U.S. Labor Market Dynamics Revisited

The picture of U.S. labor market dynamics is opaque. This paper aims at its clarification by (i) listing data facts that can be agreed upon; these indicate that there is considerable cyclicality and volatility of both accessions to and separations from employment and hence both are important for the understanding of the business cycle; (ii) presenting the business‐cycle facts of key series; (iii) pointing to specific gaps in the data picture, showing that the definite characterization of labor market dynamics depends upon the closing of these data gaps.     

股权分置改革中的重建市场估值体系问题

随着股权分置试点的进行,我国证券市场制度性变革开始进入攻坚阶段.通过对发达国家公司治理体制进行比较研究,提出完善我国上市公司治理结构,解决股权分置问题,重建市场估值体系的政策建议.     

Separation of Ownership from Control and Acquiring Firm Performance: The Case of Family Ownership in Canada

Abstract:   This study investigates the relationship between ownership structure and acquiring firm performance. A large proportion of Canadian public companies have controlling shareholders (families) that often exercise control over voting rights while holding a small fraction of the cash flow rights. This is achieved through the concurrent use of dual class voting shares and stock pyramids. Many suggest that these ownership structures involve larger agency costs than those imposed by dispersed ownership structures and that they distort corporate decisions with respect to investment choices such as acquisitions. We find that average acquiring firm announcement period abnormal returns for our sample of 327 Canadian transactions are positive over the 1998–2002 period. Cash deals, acquisitions of unlisted targets and cross‐border deals have a positive impact on value creation. Governance mechanisms (outside block‐holders, unrelated directors and small board size) also have a positive influence on the acquiring firm performance. Further, the positive abnormal returns are greater for family firms. We do not find that separation of ownership and control has a negative impact on performance. These results suggest that, contrary to other jurisdictions offering poor minority shareholder protection or poor corporate governance, separation of control and ownership is not viewed as leading to value destroying mergers and acquisitions, i.e., market participants do not perceive families as using M&A to obtain private benefits at the expense of minority shareholders. We do find a non‐monotonic relationship between ownership level and acquiring firm abnormal returns. Ownership of a majority of the cash flow rights has a negative impact on announcement returns. This is consistent with the view that large shareholders may undertake less risky projects as their wealth invested in the firm increases.     

厂网分开下电能量计量结算系统建设与运营问题

厂网分开后,电能量计量系统的建设与运营面临着一些新问题.文中对当前存在的这些问题进行了分析.加强计量系统法制化、规范化管理并以并网调度协议为基础,进一步加强厂网双方的协调配合是确保计量系统结算数据准确性、权威性的前提.     

低温分离技术原理及生产运行的优化

本文通过对低温分离器结构原理的分析,明确其在天然气处理厂中的重要作用,并通过对"低温分离器温度优选试验"数据的分析,加强处理厂精细化管理。     

基于生态位的企业竞争关系研究

本文借鉴生态学中生物物种的生态位理论,分析企业生态位重叠的原因、形态模型以及与企业竞争之间的关系,提出企业竞争的实质是生态位重叠并引发资源相对不足,进而阐述了共同进化是企业新型竞争关系构建的目标,探讨了新型竞争关系构建的途径:生态位的分离和新资源的扩充,并指明企业实现共同进化这一目标应具备的条件。     

论双踪示波器测量RLC交流电路相位关系的方法

用双踪示波器测量RLC电路的相位关系，必须要解决示波器的共地和只能显示电压波形而不能显示电流波形的问题。在具体参数设置过程中还应注意其它问题。     

Functional separation in Swedish broadband market: Next step of improving competition

Technological development together with liberalization policy has led to competition in the telecommunications market. Broadband has been recognized as a driving force in the social and economic development of nations, and many countries have introduced policies and/or regulatory frameworks to improve competition in broadband markets. An evolution can be seen from the 1980s until the present day through open access to local loop unbundling to several degrees of separation including functional separation. There are several countries implementing functional separation such as the UK, Italy, Sweden and, recently the EU. It has been suggested that functional separation can be an effective policy for increasing competition in broadband markets under certain circumstances. Sweden has implemented functional separation by amending the Swedish Telecommunications Act in 2008 to include mandatory functional separation as one of the powers of the PTS, the Swedish telecommunications regulator. Although TeliaSonera, the incumbent fixed line operator decided to voluntarily separate part of their business, the amendments to the law were debated with arguments similar to the debates in the EU following the new regulatory framework implemented in 2009. Against this background, this paper provides an overview of the development of functional separation in the EU and European countries such as Sweden and the UK. The paper also provides a theoretical and empirical analysis of the implementation of functional separation. The evolution of functional separation in Sweden is explained and ends with a discussion of the implementation of functional separation in the Swedish broadband market.     

饮用水除氟技术的现状与展望

文章介绍了几种饮用水除氟方法,其中重点介绍了层状双氢氧化物法,并提出技术可靠、经济可行、节能环保的技术应是饮用水除氟技术的发展方向。     

Means not ends: Deterring discrimination through equivalence and functional separation

It is sometimes forgotten that the much debated remedy of functional separation is simply a means to an end. That end is to reduce the incentives for discrimination by the integrated firm, which damages its downstream rivals and ultimately harms competition and the interests of consumers. Functional separation, though now considered to be at the centre of the Undertakings was in fact not mentioned by name in them. This article examines the background to the Undertakings and why non-discrimination and accounting separation remedies were inadequate to deter sabotage behaviour. It draws on interviews with UK industry participants to consider whether equivalence and functional separation are “fit for purpose”. Although not perfectly implemented, the remedies have reduced discrimination and have helped to create the right conditions for dynamic efficiency gains in access and downstream broadband markets. However, there has been little or no “spillover” benefits into product markets not covered by the Undertakings.