Why is there no momentum in the Taiwan stock market?

Momentum strategies usually do not produce significant profits in emerging stock markets. Chui, Titman, and Wei [Chui, A. C. W., Titman, S., & Wei, K. C. J. (2000). Momentum, legal systems and ownership structure: An analysis of Asian stock markets. Working paper, Hong Kong Polytechnic University, Chui, A. C. W., Titman, S., & Wei, K. C. J. (2006). Individualism and momentum around the World. Working Paper, Hong Kong Polytechnic University] argue that the lack of profitability is due to cultural differences. In this paper, we look at one of the largest emerging markets, the Taiwan stock market. We find that DOWN markets occur more frequently and momentum profits are more negative following DOWN markets in Taiwan than in the US. Taken together, our findings suggest that the lack of profits from momentum strategies in emerging markets may be due more to the state-dependence of momentum discovered by Cooper, Gutierrez, and Hameed [Cooper, M. J., Gutierrez R. C., & Hameed, A. (2004). Market states and momentum. Journal of Finance, 59, 1345–1365] rather than to cultural differences.     

信托业洗钱风险分析及反洗钱对策

信托业面临的洗钱风险主要在于被利用实现非法资金的离析和融合，隐瞒资金的真实来源和去向，将犯罪收益融入一般经济体系。当前信托业反洗钱面临信托行业反洗钱基础薄弱、信托业反洗钱制度建设亟待完善、信托业反洗钱监管相对滞后等问题，必须完善制度体系建设，增强信托合规经营意识，健全内部控制措施，全面落实反洗钱要求，切实防范信托业被洗钱毒瘤侵蚀。     

发展城市旅游以提升旅游民生

旅游的民生性越来越得到重视,城市旅游的发展是旅游民生推进的重要体现,两者的交融决定了采取可行性的开发策略将起着重要的积极作用。文章分析了当今城市旅游的现状,结合当今实际,提出了要通过发展城市旅游以提升旅游民生,最后提出了相关政策建议。     

Simultaneous dock assignment and sequencing of inbound trucks under a fixed outbound truck schedule in multi-door cross docking operations

This paper studies the simultaneous dock assignment and sequencing of inbound trucks for a multi-door cross docking operation with the objective to minimize total weighted tardiness, under a fixed outbound truck departure schedule. The problem is newly formulated and solved by six different metaheuristic algorithms, which include simulated annealing, tabu search, ant colony optimization, differential evolution, and two hybrid differential-evolution algorithms. To evaluate the total weighted tardiness associated with any given inbound-truck sequence and dock assignment, an operational policy is developed. This policy is employed by every metaheuristic algorithm in searching for the optimal dock assignment and sequence. Each metaheuristic algorithm is tested with 40 problems. The major conclusions are: (1) metaheuristic is generally an effective optimization method for the subject problem; (2) population based metaheuristic algorithms are generally more effective than projection based metaheuristic algorithms; (3) proper selection of algorithmic parameters is important and more critical for projection based metaheuristic algorithms than population based algorithms; (4) the two best algorithms are ant colony optimization and hybrid differential evolution 2; among them, ACO takes less time than hybrid 2 and thus can be declared the best among all the six metaheuristic algorithms tested.     

现代交通运输统计存在的问题和策略分析

通过对交通运输的概念和当前国内交通统计现状的分析.指出了现代交通统计中存在的几个问题;针对交通运输统计工作中的问题,给出了目标规划、统计内容、资料互补、统计技术等方面的解决策略性建议.     

Consumer evaluation of self-service innovation failure: the effect of brand equity and attribution

The purpose of this study is to examine how, when a self-service innovation fails, customers evaluate different levels of brand equity and how the brand equity effect is moderated by consumer attribution and service recovery. Based on two experimental studies, the results indicate that high-equity brands suffer less from the adverse effects of self-service innovation failures when compared with low-equity brands. However, self-service innovation failures are more detrimental to high-equity brands if they are caused by service providers' internal factors as well as low service recovery.     

Effects of litigation under the Endangered Species Act on forest firm values

The Endangered Species Act (ESA) has been a source of litigation and subject to court interpretation during the past several decades. In this study, event analysis was employed to examine the impact of six court decisions related to the ESA on the financial performance of U.S. forest products firms. The finding of abnormal returns revealed that all six events generated the expected positive or negative returns, and among them, four were statistically significant. Changes in systematic risk reflected the reaction of the stock market to the verdict announcements. Programs designed for habitat conservation can be implemented to compensate private landowners or firms for costs associated with protecting species on private forestlands.     

近年来我国总需求萎缩的体制背景分析

1996年开始的我国经济中出现的内需不足和通货紧缩，从制度经济学的角度分析，其主要原因有四个方面，一是转轨过程中投资主体与储蓄主体的分离，二是储蓄－投资转化机制的阻塞，三是转轨过程中市场格局的转变，四是转轨过程中市场主体心理的变化。     

对我国金融监管体制若干问题的探讨

货币政策的间接化趋势对金融监管提出了新的要求，日渐流行的“混业经营”则对当前的监管体制提出了新的挑战，农村信用社体制改革要求金融监管扩展范围，我国金融监管体制在新金融时代面临着新的抉择。