A Note on a Framework for Valuation Ratios Based on Fundamentals*

Valuation ratios divide stock price by accounting metrics such as earnings, earnings growth, and book value. This study adapts the general valuation framework in Ohlson and Juettner-Nauroth (2005) and Ohlson (2005) to present a unified approach for developing valuation ratios based on fundamentals, referred to as fundamental valuation ratios. One starts with a valuation model that is driven by an accounting metric a and its abnormal growth, then divides the valuation model by a to get a fundamental valuation ratio. For any valuation ratio, one can find a corresponding fundamental valuation ratio, as long as the valuation model is based on the same metric a as the valuation ratio denominator.     

Sources, uses, and forms of data in the new product development process

This paper presents qualitative and exploratory research investigating the role that managing knowledge and information plays in new product development (NPD). A set of 20 in-depth interviews uncovered eight basic types of information used throughout the NPD process and three general approaches to managing information needed in the NPD process. Although some exemplary companies seem to do an outstanding job of collecting and disseminating information, the majority of firms struggle. NPD process automation solutions tackle part of the problem, ignoring nonquantitative data forms and the full picture of information use throughout the entire development process.     

从中国经济与产业发展前景看石油安全

一、中国经济与产业发展面对更为严峻的能源约束21世纪头二十年是中国经济与产业发展的重要战略机遇期,同时也将面临许多新的重要变化和挑战。在城镇化水平不断提高、居民消费结构发生明显变化、工业化步入关键时期的大背景下,中国经济与产业发展对能源的依赖程度将加深,从而面对较以前更为严峻的能源约束。(一)城镇化产生大量新增能源需求“十一五”时期中国经济发展目标是在优化结构、提高效益和降低消耗的基础上,实现2010年人均国内生产总值比2000年翻一番。考虑人口增长因素“,十一五”时期国内生产总值年均增长率只要达到7.5%左右,即可…     

一种新型高速数字锁相环的研究

本文针对传统方法实现的数字锁相环(DPLL)工作速率低的问题,通过对一种典型的DPLL的分析,找出影响其工作速率的主要因素,研究并提出了一种全新的高速实现方法,并在实验室进行了数据传输位同步提取实验。     

The “swing of the pendulum” from public to market support for science and technology: Is the U.S. leading the way?

The structure and financing of science and technology activities are undergoing a slow, but profound, change. This change can be briefly characterized as a shift from relying and supporting public science to a stronger emphasis on “market-based” incentives for science and technology. In this paper we analyze this shift in a historical perspective, discussing both the theoretical explanations and the empirical trends of the ongoing change. While we do not claim to provide a comprehensive and exhaustive identification of the causes of this shift, we argue that it is largely driven by the perception of a shift of the U.S. policy towards market-based, rather than publicly supported, incentives for science and technology. This, in turn—given the strong economic performance of the United States over the 1990s—has influenced policies in most OECD countries, especially in Europe.We conclude by analyzing the evolution of research in U.S. higher education and find two major trends: an increasing diversity in the number of institutions of different types other than universities and a steady and continuous public funding of the leading U.S. universities. This has allowed the construction of an infrastructure now used largely by the private sector, but it also noted that the United States has not compromised public support for core areas or in those fields in which there is a clear perception that market incentives are not sufficient for meeting the strategic targets of the U.S. policy. The implication is that there is a considerable policy diversity in the U.S. practice and that all aspects of this diversity should be considered when using the United States as a reference.     

The application of Operation and Technology Roadmapping to aid Singaporean SMEs identify and select emerging technologies

In order to aid Singaporean SMEs identify and select emerging technologies for business benefit, a modified process of the Cambridge T-Plan methodology has been introduced and applied to a pilot sample of 30 companies in a variety of manufacturing sectors. This fast and simple process takes the company through five key steps to enable them to create their first Operation and Technology Roadmap (OTR). The paper explains the background to the approach and focuses on the initial benefits identified by a survey of the pilot companies.     

Taxation, growth, and the spirit of capitalism

This paper uses a general two-sector model of endogenous growth to examine how the spirit of capitalism affects the relation between public finance and growth. The spirit of capitalism is defined as acquisitive personal objectives. We find that if the spirit of capitalism is present, an increase in the share of government spending in output reduces the long-run growth rate. The negative relationship between fiscal spending and growth is consistent with empirical evidence.     

The determinants of bilateral trade

Abstract.  In this paper we present a monopolistic competition model that incorporates asymmetric trade barriers and international differences in production costs. The model implies a highly non‐linear bilateral trade equation. Estimation of this equation yields parameters for the elasticity of substitution and trade costs that are more reasonable than those found in previous studies. A simulation indicates that trade liberalization will shift trade from rich countries to poor countries and from within continental trading partners with preferential trade agreements to intercontinental trading partners. JEL Classification: F1     

A note on “Bed allocation techniques based on census data”

Capacity planning and resource allocation are crucial to the cost-effective delivery of health care services. In this paper, we present an analytic approach based on a modified version of the Holt-Winters multiplicative seasonality forecasting model to determine the frequency distribution associated with a hospital care unit's census. This paper is a follow-up to the census frequency distribution simulation model described in Lapierre et al. (Socio Econ. Plan. Sci. 33 (1999) 25). We demonstrate that our model can provide census frequency distributions equivalent to the simulation model of Lapierre et al. [1], but without the computational effort common to simulation models.     

Strategizing through analyzing and influencing the network horizon

How does a firm keep on being valuable in a network? One requirement is that the firm has a sufficient overview of the network and its dynamics. In other words, a firm's strategy depends on the firm's overview of the network—its network horizon. How comprehensive or limited should its network horizon be? Is it necessary to know the network beyond the direct counterparts? Such issues have not received much attention. In this article, we discuss network horizons and argue that limited network horizons are both inevitable and useful. However, such myopia requires that a firm's counterparts effectively and efficiently mediate between the firm and the rest of the network. Based on a case study, we introduce and discuss three mediating functions of counterparts: a joining, a relating, and an insulating function, and we claim that in order to support a firm's strategizing, managers need to analyze and influence counterparts' mediating functions and thereby the firm's network horizon.