论弱化我国股票期权制有效性的因素

起源于西方20世纪70年代的股票期权制,在解决公司高级管理阶层长期激励约束问题方面起了非常重要的作用。但这一制度若运用到我国将会遇到诸多不利因素的制约,其自身有效性将会被大大弱化。     

紫光激发提高ZnO基半导体气敏传感器的敏感性能

以激光-感应复合加热法制备的纳米ZnO粉末为气敏基料,制作厚膜型的管状气敏元件,采用紫光(波长为370~395nm)激发,对无水乙醇进行了静态配气法的气敏性能测试。结果表明在紫光激发下,ZnO基半导体气敏传感器在较低的工作温度条件下对无水乙醇具有较好的气敏性能,而且随着紫光光强的增大,气敏性能提高。     

Ethical Life Cycle of an Innovation

Product safety has always been one of the main problems in engineering ethics. At times it has been discussed as primarily a problem of engineering ethics. However the right to safety is one of the four fundamental consumer rights and so it is an important theme also in business ethics. At the same time the problem of product safety is inseparably connected with business effectiveness: how much can we spend on product safety without making our production unprofitable? Below we will present a possible treatment of the safety problem in teaching business ethics to post-graduate industrial engineering students – as we deal with the problem in Tallinn Technical University.     

Ethical Sensitivity in Management Decisions: Developing and Testing a Perceptual Measure Among Management and Professional Student Groups

An emerging literature in behavioral ethicsconceptualizes ethical perception or sensitivity as acritical part of the decision making process. Thisstudy appears to be the first to empirically test thisconcept in organization and management decisionmaking. A measure of ethical sensitivity is developedand tested in a decision making exercise. Subjectsfor the study are 156 students from programs inbusiness management, public administration, andengineering. The relationship of ethical sensitivityto decision outcome is assessed.     

宏观因子套利定价模型的因子筛选及在中国股票市场的应用

本文以BIRR模型为参照,筛选出适用于中国股市的宏观因子套利定价模型中的宏观风险因子。先将33个备选因子分成先行、一致和滞后三类,用稳健回归方法确定先行或滞后因子的阶数,再用稳健回归和逐步回归相结合的方法进行宏观因子的初步筛选;接着用向量自回归模型最终确定出适用于中国股市的4个宏观因子:能源生产总量、外商直接投资额、7日银行同业拆借利率和全国居民消费价格总指数。最后对筛选出的因子在中国股市的应用进行了探讨。     

The Importance of Board Quality in the Event of a CEO Death

We examine board quality and executive replacement decisions around deaths of senior executives. Stock price reactions to executive deaths are positively related to board independence. Controlling for such factors as the deceased's stockholdings, outside blockholdings, board size, and whether the deceased was a founder, board independence is the most significant factor explaining abnormal returns. Board independence is particularly important when there is no apparent successor and firm performance is poor. The results are consistent with independent boards being reluctant to discipline poorly performing incumbent managers, but nevertheless using the opportunity of an executive death to improve the quality of management.     

带状线1/4波长耦合器误差分析

建立了在中心频率处带状线1/4波长定向耦合器S参数和驻波比的一阶近似式,根据灵敏度定义推导出耦合端和直通端幅度相对电路参数的灵敏度表达式,通过编程并与Ansoft公司仿真软件比较,结果显示了所推导公式的正确性和有效性.     

证券市场信息披露重大性标准探析

重大性标准的确立是确定证券市场信息披露范围的基础和前提。在不同的语境中重大性标准分别表现为重大事实、重大变化和重大信息三个层次。在司法实践中,重大性标准经由具体的案例不断得到修正和发展。我国证券法中的重大性标准具体表现为投资者决策标准、价格敏感标准以及发行人品质不利影响标准。我国对重大信息暂不应采取统一标准。     

Structural change decomposition through a global sensitivity analysis of input–output models

Sensitivity analysis has become an important tool to test the robustness of estimated economic models. In this paper we propose the use of simulation-based sensitivity analysis to identify the fundamental structure of the economy. To show the possibilities of this technique, we provide empirical evidence on the path of structural change occurring in the Chicago economy by running simulations for projected input–output tables over the period 1975–2010.     

Entry Effects on Cartel Stability and the Joint Executive Committee

We extend Green and Porter's (1984) model to considerentry, by studying twoalternative types of incumbent firms' post-entryreactions: cartel breakdownand accommodation of the entrants. We show thatcooperation is more unstableif entry costs are low and if incumbents accommodatethe new firms. We thentest the applicability of the theoretical model tothe type of collusionthat characterizes the nineteenth-century railroadcartel in the US. Theresults provide support for the model predictions.In particular, cartelstability has been found to be negatively correlatedwith the number of firms in the agreement.