Volatility–volume co-movements: evidence from China metal markets

This article investigates the interactional relationship between price volatility and futures trading activity for three heavily traded metal products on the Shanghai Metal Exchange and the Shanghai Futures Exchange. Using models based on vector autoregression and generalized method of moments, we show, in particular, that futures trading activity has a strong impact on both spot and futures price volatility in copper and aluminium markets. Futures trading activity leads spot market volatility in copper and aluminium markets which suggests that futures markets have a destabilizing effect. In order to disentangle the effect of different traders’ types on asset price movements, we decompose futures trading into speculators’ and hedgers’ trading and investigate their contributions to volatility. As a robustness check, we investigate the impact of endogenous structural breaks on the interactional relationship between price volatility and futures trading.     

Computation of robust estimates of multivariate location and shape

This paper reviews the state of the art in the computation of robust estimates of multivariate location and shape using combinatorial estimators such as the minimum volume ellipsoid (MVE) and iterative M- and S-estimators. We also present new results on the behavior of M- and S-estimators in the presence of different types of outliers, and give the first computational evidence on compound estimators that use the MVE as a starting point for an S-estimator. Problems with too many data points in too many dimensions cannot be handled by any available technology; however, the methods presented in this paper substantially extend the size of problem that can be successfully handled.     

新亚欧大陆桥中国段沿线地区的物流业发展格局探讨

从物流业发展水平、货物交流量和产业结构相似性等方面综合考虑新亚欧大陆桥中国段沿线物流业发展格局，进而对其发展定位进行初步探讨。     

Bach Music Inc.: Impact of Price Pressure,Capacity Constraints,and a Special Order on Management Decision Making

This case has been developed for an introductory management accounting course at the undergraduate and MBA levels. Although the setting is relatively simple, it illustrates several management accounting issues that are relevant to firms of every size that produce a product or service under competitive pressures and capacity constraints. The case also integrates several topics that are often viewed as abstract by the students. Specifically, it deals with the concepts around cost‐volume profit analysis in a realistic environment, the tension between short‐term and long‐term decisions, discounted cash flow analysis, the impact of managerial incentives and compensation on decision making and the impact of operating leverage on profitability. The case was used successfully several times in an introductory course at the MBA level. Surveys of the students reveal that the case has contributed significantly to their learning and has clarified the concepts introduced in the case.     

An investigation on the relationship between return and trading volume: asymmetric V-type or asymmetric increasing-type pattern

This paper develops a new mechanism that takes into account the fast change in behaviours of futures returns and trading volumes in order to model the time-varying and quantile-varying dependence between return and volume for energy-related futures products traded on TOCOM, NYMEX and ICE Futures Europe. A logistic function with the product of one-step-ahead expectations of return and volume as a transition variable is used to depict the time-varying weight of a mixture copula. This paper then employs a mixture copula of a Gumbel copula and a rotated Gumbel copula to detect the asymmetric V-type pattern and uses a mixture copula of a Gumbel copula and a survival Gumbel copula to measure the asymmetric increasing-type pattern. Empirical results demonstrate that the asymmetric V-type pattern is a more appropriate specification to characterize the return–volume nexus than the asymmetric increasing-type pattern, irrespective of the types of energy-related futures products and futures exchanges. The time-varying dependence has greater dependence in the lower–upper corner of the joint distribution than in the upper–upper corner of the joint distribution, implying that market participants believe that market reversals are more likely during periods of price declines than in periods of price increases. Moreover, this paper shows the inappropriateness of the two-step estimation method that has been widely used in the existing literature.     

关于大体积砼施工技术的探讨

随着建筑业的快速发展,施工过程中常涉及到大体积砼的问题,由于其具有体积较大、结构厚、钢筋密等特点,因此对施工技术提出了更高的要求,只有重视大体积砼的施工问题,避免裂缝的产生,才能确保施工质量。     

商品房成交量与成交价格关系的实证分析——以成都市为例

本文通过对1990～2006年成都市商品房的成交面积及交易均价进行单位根平稳性检验、协整检验及因果关系检验得出结论:商品房交易量平均每增加1万㎡,商品房价将平均上涨1.5128元/㎡。本文在最后提出针对商品房的过度投机行为政府应该采取的政策措施。     

联合单位法在本量利分析中的应用

通常，大多数企业在生产经营中都会同时生产和销售多种产品，因此有必要探讨多品种产品生产和销售条件下的盈亏平衡点的计算问题。目前，常用的方法主要有加权平均边际贡献率法、联合单位法、主要品种法和分类法等，根据这些方法计算将得到多个不同的保本点。在实际工作中，企业的会计人员要根据企业自身的特点和经营管理要求，选择适合的方法进行盈亏平衡分析，从而有效地为经营管理提供信息。     

平板车设计要点及技术发展趋势

从过程上介绍非道路用平板车的设计过程,详细介绍了平板车4个主要组成部分的设计要点,它们中既有实践摸索出的经验设计也有很强的理论依据。平板车的发展趋势即以特大型平板车设计开发以及用拉杆来转向且带行车制动平板拖车设计开发的设计制造技术等。