Based on the special separated equity management structure of the listed companies in China and using a sample of the listed companies with distributed dividend in 2003 and 2004, this paper tests the shareholder wealth effects of dividend policy in Chinese separated equity market. Results show that shareholders of non-circulating stock get a high return rate by cash dividends, and circulating shareholders obtain a high short-term return rate by stock dividends.

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Time-to-market become one of the most important components of competitiveness. This paper studies the production schedule and demand management issues of a multiple operation production system under uniform guaranteed lead time. The system provides a service or a make-to-order product which is differentiated only in terms of prices and lead time. We classify the customers into two types: lead-time-sensitive (LTS) or price-sensitive (PS) according to their attitude towards lead time and prices. Each forms an independent market segment. Operating expenses are supposed to be step changed, which is different from most of the previous studies that assume cost function is linear increasing. Simulation method is employed to investigate the scheduling and demand management problems in this complicated system. An analytic model incorporating time sensitivity is presented. Through analyzing the simulation results, the insights in determining optimal operators and lot size are promoted. Then some demand management suggestions on the market segment selection are illustrated.

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