...2011年第14期（总第139期） 2011年6月16日 | | |期货合约规格发展研究[1] | | | | | | | | | |栏目：市场研究 | | | |作者：张丽芳 | |合约规格是影响合约流动性的关键因素，对合约的成败至关重要。在期货合约发展的历史上，对合约规 | | | |格进行调整已经是司空见惯的现象，根据不同的目的，有些期货合约进行了“瘦身”，有些期货合约进行 | | | |了“增肥”。近年来，商品期货mini合约竞相推出，使得合约规格开始进入人们的视野。本篇报告梳理了 | |编辑：朱晓燕 | |国内外期货合约规格调整的主要事件、归纳了mini合约的主要特点、分析了促使合约规格进行调整的主 | | | |要驱动因素，同时阐述了合约规格设计中需考虑的几个关键因素。 | 期货合约规格发展研究 | | | | | | |合约规格（Contract | |合约规格是影响合约流动性的关键| |Size）是指单一期货合约的货币交易价值。合约规格是影响合约流动性的关键因素，对合约的成败至关 | |因素，对合约的成败至关重要。 | |重要。1969年，CBOT为与COMEX展开竞争，开发了银期货合约。相比COMEX每手10000盎司的合约规格，CB| | | |OT新开发的银期货合约每手为5000盎司。除合约规格之外，其它合约条款均保持一致。CBOT的银期货合 | |...
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...NETSCAPE’S INITIAL PUBLIC OFFERING 2.1. Case Summary Pada tahun 1990-an, industi internet, perangkat lunak dan telekomunikasi sedang berkembang pesat, dan pada tahun 1994 mulcul lah suatu perusahaan yang bernama Netscape Communication Corporation. Kehadiran Netscape ternyata mendapat respon yang sangat baik dari pasar. Kemampuan Netscape dalam inovasi membawa “Netscape Navigator” menjadi peramban web terkenal dan paling banyak digunakan pada era 1990-an. Tingkat pertumbuhan Netscape pada tahun 1995 cukup signifikan, revenue Netscape per Juni 1995 meningkat 23,89% dari revenue yang diperoleh per Desember 1995. Kendati Netscape belum mampu menghasilkan profit, namun perkembangan Netscape bagus dan dperkirakan akan terus tumbuh. Untuk terus mengembangkan perusahaan, Netscape tentu saja membutuhkan dana segar yang dapat dijadikan modal. Saham preferen yang ada di Netscape pun dikonversi menjadi saham biasa. Hingga pada akhirnya pada bulan Agustus 1995 dikabarkan bahwa Netscape akan melakukan penerbitan saham perdana/ Innitial Public Offering (IPO). Keputusan Netscape untuk melakukan IPO atau menjadi perusahaan go public relatif cukup mengejutkan, mengingat kehadiran Netscape di industri baru berumur 16 bulan dan sampai pertengahan tahun 1995 Netscape belum menghasilkan profit. Padahal berdasarkan data IPO Market sejak tahun 1990 sampai dengan 1994, rata-rata perusahaan yang melakukan IPO telah berumur 6-7 tahun. Setelah keputusan Netscape akan melakukan IPO, perusahaan segera...
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...Creating Competition in the Market for Operating Systems: A Structural Remedy for Microsoft Thomas M. Lenard, Ph.D. Vice President for Research The Progress & Freedom Foundation January 2000 ©Copyright 2000, The Progress & Freedom Foundation. All rights reserved. TABLE OF CONTENTS EXECUTIVE SUMMARY iii I. INTRODUCTION 1 II. MICROSOFT’S OPERATING SYSTEM MONOPOLY 3 III. NEW MARKET DEVELOPMENTS 5 A. America Online/Netscape Merger 5 B. America Online/ Time Warner Merger 6 C. Linux 6 D. Information Appliances 6 E. Web-Based Computing 7 IV. ANTICOMPETITIVE ACTS: THE NETSCAPE BROWSER 8 A. Market Division Proposal 9 B. Exclusive Arrangements with Original Equipment Manufacturers (OEMs) 9 C. Exclusive Arrangements with Internet Access Providers (IAPs) 10 V. OTHER ANTICOMPETITIVE ACTS 12 A. Java 12 B. Intel 12 C. IBM 13 VI. HARM TO CONSUMERS 14 VII. ALTERNATIVE REMEDIES 16 A. Conduct Remedies 16 B. Structural Remedies 17 1. Functional Divestiture 18 2. Full Division Remedy 19 3. One-Time Licensing Auction 21 VIII. The Hybrid Structural Remedy 22 A. The Minimum Scope of the Windows Company 23 B. The Applications Company 24 C. Addition of Products into the Windows Companies 25 D. Other Operational Issues 26 1. Shareholders 26 2. Intellectual Property 27 3. Employees 27 4. Contracts 28 ...
