The Performance of Actively Managed International Mutual Funds

International mutual funds allow individual investors to diversify abroad at a reasonable cost. This paper tests whether international funds that actively engage in country and security selection outperform passive global benchmarks. We apply a mean-variance efficiency test that incorporates the practical prohibition against short sales of open-end mutual funds. Our tests reject the efficiency of the world equity market portfolio over the sample period, and our funds as a group outperform the inefficient world index. However, we find no evidence of security selectivity ability using a 12-country benchmark. We do find that active international funds provide global diversification benefits. Tests using the Positive Period Weight (PPW) measure of Grinblatt and Titman (1989), which is robust to nonlinearity in fund and benchmark returns, yield similar results.     

国际快递公司在华发展特点及启示

简要介绍了联邦快递、联合包裹、敦豪环球快递、荷兰天地快运四大国际快递公司在中国市场发展的特点及成功经验;指出我国目前物流快递业发展的诸多问题,提出有效应对措施与建议,提高我国快递企业的竞争力。     

Business communities in the European confectionery sector: A U.K.-Finland comparison

This paper is based on the early stages of an international collaborative project investigating the structural changes of the confectionery sectors in Finland and the U.K. over the past two decades. An institutional perspective is used to extend conventional understandings of industries via the development of the sector concept. The network and community constructs are shown to be important devices for understanding the institutional character of a sector. Accordingly, the paper reveals the similarities and differences between the two national examples. An explanation is offered of the way domestic networks persist in both countries while contrasting community profiles are apparent.     

我国企业国际科技合作现状及对策研究

文章从经济和科技全球化背景下企业国际科技合作的战略地位分析入手,介绍了我国企业国际科技合作概况,重点分析了企业对外科技合作存在的主要问题,提出了推进企业国际科技合作发展的8点对策建议。     

企业物流外包的风险与防范

通过分析企业物流外包过程中存在的内部障碍及在接受第三方物流时的顾虑，提出了一系列防范措施，并针对接受第三方物流时的顾虑制定了分成合约策略。     

基于风险矩阵的物流外包风险评估

分析了物流外包中存在的风险，将风险矩阵引入到物流外包的风险评估中，为物流外包提供了一种结构性风险评估方法。并以某生产企业配送外包为例对风险矩阵的应用进行了说明。     

我国港口经济发展的战略选择

从港口相关概念和发展历程开始，阐述了我国商贸港口发展面临的国际产业转移的重大机遇，以及如何及时抓住机遇，继续扩大区位优势，争取更多政策支持，培育产业集聚形态，促进港口经济繁荣，增强港口城市经济活力。     

军事物流外包分析研究

军事物流外包对军队的保障力量的建设有很大的帮助，但是在军事物流外包的过程中一定要注意一些问题的妥善解决．既保护军队和物流承包商的利益．又保证物流的顺利实施，树立社会化的物流保障观念．探索由一条适合中国国情的军事物流外包的道路来。     

我国中小企业国际市场营销策略浅析

积极有效地开展国际市场营销是我国中小企业成长和发展的必由之路。文章在国际市场营销理论的基础上,分析了我国中小企业在开展国际市场营销活动中存在的问题并提出了我国中小企业国际市场营销的若干策略。     

Outsourcing and trade in a spatial world

This paper provides an analysis of outsourcing and trade in a spatial model à la Hotelling. In this setting, we discuss the trade-off between transport-cost-related disadvantages and outsourcing-related production cost advantages of a large economy and we investigate how the existence of national transport costs influences both the structure of industrial production and the pattern of final goods trade. In addition, the model gives a rich picture of the possible welfare effects of trade liberalization. In particular, we show that a final goods exporting country definitely gains from economic integration, while a final goods importing country may lose. Finally, when lowering domestic outsourcing activities, trade liberalization may reduce world welfare, even if pro-competitive effects lead to a decline in consumer prices.