环境规制、企业异质性与企业退出

利用1999-2007年中国工业企业数据库,实证研究环境规制强度对异质性企业退出市场的影响。研究表明:环境规制会提高企业退出市场的概率;对于无技术创新的企业来说,企业退出市场的概率随着环境规制强度的增加而提高,但对于有技术创新的企业来说,环境规制对企业退出影响不显著;与大规模企业相比,中小规模企业退出受到环境规制影响更显著;民营、国有企业退出概率与环境规制强度正相关,港、澳、台外资企业则相反;中、西部地区环境规制的提升会提高企业退出概率,东部地区企业则相反。     

中国市场时机效应强化因素实证研究

通过合理选择样本区间和引入强化因素对中国证券市场的时机效应进行了检验。结果表明,中国各项法规政策及监管松紧的改变对企业融资结构产生显著的影响,采用股改基本完成以后的样本区间更能反映市场的真实情况。在对投资者需求、盈利能力、偿债能力、股本结构等大量变量进行检验后,发现上市公司的市场时机效应当现金充裕时显著加强,并且在考虑了其他控制变量和相关法规约束后,该结果仍具有稳健性。     

How to beat early movers: The role of competitive strategy and industry dynamism on followers’ performance in the telecommunications industry

The idea of first-mover advantages is frequently used by both managers and academics alike. Despite its importance for understanding the performance of entry in new markets, the evidence remains mixed. Our study advances research on the entry timing-performance relationship by adopting a contingency perspective that includes both micro (competitive strategies) and macro (industry dynamics) dimensions to explain differences in entrants' profitability. In this paper we focus on follower firms and propose that cost leadership is the best strategy for them to successfully entering a market. In addition, recognizing the contingency effect of industry dynamism, we also examine how market growth and technology evolution affect the effectiveness of followers’ competitive strategies. Specifically, we propose that followers will be better off by using cost strategies in growing markets, while when operating in contexts of technological change the performance of the cost leadership strategy will be lower.     

CDMA抗干扰微分相关时延估计算法研究

基于微分相关技术,提出了一种简单有效的DS-CDMA时延估计方法,在获取期望用户导频信道的前提下,通过选取适当的时间间隔,可以消除采样数据相关矩阵中与期望用户不相关的干扰和噪声。仿真结果表明,与常规实验估计算法相比,该方法具有更好的干扰抑制性能和更大的正确捕获概率。     

Family Services: A Proposed Model for Coordinating Spouse Abuse Services

ABSTRACT

This article presents a proposed model to organize spouse abuse services within communities. It proposes that family service agencies take the lead in organizing and implementing the model program. The community team would consist of representatives from agencies and disciplines that serve spouse abuse families. The community would benefit from the coordination of both the direct services to affected families and the prevention and education activities designed to eliminate spouse abuse.     

基金的市场时机选择检验--对基金管理人业绩的评价

市场时机选择能力是用来评估组合投资管理者对市场的判断能力,当市场前景看好时,组合投资管理者能否抓住这一时机改变其组合中的风险资产与安全资产的构成,取得较高的市场收益率;反之,组合投资的管理者能否采用相反的方法来达到规避风险的目的.基金的投资是一种典型的组合投资,它常常是类似于市场组合的投资,因而,基金管理者能否捕获到市场机会可以作为衡量其业绩的一个重要指标.本文通过修正之后的市场时机选择模型来检验我国证券市场中的14只新基金自1999年6月以来的市场表现,并对基金的市场表现进行理论与现实的分析.     

行业景气循环与最优IPO时机

本文假设行业在繁荣和萧条两个状态之间转变,进而影响企业的现金流,将企业的IPO决策看作一个美式期权的执行,采用未定权益分析方法,研究了行业景气循环对IPO时机的影响,并对描述企业IPO时机的临界条件进行了比较静态分析。结论表明:不考虑企业投资对融资的需求,行业繁荣时IPO的临界条件较小,对IPO具有推动作用,而行业萧条具有抑制作用;繁荣的持续期越长,IPO临界条件越大,因而抑制了企业上市,萧条的持续期越长,则IPO的临界条件反而越小,对IPO起到推动作用;繁荣程度越大,企业IPO的门槛越低,上市的可能性就越大,萧条程度越大,则IPO门槛越高,上市的可能性也越小。本文的研究有助于理解行业景气循环对企业最优IPO时机影响的微观机理。     

Determinants of Retirement Timing Expectations in the United States and Australia: A Cross-National Comparison of the Effects of Health and Retirement Benefit Policies on Retirement Timing Decisions

Data from the U.S. Health and Retirement Study (N = 2,589) and the Australian Household Income and Labour Dynamics survey (N = 1,760) were used to compare the macro-level policy frameworks on individual retirement timing expectations for pre–baby boomers (61+ years) and early baby boomers (45 to 60 years). Australian workers reported younger expected age of retirement compared to the U.S. sample. Reporting poor health was more strongly associated with younger expected retirement age in the United States than in Australia. Cohort and gender differences in the United States were found for the effect of private health insurance on younger expected age at retirement. Our results draw attention to how cross-national comparisons can inform us on the effects of policies on retirement expectations among older workers.     

Unanticipated Consequences: A Comparison of Expected and Actual Retirement Timing Among Older Women

ABSTRACT

The present study adds to the growing body of literature on women and retirement by means of a comparative analysis of the factors associated with anticipated retirement timing (among pre-retirees) and actual retirement timing (among retirees). Adopting a political economy of aging perspective, we argue that socially-structured patterns of gender inequality related to women's multiple roles across the life course affect patterns of retirement timing. Specifically, we hypothesize that the gendered nature of women's work-retirement decision-making is unanticipated during pre-retirement years. Logistic regression analyses are performed on data drawn from a sample of 275 women aged 45 and older living in the Vancouver area of British Columbia. A central finding is that while actual timing of retirement is affected by family caregiving responsibilities and by health/stress factors, pre-retirees do not perceive these to be important in their own expected retirement timing. Implications for social policy, education, and women's financial and psychological well-being in old age are elaborated.     

我国封闭式基金的管理能力评价

2007年以后,封闭式基金投资再次引起我国资本市场的高度关注。选取在市的19只传统型封闭式基金,从收益率、绩效、证券选择能力和市场时机选择能力等方面进行评价,表明:近年来,传统封闭式基金的绝对收益率均不高于市场的盈利能力;经过风险调整的收益率高于市场水平,源于其投资风格的保守性;绝大多数基金未表现出显著的证券选择能力和市场时机选择能力,且其选择能力在各年没有显著差异。