Supply Chain Strategies: Changes in Customer Order‐Based Production

Supply chain development is debated in terms of whether lean and agile supply chain strategies will work simultaneously and whether “leagile” strategies are possible. This study explores complexity and dynamics of the mixed strategy in a longitudinal automotive industry case study and contributes with four propositions related to the debate and practices of supply chain strategies.     

The Predictive Value of Expenses Excluded from Pro Forma Earnings

We investigate the informational properties of pro forma earnings. This increasingly popular measure of earnings excludes certain expenses that the company deems non-recurring, non-cash, or otherwise unimportant for understanding the future value of the firm. We find, however, that these expenses are far from unimportant. Higher levels of exclusions lead to predictably lower future cash flows. We also find that investors do not fully appreciate the lower cash flow implications at the time of the earnings announcement. A trading strategy based on the excluded expenses yields a large positive abnormal return in the years following the announcement, and persists after controlling for various risk factors and other anomalies.     

Accounting based valuation models: what have we learned?

The present survey article formed the basis of a presentation by G. Richardson to the 8 July 2003 plenary session of the Accounting and Finance Association of Australia and New Zealand Conference in Brisbane, Australia. The present article reconciles the historical and forecasting branches in the published accounting literature. Prior survey articles have primarily focused either on the historical branch or the forecasting branch. While these approaches have yielded useful insights, they do not attempt to synthesize the link between the two branches of the published literature. An obvious link between the two branches is that the Ohlson model begins with the Residual Income Model as an initial assumption. We believe that there are other links that need further emphasis. In the process, we also review the empirical issues and the evidence within these two branches. We know of no paper to date that has surveyed the empirical evidence on both the historical and forecasting branches of the published literature. In particular, we draw inferences on the following question: on balance, what have we learned from nearly a decade of research on accounting based valuation models and its applications?     

流动性繁荣及其对中国经济的影响

本文基于中国经济的宏观数据，从正反两方面阐述了中国目前“流动性繁荣”的特征及其影响。通过分析，论文强调目前中国流动性问题和欧美国家所面临的流动性过剩存在本质的差异。论文又进一步讨论了结构性流动性繁荣的可持续条件。文章建议应该利用目前流动性充裕的大好时机发展资本市场和优化经济结构。     

Analyzing price and product strategies with a comprehensive system dynamics model—A case study from the capital goods industry

Price reductions and/or product enhancements are widely seen as appropriate ways to increase market share. However, the key findings of this analysis demonstrate the opposite: decreases in price combined with product enhancements can lead to substantial loss in sales revenue and, ultimately, profit. The discussion draws on findings from a comprehensive system dynamics model, which has been developed in a major company in the capital goods industry. The purpose of this research is to analyze the price and product strategies in the capital goods industry. In the case company, testing intuitive beliefs with the help of a formal system dynamics model proved to be beneficial in the strategic decision-making process. The model had a significant impact on the case company, especially when challenging basic assumptions about mechanisms of markets and competition.     

When do they leave? The dynamics of living in low-income neighbourhoods

We use longitudinal tax data to explore several undocumented aspects of residential spells in low-income neighbourhoods. Although new spells generally last much longer than spells in the low-income state, both types of spells exhibit negative duration dependence. While factors such as family type, age, and local unemployment rates play a considerable role in the length of both types of spells, the magnitude of these roles is quite different. These differences suggest that in contrast to the low-income state, the dynamics of low-income neighbourhood spells are largely shaped by non-economic factors.     

Fiscal announcements and real exchange rate dynamics

This paper examines the dynamic impact of anticipated government spending on real exchange rates in a general-equilibrium framework. I show that an increase in government spending causes persistent movements in real exchange rates, and that the time profile of real exchange rates differs with patterns of government spending. Hence, one of the explanations for the misalignment and excess volatility of real exchange rates during the flexible exchange rate system may be volatile changes in government spending.     

成本-进度系统动态控制的研究

目前在建设项目管理中很难同时实现质量、成本和进度三大目标，针对这一问题从系统的角度，利用动态的观点，建立对三大目标整体动态控制的理念。根据赢得值、累计计划成本额、累计实际成本额基本参数，采用系统动态控制的方法——赢得值分析法，着重研究成本-进度之间的动态控制问题。这对于提高我国项目管理水平，具有重要的理论意义和实用价值。     

客户保留驱动因素分析

通过比较分析Morgen(2000)和Hennig-Thurau(2002)研究的客户保留驱动因素以及保留结果的中介变量,可以重新系统地整合并提出保留客户的驱动因素。