Geographic dissemination of information

Urban companies are located near millions more potential investors and sophisticated money managers than non-urban companies. More investors are familiar with urban companies and have access to informal information about them. The stock of urban companies is also more liquid than the stock of non-urban companies. We hypothesize that these factors lead information to be spread from urban companies to other companies. Urban stock returns lead rural/small city stock returns even controlling for size, industry, and analyst coverage. Closer examination of the lead–lag relation reveals that urgent trades, which are likely to reflect short-lived information, are much more common for urban firms. Information appears to be uncovered through informal means more easily available to people physically near a company. We discuss the corporate finance implications of our findings.     

关于考查课教育及成绩评定的思考与探索

剖析了考查课教育及成绩评定现状中的弊端,从纳什均衡的角度分析了要达到最优状态必需进行考查课教育与成绩评定改革。关于考查课教育及成绩评定,文章做了详细地思考和探讨,指出通过研发基于层次分析法的考查课程成绩管理系统来完成成绩的评定,给出的评定准则科学客观公正。该网站的建立实现了考查课程成绩评定的自动化、督促了教师对考查课教育的改革、最大限度的维护了学校开设考查课程的初衷。     

The Spatial Durbin Model and the Common Factor Tests

Abstract

The spatial Durbin model occupies an interesting position in the field of spatial econometrics. It is the reduced form of a model with cross-sectional dependence in the errors and it may be used as the nesting equation in a more general approach of model selection. Specifically, in this equation we obtain the common factor tests (of which the likelihood ratio is the best known) whose objective is to discriminate between substantive and residual dependence in an apparently misspecified equation. Our paper tries to delve deeper into the role of the spatial Durbin model in the problem of specifying a spatial econometric model. We include a Monte Carlo study related to the performance of the common factor tests presented in the paper in small sample sizes.     

Informed Trading Around Earnings Announcements: Another Look

This study is an empirical test of the Easley, O'Hara, and Srinivas (1998) multimarket sequential trade model of stock and option markets. We employ two approaches to determine the information content of signed stock and option trades executed around quarterly earnings announcements. The first approach expands the vector autoregression (VAR) technique of Hasbrouck (1991a) to include signed option trade volumes and inter‐trade durations. Estimates from the VAR models provide insight into whether both equity and option trades are viewed as informative by the equity specialist. The second approach focuses on the information content of the earnings releases to determine whether signed equity and option trades executed prior to the announcements are informed. Results indicate that although informed traders prefer to transact in both markets around earnings announcements, option market transactions contain no incremental information.     

间接故意传播淫秽电子信息行为的定罪探讨

传播淫秽电子信息的行为主观上既可出于直接故意也可出于间接故意;出于间接故意实施的客观上必须发生特定的危害结果才能成立传播淫秽物品罪。在对特定危害结果的认定上,不能机械适用最高人民法院和最高人民检察院《关于办理利用互联网、移动通讯终端、声讯台制作、复制、出版、贩卖、传播淫秽电子信息刑事案件具体应用法律若干问题的解释》(一)第3条的规定。网络环境之下,亟待提高传播淫秽物品罪的法定刑。     

粤、鲁、苏、浙、沪五省市上市公司情况分析

为了考察粤、鲁、苏、浙、沪5省市发展利用资本市场情况,本文对2005年5省市上市公司的总体规模、盈利能力、盈利结构、成长能力、投资回报、偿债能力、再融资资格等情况进行了比较,发现山东和上海上市公司的整体质量比较高,发展势头也比较好,与其地方经济的联动性也比较强,而广东上市公司的整体质量不高,近年发展有趋缓迹象,在地区经济发展中的代表性也不强。为此,建议广东要重点抓好大型优质公司的上市培育工作,尤其是九大重点行业中的龙头支柱型企业的上市工作,充分利用资本市场推动和促进地方经济的发展。     

关于乡镇领导干部任期经济责任审计的思考

积极推行乡镇党委书记、乡镇长任期经济责任审计,可以加强对基层领导干部在管理经济过程中的权力制约和监督,促进领导干部勤政廉政、全面履行职责可以更好地为新农村建设服务.如何做好乡镇领导干部任期经济责任审计,笔者在实践中作了一些思考.     

企业资金周转问题浅议

资金是企业进行生产经营活动的基本条件，加速资金运动、节约资金占用是企业理财活动的出发点和落脚点，是提高企业经济效益的重要环节。     

抑制碱—骨料反应措施在工程中的应用研究

介绍了碱-骨料反应的定义和机理,分析了常用的抑制碱-骨料反应的措施,通过工程中的应用检验了抑制碱-骨料反应的措施的效果。     

广西税收增长与经济增长关系的实证分析

本文运用回归模型、自回归分布滞后模型和动态分布滞后模型对广西税收增长与经济增长的关系进行了实证分析。结果表明:广西税收对GDP的弹性过低,原因主要是税制结构不合理、税收征管存在问题。税收增长短期内具有较大惯性,就长期而言还是依赖于经济的持续稳定增长,广西的税收增长与经济增长之间存在长期协调增长的关系。