Trends in stock-bond correlations

Previous studies document the existence of long-run trends in comovements in the stock and bond markets. Following these findings, this article examines possible trends in stock-bond return correlations. To this end, we introduce a trend component into a smooth transition regression (STR) model including the multiple transition variables of Aslanidis and Christiansen (2012). The results indicate the existence of significant decreasing trends in stock-bond correlations for many advanced safer countries. In addition, although stock market volatility continues to be an important factor in stock-bond correlations, the short rate and yield spread become only marginally significant once we introduce the trend component. Our out-of-sample analysis also demonstrates that the STR model, including the volatility index and time trend as the transition variables, dominates other models. Furthermore, we find a significant increase in stock-bond correlations for riskier euro countries around the beginning of the euro crisis. Our findings of decreasing and increasing trends in stock-bond correlations can be considered a consequence of the decreasing effects of diversification and more intensive flight-to-quality behaviour that have taken place in recent years and after the euro crisis.     

The international diversification-performance link in Spain: Does firm size really matter?

This study provides new insights into the link between international diversification and firm performance in a sample of large manufacturing firms and SMEs based in Spain for the 1994–2008 period. Specifically, the focus is on how the nature and shape of this relationship may vary over time with firm size. The results show the existence of a horizontal-S curve when the whole sample of firms is considered in the empirical analysis. However, major differences are found between SMEs and large firms, and even within the actual group of SMEs. Strong support is found in large firms for the existence of a horizontal-S curve. Within the group of SMEs, there are small firms with a linear and negative relationship, whereas medium-sized firms record a U-shaped form. These findings suggest that as the international diversification-performance link is size-dependent, future research should explicitly consider firm size in order to better understand the nature of this relationship.     

Capital Market Integration in the Middle East and North Africa

This paper studies capital market integration in Middle Eastern and North African (MENA) countries and its implications for international portfolio investment allocation. Starting with four cointegration methodologies, we significantly reject the hypothesis of a stable, long-run bivariate relationship between each of these markets and the European Monetary Union (EMU), the United States, and a regional benchmark. This indicates the existence of significant diversification opportunities for three categories of investors (EMU, world, and regional investors). A recursive analysis based on Barari (2004) suggests that recently, the MENA markets have started to move toward international financial integration. Investigating the effect of selected financial, economic, and political events on such a process, we extend the methodology and find that the markets react heterogeneously to the different categories of shocks. They should therefore not be treated as a bloc for global allocation purposes. Finally, after adjusting the integration levels by relative market capitalization, Israel and Turkey are the most promising markets in the region, followed by Egypt, Jordan, and Morocco. Tunisia and Lebanon seem to be lagging behind.     

国资国企改革典型经验研究与启示——央企和部分省市典型经验对上海“十二五”期间国资国企改革的启示

国有经济和国有企业伴随着中国30年的改革开放，有了重大的变化。中央企业和各省市探索出许多国资国企改革方面值得总结和借鉴的宝贵经验。这些经验也将给上海市“十二五”期间进一步深化国资国企改革带来有益的启示，促进新一轮国资国企的改革发展。     

涉农供应链时间竞争的基本障碍分析

在传统的农业技术条件和涉农供应链管理模式下,典型的涉农链在时间竞争的强化与柔性机制的建立上面临诸多局限和障碍：（1）横亘于涉农供应链两类制造业之间的“速度陷区”.（2）“刚性点阵”.（3）“弱刹车机制”.（4）异构性问题.（5）时间竞争工具的有限性.（6）涉农供应链特殊的物流路径特征模式.上述诸因素综合作用形成了现实中两种常见的涉农链时间反应模式：弱反应模式和高成本反应模式.而现代供应链管理理念指导下涉农供应链时间竞争追求的却是-种有效反应模式.建立涉农供应链时间竞争的有效反应模式是一个复杂艰巨的过程.     

交叉销售视角下企业多元化战略风险研究

交叉销售在服务业和高科技行业的兴起,使得越来越多的企业开始从事基于交叉销售的多元化战略.这类多元化战略同时具有多元化战略的一般性特征,又带有交叉销售背景下的特殊性.本文在对多元化战略的风险及交叉销售相关研究加以逐一回顾的基础上,对基于交叉销售的多元化战略与一般性多元化战略的差异进行了比较,并对其所具有的风险进行了深入的探讨.     

董事高管责任保险与上市公司关联交易——基于我国上市公司经验数据的检验

董事高管责任保险(D&O保险)是一个市场化的外部治理机制。基于沪深证券交易所2003—2017年上市公司数据,本文实证检验了D&O保险对上市公司关联交易的影响。研究发现,D&O保险显著提升了关联交易总水平、关联销售金额和关联购买金额;根据控股产权性质分组研究发现,D&O保险对非国有控股公司关联交易的正向影响,比对国有控股公司更加显著;D&O保险、关联交易均与公司价值显著正相关,且关联交易发挥中介效应。研究表明,D&O保险通过监督效应提升关联交易,并促使其对公司价值发挥支持效应。研究加深了对D&O保险治理职能的理解,更新了对关联交易经济后果的惯性认知,对促进公司治理治理机制建设和完善现代企业制度具有重要的理论和现实意义。     

大学英语教学——多元化性教育的重要平台

笔者对在大学英语课堂教学中定期开展性教育的课程设计、教学方法、作业的实施以及学生在教学中的反应与意见进行了调查研究。研究发现,在大学英语教学课堂中适时对学生进行性教育,不仅可以培养学生形成正确、健康的性价值观,而且还能使学生在了解西方性文明的同时提高其学习英语的兴趣。由此可见,在我国大学生性教育需求日益凸显的今天,将正确的性知识、性观念、性道德及两性相处的知识融入到大学英语教学中,构筑多元化大学生性教育平台是必要和迫切的。     

浅谈施工项目的质量管理措施

工程质量的管理与控制是影响和决定工程项目优劣的最直接的手段。项目的质量管理是全方位地对工程质量进行评判,保证施工项目的质量的优质,是施工单位、监管单位等相关部门共同的目标,加强施工项目的管理,采取有效的管理措施,不断的提高管理力度,通过实际施工,总结经验,多方面结合,达到最终的目的。本文通过阐述在施工过程中主要环节的管理的重要性,结合一些相关经验,提出几个观点。