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...“I wish developing great products was as easy as writing a check. If that was the case, Microsoft would have great products.” Steve Jobs, Cnet News. May 10, 2007 1. Patterns in Microsoft’s response to competitive threats and opportunities Standardization and simplification, complementary products, aggressive market penetration strategies (tenacity, deep investments and bundling), aggressive deal making. If I were to quote Microsoft’s best and most genius strategy that allowed them to gain impressive market share and become virtually impregnable in OS and application software market, it would be standardization (=compatibility) and simplification. They made their products easy to use, switch between and upgrade, which saved their clients a good amount of money in training and re-training employees, equipping new sites, etc. They looked past minor competitive losses in favor of bigger gains that would allow them to ultimately win market share, as in the example when they made their Office package available on Mac OS while Lotus and WordPerfect were hesitant to do so, even though Apple had many products competitive to Microsoft offerings. Another winning strategy was to produce complementary products: OS and applications that were perfectly compatible, as well as making these products available for different PCs and operating systems (=Apple) thus making Microsoft products ubiquitous and omnipresent. Impressive profits and large cash account further allowed Microsoft to...
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...utility to law firms: the reduction or elimination of barriers between clients and lawyers, or in other words – the ability to communicate better with clients with much less effort. Where time is increasingly at a premium, it only makes sense for lawyers to learn a little something about what Extranets can do for their practices. Extranets: the Basics So here’s the first thing to understand. Extranets are not really a thing so much as they are a service—the service of creating novel and effective ways of communicating and sharing information with a client. At its most basic an Extranet is a means of networking two or more entities so they can securely share information. In some cases an Extranet is simply an extension of a law firm's Intranet to include a connection to a client. In other cases an Extranet makes use of the public Internet combined...
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...Company Description Microsoft's ambitions are anything but small. The world's #1 software company provides a variety of products and services, including its ubiquitous Windows PC operating systems and Office software suite. Microsoft also makes video game consoles (Xbox), CRM applications (Microsoft Dynamics), server and storage software, and digital music players (Zune). The company has used acquisitions to bulk up its presence in markets such as online advertising, mobile devices, and enterprise software. The company makes more than half of its sales in the US. Management style From Microsoft's founding in 1975 until 2006, Gates had primary responsibility for the company's product strategy. He aggressively broadened the company's range of products, and wherever Microsoft achieved a dominant position he vigorously defended it. He gained a reputation for being distant to others; as early as 1981 an industry executive complained in public that "Gates is notorious for not being reachable by phone and for not returning phone calls."[38] As an executive, Gates met regularly with Microsoft's senior managers and program managers. Firsthand accounts of these meetings describe him as verbally combative, berating managers for perceived holes in their business strategies or proposals that placed the company's long-term interests at risk.[39][40] He often interrupted presentations with such comments as, "That's the stupidest thing I've ever heard!"[41] and, "Why don't you just give up...
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...WEB DEVELOPMENT Brief History of the Internet Origins of the Internet The first recorded description of the social interactions that could be enabled through networking was a series of memos written by J.C.R. Licklider of MIT in August 1962 discussing his "Galactic Network" concept. He envisioned a globally interconnected set of computers through which everyone could quickly access data and programs from any site. In spirit, the concept was very much like the Internet of today. Licklider was the first head of the computer research program at DARPA,4 starting in October 1962. While at DARPA he convinced his successors at DARPA, Ivan Sutherland, Bob Taylor, and MIT researcher Lawrence G. Roberts, of the importance of this networking concept. Leonard Kleinrock at MIT published the first paper on packet switching theory in July 1961 and the first book on the subject in 1964. Kleinrock convinced Roberts of the theoretical feasibility of communications using packets rather than circuits, which was a major step along the path towards computer networking. The other key step was to make the computers talk together. To explore this, in 1965 working with Thomas Merrill, Roberts connected the TX-2 computer in Mass. to the Q-32 in California with a low speed dial-up telephone line creating the first (however small) wide-area computer network ever built. The result of this experiment was the realization that the time-shared computers could work well together, running programs and retrieving...
