传闻澄清的市场反应研究——澄清公告详细性的作用

发布澄清公告是上市公司应对市场传闻的重要途径。澄清公告能否有效应对市场传闻呢?本文针对这一主题展开研究,并进一步探讨了如何提高澄清效力。结论表明,有效市场假说在传闻澄清问题上没有得到支持,投资者对澄清公告反应不足。研究还发现,内容详细的澄清公告有助于消除传闻影响,股价在公告后30日内得以恢复;内容简略的澄清公告则可能造成无法挽回的后果,公告后60日内股价下跌幅度依然保持在4%的水平。本文研究是对行为金融理论的拓展,其结论一方面提示企业面对市场传闻应进行详细澄清,另一方面也为投资者提供了获得超额利润的投资策略。     

Accuracy of management and security analysts' forecasts: Additional evidence

This paper provides further support for findings in studies by Basi, Carey, and Twark [2] and Ruland [5] which indicated no statistically significant superiority of management over analysts in forecasting earnings per share. These somewhat surprising findings are seen to flow from several possible sources. Lack of superior management forecasting performance may reflect (1) a considerable sharing of the forecast or forecast-related information by management with analysts, or (2) firm-specific data (to which management is more privy) may be less important in forecasting performance than data on economy-wide movements.     

公共部门人力资源培训体系建设研究

随着全球经济一体化和知识经济时代的到来,世界人力资源的竞争日益激烈。虽然我国各个层次人力资源相对丰富,但是庞大的人力资源数量与人均占有的培训资源的匮乏形成了鲜明的对比。因此,必须加大公共部门人力资源培训的力度,以提升政府的执政能力、满足社会发展的需要。     

探析社区闲暇教育与公共意识培养的发展趋势

社区闲暇教育与公共意识培养是构建终身教育体系的重要组成部分。本文通过分析社区闲暇教育借助活动日，提供闲暇教育服务；联合社区资源，推动闲暇教育发展；深入社区家庭，拓宽闲暇教育平台；自主与志愿相结合，推广闲暇教育等表现形式，阐述了社区闲暇教育与公共意识培养的意义，揭示社区闲暇教育与公共意识培养定点化、体制化、人性化、职能化、认证化、特色化的发展趋势。     

The antecedents of employee commitment to customer service: evidence from a UK

This paper provides a first attempt at conceptualizing and operationalizing the notion of commitment to customer service (CCS) as part of a broader concern to explore the determinants of key aspects of service quality and of individual-level performance in service organizations. Based on an explicitly behavioral definition of commitment to customer service, we first set out a model of the antecedents of CCS. We then test it using data from a representative sample of 717 employees of a major food-retailing organization in the UK. The results suggest that commitment to customer service is primarily a non-calculative phenomenon driven above all by affective. normative altruistic concerns, rather than by overtly instrumental considerations. Additional significant determinants of CCS were job pressure, job routinization. job competence and employees' understanding of customer service requirements. Research and policy implications of the study are discussed.     

Objectives,Techniques and valuation of state-owned companies in privatization processes

This article aims to analyse the objectives and the techniques of privatization and the valuation methods applied in the state-owned company privatization processes in order to determine the coherence between the formal privatization objectives stated by governments and the techniques and the valuation methods chosen to carry out the sale of state-owned companies. From the results of an international survey carried out by the International Organization of Supreme Audit Institutions (INTOSAI), we study the privatization practices in three groups of countries: the most developed OECD countries, Eastern European countries and developing countries. While the reasons that have motivated state-owned company privatizations all over the world are quite similar, the techniques of privatization used by these three groups are different with regard to the purpose of the privatization, the ways of carrying it out and the methods of fixing the sale price.     

The Emerging Role of the State In Latin America

The article is designed to (a) provide a theoretical framework for analyzing reforms in the role of the state; (b) assess the Latin America experience in improving the efficiency and effectiveness of core government functions at all levels of government (e.g. human resource management, financial management, tax and customs administration and cross-sectoral service delivery though excluding a detailed treatment of sector-specific areas such as education and health); and (c) examine the experience to date in Latin America of successfully implementing institutional reforms with respect to (i) private sector development (legal reforms to facilitate private transactions as well as provide a regulatory role for government in the face of market failures and their enforcement) and (ii) poverty alleviation particularly with respect to reforms in the social security system as well as the introduction of social investment funds.     

New financial elites,or financial dualism in historical perspective? An extended reply to Folkman,Froud, Johal and Williams

This paper challenges the recent suggestion that a new financial elite has evolved which is able to capture substantial profit shares for itself. Specifically, it questions the assumption that new groups of financial intermediaries have increased in significance primarily because there is evidence that various types of financial speculators have played a similarly extensive role at several junctures of economic development. The paper then develops the alternative hypothesis that, rather than being a recent development, the rise of these financial intermediaries is a cyclical phenomenon which is linked to specific regimes of capital accumulation. The hypothesis is underpinned by historical data from the US National Income and Product Accounts for the period from 1930 to 2000, which suggest that the activities of `mainstream' financial intermediaries have been accompanied by the frequently countercyclical activities of a `speculative' sector of security and commodity brokers. Based on the combination of this qualitative and quantitative evidence, the paper concludes that the rise of a speculative financial sector is a potentially recurrent phenomenon which is linked to periods of economic restructuring and turmoil.     

Public Policy Issues as a Route to Statistical Awareness

There appears to be a paradox in the fact that as more and more quantitative information becomes routinely available in a world perceived to be ever more complex, there is less and less direct appreciation of the role and power of statistical thinking. It is suggested that the profession should exploit very real public concerns regarding risk aspects of public policy as a possible pedagogic route to raising statistical awareness.