An empirical investigation of firm public and private knowledge

Many studies examine firm private knowledge, but purport to be generalizable to the totality of firm knowledge, both public and private. This study demonstrates that public and private firm knowledge are empirically separable constructs that have significant and yet different influences on innovative outcomes. The example of product development effectiveness within this study shows that both public and private knowledge are significantly related to product development quality; however, public knowledge is negatively related to quality lapses while private knowledge is positively related to quality lapses. Copyright © 2002 John Wiley & Sons, Ltd.     

入世对中国期货市场发展的优势分析

经济全球化的要求使各国经济必须融入世界经济运行的大循环。作为融入世界经济的重要渠道，入世将会极大地影响中国的金融市场。期货市场作为金融市场的一个有机组成部分。也将深受影响。它将通过入世的宏观与微观效应，获得进一步的发展。     

现代企业财务风险的测定和防范

在市场竞争环境下，现代企业面临的各种风险不断增多，财务风险作为企业特有的风险日益突出，是企业利用融资财务杠杆的直接后果，企业必须重视财务风险的测定和防范，以增强企业财务实力。     

Diffusion of Products with Limited Supply and Known Expiration Date

In this paper, we provide a model for diffusion of products, which are available in limited quantity until a known expiration date, after which the unsold products have no value. We consider the case of a performing arts company. The model development is built on the foundation of classical product diffusion model by Bass (1969) and the psychological effect known as the scarcity principle (Cialdini, 1985). Our empirical analysis results show that the proposed model can provide significant improvement in prediction of the products characterized by the scarcity effect.     

迎接知识经济时代 实现财务管理创新

随着知识经济的日益发展,尤其是我国改企建制工作的广泛推行和进一步深化,勘察设计企业为了能更好地应对市场竞争的挑战,其日常运作的各项工作就需要有所改进。而作为企业管理的核心,财务管理则需要密切配合企业改制工作的整体部署,进行相应的创新。本文结合勘察设计企业的实际情况,谈谈实现财务管理创新的几点思路。     

Sources of Bank Interest Rate Risk

We investigate bank stocks'sensitivity to changes in interest rates and the factors affecting this sensitivity. We focus on whether the exposure of commercial banks to interest rate risk is conditioned on certain balance sheet and income statement ratios. We find a significantly negative relation between bank stock returns and changes in interest rates over the period 1991–1996. We also find that bank characteristics measured from basic financial statement information explain bank stocks'sensitivity to interest rate changes. These results suggest that bank managers, analysts, and regulators can use this information to assess the relative risk exposure of banks.     

Learning across the life cycle: Experimentation and performance among the hollywood studio heads

Guided by notions from the literature on organizational learning, this paper investigates how product line experimentation and organizational performance change across the careers of top managers. Its subjects are the studio heads who ran all the major Hollywood film studios from 1936 to 1965. The study found first, that product line experimentation declines over the course of executive tenures; second, that there is an inverse U‐shaped relationship between top executive tenure and an organization's financial performance; and third, that product line experimentation is more likely to benefit financial performance late in top executives' tenures. These findings are consistent with a three‐stage ‘executive life cycle’. During the early years of their tenures, top managers experiment intensively with their product lines to learn about their business; later on their accumulated knowledge allows them to reduce experimentation and increase performance; finally, in their last years, executives reduce experimentation still further, and performance declines. Copyright © 2001 John Wiley & Sons, Ltd.     

Quality Competition and Social Welfare in Markets with Partial Coverage: New Results*

We use a vertical product differentiation model under partial market coverage to study the social welfare optimum and duopoly equilibrium when convex costs of quality provision are either fixed or variable in terms of production. We show the following new results. First, under fixed costs, the social planner charges a uniform price for the single variant that just covers costs of quality provision. Like the duopoly equilibrium, this socially optimal pricing entails a partially uncovered market, but a smaller share of the market is served compared with the duopoly equilibrium. Second, for the variable cost case, it is socially optimal to provide both high‐ and low‐quality variants, but market shares need not be equal. This differs from the result in fully covered markets. Third, in the duopoly equilibrium, the quality spread is too wide under variable costs relative to the social optimum. Under fixed costs, the duopoly produces two variants, but quality is too low relative to the social optimum, which has only one variant.     

境外战略投资者参股中资银行与中国金融安全

近期，关于引入境外战略投资者是否会影响中国金融安全的讨论颇多，但研究者在讨论时所使用的金融安全概念较为模糊，不利于正确理解两者之间关系。本文从界定金融安全的概念入手，澄清了金融安全的学术含义及当前人们所关心的金融安全问题，之后对目前引进战略投资者的情况进行介绍，通过对我国的引资政策和相关数据的深度分析得出结论，认为不应该对中国金融安全过分担忧，而阻碍通过引入境外战略投资者促进银行业改革的战略。