The First‐ and Second‐Hand Effect of Analysts' Stock Recommendations: Evidence from the Swiss Stock Market

This paper empirically investigates the impact of both the first release of analysts' stock recommendations to a limited clientele and the subsequent dissemination of the same information in a major newspaper to a broader audience. For a sample of 1460 stock recommendations published in FuW, Switzerland's major financial newspaper, significant positive abnormal returns on the day of the original release of buy recommendations and on the day of publication in FuW are documented. Tests of the price pressure and information hypotheses reveal that analysts' recommendations contain new information, which is quickly incorporated in the stock prices on the first release of this information. In contrast, the statistically significant announcement effects associated with the subsequent publication can be primarily ascribed to price pressure in the underlying securities.     

民营企业政治联系的背后:扶持之手与掠夺之手——基于资本投资视角的经验研究

以往的研究为政治联系带来的"扶持之手"提供了较多证据,而文章从资本投资视角探讨民营企业构建和维持政治联系所付出的隐性代价,发现在市场化程度较低的地区有政治联系的民营企业资本投资很大程度上受到政府"掠夺之手"的侵害,虽具有较大的投资规模,但却表现为较低的投资效率,并且不利于企业R&D投资;而在市场化程度较高的地区"掠夺之手"则未显著出现。文章认为,从资本投资角度看,在市场化程度较低的地区构建政治联系对民营企业弊大于利。     

经济人行为是私恶还是公益：西方社会的人性观溯源

现代主流经济学推崇经济人行为的主要依据是私恶可以通达公益的“无形的手”原理,问题是,“无形的手”是否存在。其实,在经验主义人性论兴起的中世纪后期,这一点就存在很大争论：马基雅弗利等宣扬“私恶为害”的观念,孟德维尔等则提出了“私恶即公益”的命题。但是,由于西方社会经济竞争的加剧以及斯密的“无形的手”之宣扬,“私恶即公益”的观点逐渐流行,最终成了现代主流经济学的理论基础。     

亚当·斯密“经济人假说”及其现实意义

"经济人假设"是西方主流经济学的基本前提,也是其核心概念之一。亚当·斯密提出,利己的经济人在市场即"看不见的手"的支配下,可以有效地促进社会整体利益的发展。在建立和完善社会主义市场经济的实践中,在社会主义理论经济学体系的建立和完善过程中,我们要对这一假设进行深入分析和研究,运用马克思主义经济理论加以审视和借鉴,以利于社会主义市场经济的健康发展。     

提高AutoCAD绘图速度的若干技巧

AutoCAD绘制平面图的功能强大,工程绘图要求的就是出图效率。在绘图之前我们需要做一些设置,再应用左手键盘、右手鼠标的绘图方法可大大提高绘图速度。在AutoCAD使用过程中有很多技巧,通过不断总结技巧,可逐步提高绘图速度。     

The Role of Durables Replacement and Second‐Hand Markets in a Business‐Cycle Model

Transactions of used durables are large and cyclical, but their interaction with purchases of new durables has been neglected in business‐cycle studies. I fill this gap by introducing a new business‐cycle model of consumer durables where households resell their goods on the second‐hand market and the production of new durables is affected by the supply of used goods. The model delivers three conclusions: Markups are smaller for goods that are more durable and more frequently replaced; markups are countercyclical for durables, resolving the comovement puzzle of Barsky, House, and Kimball (2007); and procyclical replacement demand amplifies durables spending.     

基于模糊控制的PLC在灵巧手控制中的开发

针对人手活动细节的研究,结合机器人机械灵巧手的动作需求,运用数据手套为输入端,基于模糊控制的PLC将数据手套的位置信息予以采集,加以逻辑运算便可实现对灵巧手的控制。试验结果表明,采用这种控制方案能够满足灵巧手运动轨迹动作的控制要求。     

Failures of the “Invisible Hand”

Despite many failures of the invisible hand both empirically and theoretically, it continues to be vigorously asserted and widely believed. We document the failures and explain why it continues to be asserted despite these failures.     

关于二手房交易个人所得税的若干思考

2013年3月1日,国务院发布了楼市调控“新国五条”的细则,再次提升了中央政府对房地产市场的调控力度,也是十年内第九次关于房地产的调控措施.该细则中重要的涉税措施是对二手房交易所得征收个人所得税.由于政策出台没有更详细的征税办法跟进,引起社会各界的强烈反响,实际执行过程中也出现了各种各样的问题,只有正视和解决这些问题,才能确保其调控作用的充分发挥.     

Predictors of return to work and duration of absence following work-related hand injury

The aims of the study were to explore the situation and the potential determinants of return-to-work (RTW) and the absence duration following work-related hand injury, and to provide evidence for the future intervention strategy of improving RTW. A prospective cohort of workers with work-related hand injury from three selected hospitals in East China was followed up on the outcomes of RTW up to 8 months after discharge. Demographic and clinical data were collected during admission; economic factors, psychological factors and RTW outcomes were, respectively, investigated using a structured questionnaire via phone call after discharge from the hospitals in 0.5 month, 2 months, 4 months and 8 months. Univariate analysis and Cox regression model were used to examine the associations between potential determinants and outcomes of the RTW. Out of the 246 cases, 192 (78.1%) eventually returned to work with the median duration of the absence of 44.0 days during the 8-month follow-up. Factors from demographic, clinical, economic and psychological domains affected RTW in the univariate analyses. Receiving timely treatment at outpatient clinics, less serious injury, no tendon trauma and no skin loss were found to be significantly beneficial to RTW, while workers with the decreased monthly salary during absence and lower pre-injury salary were likely to take longer sick leave. Most of the workers successfully achieved RTW after work-related hand injury. Proper clinical treatment and rehabilitation, as well as economic and social support seem to have played vital roles in prompting RTW that should be prioritised for the intervention strategy.