The strategic evolution of large US law firms

In recent years, large US law firms have been undergoing significant changes. Most have switched from a professional model (P2 form) to a corporate business model, employing competitive strategies and a profit orientation. As the market for corporate legal services became more competitive, many large US law firms began to diversify the services they offer and expand their operations into new geographic regions of the country and into international markets. They even engaged in acquisitions and learned to manage and leverage their critical resources, human capital and relational capital. As a result, most of these law firms have added more professional management. All in all, the services law firms offer and the rivals with which they must contend have changed substantially over the last 15 years.     

我国金融开放进程中应对国际游资冲击的思考

本文首先阐述了国际游资的特征,同时分析了游资的货币性攻击方式新变化,并针对这种全新的货币攻击,提出了一些防御对策与建议。     

What Drives Micro-Angel Investments?

Despite of the significant role of informal venture capital in the financing of new entrepreneurial ventures, there is little research explaining the factors determining the propensity of individuals to make microangel investments. Building on two theoretical frameworks, a social psychological theory of planned behavior and an economic theory on the determinants of demand for risky assets in household portfolios, we develop a set of hypotheses predicting the propensity of individuals to make informal investments in new businesses owned by others. In our analysis we test whether the determinants of micro-angel investments are similar when investing in a business owned by a close family member versus more distant business. The hypotheses are tested using data from 6007 interviews of Finnish adults carried out in the Global Entrepreneurship Monitor program in 2000–2002. The findings show that the theoretical frameworks have more power in explaining investments in firms not owned by close family members. The study provides new understanding of the differences in the drivers of different types of micro-angel investments.     

Small Business and Empirical Perspectives in Business Ethics: Editorial

In this editorial to a collection of papers on ethics in small firms, the case is made for greater use of high quality empirical research on business ethics. Sociological perspectives have much to offer to the field of business ethics that continues to be dominated by normative, moral philosophy. The second contribution of the paper is to argue for a re-orientation away from the large multi-national firm as a benchmark subject of business ethics research. One important point of view to be included is that of the small firm, which remains the dominant organisational form throughout all the OECD countries.     

How venture capitalists respond to unmet expectations: The role of social environment

In this paper, we seek to explain venture capitalists' reactions to disappointments caused by entrepreneurs. Our basic assumption is that venture capitalists' social environment, defined as exposure to venture capital and business communities, will influence their responses to problematic situations. The results of our study suggest that venture capitalists with strong ties to their colleagues and with managerial experience are more inclined to use active and constructive approaches than venture capitalists with a lesser exposure to the venture capital and business communities.     

Efficiency in IPO Issuance Processes?

Is the online auction an efficient mechanism for pricing initial public offerings (IPOs)? Its intent was to minimize first day price surges in IPOs, which represented “money left on the table” for issuers. Evidence from Google's IPO suggests that the online auction process may not have minimized the first day price surge, since 82 percent of the IPOs issued in 2004 using the traditional process experienced less of an increase. Furthermore, a comparison of auction IPOs with traditional IPOs issued in the same year and in the same threedigit SIC code suggests that 44 percent of the auction IPOs have greater first day price surges than their traditional counterparts. A broader comparison of the pricing behavior of auction IPOs with traditional IPOs presents a mixed picture and suggests that the size of underwriter may be an important factor. The mispricing that occurs in auctions may be due to an informational asymmetry on the part of small investors. This informational gap could arise because small investors lack access to the information sources that institutional investors have or because companies are not required to provide detailed information in the online process, inasmuch as they don't undergo the rigorous scrutiny of investment banks in the traditional bookbuilding process. This informational gap may be alleviated by the SEC reforms of the “quiet period” and by the issuer providing more detailed information on the uses of the funds.     

企业集群内社会资本演进的动力机制研究

本文从经济社会学的视角指出,企业集群内社会资本是一种摄取稀缺资源并由此获益的能力,它随着企业集群这一产业组织的成长发展而不断演进,据此提出了企业集群内社会资本演进的一般过程.对其演进过程,运用动态博弈模型分析了企业集群内社会资本演进的动力机制--声誉机制.     

EVA及其对我国上市公司的意义

EVA是经济增加值的简称 ,是经过调整后的税后营业净利润扣除全部资金成本后的余额。EVA考虑了包括股权资金在内的全部资金的成本 ,体现了企业在某个时期创造或毁坏的价值量。与会计利润相比 ,EVA易于理解且不易被操纵 ,根据其所设计的“奖金银行”是一种有效的激励机制 ,并且向企业提供了一个单一的、协调的目标 ,避免了多目标的混乱。EVA指标对当前我国的上市公司具有特别突出的意义 ,应用EVA来评价上市公司有利于规范我国上市公司的融资行为、投资行为和股利分配行为 ,并约束上市公司的“内部人控制”。应加快研究适合我国国情和上市公司实际的EVA计算方法 ,把EVA作为我国上市公司业绩评价和相关部门制订政策时的参考指标之一。     

民俗旅游的意识形态

民俗旅游是全球化背景下权力政治、资本与地方性文化之间共谋的结果，是一种后现代文化现象，服务于民族－－国家的现代化建设诉求。民俗旅游的兴盛，既是“本土现代性”的表现，也是文化政治之暴力的一种表述，民俗文化旅游继续着现代性话语对于民间、边缘文化的霸权性质。     

双缺口模型与东北老工业基地的引资战略选择

钱纳里等人提出的双缺口模型为发展中国家引进外资提供了理论基础,目前东北老工业基地引进外资不应单纯局限于弥补储蓄缺口和外汇缺口的层次上,而应转向以弥补其他缺口为主。东北地区应利用自身优势,加大引资力度,促进产业结构调整和快速升级。