A SWOT analysis of China's air cargo sector in the context of COVID-19 pandemic

This paper discusses the situation of China's air cargo sector facing the COVID-19 pandemic. Based on the expectation that it can go out of recession more easily than China's air passenger sector, this paper analyzes four aspects that are favorable and unfavorable for its further development: (1) strengths (China's sustainable economic basis and proliferating cargo suppliers), (2) weaknesses (insufficient cargo capacity and less business internationalization), (3) opportunities (top authority support, rising e-commerce demand, and new technological momentum), and (4) challenges (uncertain trade environment and increasing profitability pressure). Then this paper suggests strategies for China's air cargo suppliers to adapt to the pandemic.     

The end of the flat tax experiment in Slovakia: An evaluation using behavioural microsimulation in a dynamic macroeconomic framework

The paper introduces a new way of linking microsimulation models with dynamic general equilibrium frameworks to obtain an evaluation of the impact of detailed tax and benefit measures on the aggregate economy. In the approach presented in this paper, income heterogeneity interacts with the macro-economy via aggregated individual labour supply decisions which influence, and are influenced by, the dynamic evolution of the real wage rate. The method involves a reduced-form representation of the information flow between the macroeconomic and microeconomic blocks. The practical usefulness of the approach is demonstrated by evaluating actual and hypothetical tax reforms that involve abandoning the flat tax system in Slovakia. A hypothetical move to a highly progressive tax structure is shown to generate some employment gains but is associated with a drop in aggregate income and tax revenue.     

Cross‐Functional Integration: Concept Clarification and Scale Development

The centrality of cross‐functional integration (CFI) to supply chain theory and practice has long been recognized. Yet researchers continue to struggle with consistently defining or measuring the CFI construct, thus limiting the utility of CFI research. This research develops (1) a comprehensive definition of CFI that synthesizes previous supply chain research and (2) a valid set of scale items that measure the conceptual domain outlined by this definition. The goal is to build a common foundation for extending knowledge on CFI's antecedents and consequences, and ultimately to improve scholars’ ability to guide a broader practitioner community still struggling to achieve integration in their organizations.     

Weekday seasonality of stock returns: The contrary case of China

We document that Chinese stock returns exhibit early-in-the-week effects opposite-signed to those observed worldwide. The period of analysis is 2001–2016. Dominated by individual investors, Chinese stock markets offer unique out-of-sample insight regarding the source of weekday seasonality, ascribed elsewhere to institutional investors’ trading patterns. High returns to the market and to small, speculative stocks early-in-the-week pose a refuter to the mood explanation for the conventional (negative) Monday effect. A battery of tests suggests that the patterns in the Market, SMB, and RMW factors are jointly associated with Chinese individual investors whose demand is tilted towards small, speculative stocks. Our findings point to a potential role of dominant investor type in driving weekday patterns and the RMW premium.     

基于供给侧结构性改革的我国农产品供需及收益现状分析

［目的］在我国实施农业供给侧结构改革的大背景下，分析我国主要农产品玉米、大豆、水稻供需及成本收益现状，以把握农业供给侧结构性改革的成效及存在问题，为推进农业供给侧结构性改革及实现农业供需平衡、保证农民受益具有重要意义。［方法］将影响农业经济增长的因素分为市场需求与市场供给两部分，而市场需求包括国内需求和国外需求，市场供给则只指国内供给。分别采集我国玉米、大豆、水稻这3种典型农产品的国内市场需求、国外市场需求和国内市场供给3部分数据，并将市场需求与市场供给数据进行对比，由此分析我国农业供给侧农产品供需现状及存在的问题，指出我国农业供给侧结构性改革发展方向。［结果］（1）我国农产品仍面临着供需不平衡、农民成本收益率低、农产品价格高导致国际市场竞争力低等问题，农业供给侧结构性改革是国家的重大战略，我国通过降低农作物播种面积来降低产能最终实现农产品供需平衡效果微乎其微； （2）我国的农产品产能是相对过剩，并非绝对过剩； （3）我国农产品市场供给一端的要素没有得到有效调节，使农产品生产成本过高，是导致农产品缺少市场竞争力的主要因素。［结论］积极拓宽农产品国外销售市场来增加农产品需求渠道，调节农产品国内市场供给要素，降低农产品生产成本，提高农产品生产质量，增加我国农产品竞争力，是我国通过农业供给侧结构性改革实现农产品供需平衡的必然之路。     

基于供应链管理的供应商选择问题初探

在现阶段的发展过程中,现代化发展已经成为企业未来发展的基本方向。作为企业实现现代化发展的关键环节,供应链的管理工作在整个企业运行过程中起到了举足轻重的作用。伴随着供应链管理的发展,供应商的选择问题越来越多,选择要点和选择内容不断丰富,并逐渐发展成为企业采购过程中所有采购员共同面对的问题。根据企业的发展现状和运营情况,选择更合适更合理的采购方案和供货商,并遵循行业准则来制定企业采购规则。     

Horse race of weekly idiosyncratic momentum strategies with respect to various risk metrics: Evidence from the Chinese stock market

This paper focuses on the horse race of weekly idiosyncratic momentum (IMOM) with respect to various idiosyncratic risk metrics. Using the A-share individual stocks in the Chinese market from January 1997 to December 2017, we first evaluate the performance of the weekly momentum based on raw returns and idiosyncratic returns, respectively. After that the univariate portfolio analysis is conducted to investigate the return predictability with respect to various idiosyncratic risk metrics. Further, we perform a comparative study on the performance of the IMOM portfolios with respect to various risk metrics. At last, we explore the possible explanations to IMOM as well as risk-based IMOM portfolios. We find that 1) there are prevailing contrarian effect and IMOM effect for the whole sample; 2) the negative relations exist between most of the idiosyncratic risk metrics and the cross-sectional stock returns, and better performance is linked to idiosyncratic volatility (IVol) and maximum drawdowns (IMDs); 3) additionally, the IVol-based and IMD-based IMOM portfolios exhibit better explanatory power to the IMOM portfolios with respect to other risk metrics; 4) finally, higher profitability of IMOM as well as IVol-based and IMD-based IMOM portfolios is found to be related to upside market states, high levels of liquidity and high levels of investor sentiment.     

数字经济下生鲜供应链创新机理与路径

立足于生鲜供应链发展实际，文章总结归纳了数字经济时代生鲜供应链的变革需求和创新机理与路径。研究表明，数字经济时代生鲜供应链创新就是以用户为中心、数字化赋能生鲜供应链实现跨职能协同的创新，目的是破解传统生鲜供应链供需信息延迟的痼疾，提升供应链效率，构建数字化、智能化、高效化和生态化系统。具体而言,顾客感知价值、数据资产价值和经营主体利润是其价值来源渠道；数字化技术是生鲜供应链创新的支撑工具；数字化技术对传统生鲜供应链赋能、数字化技术及思维与现代生鲜供应链的深层融合是生鲜供应链创新的关键路径。文章的研究结论在丰富数字经济与生鲜供应链创新融合研究理论的同时，可以指导生鲜供应链创新实践。