Motives behind retailers’ post-entry expansion - Evidence from the Chinese luxury fashion market

This study aims to examine the motives behind retailers’ post-entry expansion in foreign markets. Through case studies of eleven participating luxury fashion retailers in China, qualitative data was collected from twenty-two executive interviews. Although their initial market entry was driven by both reactive (push) and proactive (pull) factors, the motives behind their post-entry expansion have become predominantly proactive, especially long-term growth strategies, the ambition to extend their brands and retail formats to more cities, and the experiences gained in entry markets. The desire to optimize the retail store portfolio through multiple channel strategies have slowed down the expansions of physical stores.     

城市科学20年的发展历程--祝贺中国城市科学研究会成立20周年

回顾北京市城市科学研究会的发展历程,分为多学科协同研究城市问题阶段;城市发展多学科综合研究阶段;城市发展综合研究向重点领域开展阶段.概括了北京城科会的主要学术成果.     

Industry evolution and R&D externalities

R&D externalities can imply ranges of aggregate increasing returns to scale in R&D. As a consequence several equilibria can exist involving different numbers of firms and different R&D investment levels. In a theoretical model the equilibrium dynamics are analyzed, showing that cyclical fluctuations of the number of firms and R&D investment may be expected, and that the long-run equilibrium is highly sensitive to investors' initial beliefs. The model is tested empirically using a unique database comprising competing firms in various R&D races.     

Rich Nations, Poor Nations: How Much Can Multiple Equilibria Explain?

This paper asks whether the income gap between rich and poor nations can be explained by multiple equilibria. We explore the quantitative implications of a simple two-sector general equilibrium model that gives rise to multiplicity, and calibrate the model for 127 countries. Under the assumptions of the model, around a quarter of the world’s economies are found to be in a low output equilibrium. We also find that, since the output gains associated with an equilibrium switch are sizeable, the model can explain between 15 and 25% of the variation in the logarithm of GDP per worker across countries.     

影响盈余信息含量的因素——来自A股的实证结果

研究中习惯用回报／盈余关系来表示会计盈余的信息含量。通过A股的实证结果发现，当时间窗口为公告日前后60关时，回报／盈余关系较显著；盈余的持续性越高，回报／盈余关系越显著；非线性的模型比线性模型的解释能力更强。但是模型总体的R2水平都较低，这可能是由于研究方法的缺陷、市场的非理性、盈余本身信息含量低等原因造成的。     

基于行为决策理论的投资决策研究：发展及实践意义

以“理性人”假设为基础的传统财务决策理论将决策者独立于投资决策过程之外，认为决策者完全能够依据理性决策模型做出最优的决策，但现实并非如此。本文对行为决策理论中关于投资决策的研究文献进行了梳理，揭示了决策者的行为特征会影响到投资决策及投资回报率的设定，展望了行为决策理论在我国的发展前景及实践意义。     

Multiple aspect testing for case-control designs

When testing for the equality of two distributions in a case-control design with treatment effects presumed to act possibly on more than one aspect, different tests may be properly considered for testing for different features of a null hypothesis, leading to the multiple aspect testing issue. Two different aspects are therefore of interest: the location-aspect, based on the comparison of location indexes, and the distributional-aspect, based on the comparison of the empirical distribution functions. A simulation study shows that the combined testing procedure exhibits a good robust overall performance, and an application in biomedical research is also presented.     

从国营到国有——国家股转让效果分析

本文系统地研究了从1997年到2000年在上海证券交易所和深圳证券交易所发生的国有资产局将控制权转让给国有独资企业和国有法人企业的案例数据。研究发现国家股控制权转让后公司业绩有了明显的改善,同时证券市场对国家股转让行为做出了积极的反应,产生了明显的超额收益。     

人力资本与企业绩效关系的实证分析

国内外对企业绩效的实证研究主要是研究财务指标与企业绩效的关系,缺少对非财务指标的实证研究特别是人力资本与企业绩效关系的实证研究。本文选取反映人力资本的指标和反映企业绩效的指标,随机选取上市公司的数据进行多元回归分析,结果发现,员工高学历比例和员工专门技术人员比例,与企业绩效存在显著关系。笔者建议,要明确企业绩效与人力资本的关系,重视人力资本的作用,同时要结合行业特点和竞争程度综合考虑企业绩效。     

Valuing ecosystem goods and services: a new approach using a surrogate market and the combination of a multiple criteria analysis and a Delphi panel to assign weights to the attributes

A new approach to valuing ecosystem goods and services (EGS) is described which incorporates components of the economic theory of value, the theory of valuation (USappraisal), a multi-model multiple criteria analysis (MCA) of ecosystem attributes, and a Delphi panel of experts to assign weights to the attributes. The total value of ecosystem goods and services in the various tenure categories in the Wet Tropics World Heritage Area (WTWHA) in Australia was found to be in the range AUD$188 to $211 million year⁻¹, or AUD$210 to 236 ha⁻¹ year⁻¹ across tenures, as at 30 June 2002. Application of the weightings assigned by the Delphi panelists and assessment of the ecological integrity of the various tenure categories resulted in values being derived for individual ecosystem services in the World Heritage Area. Biodiversity and refugia were the two attributes ranked most highly at AUD$18.6 to $20.9 million year⁻¹ and AUD$16.6 to $18.2 million year⁻¹, respectively.