Industry risk transmission channels and the spillover effects of specific determinants in China’s stock market: A spatial econometrics approach

This paper uses a spatial econometrics approach to study the industry risks in China’s stock market. We comprehensively consider the real linkage and information risk transmission channels and analyze the risk spillovers of specific determinants. Our empirical results show the following: 1) The real linkage channel and information channel are both effective transmission channels for driving spillover effects, and the information channel is of the utmost importance. 2) The spillover effects of specific determinants exist and are persistent. The superposition of spillover effects may lead to extreme risk. 3) The transmission channels and spillover effects are asymmetric in different regimes.     

跨海通道与日本经济

日本由于岛国的独特地理特征，为了促进其经济和社会的发展，在二战之后进行了大规模的跨海桥梁以及海底隧道建设，从而实现了四大主岛陆路交通的联结。日本一系列跨海通道的建设，对促进其经济腾飞、实现地区均衡发展，起到了积极的推动作用。这对我国当前的五大跨海交通工程，具有重要的启示和借鉴。     

Nash-equilibria in a heterogeneous oligopoly with fuzzy information

We consider a model of an oligopolistic market with heterogeneous firms and products where neither the cost nor the demand functions are common knowledge. Instead, each firm only has some vague ideas about the price strategies adopted by its competitors which is modelled by a fuzzy set. In analogy to the notion of an "equilibrium of actions and beliefs" we define and characterize a generalized Nash-equilibrium and show its existence under general conditions. Furthermore, the impact of the fuzzy information on the equilibrium outcome is analyzed by means of a comparative static analysis within a particular model framework.Received: 28 May 2002, Accepted: 25 December 2002, JEL Classification: D43, D80, L13We wish to thank Bernhard F. Arnold, the editor Murat Sertel , and two anonymous referees for helpful comments. Of course, we are responsible for all remaining errors.     

The differing roles of success drivers across sequential channels: An application to the motion picture industry

In several product categories, it is typical to release products sequentially to different markets and customer segments. Conventional knowledge holds that the roles of various product success drivers do not differ significantly across these sequential channels of distribution. The authors examine sequential distribution channels within the motion picture industry and develop a model that proposes that such differences exist between a primary (short- and long-term theatrical box office) and a sequential (video rental) channel. The authors test their model with a sample of 331 motion pictures released in theaters and on video during 1999–2001 using partial least squares. Results reveal differences in the impact of success factors across channels. For example, cultural familiarity enhances box office success but relates negatively to video rental success, and distribution intensity and date of release enhance box office outcomes but have no impact on rental revenues. Thorsten Hennig-Thurau (tht@medien.uni-weimar.cie) is a professor of marketing and media research at Bauhaus-University of Weimar’s Media School and Honorary Visiting Professor of Movie Marketing in the Faculty of Management of Cass Business School, City University London. He has published articles in theJournal of Marketing, theJournal of Service Research, theInternational Journal of Electronic Commerce, theJournal of Interactive Marketing, Psychology & Marketing, and theJournal of Consumer Affairs, among others. He is author of the monograph Relationship Marketing, which has been translated into Chinese. He is member of the editorial board of three journals and serves as reviewer for theJournal of Marketing andMarketing Science. He has won eight Best Article and Best Paper Awards, including the Overall Best Paper Award of the 2005 American Marketing Association Summer Educators’ Conference and the 2002JSR Excellence in Service Research Award. Mark B. Houston (houstonmb@missouri.edu) (PhD, Arizona State University) is the David and Judy O’Neal MBA Professor at the University of Missouri-Columbia. His research on strategy, interfirm relationships, and innovation has been published in leading journals, including theJournal of Marketing, theJournal of Marketing Research, theJournal of Consumer Research, Marketing Science, theJournal of the Academy of Marketing Science, and theJournal of Financial and Quantitative Analysis. He cochaired the 2005 American Marketing Association (AMA) Summer Educators’ Conference and served for two terms as vice president of the AMA’s Technology and Marketing Special Interest Group. Gianfranco Walsh (g.walsh@strath.ac.uk) received his MPhil degree from UMIST (England) and PhD (2001) and Habilitation (2004) degrees from Hanover (Germany). His research focuses on consumer behavior, corporate reputation, and e-commerce. He has presented numerous papers at international conferences. His work has been published in, among others, theAcademy of Marketing Science Review, the International Journal of Electronic Commerce, theJournal of Consumer Affairs, theJournal of Interactive Marketing, theJournal of Macromarketing, and theJournal of Marketing Management. He is the Chair of Marketing and Electronic Retailing at the Institute for Management, University of Koblenz-Landau.     

Outsourcing, Imports and Labour Demand

This paper examines the effects of purchased services and imported intermediate materials on the labour demand for different skills in German manufacturing sectors. We derive and estimate a factor demand system based on the generalised Box–Cox cost function nesting both the normalised quadratic and the translog functional form. We find that the impacts of output and capital growth are more important in explaining the demand for heterogeneous labour than substitution effects between labour and non–labour inputs. Similarly, the increasing use of both imported materials and purchased services is a consequence of output growth rather than input substitution.
JEL classification : J 23; O 33     

对再造商品流通渠道的分析

随着电子商务和营销管理理论的发展,企业越来越重视商品流通渠道再造。商品流通渠道直接决定了企业的效率和效益,企业应再造能实现企业价值最大化的商品流通渠道。     

论创建纳税人管理体制

纳税人管理体制是国家监管纳税人经济行为活动的基本经济制度及其运作机制。创建纳税人管理体制是中国经济与行政管理体制改革的主导目标取向 ,其社会经济条件日趋成熟。应通过健全法制、统一税费、变革政府职能、全面加快国民经济信息化进程、建立高素质税务、司法、执法队伍和校正社会生活准则、发展纳税人中介服务等途径 ,在全社会加速创建纳税人管理体制。     

企业多元化的新模式：基于核心能力的虚拟经营

本文研究了企业多元化经营的科学含义，创建了一个二元作用定性模型来论证企业发展到一定阶段多元化经营的必然性，研究了现代企业虚拟经营的背景，含义以及企业深化，培育核心能力与开展虚拟经营之间的本质联系，考察了多元化成功与失败的众多企业案例，当代多元化经营成功的企业大多是基于核心能力的战略相关多元化，而虚拟经营也是核心能力培育，深化的产物，借助于基于核心能力的虚拟经营以实现相关多元化发展，是企业多元化的一条新途径，相对于传统多元化而言，它更具竞争优势。     

Impact of Divergent Consumer Confidence on Option Prices

This paper investigates the impact of divergent consumer confidence on option prices. To model this, we assume that consumers disagree on the expected growth rate of aggregate consumption. With other conditions unchanged in the discrete-time Black–Scholes option-pricing model, we show that the representative consumer will have declining relative risk aversion instead of the assumed constant relative risk aversion. In this case all options will be underpriced by the Black–Scholes model under the assumption of bivariate lognormality. This revised version was published online in June 2006 with corrections to the Cover Date.     

Determinants of economic and social satisfaction in manufacturer-distributor relationships

The aim of this work is to examine the dimensions of satisfaction in manufacturer-distributor relationships as well as identifying the antecedents of both the economic and the non-economic dimensions of satisfaction. A literature review about satisfaction in marketing channels is followed by quantitative research into how this interchange process is perceived by food product distributors in their relationships with manufacturers. The results provide strong support for the impact of communication, trust and commitment on satisfaction, as well as the interrelationships among the economic and the non-economic dimensions of satisfaction. Theoretical and managerial implications are extracted from these findings.