Investment, uncertainty and irreversibility

This paper investigates the irreversibility of investments and the impact this has on the nature of the relationship between investment and uncertainty. The empirical analysis uses firm‐level data and is based on a survey of 210 rice‐milling firms in the Mekong River Delta in Vietnam, which was carried out during the year 2000. We show that uncertainty reduces investment of rice millers in the presence of irreversibility, as is predicted by the real options approach to investment. We do not find evidence that the negative association between uncertainty and investment is influenced by the degree of irreversibility.     

Syndicated Loan Announcements and Borrower Value

Announcements of syndication loans increase borrowers' shareholder wealth if they are revolving credit agreements but not if they are term loans. Share price responses to revolving credit announcements are positive and significant, whereas the wealth effect for term loans is negative and significant. The results show that announcements from both the financial press and commercial information providers can affect borrower share price reaction. Overall, single syndication announcements appear to be more newsworthy than multiple announcements reported in the financial press, and we find evidence of information leakage, post‐announcement drift, or both.     

COMMERCIAL ART MUSIC

A commercial environment is clearly good for contemporary popular music but can ‘art’ music flourish in such an environment? In the past art music has prospered on a commercial basis and there are advantages in exposing art to commerce. For example, commercial patronage is likely to be more diverse and allow more room for experimentation than a single patron or subsidising body. Moreover, commerce encourages two‐way communication between artist and audience.     

面向对象程序设计教学改革与实践

指出了面向对象程序设计教学中存在的问题,针对问题提出了改革措施：采用案例式教学,加强实践教学管理,结合BB教学平台辅助教学。不断提高学生学习的自觉性和主动性,成为教学改革的重要研究内容。     

浅析市场经济背景下受众理论研究对新闻传媒业改革的启发

一、新闻传媒业改革的社会经济背景信息的传播活动是伴随着人类的出现而出现的,微笑与问候,文字与表情,长城烽火台上升起的狼烟,夜空下大海上闪亮的灯塔,还有镌刻在石头上的汉谟拉比法典……穿越时间,穿越空间,将信息流传。信息的传递,真情的传达,事实的通晓,文明的传承,环境的     

证券法上的民事责任功能研究

我国证券市场在短短十几年的时间内,在募集资金、推动国有大中型企业改制、优化资源配置等方面发挥了不可替代的重要作用.但不容乐观的是伴随着证券市场的发展各种违法违规现象在不断发生.尽管我国对证券违法行为明令禁止,并对严重的违法行为加以行政处罚甚至刑事制裁,然而证券市场上的违法行为仍然禁而不止.究其原因,除了管理层对证券市场发展的总体政策摇摆不定,监管者对违法行为处理不力等因素外,证券法上未建立完善的民事责任制度是重要的原因.本文从证券法上的民事责任功能的探讨入手,阐述了证券法上的民事责任具有的功能是证券刑事责任、行政责任所不能替代的原因,进而论证了建立完善的证券民事责任的必要性.     

基于异构数据库的企业产品质量控制模型设计

企业产品质量控制是一项复杂的系统工程,来自不同生产单元的数据具有较强的异构性,不利于质量控制系统的整合。基于XML的数据集成方案为解决这一问题提供了可能。文章探讨了基于XML的质量控制模型的架构,为产品质量控制提供了一个较好的平台。     

从欧盟《电子垃圾处理法》的出台看国际贸易技术壁垒

世界贸易组织成立后，国际贸易中的保护措施发生了较大的变化。其中关于技术方面的贸易保护措施日益引起各国的高度重视。最近通过的欧盟《电子垃圾处理法》就是其中的一例。笔者在此主要讨论了该法的由来、对中国电子行业产生的影响及其带来的启示。     

试论秘书创新意识与创新能力的培养

随着知识经济时代的到来 ,秘书面临着新的挑战和机遇 ,为适应知识经济时代的要求 ,创新势在必行。本文试就秘书工作如何创新作了初步的探讨