Government Expenditures and Revenues: Evidence of Fractional Cointegration in an Asymmetric Modeling

In this paper, we examine the relationship between the US government expenditures and revenues using a fractional cointegration framework. In doing so, we permit a much richer degree of flexibility in the dynamic adjustment process toward equilibrium than in the classical case of cointegration. Moreover, we relax the assumption of a symmetric adjustment process throughout the use of threshold autoregressive (TAR) and momentum threshold autoregressive (M-TAR) models in the error correction representation of the process. The results show that both individual series are non-stationary I(1) and we do not find evidence of cointegration of any degree. However, if we take into account a structural break at 1973(2), fractional cointegration is found if the underlying process is autocorrelated, especially in the asymmetric modeling.

Vertical Integration and Market Foreclosure with Convex Downstream Costs

Received December 14, 2000; revised version received July 16, 2001     

Real interest rate linkages in the Pacific-Basin region

This paper examines the linkage of real interest rates of a group of Pacific-Basin countries with a focus on East Asia. We consider monthly real interest rates of US, Japan, Korea, Singapore, and Thailand from 1980 to 2006. The impulse response analysis and half-life estimation are conducted in a multivariate setting, adopting the bias-corrected bootstrap as a means of statistical inference. It is found that the degree of capital market integration has increased after the Asian financial crisis in 1997. The overall evidence suggests that the crisis has substantially changed the nature of the short run interactions among the real interest rates. Before the crisis, both the US and Japanese capital markets dominated the region. After the crisis, the dominance of the Japanese market has completely disappeared, while the US market remains as a sole dominant player and the Korean market has become more influential.     

Do vertical spillovers differ by investors’ productivity? Theory and evidence from Vietnam

Developing countries are eager to host foreign direct investment to receive positive technology spillovers to their local firms. However, what types of foreign firms are desirable for the host country to achieve spillovers best? We address this question using firm‐level panel data from Vietnam to investigate whether foreign Asian investors in downstream sectors with different productivity affect the productivity of local Vietnamese firms in upstream sectors differently. Using endogenous structural breaks, we divide Asian investors into low‐, middle‐, and high‐productivity groups. The results suggest that the presence of the middle group has the strongest positive spillover effect. The differential spillover effects can be explained by a simple model with vertical linkages and productivity‐enhancing investment by local suppliers. The theoretical mechanism is also empirically confirmed.     

A test for inflation persistence in Nigeria using fractional integration & fractional cointegration techniques

This study seeks to test for inflation persistence in Nigeria using the recently developed fractional cointegration VAR model by Johansen and Nielsen (2012) and complemented with univariate fractional integration techniques. The empirical results suggest evidence of high inflation persistence in Nigeria albeit with a lower trend after the global financial crisis. Also, the major classes of inflation – headline, core and food inflation rates, share long run properties regardless of the sample used. This suggests that any policy action directed at a particular class of inflation will have a spill-over effect on the other classes given the strong association among them. The ability to also exploit the fractional cointegration in a multivariate set-up when modeling inflation is a major contribution of this study and ignoring same may lead to wrong conclusions. However, the results are sensitive to the choice of data frequency.     

基于认知和价值观视角的高管团队（TMT）社会集成影响因素研究——一个典型群体决策情景下的探索

高管团队社会集成的质量明显地影响团队决策,然而已有的文献未能有效地解释影响社会集成的深层次原因。本文选用了高度群体决策的极端环境企业,采用扎根理论的分析方法和理论构建方法,对H公司的四个高管团队进行了追踪式观察等多种证据材料的收集、分析,发现高管团队的认知和价值观分别制约着社会集成的有效形成,并发现团队领袖和一般高管成员在团队集成中发挥不同作用。本文归纳出团队认知渴求、领袖的开放性、团队合作意识、团队成员责任感、领袖对才能的尊重五个影响社会集成的要素;并进一步结合相关文献构建出基于认知和价值观视角的理解社会集成的理论模型。本研究丰富了高管团队理论及社会集成理论,且对企业实践具有启发意义。     

农产品纵向一体化运作模式初探

通过对国内外农产品运作的简要了解与分析,并结合中国广大农村的劣势分析与农产品的特性及其物流的特点,以及对我国农产品现有的供应链思想做了简单的探讨与分析,认为“小而精”的思想不适合农产品运作,提出了农产品“产加销一体化”这样的纵向一体化运作模式可能更符合中国国情,从而为农产品的有效运作提供一种新的思路。     

基于多项目的战略管理模式的案例研究——济南钢铁多项目管理实施“板材精品基地”战略的案例研究

随着企业项目化趋势的增强,战略管理与项目管理的整合成为当今企业管理研究的趋势之一。在高度动态的环境中,如何应用多项目管理保证企业战略的有效实施,以提升企业的竞争能力已成为研究学者和实践界新的课题。本文以济南钢铁应用多项目管理实施＂板材精品基地＂战略提升核心竞争力的成功案例作为研究对象,从战略的纵向实施和资源的横向整合两个维度系统分析了以项目管理办公室（PMO）为中心的战略管理与多项目管理的整合过程,探讨适用于多项目管理企业的战略管理模式。     

现代企业管理战略管理的创新方法研究

本文首先分析了传统管理的弊病,认为,我国企业管理创新需要从理念和方法上作出调整,并提出了管理创新的一些对策方法。这些对策方法包括企业文化整合,组织结构扁平化,绩效管理,累进式管理决策等。     

基于数据元的装备保障数据集成研究

介绍了数据元的基本概念及其重要作用,并对装备保障数据元的编制过程进行了说明。在装备保障数据集成需求分析的基础上,构建了基于数据元的装备保障数据集成框架,并对数据字典、基本表、数据交换等进行了分析与设计。