Strategic participation and the median voter result

In a seminal paper on electoral equilibrium under majority rule, Ledyard (1984) demonstrates that strategic participation by voters results in an electoral equilibrium at the proposal that maximizes the utility of a randomly selected voter. Palfrey and Rosenthal (1985) limit the usefulness of this result by showing that strategic participation rates are miniscule in large electorates, and that the incentive to participate vanishes completely as the electorate grows without bound. The most reasonable modification of Ledyard’s approach that circumvents these criticisms is to allow for a negative cost of voting. We show that when voters can have even an arbitrarily small negative cost of voting, there is an electorate sufficiently large so that any proposal is defeated or tied by the median proposal. This observation raises questions about the existence of electoral equilibrium under strategic participation, and is relevant to the efficiency of elections.     

EMI滤波器的设计

文章从建立EMI滤波器的共模、差模噪声源等效电路及电路模型入手,进而探讨了EMI滤波器的设计方法及其在实际应用的结构和结构参数的选择问题。     

基于TMS320VC5402的LED显示屏设计

文章介绍了一种以TMS320VC5402DSP为控制核心的LED显示屏设计方案,采用DSP和单片机分别处理显示效果和显示刷新,使用DSPHPI接口实现的与PC主机快速并行通讯,其显示效果灵活多样、数据传输速度快、显示刷新率高,已成功的应用于实践中。     

基于CAN总线的啤酒灌装生产线控制系统

设计了基于CAN总线的啤酒灌装生产线自动控制系统。给出了系统总体结构,对上下节点硬件组成、完成功能作了详细说明,同时设计了相应的软件。实际应用表明,该系统结构合理、性能可靠,提高了信息集成度,使生产管理得到了优化。     

Agency costs of vertical integration—the case of family firms,investor‐owned firms and cooperatives in the French wine industry

Vertical integration theory has long suggested internal costs related to changes in incentives due to vertical integration, which means that vertical integration may lead to agency costs. In this work, we specify the notion of agency costs of vertical integration and extend Ang et al. (2000)'s measurement of agency costs to provide an empirical assessment of these costs in the French wine industry. Our econometric analysis finds that the agency costs of vertical integration may reach 2–3% of sales. It also showed that operating expenses of vertical integration are lower for cooperatives than for other firms, while vertical integration is less rewarding for them. This raises questions on the relation between agency costs in cooperatives and their performance.     

基于TMS320C5402的DSP实验开发系统的研究与设计

文章以TI公司的TMS320C5402芯片为核心构建最小系统,在此基础上进行功能扩展,从而组建开放式实验系统。给出了系统的总体设计思路与扩展空间连接方案,提出了接口器件的选择与系统实现方法。基于此系统,用户可进行多种DSP实验教学和产品开发等方面的研究。     

DM技术及其在数据处理中的应用

简要介绍了DM(数据挖掘 )及其工作过程 ,并指出了数据挖掘过程中应注意的问题 ,最后给出了一个具体的数据挖掘的例子     

基于本质的物流网体构建设计三元论——高级物流网体的三元设计:阴流子、阳流子、TMS网系

传统物流是指物质资源和服务信息从生产场所到消费场所的流动.本质上,在需求与供应之间的联系枢纽:产—消通道乃至超级英特网上运动着的阴流子和阳流子正是物流的量子经济概念.在未来TMS网系上,纳米制造术将大尺度物体(产品)转化为量子,在网上传送并按需配置资源,同时又根据衣食住行用等的需要,将量子还原成可以使用的消费品.也就是说,从TMS网系发射端输入产品设计模型软件包,在其接收端下载设计模型软件,便可就地取材还原产品；或同时输入产品设计模型软件包与产品纳米形式,使消费者在接收端直接下载原产品.     

Coberturas financieras con derivados y su incidencia en el valor de mercado en empresas colombianas que cotizan en Bolsa

The financial theory (Modigliani & Miller, 1958) rises that risk management was not an issue for companies because shareholders could make their own hedging management through portfolio diversification; however, further studies conflict with that statement and show that corporate financial hedging improves performance and increases the value thereof (Ahmed, Azevedo, & Guney, 2014; Allayannis & Weston, 2001; Allayannis & Ofek, 1998). Efficient management of market risks, which is based on the use of financial derivatives, demands strategic and efficient managers in hedging that adds value to the firm, especially in against shocks and imbalances from a macroeconomic and financial nature. Empirical evidence analyzes the performance of the Q-Tobin as an indicator of the effect of hedging strategies of exchange rate associated to the market value. This paper aims to find evidence in Colombia on the effect of using derivatives in the market value of the firm. Its added value lies in the analysis made by economic sectors, identified by CIIU codes and grouped into 5 sectors (Agricultural, Commercial, Industrial or Manufacturing, Services and Construction). The methodology includes several models estimating regression panel data, using a Pooled regression with estimators of fixed and random effects by maximum likelihood estimator. In general, it was found a premium due to hedging, statistically and financially significant, for companies exposed to exchange rate risks that use derivatives by an average of 6.3% on the market value. Moreover, mixed results were found regarding the analyzed variables in the model.     

‘Who Knows What?’ in New Venture Teams: Transactive Memory Systems as a Micro‐Foundation of Entrepreneurial Orientation

The increasing importance of entrepreneurial behaviour has led scholars to embrace the idea that an entrepreneurial orientation (EO) is an important predictor of firm performance. While EO occupies a central position in strategic entrepreneurship research, scholars have yet to explore its origins in new ventures. Drawing on the knowledge‐based and cognitive views, we theorize that a new venture team's transactive memory system is a cognitive mechanism that spurs the development of an EO. In a field study of high‐tech new ventures in China, we examined the relationship between venture teams’ transactive memory systems (representing the distribution, integration, and utilization of the teams’ knowledge) and EO and the moderating influence of team‐, firm‐, and environment‐level factors. We found that the transactive memory system of a new venture team enhanced their EO and that this relationship was positively influenced by intra‐team trust, the structural organicity of a venture, and environmental dynamism. Our findings provide novel insights into the micro‐foundations of TMS in developing an EO in new ventures.