The Wealth Effect of Domestic Joint Ventures: Evidence from Taiwan

This study presents important international evidence by examining the wealth effect of domestic joint ventures by Taiwanese firms. In opposite to United States evidence, we find that announcements of domestic joint ventures by Taiwanese firms are, on average, associated with significantly negative abnormal stock returns. We also find that the stock market response to announced domestic joint ventures is significantly positively related to the announcing firms' investment opportunities, size of investment and debt ratio, and is significantly negatively related to the business relatedness variable. In contrast, free cash flow, firm size, relative firm size and managerial ownership are found to have no significant power in explaining the market response. Our results support the investment opportunities, synergy and complementarity hypotheses as well as a broad interpretation of the free cash flow hypothesis, but reject the absolute size, relative size and alignment-of-interests hypotheses. This study makes valuable contributions to the literature by providing the first direct evidence on the role of investment opportunities, synergy and alignment-of-interests in explaining the wealth effect of domestic joint ventures     

Motives in the Acquisitions of NASDAQ Targets during the Aftermath of the 1987 Crash

After the crash of 1987, the Nasdaq composite index stayed below the precrash level for nearly two years. Takeover activity surged in this after‐crash period. We compare the motives in the acquisitions of Nasdaq targets during the after‐crash period with those in the ten‐year period before the crash. We find that the announcement period return to acquirers and the proportion of acquirers with positive gains declines in the after‐crash period. For both the periods, agency is the motive for takeovers that have negative total gains (acquirer + target), but synergy and hubris are comotives for takeovers that have positive total gains. The proportion of takeovers in which the managers of acquirers act against the interest of the shareholders increases after the crash.     

Make One——基于软件功能构件的通用电子设备模式研究

首先，指出并分析了基于传统的系统体系结构模式而设计的信息设备与其应用功能之间存在整体堆积性和时空不变性的优缺点；然后，根据先进的信息产品应用功能软件化、构件化的思想，提出一种新的设备与应用功能可互相分离、应用功能构件可重载的Make One设备模式，讨论了Make One模式设备的功能结构特点；进而，给出了一个Make One设备模型的嵌入式容器－构件实现方案；最后，探讨了在互联网环境下Make One模式的应用服务体系。     

对外贸易对我国生态环境影响的实证分析

学术界对对外贸易与生态环境的关系还存在争论。本文建立了对外贸易影响环境的投入产出分析模型，并以此模型为基础，利用我国2002年投入产出表和我国能源消费数据，对我国2002年对外贸易对环境的影响进行了实证分析，得出了对外贸易有利于我国生态环境改善的结论。     

谈编辑方法论

编辑有法,这是不容质疑的。编辑方法是编辑学理论的一个重要研究范畴。然而编辑学现状表明,我们对编辑方法论的研究缺乏应有的重视。编辑方法是反映编辑工作全过程中核心内容的方法。包括选题方法、组稿方法、审稿方法、加工方法和校对方法。在当今信息时代,编辑应将计算机技术的方法纳入到编辑方法之中。要有效实施方法还应遵循一些编辑方法的原则。     

EMBEDDED MATRICES FOR FINITE MARKOV CHAINS

For an arbitrary subset A of the finite state space 5 of a Markov chain the so–called embedded matrix P _A is introduced. By use of these matrices formulas expressing all kinds of probabilities can be written down almost automatically, and calculated very easily on a computer. Also derivations can be given very systematically.     

大型现浇混凝土工程给水管道预埋问题的研究

文章对大型混凝土现浇工程中给水管道预埋应注意的几个问题进行了详细的分析和总结,为推广应用混凝土现浇工程管道同步预埋提供了提高工程质量、加快施工进度的指导方法。     

关于产业创新协同战略框架的构想

创新正在成为影响产业竞争力的重要因素。提高一国的创新能力必须有系统化的方向和运行方式，只有把创新提高到产业层次才会对产业竞争力产生决定性的影响。由于产业协同能力是产业创新的重要保障，两者存在着很强的良性互动关系。因此，必须把围绕主导产业而设立的技术主线和技术标准体系作为凝聚产业创新资源的核心，把建立产业协同共享技术平台和消除分割的体制性障碍作为产业协同的基本条件。为此，应研究国家层面突出产业创新作用的产业协同战略。     

《被遗弃的韦瑟罗尔奶奶》的创作手法

现代美国小说家波特的经典作品《被遗弃的韦瑟罗尔奶奶》中的意识流和互文性这些现代派文学的创作手法,不仅使人物形象更加真实、生动,而且使主题意义也得到了进一步的凸现和深化。     

我国出口企业自主创新能力不足的原因解析

我国成为世界第三大贸易国是由外资企业推动的。本文认为。我国需要内、外资企业两方面的支持，才能由制造业大国走向制造业强国；内资企业存在的主要问题在于技术引进了，吸收消化能力却未同步提高，缺乏自主知识产权导致高新技术产品出口效益低下等。