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...What is eFPS ? eFPS stands for Electronic Filing and Payment System, and it refers to the system developed and maintained by the Bureau of Internal Revenue (BIR) for electronically filing tax returns, including attachments, if any, and paying taxes due thereon, specifically through the internet. What is e-Filing? e-Filing is the process of electronically filing returns including attachments, if any, specifically through the internet. What is e-Payment? e-Payment is the process of electronically paying a tax liability through the internet banking facilities of Authorized Agent Banks (AABs). Why do we need to use eFPS? What are its objectives? With eFPS, taxpayers can avail of a paperless tax filing experience and can also pay their taxes online through the convenience of an internet-banking service via debit from their enrolled bank account. In addition, since eFPS is available on the Internet, taxpayers can file and pay for their taxes anytime, anywhere as long as he or she is using a computer with an internet connection. What are the expected benefits of the system? The eFPS is: - Convenient to use - it is quick and simple to use, as well as secure. - Interactive - information exchange is immediate and online, users get immediate feedback from the system when enrolling, e-filing or performing e-payments. - Self-validating - errors are minimized because all of the information supplied by the taxpayer is validated before final submission. - Fast - response...
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...THE COMPUTER SYSTEM Computers have fascinated us for long and we continue to be awed by their power. There is so much to learn about this great invention of mankind. Definition A computer is an electronic device that accepts, processes, stores, and outputs data at high speeds according to programmed instructions. Computers perform analytical and logical operations very fast and with great accuracy. From this definition, we can say that the computer provides three basic benefits: • Speed • Accuracy • Diligence Working Principle of a computer Any type of computer work involves the input of some data that is processed to produce some result called the output. This cycle is called the Input-Process-Output (I-P-O) cycle. Types of Computers Computers are classified based on speed, size, and processing capacity. As a result, we have different types or categories of computers. • Mainframes: A mainframe computer is the largest, fastest, and most expensive type of computer. Companies that have to process large amounts of data, such as electricity companies or banks, typically use one or more mainframe computers. • Network Servers: A network server is a powerful computer that has a number of other computers attached to it. It typically runs software and stores data that all computers on the network need to use, and can service requests from many users at the same time. Network servers can store more data than a typical PC, but not as much as a mainframe...
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...yle Bowman MBA 651 6 March 2009 Memo 5: Strategic Analysis of Time Warner Background: Time Warner, Inc. was formed in 1990 through the merging of Time magazine publisher and Warner Communications. The merger of these two companies brought together different scopes of the media industry, and they hoped to capitalize on the brand equity and marketing aspects contained by each. The purpose for this memo is to look at the different business segments within Time Warner, the strengths and weaknesses of its operations, and a definitive long-term operating strategy that will position them for continued success. Time Warner is one of the largest media companies in the world, but faces tight competition from industry giants like Disney and Viacom. While the company is required to adhere to the restrictions by the Federal Communications Commission, the FCC has been loosening the reigns slightly with regards to the diversification and size of the main media players. The regulation goal of the FCC is to prevent one company from solely influencing the information passing through the airways and entertainment outlets into the mind of consumers. Porter’s Five Forces: In order to carefully formulate the strategies to be employed by Time Warner, a comprehensive examination of each of its business areas needs to be evaluated. Time Warner has five main business lines: AOL, film entertainment, publishing, programming networks and cable systems. We will begin the analysis of T.W. and...
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...Boss Good in a Bad Economy By RoBeRt I. Sutton ■ ■ ■ ■ How to Be a 130 Harvard Business Review | June 2009 | hbr.org Serge Bloch T hese are tough times for every boss I know. Fear and paranoia are running wild, not just in financial markets but in workplaces, too. A few weeks back a weary executive at a professional services firm told me how painful it had been to lay off 10% of his people and how he was struggling to comfort and inspire those who remained. When I asked a mutual friend, the CEO of a manufacturing firm, to “show some love” to this distressed executive, he jumped in to help – but admitted that he was wrestling with his own demons, having just implemented a 20% workforce reduction. It was not a coincidence to find two friends in such similar straits; few organizations seem to have avoided them. Even in businesses renowned for having heart, bosses have been forced to wield the ax. NetApp, declared number one in Fortune’s “100 Best Companies to Work For” for 2009, announced it was cutting loose 6% of its employees hbr.org | June 2009 | Harvard Business Review 131 How to Be a Good Boss in a Bad Economy less than a month after the ranking apThe Toxic Tandem peared. Google, top-rated by Fortune in Let’s be clear: It’s never easy to be a 2008, has shed hundreds of full-time emgreat boss, even in good economic times. » It’s not easy being the boss during ployees. And layoffs aren’t the only reaIt’s challenging in part...
