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.     

Applying the counseling-learning approach to a tourism-related massive open online course

ABSTRACT

This study discusses how to apply counseling-learning (CL) principles to a particular e-learning solution for teaching a tourism-related subject via a massive open online course (MOOC). Several effective caring patterns in achieving learning-related goals and being part of a community according to the CL principles are presented and discussed using the MOOC “eTourism: Communication Perspectives” as a case study. The study underlines how the MOOC platform can act as a place for contents enjoinment and active learning. Moreover, the active role of social media for increasing the engagement of learners in the proposed activities and for developing a sense of the community is identified. In particular, Facebook and Twitter can act as places for community building and informal social interactions among learners that last beyond the completion of the course, which in turn can be a valid aid for continuing the relationships among instructors/learners and learners/learners, and for reaching new ones.     

基于PPP模式工程项目融资风险管理的思考

近年来,我国的经济发展较为迅猛,呈现出繁荣的景象。在此基础上,推动项目融资风险管理的出现与成长,而PPP模式较为突出,不同于暗含经济风险的传统型风险管理,能够在一定程度上助力政府财政支出压力的降低。但是需要多加关注的是,PPP模式的工程项目融资本身就具备一定的风险因素。为此,论文着眼于实际情况,充分考虑其基本特点,提出行之有效的防患策略,为我国顺利推进PPP模式工程项目管理工作提供一定的借鉴意义。     

体外孵化项目的合法会计信息失真研究——以爱尔眼科为例

新经济、新业态的发展,新商业模式不断涌现,会计信息生产者按已有的会计准则和职业判断进行确认、计量、记录和报告,路径依赖下的会计处理程序可能会形成合法性信息失真。体外孵化成为企业扩张的加速器,也是隐藏风险的“雷”,目前的会计处理程序展现了一份资产、利润都高速增长的财务报表,而交易的风险可能被隐匿。本文以运用并购基金实现体外孵化的典型案例爱尔眼科作为研究对象,通过阐述体外孵化项目投资逻辑,分析复杂的商业交易造成控制权的模糊,致使其会计信息未反映经济实质以及内含的风险,以此提示信息使用者以及为监管层提供政策建议,当前会计准则和规范滞后商业模式发展,相关部门应该更关注市场的新商业模式以及其会计处理程序和信息披露监管。     

Microdata analysis of the consequences of free trade port policy: the case of Iran free zones

ABSTRACT

Creating free trade zones as a policy to motivate new investment and improve the local economic indicators might be of some benefits. Following of this policy in Iranian major port, however, resulted vice versa by aggravating the current account balance that is higher imports and the same horizon diminished export sums. We derive the micro data of trade for the Iranian major Imam port according to code arrangements of harmonic system (HS), which permits the clustering of different goods categories. Then we extracted the sums of survey data for the years before and after Imam port became free trade zone and applied fixed effect difference in difference (DID) method to capture the heterogeneity of unobserved variables. Our control port of analysis was Rajaee port the policy did not implemented. Results show that just as Imam free port’s Current Account Balance deteriorated by increasing import and dampening of export sums.     

基于灰色关联分析的公路工程造价估算研究

目前分析公路工程造价相似性问题过多依赖于主观经验判断法,缺乏有效合理的定量方法,本文利用灰色关联度分析原理,提出一种分析公路工程造价相似性的定量方法。首先选取相似案例库,采用熵值法求出该案例库的重要属性特征权重值,再计算出相似案例库与待估案例的灰色关联度,最后得出待估案例的公路工程造价估算值,并通过实例证明该估算模型研究的可行性。     

Does algorithmic trading harm liquidity? Evidence from Brazil

This paper provides the first evidence of algorithmic trading (AT) reducing liquidity in the Brazilian equities market. Our results are contrary to the majority of work which finds a positive relationship between AT and liquidity. Using the adoption of a new data center for the B3 exchange as an exogenous shock, we report evidence that AT increased realized spreads in both firm fixed-effects and vector autoregression estimates for 26 stocks between 2017 and 2018 using high-frequency data. We also provide evidence that AT increases commonality in liquidity, evidencing correlated transactions between automated traders.     

土木工程房屋建筑施工管理问题与策略评价

土木工程房屋建筑一直以来是建筑行业的一大重点,其中施工管理的具体落实对整个工程的质量起着决定性的作用。随着人们生活水平的不断提升,土木工程房屋建筑也在持续地发展。一旦施工管理环节出现问题,在降低工程质量的同时还会危及人员的生命安全。因此,论文通过对当前土木工程房屋建筑施工管理存在的问题进行简要的分析,综合当前建筑工程发展的局势,提出针对性的整改建议。     

房屋土建工程质量监督管理问题与强化建议探究

随着社会经济的快速发展,我国的房屋建筑工程也随之发展起来。建筑施工中无论是技术还是人员的配置都日趋合理,但同时一些问题也逐渐显现出来,如工程施工人员的素质水平不高、建筑市场混乱等,使得工程质量受到了影响,所以我们必须要加强对房屋土建工程的质量监管。     

浅谈公路工程质量问题及管理措施

近年来,我国经济高速发展,领导人员深刻地认识到便捷的交通是经济高速发展的基石,进而大力发展基础设施建设。在国家的大力支持下,我国公路等基础设施建设技术水平位居世界前列。在公路工程中,公路的质量问题以及相关管理是不容忽视的。论文针对公路工程的质量问题及管理措施进行了探讨。