Cones of diversification in a model of international comparative advantage

The hypothesis that all countries belong to a single cone of diversification is often used in studies of international trade. However, contrary to this hypothesis, the range of capital–labour input ratios in US industries does not encompass the range of capital– labour endowment ratios in the world’s economies. Furthermore, among countries with capital–labour endowment ratios below the range of US capital–labour input ratios, wage rates are much lower than in the US. In this paper, the one-cone hypothesis is assessed relative to a two-cone alternative by clustering countries with similar factor proportions, estimating regressions for gross national product and net exports, testing for equality of coefficients, and approximating the posterior odds on one- and two-cone models. Rejecting the one-cone hypothesis, the paper presents estimates of a two-cone model and considers their implications for factor flows and the prospects of emerging market economies.     

How loan portfolio diversification affects risk, efficiency and capitalization: A managerial behavior model for Austrian banks

The aim of this paper is to analyze how diversification of banks across size and industry affects risk, cost and profit efficiency, and bank capitalization for large Austrian commercial banks over the years 1997–2003. Employing a unique dataset, provided by the Austrian Central Bank, we test for several different types of managerial hypotheses, formalized according to a modified version of the Berger and DeYoung model [Berger, A.N., DeYoung, R., 1997. Problem loans and cost efficiency in commercial banks. Journal of Banking and Finance 21, 849–870]. We find that, although diversification negatively affects cost efficiency, it increases profit efficiency and reduces banks’ realized risk. Finally, diversification seems to have a positive impact on banks’ capitalization.     

Diversification strategy and financial performance in the Taiwanese hotel industry

This study categorized 25 highly market-diversified international tourist hotels into two sub-groups, based on the highest proportion of hotel revenue generated either by (1) food and beverage (F&B) services; or by (2) room services. We investigated the differences in financial performance of these two sub-groups and concluded that hotels with a major proportion of the revenue from F&B services obtained higher growth but unstable profit margins, compared to another group of hotels with profit mainly from room service. Our study results can serve as a valuable reference for hospitality industries to evaluate the tradeoff between investing more resources in room or F& B service, especially at markets where F&B is highly valued.     

社会学的学科品质

社会学是一门紧扣时代脉搏、以解决社会问题为导向、关注人与社会关系问题的社会科学。无论是回溯社会学长达170多年的历史,还是审视当代社会学家的研究取向,都可以发现社会学具有关注现实、视角多元化、想象力独特的学科品质。     

Do financial conglomerates create or destroy value? Evidence for the EU

There is an ongoing debate about whether firm focus creates or destroys shareholder value. Earlier literature has shown significant diversification discounts: firms that engage in multiple activities are valued lower. Various factors are important in determining the size of the discount, for example cross-subsidization and agency problems. The existing literature, however, generally focuses on non-financial firms or on banks combining investment and commercial banking. Our paper focuses specifically on the valuation of bank-insurance conglomerates. We find no universal diversification discount but significant variability. The discount is explained by the size (increasing), the familiarity with the conglomerate business model (decreasing) and the risk profile (decreasing). Our results are robust to the historical origin, the merger record and the age of the conglomerate, as well as peer group specification and outlier elimination.     

Convergence and diversification in cable industry: An empirical analysis of the deployment pattern of cable telephony in US local telecommunications markets

The primary purpose of this study is to examine the deployment pattern of cable telephony in the US local telecommunications market. A model is established stressing that the size of local markets and the specific cost advantages of local cable systems are associated with the deployment of cable telephony by cable operators.     

企业多元化发展的风险规避模型研究

文章从企业多元化发展所依赖的资源要素角度,对企业多元化发展过程中存在的各种风险进行分析,并对各种风险的规避方法和工具进行分析、总结,在此基础上建立了企业多元化发展风险规避战略模型和应用模型,以期为企业成功实施多元化发展战略提供参考。     

网络关系强度、技术多元化与企业产品创新战略

在模块化创新网络中,核心企业通过界面规则重组知识模块,分别与模块供应商、系统集成商在纵向和横向上进行知识整合以实现技术创新。以2001-2014年中国汽车产业108家整车制造企业为研究样本,探讨模块化创新网络关系强度对企业渐进式产品创新和突破式产品创新的影响,并分析技术多元化的调节作用。结果发现：模块供应商关系强度越大越有利于渐进式产品创新;系统集成商关系强度越大越有利于突破式产品创新;技术多元化减弱了模块供应商关系强度对渐进式产品创新的促进作用,但增强了系统集成商关系强度对突破式产品创新的促进作用。     

东北地区产业结构对区域经济韧性的空间溢出效应研究

产业结构多样化与专业化之争是经济学中的一个长期热门话题,区域经济韧性概念为区域发展产业结构多样化抑或是专业化提供了一个全新研究视角。近年来,经济遭受2008年金融危机、第四次产业革命兴起等外部冲击后,长期处于下行态势。基于2009-2018年东北地区34个地级以上城市面板数据,采用空间杜宾模型,探究产业多样化与产业专业化对区域经济韧性的影响。结果发现：产业结构多样化对本市经济韧性起到提升作用,但会降低邻近城市的经济韧性;产业结构专业化对本市和邻近城市经济韧性起到提升作用,能够更好地发挥自身竞争优势,优化资源配置,形成规模效应。     

国际货币体系改革方向及其相关机制

当前的国际金融危机促进了改革国际货币体系的讨论,而对超主权国际储备货币与多元化国际货币体系的改革目标的讨论需要深化对相关机制的研究。本文分析了超主权国际储备货币的必要条件和特别提款权的缺陷及改革的复杂性,提出将多元化的国际货币体系作为现实选择,认为美元、欧元与亚洲关键货币将成为多元化国际货币体系的核心;推行多元化的国际货币体系也需完善国际汇率协调机制,对美元发行应建立国际制衡机制。