Managing liquidity in research‐intensive firms: signaling and cash flow effects of patents and alliance activities

The effective holding and management of liquid assets is critical to success in research‐intensive industries. The primary output of invention is new knowledge. However, because of its ‘sticky’ characteristics, knowledge may not easily diffuse to external shareholders, leading to knowledge asymmetries between managers/employees and external suppliers of capital. Many valuable R&D projects may thus fail to attract external financing, limiting a firm's ability to invest in R&D. In this study, we examine how the cash flow and signaling properties of a firm's patents and certain aspects of its alliance strategy can attenuate such problems. Specifically, we suggest that a firm's R&D investments positively predict the level of its liquid asset holdings. This is due to the fact that invention‐induced knowledge asymmetries increase the firm's cost of accessing external liquid capital. However, holding cash entails opportunity costs. In this regard, we also find that patent production and certain alliance activities provide important signaling mechanisms, which reduce knowledge asymmetries between the firm and capital markets, and consequently lower the firm's need to hold liquid assets. Empirical tests were conducted using a sample of 108 U.S‐based biotechnology firms. Copyright © 2009 John Wiley & Sons, Ltd.     

The integration of film‐induced tourism and destination branding in Yorkshire,UK

This paper identifies the integration of film induced tourism and destination branding on destinations featured in television series' such as Yorkshire, which is the film location for many popular English television series'. The review of the existing literature identified a gap in previous investigations and in response, a tourist survey and strategic conversations with the key stakeholders were an initial attempt to fill this gap. The issues which arose from these and the literature review highlighted some implications for the future development of these destinations, namely the use of destination branding in the promotion of a film location. Copyright © 2008 John Wiley & Sons, Ltd.     

Energy tourism: An emerging field of study

After conceptualizing the interrelationships between energy and tourism, the authors provide a definition of energy tourism as a new niche of industrial tourism, theorize on how it overlaps with other types of special interest tourism, and discuss specifics concerning its forms, locales, and possible societal impacts. Potential directions, along with research questions, for future research in the field of energy tourism are proposed. Then, the results of an explorative pilot study of energy tourism in the Czech Republic are presented to give a first insight into the proposed questions. Questionnaire surveys completed by tourists and operators of three energy tourism attractions – so-called Coal Safaris (guided tours through surface coal mines, observing minescapes and mining machinery in full operation), a nuclear power plant information centre, and Dragon Kite Festivals under wind turbines – have focused on exploring the motivations and perceived benefits of energy tourism for organizations; tourists' motivations for, and experience from, visiting; and any changes in attitudes towards current energy development dilemmas by visitors afterwards.     

中国地下水资源合理开发利用研究

本文从全球地下水资源开发趋势,中国地下水资源勘查与开发状况、地下水资源开发的环境效应和地下水资源开发管理及存在的问题四个方面论述了地下水资源开发利用与相关地质灾害的关系。在此基础上,提出了中国地下水资源合理开发利用与防治相关地质灾害的对策建议。     

Managing conflicting goals in pig farming: farmers' strategies and perspectives on sustainable pig farming in Sweden

Industrial meat production has several negative environmental effects. Governments’ agricultural policies aim for cost efficiency combined with high environmental and animal welfare, which puts farmers in a difficult situation trying to navigate between sometimes contradictory requirements. This paper studies how Swedish pig farmers resolve or cope with conflicting goals in pig farming. We have analysed the regulations governing EU and Swedish pig farming. We have also interviewed five Swedish pig farmers about their views of the different goals of pig farming and strategies for resolving conflicts between the goals of low environmental impact, high animal welfare and enough profitability to continue farming. The greatest divide was between the conventional farmers, who emphasized natural resource efficiency, and the organic farmers who stressed animal welfare, multifunctionality and ecosystem service delivery. We suggest four strategies to contribute to resolving some of the conflicting goals: improve communication about different types of pig farming; use public procurement as a driver towards more sustainable pork production; work towards improving the Common Agricultural Policy, perhaps by implementing payments for ecosystem services or multifunctionality; and finally, decrease the total production of pork to lower the emissions per land unit.     

欧盟技术性贸易壁垒对我国出口产品的影响及对策

随着贸易自由化、全球一体化的不断加深,在国际贸易领域,数量限制和高关税已经成为历史,技术贸易壁垒正成为发达国家保护本国产品的新手段。在中欧贸易中,欧盟凭借在科技、管理、环保等方面的优势制定并实施了大量的技术性贸易措施,严重影响了我国产品的出口。本文从欧盟CR法案入手,介绍了欧盟技术贸易壁垒的状况,以及对我国出口产品产生的影响,并据此提出了相应的解决措施。     

询价制改革后机构投资者报价策略分析

以2010年-2012年在中小板和创业板上市新股为样本,运用OLS法研究询价制改革后机构投资者报价策略。实证发现机构投资者为最大化申购新股收益,在询价时压低报价,并根据承销商潜在的拔高定价行为加大压低幅度。锁定期取消后,询价竞争加剧并抑制了机构投资者合谋压价行为,其报价策略对网下申购新股收益率及新股后市表现的影响减小。研究认为新股发行价格畸高主要源于核准制下新股的供不应求,使机构投资者估值在考虑市场的非理性后仍处于较高水平。     

高校实践型科研组织形式的创新——基于高校研究院发展策略的研究

高校研究院的建设与发展是我国创新发展战略的重要内容与必然要求。基于我国高校的现实情况,遵循系统化、渐进化、务实化的基本原则,在充分借鉴先行者经验的基础上,提出了我国高校推进研究院建设的"123"策略。     

系统视角下协同创新模式的实施策略研究——以新能源汽车企业为例

协同创新对企业适应外部复杂环境、解决创新效率低下的作用明显,但如何选择适合的协同创新模式是企业创新管理需解决的重要问题.考虑到已有研究存在结果差异性、因素单一性等问 题,本文基于系统视角,提出协同创新模式影响因素的组合性和等价性判断.以中国新能源汽车企业为例,运用多值定性比较分析方法,给出了协同创新模式的适用条件及不同...     

建立中国-东盟自由贸易区出入境检验检疫合作机制的基本策略

中国-东盟自由贸易区的建立与发展,在促进经济繁荣的同时,其物流、客流的快速流动也加大了人类传染病、动物疫病、植物有害生物跨境传入传出的风险,并产生了贸易摩擦的隐患。必须建立中国-东盟自由贸易区出入境检验检疫合作的战略性机制,并有序推进合作,以保证自由贸易区人民生命健康、动植物安全、贸易公平公正以及通关便利化,维护自由贸易区的健康发展。