Pricing effects when competitors arrive: The case of discount certificates in Germany

This article investigates how overpricing of outstanding certificates, also called master certificates, changes when competing products that duplicate the features of master certificates are issued. I argue that competition effects may be reverted and overpricing may increase rather than decrease after competitors arrive, when retail investors fail to detect implications of credit risk differences on certificates’ values. Using difference-in-differences estimations on matched samples, I find that overpricing of master certificates decreases after the competing products have been issued, but only when the master issuer’s credit risk is lower than that of the duplicate issuer, while it increases when the credit risk difference is positive. These findings are robust to controlling for retail investors’ demand in various ways. Thus, the study indicates that retail investors’ failure to detect the value implications of issuers’ credit risk can undermine product competition.     

Closed-form solutions for Wee’s and Martin’s EOQ models with a temporary price discount

In this article, we use closed-form solutions to solve Wee and Yu (1997) deteriorating inventory model with a temporary price discount and Martin’s (1994) EOQ model with a temporary sale price. In Wee and Yu (1997) and Martin’s (1994), the benefits during the temporary price discount purchase cycle are represented by their objective functions. Wee and Yu (1997) and Martin (1994) only used search methods to find approximate solutions. Following the theorems we suggested, you can find closed-form solution directly when there are integer operators involve in an objective function. Using the data of Wee and Yu (1997) and Martin (1994), we can find the results are more quick and more accurate.     

基于质量功能展开的连锁家饰店服务质量研究

质量功能展开(Quality Function Deployment,QFD)是一种透过质量屋的运作,系统地将顾客需求转换成工程要求的技术的方法。文中应用QFD导入PZB服务质量模式,整合模糊理论、Kano二维质量模式及顾客满意效益系数,分析连锁家饰店顾客服务质量需求的权重与排序,再以灰关联分析理论确定连锁家饰店各项工程要求质量的灰关联度值与排序,有助于经营者明确提高服务质量的重点。     

Investment appraisal practices: A comparative study of conventional and Islamic financial institutions

This paper compares the use of capital budgeting techniques of conventional and Islamic financial institutions, using data obtained from a survey of 105 conventional and Islamic financial institutions. Our main aim is to analyze the use of capital budgeting and risk techniques by the two types of financial institutions from a comparative perspective to see whether prohibition of riba makes a difference. Standard difference-of-means tests of the mean scores methods were used to test the hypotheses of the study. The results reveal a number of important conclusions. First, discounted cash flow techniques are found to be more widely used by financial institutions, and among those techniques internal rate of return is the most common. Second, Islamic financial institutions are found to adopt traditional methods that do not comply with the principles of Islamic Sharia'a. Third, a huge gap is found between the theory base of Islamic institutions and some of the practices of those institutions. Fourth, firms' characteristics, such as size, listing status, sources of revenue and government ownership, have some impact on their decisions to adopt capital budgeting criteria, methods of estimating costs of capital and risk. Finally, the decisions to select particular capital budgeting techniques, cost of capital estimation methods, and risk assessments are partly related to the characteristics of the chief financial officers.     

Contrasting the information demands of equity- and debt-holders: Evidence from pension liabilities

In the setting of defined-benefit pension liabilities, we hypothesize that equity and debt investors value these liabilities differently. As expected, we find that investors' valuations of equity more closely align with a going concern perspective that emphasizes the long-term funding needs of pension plans. In contrast, as expected, we find that investors' pricing of short-term and unsecured debt more closely aligns with a settlement perspective that emphasizes pension termination costs. For both equity and debt securities, the settlement (going concern) perspective dominates for short-duration (long-duration) pensions. Overall, our evidence suggests that equity and debt investors perceive complex liabilities in predictably different ways that are consistent with their differing information demands, which in turn vary with the characteristics of the obligation.     

韩国便利店业态演变趋势分析

通过对韩便利店在店铺数、销售额、顾客与经营者构成等方面的分析,本文认为韩便利店的快速发展与其经济发展水平的提高,以及成功输入美日成熟的便利店经营技术和模式有关。韩便利店在发展中呈现出明显的个性特征,根据店铺数与销售额等的演变轨迹,可以将韩便利店的发展划分为导入期、连锁构筑期、系统完善期、高速成长初期及高速成长期。     

商业银行承兑汇票及贴现业务风险与防范

随着社会经济的快速发展,商业银行承兑汇票的办理日益增多,其风险也逐步显现,且形式呈现多样化。商业银行要高度关注与识别风险,并采取积极、有效的控制措施,规避银行承兑汇票各个环节的风险,促进银行承兑汇票业务的健康发展。     

家电连锁企业战略性供应商选择与评价指标体系研究

研究了家电连锁企业战略性供应商的选择问题,通过分析总结供应商的特点,供应商评价选择的原则,构建了战略性供应商评价的指标体系。     

我国连锁便利店的立地问题浅析

随着经济的发展,生活水平的提高,人们在工作、生活方面开始追求便捷性。对于便利店来说,为了满足消费者的需求,需要对立地问题进行综合考虑。本文通过阐述我国便利店的产生和发展,同时分析便利店的管理创新,并从立地角度,提出相应的政策建议,进而为我国连锁便利店发展提供参考依据。     

Enhancing innovation through learning: the roles of market orientation and interorganisational knowledge stores

Drawing on the organisational learning theory, this study regards market orientation as a market-based learning and seeks to advance insight into how market orientation and interorganisational knowledge stores together affect different types of innovation. Our findings from a sample of 246 manufacturing firms provide supporting evidence for the positive effect of market orientation on both explorative and exploitative innovation. The effect of market orientation on innovation gets amplified when firms possess large amount of interorganisational knowledge, demonstrating the synergistic effect produced by different types of learning which is less known. This study, therefore, sheds light on the under-researched area of literature surrounding the interaction between different learning activities and the roles of knowledge from different sources on firm innovation.