Industry specific effects in investment performance and valuation of firms

A necessary criterion for a performance measure in corporate governance is the degree to which it mirrors how well the management succeeds in maximizing firm value. Such a performance measure is marginal q which links changes in firm value to the investments undertaken by the management. Empirical studies of investment and performance based on marginal q have demonstrated the usefulness of this measure. Most research however, has mainly focused on long-term performance. This paper takes a short-term perspective and, based on the marginal q-theory, considers how firms’ market values change in the extreme stock price cycle of a stock market bubble. Using a data set of listed Swedish corporations we find an anomaly in form of a new industry specific effect that, in addition to investment, explains changes in firm value.

Excel在本科金融专业课程中的应用探讨——以金融专业核心课程《证券投资学》为例

本文以金融学专业课程《证券投资学》为例,借鉴经济学的分析框架探讨了教学中利用Excel电子表格软件进行教学的一些具体步骤,旨在提高教学质量,促进金融类专业建设。     

To Justify or Not to Justify: The Role of Anticipated Regret on Consumers’ Decisions to Upgrade Technological Innovations

Prior research suggests that adoption decisions are primarily based on product features and experiential opportunities, like trial and observation. Our research follows inquiries that identify anticipated regret (AR) as an emotion integral to consumer decision making. Prior research and current retailing practice assume that AR can be alleviated by compelling product attribute-based rationales for immediate purchase. These rationales often take the form of direct attribute comparisons between the current best and the future technologies. Counter-intuitively, we find that giving consumers attribute-based justifications for immediate purchase produces a uniform level of AR and purchase delay regardless of the perceived rate of innovation (PRI). However, under conditions of low PRI and no justification, AR decreases significantly. A clear implication of our findings is that firms marketing current technology should not rush to provide consumers with justifications for immediate upgrade since such communications will remind consumers of what they might miss if they adopt now, resulting in increased AR and purchase delays. Instead, we suggest that retailers focus promotional efforts on highlighting the hedonic benefits consumers experience by adopting today.     

Information technology and the Japanese economy

In this paper we compare sources of economic growth in Japan and the United States from 1975 through 2003, focusing on the role of information technology (IT). We have adjusted Japanese data to conform to US definitions in order to provide a rigorous comparison between the two economies. The adjusted data show that the share of the Japanese gross domestic product devoted to investment in computers, telecommunications equipment, and software rose sharply after 1995. The contribution of total factor productivity growth from the IT sector in Japan also increased, while the contributions of labor input and productivity growth from the non-IT sector lagged far behind the United States. Our projection of potential economic growth in Japan from for the next decade is substantially below that in the United States, mainly due to slower growth of labor input. Our projections of labor productivity growth in the two economies are much more similar. J. Japanese Int. Economies 19 (4) (2005) 460–481.     

旅游企业开展网络营销存在的问题和对策——以温州为例研究

旅游网络营销已经成为当前旅游业发展的趋势,旅游业通过与现代信息技术的融合,可以提升旅游目的地的知名度,提高旅游企业的营销效率,降低成本,为旅游企业创造效益。通过分析研究温州旅游企业开展网络营销存在的问题,温州旅游企业应尽快转变旅游营销观念,充分运用现代网络营销技术,改进网络营销手段,并积极开发建设温州旅游电子商务平台,建立专业网络旅游资料库,为游客提供各种旅游相关信息和服务,也为众多的旅游企业提供在线旅游交易,为企业创造商机,促进旅游产业的持续发展和产业升级。     

鼓励我国民营企业境外投资的税收政策研究

民营企业境外投资对我国经济发展具有重要意义。本文认为目前我国涉及民营企业境外投资的税收政策不够完善,政府有必要通过制定相关税收法规,加强国际税收协调,完善纳税服务体系等措施鼓励民营企业境外投资。     

Career concerns,shareholder monitoring and investment efficiency: From the perspective of compensation contract rigidity in Chinese SOEs

This paper presents theoretical analysis of how career concerns and shareholder monitoring affect chief executive officer(CEO) agency costs. We investigate inve...