GAUGING THE SOURCES OF GROWTH OF HIGH‐TECH AND LOW‐TECH INDUSTRIES: THE CASE OF KOREAN MANUFACTURING*

Literature argues that the source of growth for high‐tech industries emanates from technological progress, while that for low‐tech industries comes from technical efficiency improvement. Also, some empirical studies have shown that technological progress is often accompanied by deterioration in technical efficiency. The focus in this study is to discuss a methodology and test the above two hypotheses with regard to Korean manufacturing data from 1970 to 1997. The study found that the 2.5 per cent average annual rate of technological progress during this period was the major contributor to total factor productivity (TFP) growth in Korean manufacturing whereas technical efficiency grew by a modest 1.1 per cent per annum. The analysis also showed that technological progress was responsible for TFP growth in both high‐tech and low‐tech industries and that both technological progress and technical efficiency improvement co‐existed in the case of Korean manufacturing industries.     

Politically Connected Private Equity and Employment

We investigate the employment consequences of private equity buyouts. We find evidence of higher job creation, on average, at the establishments operated by targets of politically connected private equity firms than at those operated by targets of nonconnected private equity firms. Consistent with an exchange of favors story, establishments operated by targets of politically connected private equity firms increase employment more during election years and in states with high levels of corruption. In additional analyses, we provide evidence of specific benefits experienced by target firms from their political connections. Our results are robust to tests designed to mitigate selection concerns.     

The New Game in Town: Competitive Effects of IPOs

We analyze the effect of initial public offerings (IPOs) on industry competitors and provide evidence that companies experience negative stock price reactions to completed IPOs in their industry and positive stock price reactions to their withdrawal. Following a successful IPO in their industry, they show significant deterioration in their operating performance. These results are consistent with the existence of IPO‐related competitive advantages through the loosening of financial constraints, financial intermediary certification, and the presence of knowledge capital. These aspects of competitiveness are significant in explaining the cross‐section of underperformance as well as survival probabilities for competing firms.     

THE ABSENCE OF THE BOOK‐TO‐MARKET EFFECT IN THE TAIWAN STOCK MARKET: A DECOMPOSITION APPROACH

This paper examines the absence of the book‐to‐market equity (BM) effect in the Taiwan stock market, applying the BM decomposition proposed by Daniel and Titman (2006 ). First, we do not observe a significantly negative correlation between future stock return and intangible return on research‐and‐development‐intensive firms in Taiwan, which is inconsistent with the US evidence documented by Daniel and Titman. Second, undervaluation of research‐and‐development‐intensive firms possibly leads to the absence of the BM effect. Those firms, most of which have low BM, perform well not only in the past, but also in the future, thereby obscuring the BM effect.     

供应链风险的分类与风险来源研究——基于文献回顾的方法

在文献回顾的基础上,将供应链风险范围外部供应链风险、内部供应链风险和相关网络风险,每类又可以划分为若干子类,每个子类又有若干风险来源,最终归纳出供应链风险分类与来源表,为企业衡量和管理供应链风险提供了基础.     

供应链风险的分类与风险来源研究——基于文献回顾的方法

在文献回顾的基础上,将供应链风险范围外部供应链风险、内部供应链风险和相关网络风险,每类又可以划分为若干子类,每个子类又有若干风险来源,最终归纳出供应链风险分类与来源表,为企业衡量和管理供应链风险提供了基础。     

实施CCS技术的火力发电厂场址选择

将碳捕集与封存(CCS)技术应用于碳排放密集的燃煤电站,是中国实现中长期减排目标的主要途径.在大规模应用CCS技术前,必须完成对实施CCS技术的大型火力发电厂场址选择.文章探讨了火力发电厂的选址标准及综合评价方法,并分析了在实施CCS下火力发电厂选址需要考虑的问题.通过对河北11个地市级行政区进行定性分析,发现张家口、邢台、邯郸可以优先考虑新建实施CO2捕集的大型火力发电厂,起到示范作用.     

STOCK MARKET VALUATIONS OF R&D AND ELECTRONICS FIRMS DURING TAIWAN'S RECENT ECONOMIC TRANSITION

The objective of the present study is to investigate the market valuation of Research and Development (R&D) investments in the Taiwanese stock market from July 1988 to June 2002. The motivation stems from Taiwan's recent economic transition from a labor‐intensive, then to a capital‐intensive, and currently to a technology‐based economy. The results support not only the existence, but also the persistence of R&D‐associated mispricing. More importantly, it has become stronger as the electronics industry gradually dominates the economy. First, R&D‐intensive stocks tend to outperform stocks with little or no R&D. Second, the R&D‐intensity effect cannot fully be attributed to firm size. Third, the R&D‐intensity effect is more pronounced for firms in the electronics industry after 1996.     

TARIFF JUMPING FOREIGN DIRECT INVESTMENT DECISION IN A QUALITY‐DIFFERENTIATED MARKET

Using a product differentiation model, this paper discusses the issue of transnational firms evading tariffs and investing directly in a host country (through foreign direct investment (FDI)). Where product quality is differentiated between foreign and host country firms and assuming a firm's quality requirement is a long‐term strategy and is not affected by a foreign firm's trade decision, we obtain the following findings. First, whether or not a host country firm produces high or low quality products, raising the quality requirement for foreign products will increase the possibility of a foreign firm choosing FDI instead of exporting a product to the host country. Second, raising the quality requirement for domestic products will lower the possibility of foreign firms choosing FDI without regard to the product's quality. Finally, given a competitor in the host country, in FDI, a foreign high‐quality product‐producing firm has an advantage over a low‐quality product‐producing firm. We also find that even when firms' quality decisions are affected by a foreign firm's trade decision, most of the above results will still hold.