Are analysts' cash flow forecasts useful?

This study provides evidence that the cost of equity capital decreases with the number of analysts who issue both cash flow and earnings forecasts (cash analysts). The evidence also shows that cash analysts reduce information asymmetry and predict long‐term earnings more accurately than analysts who issue only earnings forecasts. Taken together, these findings suggest that cash analysts provide market participants with high‐quality information and, as a result, firms benefit from cash analyst coverage in the form of a reduced cost of equity capital.     

测控通信系统射频资源可重组技术

测控通信系统的资源重组将是飞行器测控通信系统的发展方向。在中频实现测控终端重组的基础上,通过对射频重组构架的分析,得出了射频交换网络的性能和射频远距离传输的性能直接影响射频重组的可行性,提出了一种可行的全系统资源重组的测控体系构架,即采用微光电子射频交换网络与射频光波传输技术实现射频信号大规模交换及远距离传输,再结合中频重组以实现全系统资源重组,并对相关性能进行了分析。所提出的设计思路可供测控通信系统实现全体系的资源重组借鉴及参考。     

Analysts' Forecasts Following Forced CEO Changes

This paper examines analysts' earnings forecasts during the period of uncertainty following a change of chief executive officer (CEO). It distinguishes between forced and non‐forced CEO changes, and examines whether analysts utilize their information advantage to reduce the heightened uncertainty of a forced change of CEO. Examining a sample of Australian companies followed by analysts between 1999 and 2009, we find that forecasting accuracy is lower and earnings forecasts are more optimistic for firms experiencing forced CEO turnover compared to firms not undergoing such a change. However, dispersion is not statistically different. The results suggest that forced CEO turnover events provide a challenge to the forecasting environment for analysts. During CEO changes, investors should be aware that forecasts are less accurate and have an optimistic bias.     

用ICP-AES技术测定废水中重金属元素含量

我国对排放废水中重金属含量实行严格控制，为了做到安全、准确、快速、有效地实施节能减排，文章研究了将工业废水加硝酸消解后，用电感耦合等离子体发射光谱仪对水中Cd、Ni、Cu、Zn、Cr、Pb元素含量进行测定的分析技术。该方法具有检出限低、准确度及精密度高、分析速度快、线性范围宽等优点。     

An Empirical Analysis of the Bias and Rationality of Profit Forecasts Published in New Issue Prospectuses

Our study sets out to assess the accuracy of profit forecasts made by IPOs in Hong Kong. We use a variety of measures and tests to examine the accuracy, bias, rationality, and superiority of earnings estimates. The results show that forecast accuracy compares favourably with the findings from the developed economies of Australia, Britain, Canada, and New Zealand. Forecasts are shown to be superior to the predictions from time series models. IPOs tend to underforecast in the sense that actual profits exceed the forecasts. The rationality tests show mixed results. Cross-sectional analyses of forecast accuracy have poor explanatory power although the Big Six reporting accountants are associated with smaller forecast errors.     

关于机器人姿态偏差描述方法的讨论

本文针对国际标准草案 ISO/DP9283中用欧拉角的偏差描述机器人姿态偏差的规定,作者认为三个欧拉角的偏差没有独立的物理意义,不反映机器人姿态偏差的大小,这种描述方法十分不妥;主张以一次转动的转角描述机器人的姿态偏差。     

建设工程预算准确性综合评价

在项目前期，准确的建设工程预算是投资者据以作出正确决策的基础。本文分析了造成建设工程预算偏差的因素，建立了预算准确性综合评价指标体系，并对工程预算的准确性进行了评估和分析。     

影响青少年运动员跳远踏跳准确性的因素分析

通过文献资料、工作经验、综合分析等方法，对青少年跳远运动员踏跳准确性进行分析研究，提出了踏跳准确性差是我国青少年运动员在比赛中难以取得理想成绩的主要因素。     

农牧交错地带种植业中的降水利用--以内蒙古伊金霍洛旗为例

农牧交错地带在我国农业生产中占有十分重要的地位,而水资源又是该地区农业发展瓶颈。以内蒙古伊金堆洛旗为例,对农牧交错地带种植业中自然降水资源的利用进行了分析,认为由于降水不合宜,地力不足,盲目开垦和水分利用率低,存在着粮豆单产严重依赖降水且产量不高的问题,并从作物,水,地力等方面提出了对策。     

A large factor model for forecasting macroeconomic variables in South Africa

This paper uses large Factor Models (FMs), which accommodate a large cross-section of macroeconomic time series for forecasting the per capita growth rate, inflation, and the nominal short-term interest rate for the South African economy. The FMs used in this study contain 267 quarterly series observed over the period 1980Q1-2006Q4. The results, based on the RMSEs of one- to four-quarter-ahead out-of-sample forecasts from 2001Q1 to 2006Q4, indicate that the FMs tend to outperform alternative models such as an unrestricted VAR, Bayesian VARs (BVARs) and a typical New Keynesian Dynamic Stochastic General Equilibrium (NKDSGE) model in forecasting the three variables under consideration, hence indicating the blessings of dimensionality.