify or approve industrial products

This article introduces the concept of indirect marketing. It examines a situation where individuals, groups, and organizations other than the purchasing organization have a major say in the purchase decision. Implications for a marketing program to meet this situation are discussed.     

Modeling the Impacts of Corporate Commitment on Climate Change

The aim of this paper is to propose an integrative framework for understanding the determinants of business strategies to reduce greenhouse gas emissions and the impact of these determinants on performance. The proposed structural equation model is based on a survey of 319 Canadian manufacturing firms. The study calls into question the traditionally positive relationship between a firm's environmental commitment and its economic motivations. However, the results also show a win–win relationship between the commitment to reduce greenhouse gas emissions and financial performance. This study contributes to the understanding of the motivations underlying the efforts manufacturers make to tackle climate change and their economic benefits. Copyright © 2011 John Wiley & Sons, Ltd and ERP Environment.     

A Performance Comparison Between Cross-Sectional Stochastic Dominance and Traditional Event Study Methodologies

In this study, the performance of cross-sectional stochastic dominance (SD), first proposed by Falk and Levy (FL) (1989), is compared with three traditional event study methodologies: the Mean Adjusted model, the Market Adjusted model, and the Market and Risk Adjusted Returns model. The comparison technique we use is a simulations approach similar to that of Brown and Warner (BW) (1980). BW show that the Mean Adjusted and Market Adjusted Returns models perform as well as the more sophisticated Market and Risk Adjusted Returns model. FL, however, provide a very compelling argument against the three traditional event study methodologies. The problem, they note, is not the theoretical need for risk adjustment; it is the definition and measurement of risk. FL assert that the observed abnormal returns (or lack thereof) may be due to omitted variables, a market proxy effect, or other specification errors in implementing the traditional event study methodologies.The present research finds that SD analysis without the bootstrap method for statistical testing is not very useful at any level of abnormal return. However, when the bootstrap method of statistical testing is employed, SD is found to perform as well as, and sometimes better than, the three traditional models in detecting simulated abnormal performance at all test levels. The results are consistent with FL\'s assertion that the improved performance may result from the SD methodology being free from the specification errors inherent in the three traditional event study models.     

Hungarian Privatisation Strategy and Financial Performance of Privatised Companies

This paper examines Hungarian privatisation strategy and the financial performance of privatised enterprises. The results suggest that Hungary has preferred privatisation by direct sales by a considerable margin, but has recently shifted towards share issues. Both types of sale have predominantly been gradual. Subsequent sales, however, confirm the government's intention to sell previously retained shares. An analysis of IPOs during 1990–1998 shows positive initial returns on Privatisation Initial Public Offers (PIPOs) and greater underpricing than for other IPOs. The long term returns of PIPOs are positive and they outperform other IPOs in all periods after the listing.     

水泥混凝土路面微裂缝修补材料及性能探讨

目前,在我国高质量等级的路面结构中,水泥混凝土路面是最主要的形式之一。由于自然环境以及庞大交通载荷的作用,路面出现早期的微裂缝现象也在增多,水泥混凝土路面微裂缝的防治就越来越重要。文章介绍了以普通水泥作为基质材料,用聚合物和高效减水剂作为主要改性剂形成的新型水泥路面微裂缝修补材料,并对其性能特点做了简要探讨。     

高粘度建筑涂料胶粉的性能和市场前景

论述了高粘度建筑涂料胶粉的性能、应用范围及生产条件,提出建筑装饰业的发展为其提供了有利条件,指出了高粘度建筑涂料胶粉取代有毒、有害、劣质涂料胶粘剂的必然性,从而预示其广阔的市场前景。     

The Creation of Value Through Corporate Reputation

The relationship between social and financial performance (CSP – FP) has been a main objective in the literature on business management, as it would provide an economic justification for the social investment insofar as it contributes to the creation of value. This relationship has been empirically tested by several authors though without using a theoretical model that sustains this relationship. The aim of this article is to propose a theoretical model of the process of the creation of value from the reputation generated by companies, integrating the factors that have been shown to be more relevant in this process from previous research, in such a way that hypotheses are put forward regarding the existence of this relationship and the factors that determine it. Finally, an empirical test is performed using the 100 most prestigious companies operating in Spain during 2004.     

科技企业孵化器运营绩效空间分布及影响因素

为深入研究各省份科技企业孵化器运营绩效空间分布特征及其影响因素，采用2013-2021年各省份样本数据进行实证分析。通过DEA-Malmquist指数模型测算科技企业孵化器运营绩效及其分解效率，探究其空间分布特征，同时采用空间杜宾模型分析影响各省份科技企业孵化器运营绩效的因素。结果表明：国内各省的孵化器运营绩效存在明显差异，导致孵化器运营绩效不佳的主要原因是技术进步减缓；国内科技企业孵化器运营绩效存在显著的空间相关性；经济发展水平、政府支持程度、数字社会建设水平、区域创新活力对科技企业孵化器运营绩效呈显著正向影响且在省份间呈现正向空间溢出现象。基于研究结论，建议通过建立健全孵化网络机制、制定差异化扶持政策、激发区域创新活力等方面进一步推进中国科技企业孵化器运营绩效的提升。