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...TCP/IP protocol suite (to be covered later) in order to perform connections and communication. The technical coordinating body of the internet is ICANN. Network Solutions used to be responsible for assigning domain names and IP addresses. This function has now been taken over by Internet Corporation for Assigned Names and Numbers(ICANN) which is a division of the U.S. Department of Commerce. Network Solutions still maintains the master database of all domain names and IP addresses. Each distinct version of an Internet standards-related specification is published as part of the "Request for Comments" (RFC) document series. RFCs cover a range of topics in addition to Internet Standards, from discussions of new research concepts to memos about the status of the Internet. World Wide Web While the internet is a collection of interconnected networks and computers, the World Wide Web is the portion of the internet comprised of massive collections of files and resources that are accessible via a web browser. Client computers using a web browser send HTTP requests to a web server which returns the requested file to the client's web browser as shown below. Web communication and HTML standards are overseen by the World Wide Web Consortium (W3C). Physical Infrastructure In order to handle the enormous amount of traffic that flows on the internet, it has been constructed with backbones. Backbones are high speed networks usually composed of fiber optic cable that are...
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...Journal of Hospitality Marketing & Management ISSN: 1936-8623 (Print) 1936-8631 (Online) Journal homepage: http://www.tandfonline.com/loi/whmm20 Managing the Distribution Channel Relationship With E-Wholesalers: Hotel Operators' Perspective Eunha Myung , Lan Li & Billy Bai To cite this article: Eunha Myung , Lan Li & Billy Bai (2009) Managing the Distribution Channel Relationship With E-Wholesalers: Hotel Operators' Perspective, Journal of Hospitality Marketing & Management, 18:8, 811-828, DOI: 10.1080/19368620903235837 To link to this article: http://dx.doi.org/10.1080/19368620903235837 Published online: 09 Oct 2009. Submit your article to this journal Article views: 387 View related articles Citing articles: 3 View citing articles Full Terms & Conditions of access and use can be found at http://www.tandfonline.com/action/journalInformation?journalCode=whmm20 Download by: [Computing & Library Services, University of Huddersfield] Date: 16 December 2015, At: 08:17 Journal of Hospitality Marketing & Management, 18:811–828, 2009 Copyright © Taylor & Francis Group, LLC ISSN: 1936-8623 print/1936-8631 online DOI: 10.1080/19368620903235837 Managing the Distribution Channel Relationship With E-Wholesalers: Hotel Operators’ Perspective Downloaded by [Computing & Library Services, University of Huddersfield] at 08:17 16 December 2015 Journal 1936-8631 1936-8623 WHMM of Hospitality Marketing & Management, Vol. 18, No. 8, August 2009:...
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...William (Bill) H. Gates is chairman of Microsoft Corporation, the worldwide leader in software, services and solutions that help people and businesses realize their full potential. On June 27, 2008, Gates transitioned out of a day-to-day role in the company to spend more time on his global health and education work at the Bill & Melinda Gates Foundation. He shares his thoughts about the foundation and other topics on Gates Notes, a Web site launched in January 2010. Gates continues to serve as Microsoft's chairman and as an advisor on key development projects. In June 2006, Craig Mundie assumed the new title of chief research and strategy officer at Microsoft and is responsible for the company's research and incubation efforts. 1. Bill Gates’ early life 1.1 Family Born on Oct. 28, 1955, Gates grew up in Seattle with his two sisters. Their father, William H. Gates II, is a Seattle attorney. Their late mother, Mary Gates, was a schoolteacher, University of Washington regent, and chairwoman of United Way International. 1.2 Education Gates attended public elementary school and the private Lakeside School. There, he discovered his interest in software and began programming computers at age 13. In 1973, Gates entered Harvard University as a freshman, where he lived down the hall from Steve Ballmer, now Microsoft's chief executive officer. While at Harvard, Gates developed a version of the programming language BASIC for the first microcomputer - the MITS Altair. 1.3 Personal...
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...A Practical Guide to Linux Commands, Editors, and Shell Programming SECOND EDITION ® Mark G. Sobell Upper Saddle River, NJ • Boston • Indianapolis • San Francisco New York • Toronto • Montreal • London • Munich • Paris • Madrid Capetown • Sydney • Tokyo • Singapore • Mexico City Many of the designations used by manufacturers and sellers to distinguish their products are claimed as trademarks. Where those designations appear in this book, and the publisher was aware of a trademark claim, the designations have been printed with initial capital letters or in all capitals. The author and publisher have taken care in the preparation of this book, but make no expressed or implied warranty of any kind and assume no responsibility for errors or omissions. No liability is assumed for incidental or consequential damages in connection with or arising out of the use of the information or programs contained herein. The publisher offers excellent discounts on this book when ordered in quantity for bulk purchases or special sales, which may include electronic versions and/or custom covers and content particular to your business, training goals, marketing focus, and branding interests. For more information, please contact: U.S. Corporate and Government Sales (800) 382-3419 corpsales@pearsontechgroup.com For sales outside the United States, please contact: International Sales international@pearson.com Visit us on the Web: informit.com/ph Library of Congress Cataloging-in-Publication...
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