UNIT MANAGEMENT BUYOUTS, STOCKHOLDER WEALTH, AND SELLING FIRMS' CHARACTERISTICS

Previous research on unit management buyouts, UMBs, has shown that selling firms benefit from the selloff transaction. The current research demonstrates that when the selling firm has either poor liquidity or poor earnings, selling firm shareholders do not benefit as much. We hypothesize that the unit managers have knowledge about the selling firm's difficulties so they do not pay as large a premium for the assets. Since the unit managers technically are employed by the selling firm shareholders, their bargaining to achieve a better price is an agency cost. Finally, selloff frequency does not affect seller abnormal returns.     

An empirical analysis of the relationship between the hedge ratio and hedging horizon: A simultaneous estimation of the short‐ and long‐run hedge ratios

This article analyzes the effects of the length of hedging horizon on the optimal hedge ratio and hedging effectiveness using 9 different hedging horizons and 25 different commodities. We discuss the concept of short‐ and long‐run hedge ratios and propose a technique to simultaneously estimate them. The empirical results indicate that the short‐run hedge ratios are significantly less than 1 and increase with the length of hedging horizon. We also find that hedging effectiveness increases with the length of hedging horizon. However, the long‐run hedge ratio is found to be close to the naïve hedge ratio of unity. This implies that, if the hedging horizon is long, then the naïve hedge ratio is close to the optimum hedge ratio. © 2004 Wiley Periodicals, Inc. Jrl Fut Mark 24:359–386, 2004     

大连普兰店北部乡镇与日本同纬度地区资源开发的比较分析

文章基于文献研究以及大连市普兰店北部乡镇的农业发展现状，依照科学发展观的原理，分析了同纬度地区日本的农业资源开发模式，就我国目前的自然条件、农业生产状况、开发经营模式、开发利用效益、农业发展组织模式、化肥施用水平等方面与日本进行比较，为北部乡镇的资源开发和经济发展提供有益的启示。     

Planning comprehensiveness and strategy in SME's

Although it is generally assumed that planning is of great value for Small and Medium Sized Enterprises (SME's), little is known about the conditions that influence the organization of the planning process. In this paper it is hypothesized that planning comprehensiveness is, to a certain extent, related to the complexity and variability of the strategies pursued by SME's. This hypothesis is partially supported by an empirical study in which 154 SME's in the Dutch Machinery Industry are involved.     

对独立董事制度的理性思考

独立董事制度作为改善我国上市公司治理结构的政策措施,已通过证监会的文件《关于在上市公司建立独立董事制度的指导意见》(以下简称《指导意见》)在上市公司推行。但这项政策的实际效果并没有达到预期效果,原因何在?一、独立董事的职能定位独立董事的产生根源是由于股权结构的     

小学体育新课标目标统领下单元教学计划的研究

新的全日制义务教育《体育(1至6年级)课程标准,》对体育课提出了运动参与、运动技能、身体健康、心理健康和社会适应等五大领域的教学目标。文章通过实验,在对比中阐述了以新课程标准为教学目标,进行有针对性的教学设计和课堂实施,可使学生各方面的发展更符合新时期的要求的观点,并提出了单元教学计划设计的方法。     

从《中华人民共和国物权法(草案)》谈城乡规划及其管理观念的转变

城乡规划代表公共利益,物权法保护物权人的合法权益;城乡规划及其管理代表一种调整和规范土地及地上建筑物等不动产物权的设立、行使的公共行政权力,物权法赋予了物权人对其不动产相关物权享有直接支配、排他性干涉的权力;在城乡规划及其管理工作方面,如何平衡上述两种权力?本文从城乡规划及其管理的主要环节--编制、实施、监督检查、批后管理四方面做出了阐释.     

计件工资博弈中管理者的守诺与公平权衡——对计件工资制不流行的再解释

本文首先回顾总结了计件工资制度的发展过程和存在的问题,指出计件工资博弈陷入低效僵局的原因在于管理者的不履行事先的承诺。传统的解释是管理者事后抵挡不住自利的诱惑,本文认为管理者守诺还是不守诺是在权衡计件工资员工和计时工资员工激励效果后作出的理性的选择。管理者守诺只在一定的情形下发生所以计件工资制不流行。     

基于人机工程学的汽车驾驶模拟器座椅布置设计

根据人机工程学对汽车驾驶模拟器驾驶员座椅布置的要求,提出H点高度、方向盘、座椅靠背角,视野之间约束关系,应用计算机辅助设计方法,得到H点取值范围,选择合适的位置进行汽车驾驶模拟器驾驶员座椅布置设计.     

山西天镇晚白垩世恐龙动物群发掘简报

文章简要介绍了山西天镇晚白垩世恐龙化石的发现、发掘概况及动物群的特征，讨论了含化石地层—灰泉堡组的时代，认为无疑应属晚白垩世。以晚白垩世蜥脚类巨龙科和鸟臀类甲龙科化石为代表，别具特色的新恐龙动物群为一突破性的发现，对它的深入研究，将对蜥脚类、甲龙类及其共生动物群的组成、性质、演化、迁徙和动物地理区的划分及探讨白垩纪末恐龙的绝灭有重要的科学意义。