Leading national brands facing store brands competition: Is price competitiveness the only thing that matters?

Store Brands (SBs) have experienced a strong increase in both value and unit sales internationally during the last decades; thus their market share has been constantly growing. Starting from these considerations, the present work aims at deepening the topic of inter-brand competition within the FMCG market and, in particular, the market share trade-off between Leading National Brands (LNBs) and Store Brands. Our empirical analysis is based on panel data about 322 product categories sold within the Modern Grocery Distribution stores in the 2010–2013 period. Results obtained show: (i) the existence of a relationship between the increase in the LNB-SB price gap and the switching of market share from the former towards the latter; (ii) the consolidation of a change in consumers' purchasing preference in favor of SBs; (iii) the existence of an inverse relationship between the inter-brand competition intensity and the retail branding life cycle evolutionary stage, which is different for each product category.     

知识惯性一定会阻碍服务企业绩效的提升吗？——基于KIBS企业的实证

文章基于知识管理和组织学习理论,针对知识惯性悖论,以组织学习为中介变量,构建知识惯性影响服务企业绩效的概念模型,并对长三角和珠三角地区211家KIBS企业进行实证研究。研究结果显示：（1）程序惯性和资讯惯性均会直接阻碍服务企业绩效的提升,程序惯性还会通过利用式学习和探索式学习这两种组织学习活动间接阻碍服务企业绩效的提升,资讯惯性则仅通过利用式学习间接阻碍服务企业绩效的提升;（2）经验惯性不仅不会阻碍服务企业绩效的提升,反而会通过利用式学习和探索式学习间接促进服务企业绩效的提升;（3）利用式学习和探索式学习均会对服务企业绩效产生显著的直接促进作用。     

Firms’ performance following the initial resignation of independent directors: evidence from Taiwan

This study investigates the operating performance of firms listed on the Taiwan stock exchange following the initial resignation of independent directors. The results show that the firms’ operating performance following the resignation of these directors has not only deteriorated, but is also significantly below the industry average. In addition, firms with a relatively severe agency problem, including firms that have lower insider or institutional shareholdings, receive audit opinions other than unqualified opinions or change their auditors prior to the resignation of the independent directors, tend to perform more poorly following the resignation.     

Regime switching rough Heston model

This model combines two important stylized features of volatility, the rough behavior consistent with a Hurst parameter less than , and the regime switching property consistent with more long-term economic considerations. It is nevertheless highly tractable in the sense of semianalytic formulae for European options, and permits a partial Monte Carlo method of similar computational speed as the semianalytic formula (at an appropriate number of Monte Carlo simulations). While option prices are relatively insensitive to the choice of Hurst parameter, introducing rough volatility allows for a better fit to the at-the-money skew.     

Demographic shift, relative costs and the allocation of local public consumption in Norway

Local government responses to shifting demand and supply conditions are investigated. The desired allocation of local public consumption is determined in a voter group decision model where different age groups compete for services within an exogenous budget constraint. The model is implemented in an AIDS demand system built into a partial adjustment framework. The estimates indicate that the dramatic shift in the age composition of the population from the young to the elderly during the period studied has led to higher educational spending per pupil and less health care services per elderly. Age groups in decline are able to resist reallocations and gain in terms of spending per head.     

我国医疗保健行业股指收益率波动特征与杠杆效应

本文运用SWARCH模型分析了我国医疗保健板块收益率的波动,并将医疗保健板块收益率与上证综指、深证成指收益率的SWARCH模型的估计结果进行比较,得出以下结论:医疗保健指数收益率序列呈现出低、中、高三种波动状态,样本区间主要分布于中波动状态,低波动状态的平均持续期最长、中波动状态的平均持续期居中、高波动状态的平均持续期最短,医疗保健指数收益率波动杠杆效应显著;我国股市医疗保健板块收益率波动状态之间的差异高于沪深综指波动状态的差异,医疗保健指数收益率与沪深综指收益率区制转移趋同,但存在着细微差异;医疗保健指数收益率各区制间转移相对频繁,每种波动状态的平均持续期较短,股市医疗保健板块收益率对新信息的反应更为敏感。     

海上遇险搜救综合通信系统的设计与实现

为了提高我国海上搜救应急反应的调度、指挥能力,利用现代通信、计算机、计算机 电信合成（CTI）等技术,实现了海上遇险搜救综合通信系统。该系统采用程控调度交换和 无线电台适配的方案,使用无线电台适配器将无线通信转换为有线通信,再通过程控交换机 将各级海上搜救中各类卫星、语音电话、视频系统等异构终端综合互联,实现有线通信系统 与无线通信系统的无缝连接,从而为值班和搜救指挥人员提供专业、便捷的通信、操作手段 ,提高指挥判断的准确性和效率。     

卫星通信站极化隔离度下降的排查及解决方法

针对卫星通信站接收交叉极化隔离度下降的问题,首先利用Matlab软件绘制了隔离度与 极化角、线圆转换器偏差的关系曲线,然后通过实测值和公式相比较,推导出偏差理论值。 最后,根据推导出的结论,通过工程实践解决了极化隔离度下降的问题,调整后测试的结果 也验证了该方法的可行性。     

INTERNATIONAL RESERVE MANAGEMENT: A DRIFT‐SWITCHING REFLECTED JUMP‐DIFFUSION MODEL

We study the cost of shocks, that is, jump risk, with respect to reserve management when the reserve process is formulated as a drift‐switching jump diffusion with a reflecting barrier at 0. Inspired by the Brownian drift switching model, our model results in a more realistic dynamic behavior of international reserves than the buffer stock model. The new model can capture both the jump behavior in reserve dynamics and the leptokurtic feature of the increment distribution which has a higher peak and two asymmetric heavier tails than the normal distribution. Through the selection of an initial distribution that reflects certain steady state behaviors, the reserve process becomes a regenerative process. This selection enables us to derive a closed‐form expression for the total expected discounted cost of managing reserves, thus helping us to numerically find management strategies that minimize costs. The numerical results show that shocks at the reserve level have a significant effect on reserve management strategies and that model misspecification can result in nonnegligible additional costs.