新自由主义范式对转型国家的危害及反思

20世纪90年代,新自由主义成为主导前苏东国家经济转型的战略,并引发了严重的转型危机,而当前源于美国并席卷全球的经济危机再次给转型国家造成严重冲击。危机的爆发集中体现出新自由主义这种极端私有化、绝对自由化的转型战略的内在弊端,它所造就的畸形经济体制在市场秩序、产权制度、金融体制、经济结构、发展模式及政府治理等方面存在着严重不稳定性、脆弱性和无效性,从而成为导致危机加剧的深层制度根源。经历危机洗礼后,转型国家势必要对指导本国转型的新自由主义范式做出重大调整,探寻到一条超越新自由主义的有效转型与发展道路。     

Variations in municipal bond default risk premia by term-to-maturity

A recent study by McInish of the influence of term-to-maturity on municipal bond default risk premia concluded that default risk premia were not invariant with respect to maturity. That study, as well as an earlier one by Robinson, failed to consider the effects of issuer credit quality. Using a large cross-sectional sample of general obligation bonds sold between 1977 and 1980, the influence of issuer credit quality on the relationship between term-to-maturity and default risk premia is investigated. The results indicate that default risk premia were an increasing function of maturity, and that this effect was larger for lower rated bonds.     

The separation of ownership from control and investment performance

There is much evidence of a growing separation of corporate ownership from its control by management. This paper compares the performance of several diversified portfolios containing a total of 199 industrial corporations' common stocks in which the class of a given portfolio's stocks is a range of percentage of the total voting stock held by management. This is a test of stock market performance with respect to public information on the relative separation of ownership from control.Performance measures from a naive arbitrage model that is an adaptation of a simplified market model showed that stock market performance was independent of the relative separation of ownership from control over the 1964–1973 period.     

The valuation of subsidies in kind and their effects on costs

This study focuses on the effects of subsidies in kind on cost minimizing behavior and the resulting estimates of costs. It is shown that subsidies in kind may distort the usual equilibrium conditions and cost-output relationships among firms in the same industry. Even if they do not, the value of subsidized inputs to the firm, in terms of reduced costs, may differ from its market value. Methods are developed to cope with both problems, and estimations of the value and importance of subsidies in kind to the credit union industry are performed.     

A dynamic industrial product model

This article reports on the development of a marketing model for industrial products to aid marketing managers in developing marketing programs on a quarterly and yearly basis. The system incorporates a market response model which relies heavily on the involvement of managers in providing inputs. The model was parameterized and tested in the context of a large manufacturer of capital goods. The results were supportive of the conceptual soundness of the moral and its utility in decision making.     

Do a value analysis of your customer base

A company's customer base can yield valuable data on customers' sales volume, profits, growth trends, and technical strengths. The Customer Value Analysis process provides a means to apply that data to developing a better sales/marketing program.     

Economic factors that affect new product substitution: A case history

A scenario is presented of a U.S. industry whose traditional products were well into the maturity stage of the product life cycle and long overdue in introducing a new product to the marketplace.     

Developing a strategic marketing orientation in a large industrial firm

This article outlines the approach one firm, Parker Hannifin, has taken during the past three years to begin the development of a marketing/strategic planning orientation throughout the 80 plus business units of the corporation.     

Bank structure and mortgage rates: Implications for interstate banking

Competition in financial markets has been the subject of many studies in the area of market structure and performance. This paper analyzes the differences in mortgage rates between unit banking and branch banking states to consider the likely outcome of interstate banking on competition. A model of interest rate determination is developed which suggests that, at least in the mortgage market, interstate banking will, ceteris paribus, decrease competition if it lowers the number of competing firms and increases deposit concentration levels. Support is provided for the argument that only those states under statewide branching laws may receive more competitive environments from the spread of interstate banking.