Should there exist secondary markets for executive stock options?

This paper investigates the potential disadvantages of the secondary markets for executive stock options (ESOs). The benefits of such markets are evident, but they might also have negative effects for shareholders. Executives might, for example, use inside information to time their ESO selling. We investigate two personal motives of managers that can be assumed to affect their optimal selling decision, that is, managers' personal portfolio management issues and the use of inside information. We explore these motives by analyzing unique data from Finland, where there are secondary markets for ESOs. The results of the study support the traditional portfolio diversification hypothesis according to which managers tend to sell their ESOs when holding an ESO is equivalent to holding the underlying stock; that is, in such a case a manager's wealth is closely tied to the stock price of the firm. With respect to the use of inside information the results indicate that ESO selling activity is not related to future stock price behaviour, suggesting that managers do not use inside information to determine the selling time of their ESOs. These results imply that the existence of secondary markets for ESOs does not weaken the usefulness of ESOs as the management compensation, although the benefits of such markets are evident.     

SUPPLY CHAIN INFORMATION SHARING IN A VENDOR MANAGED INVENTORY PARTNERSHIP

Vendor Managed Inventory (VMI) involves the vendor making the replenishment decision for products supplied to a customer based on various inventory and supply chain policies. Information sharing between supply chain members is required in VMI. Sometimes VMI decisions are delayed and/or the information shared is inaccurate. This research examines the effects of information delay and accuracy, and the sharing of sales and forecast information in a VMI environment facing stationary and nonstationary demand. The simulation experiments show the impact of information delay, information inaccuracy, and information sharing on a variety of performance measures, including inventory levels and fill rates.     

EXPRESSING INVENTORY CONTROL POLICY IN THE TURNOVER CURVE

Estimation of the inventory level for an entire class of items is a valuable time saver when control of inventories at the aggregate level, rather than the item level, is of interest. Inventory approximation by location in supply chain network configuration and evaluation of inventory control policy shifts, are two examples of application. In this article, various popular inventory policies are related to a general function known as an inventory turnover curve that expresses inventory levels from the combined demand of multiple items. By knowing some basic item characteristics of representative items in a product class, the type of inventory policy being used, and the current aggregate inventory level, an inventory turnover curve can be constructed. This resulting turnover curve can be used to estimate inventory levels within 4.6%, on the average, of theoretically predicted ones.     

PLANNING MULTIPLE LOCATION INVENTORIES

Supplying customer demand from comparable alternate inventory locations when an item is out of stock at its primary stocking point creates a virtual inventory for that item. The expectation is that if more inventories can be drawn upon, the inventory for an item would be lower, the fill rate would be higher, or both. While generally true that safety stocks will be lower, regular stocks, on the other hand, may rise with such cross filling of demand. In this study, a methodology is developed that balances the cross filling effects on both regular and safety stocks for determining whether an inventoried item should be cross‐filled. An example and guidelines are given to show how the methodology can be simplified and applied in practice.     

MANAGING VENDOR INVENTORY IN A DUAL LEVEL DISTRIBUTION SYSTEM

Collaborative arrangements among members of the supply chain have received a great deal of interest in recent years as a means of reducing costs. One such arrangement is vendor managed inventory (VMI). VMI allows the vendor to make decisions concerning the quantity and timing of deliveries to the retailer. Such an arrangement offers the potential of a more efficient supply chain by removing the negative effects of retail ordering policies. A thorough review of the literature was conducted to identify factors likely to impact the performance of a VMI partnership. Computer simulation was used to study the effects of these factors from both the vendor's and retailer's perspectives. The results lend insight into the performance of VMI and guidance for managers as to the environments in which VMI is most effective.     

AN EVALUATION OF PROCESS‐ORIENTED SUPPLY CHAIN MANAGEMENT FRAMEWORKS

Supply chain management (SCM) is implemented by integrating corporate functions using business processes within and across companies. Several process‐oriented frameworks for SCM have been proposed but only two of these provide sufficient detail to enable implementation. We evaluate the Supply‐Chain Operations Reference (SCOR) framework and The Global Supply Chain Forum (GSCF) framework using four criteria and identify their relative strengths and weaknesses.     

论债转股

我国银行与企业之间的不良债务越来越多。如果这种情况继续下去,将导致企业破产,也会将银行拖垮,最终导致金融危机。债转股作为一种延缓矛盾和风险爆发时间应急性措施的债务重组手段,成功的关键在于是否能以此为契机,彻底转变企业经营管理机制和治理结构,使企业的产权明晰,将企业推向市场,在市场中生存和发展。     

工商管理专业特色建设研究——以普通财经类院校为例

学科综合化水平低、专业趋同缺乏专业特色、缺乏行业背景和地方经济结合不够紧密是财经类高校工商管理专业特色不够明显的主要原因.随着社会经济的向以现代服务业为主的新型经济结构转型发展,先进制造业和现代服务业逐渐成为社会经济的主要组成部分,现代企业生产经营管理也趋于全球化和国际化,以新升本科院校为主体的普通财经类院校应密切联系地方经济,以服务管理为核心,以培养应用型管理人才为导向,以特色学科建设为基础形成工商管理专业特色,通过多学科和国际化的师资队伍建设、管理能力导向的专业培养方案改革、问题导向和国际化的课程体系和教学设计以及产学研基地建设来实现工商管理专业特色建设.     

基于组织创新的西部欠发达地区农业经营制度分析

通过对延安市农业发展和农业合作经济组织实地调研,揭示西部欠发达地区农业发展现状,提出“组织创新”是现阶段西部欠发达地区农业经营制度创新的合理选择。     

浅谈房地产企业如何提升核心竞争力

为了提高房地产企业的核心竞争力,使房地产企业在激烈的市场竞争中立于不败之地,房地产企业采用先进的客户关系管理已经势在必行。现论述了房地产行业发展现状以及房地产企业引入客户关系管理系统提升核心竞争力的途径。