Volatility-based Effects on Shareholder Value: Alliance Activity in the Computing Industry

We use an event-study analysis to understand how alliance activity affects firm risk. The risk measure is the implied volatility of a firm’s stock price and the events are alliance announcements to the market. We build on the previous event-studies in the alliance literature that focus on the change in shareholder value by taking the first step in delineating what part of that value arises from the changes in the firm’s risk. The analysis reveals that a number of factors within a firm’s control can be used to manipulate risk exposure in an alliance, including the similarity of the firm’s and the alliance’s core activities, the governance form of the alliance, and the function of the alliance.     

The Applicability of Porter’s Generic Strategies in the Digital Age: Assumptions, Conjectures, and Suggestions

Because current management theories evolved in the context of brick-and-mortar firms, this paper examines three key questions raised by the advent of e-business: (1) Will the strategy types found among e-business firms resemble Porter’s (1980) generic strategies? (2) Will we find performance differences among e-business firms pursuing different types of strategies? (3) Will we find differences in the strategy-performance relationships of pure online firms (pure plays) and firms with both online and offline operations (clicks-and-bricks)? We conclude that integrated strategies that combine elements of cost leadership and differentiation will outperform cost leadership or differentiation strategies. We also argue that, regardless of business strategy type, clicks-and-bricks firms that closely integrate their on- and offline operations will enjoy performance advantages over their pure play counterparts.     

印度东北与中国西南的民族志诗歌

印度东北与中国西南在地域上山水相连,相互之间的文化交流是非常密切的。这个区域里居住着众多的民族或族群,他们的文化相似性和可比性是很明显的。从跨国的视角来探寻文化互动或文化个性,这是一个理想的地域。这些不同民族或族群身份的诗人写作的民族志诗歌是探寻各自文化共性和个性的较好途径：虽然诗歌创作过程中采用不同的语言,印度东北的土著诗人通常用英语写作,中国西南少数民族诗人经常用汉语写作,但是这些诗人都受到了近代西方现代主义诗歌潮流的影响。同时,这些诗人的诗歌也受到了当下全球化的影响,比如本民族传统文化与文化教育现代化、全球生态环境日益恶化等等冲突的影响。因为受到了相似的影响,这个区域内的民族志诗歌的风格和肌理是可以比较的;诗歌的主题和内容也是可以展开对比研究的。     

对神灵的殷勤与祭祀

仪式的流程是所有与神灵和祖先相关的中国仪式中最为基础的。这些仪式所涉及的是组织仪式活动的祭祀者以及接受祭祀并能够对祭祀活动作出反应的神灵之间的一种关系。在人类学中对仪式的描述有两种范式。一种是“殷勤”（hospitality）,另一种则是“祭祀”（sacrifice）。     

当代中国的音乐及社会差序——京剧票友会与摇滚乐队“派对”比较研究

本文主要探讨当代中国的两种音乐活动形式——京剧票友会以及摇滚乐队派对。这两种音乐形式虽然在风格上截然不同,但是两种社团在结构上却存在着一定的相似性。这两种活动形式基本上都具有我们所称之为＂为位＂（positioning）的行为,参与者由此在音乐活动中找到他们各自的位置。而且,两种活动形式都涉及到＂外来者的融入＂（outsider integration）,即允许陌生人的参与并在活动中找到他们的位置。     

秋阳·创巴活佛对于藏传佛教西方传播的贡献

2014年是秋阳·创巴活佛圆寂二十七周年。他是二十世纪以来将藏传佛教佛法传播至西方世界的开拓性重要人物。他非凡的人生经历和佛法教导内容,至今仍在塑造并影响藏传佛教全球化的发展传播。     

Exploring the Eligibility Criteria of the Child Support Grant and its Impact on Poverty

One of the most important policy objectives in the post-apartheid South African economy is to reduce poverty. Although economic growth and job creation are the preferred sources of alleviating poverty and inequality, social grant spending has contributed significantly to reduce poverty (Van der Berg et al. in Poverty trends since the transition: what we know. Stellenbosch Economic Working Papers: 19/09. Stellenbosch: Stellenbosch University, 2009). Recently proposals were tabled by the Department of Social Development of South Africa (Fin24 in R3.3bn plan to extend child support grant to 21. http://www.fin24.com/Economy/R33bn-child-care-grant-extension-to-21-on-cards-20150316. Accessed August 7, 2015, 2015) to extend the age eligibility of the child support grant (CSG) to 21 years (at the time of writing children aged up to 18 years are eligible). This sparked an interest to investigate the impact on poverty of changes to the eligibility criteria of CSG, as well as its fiscal implications. Using person and household data from the 2010/2011 Income and Expenditure Survey, various simulations are performed to assess the impact on poverty rates and changes to social spending, given the following changes: (1) if all age-eligible children applied; (2) if all beneficiaries received the grant amount for the full 12-month duration; (3) if the age eligibility criterion is extended; and (4) if the monthly child grant income amount is revised upwards. We also examine how changes in the eligibility criteria affect the income distribution.     

边疆人类学概述

人类学家关于边疆和边界的研究包括将内涵和认同层面存在差异的各个世界分离和联系起来的文化边疆,标示出地理空间的边疆以及形塑社会关系秩序和界定“社群”（community）成员资格的边疆。这些文化、领土和社会维度常常交叠在一起,构成了一个整体性的边疆人类学。目前,社会科学已经逐步将对边疆关注的焦点聚集到其关系性和动态性两个方面,不再将其视为政治边缘,而是嵌入到日常生活中,这也是人类学长期坚持的一种探索路径。