Conditioning manager alphas on economic information: another look at the persistence of performance

This article presents evidence on persistence in the relativeinvestment performance of large, institutional equity managers.Similar to existing evidence for mutual funds, we find persistentperformance concentrated in the managers with poor prior-periodperformance measures. A conditional approach, using time-varyingmeasures of risk and abnormal performance, is better able todetect this persistence and to predict the future performanceof the funds than are traditional methods.     

US domestic airline alliances: does the national welfare impact turn on strategic international gains?

The six largest U.S. airlines announced in the beginning of 1998 the formation of three domestic alliances, but the size and scope of these alliances spurred significant public interest concerns. GAO analysis suggests a rough equivalence between the domestic costs and benefits of alliances, yet the international competitive effects have not been considered. I argue that the national welfare merits of domestic airline alliances turn on positive international competitive effects. Empirical tests - run on comprehensive panel data covering the international airline markets among 21 nations over the 1983–1992 period - support domestic market concentration resulting in strategic international gains; hence, domestic airline alliances likely improve national welfare.     

加强学法指导提高教学质量——小学数学教学中怎样进行学法指导

世界上最有价值的知识是关于方法的知识,教给了方法就是交给了"点石成金"的指头,交给了捕猎物的猎枪,学生就可以用它去捕获猎物,索取知识的金山.     

Consumer satisfaction with food products

An important problem facing public policy makers is how best to measure market performance. Economists have traditionally used criteria such as the existence of monopoly forces, entry barriers, and externalities in production and consumption. Increasingly, however, policy makers are viewing the measurement of consumer satisfaction as an important additional approach to the assessment of market performance, even though consumer attitudes may lack some of the precision and objectivity of the economist's measures.¹ Responding to the growth of the consumer movement, policy makers are assigning a relatively high priority to the development of programmes designed to protect the consumer interest. Effective consumer protection programmes depend on the availability of information which can provide a basis for comparing levels of consumer satisfaction across a range of products and services, for identifying problem areas, and for effectively allocating limited consumer protection resources. Given the number of alternative foods on the market and the central role of food consumption in everday life, effective resource allocation is of special importance to policy makers concerned with food and agriculture.     

全球品牌怎么了

曾几何时,全球营销迎来黄金时代,跨国公司也曾在世界许多地方大量生产标准化产品,以满足当地消费者的疯狂需求.然而,这一切都已经随着全球经济的急剧衰退,以及反美情绪的不断高涨而结束.不过,这些收缩触角的跨国公司或许对下一步要发生的变革还准备不足.