Can the Islamic bank be an emerging leader? A panel data causality analysis

This short note investigates the ability of Islamic banks (IBs) to play a leading role in revamping and driving conventional banking. To this end, we used a panel of 10 major conventional banks (CBs) and 10 IBs over the period 2006–2013. We applied panel regression tests and carried out a panel causality analysis. Our findings identified no significant causality effect from IBs to CBs and indicated that IBs are not able to play a role of leader.     

Do regional house prices converge or diverge in China?

This paper aims to test whether the regional house prices are convergent or divergent in China using a monthly panel data set of China’s 70 large and medium-sized cities from July 2005 to December 2010. This issue is closely related to understanding the efficiency of the country-level housing policies made by China’s central government. The test results suggest that the regional house prices in China are generally divergent, and thereby the country-level policies may be inefficient since they do not explicitly take the strong heterogeneity of China’s regional housing markets into consideration. As a consequence, it may be better for China’s central government to further decentralize and devolve its governance toward the housing market to the local governments.     

新型城镇化对产业升级的影响效应分析

我国新型城镇化已成为经济新常态下产业升级的新思路，新型城镇化进程产生的诸多绩效是产业升级的强大动力。本文系统阐述了新型城镇化影响产业升级的作用机理，并基于数据可得性以带状选取东中西部各3个省份，每个省选取3个中大型地级市2004~2015年的面板数据作为研究样本，将新型城镇化和产业升级之间关系图和格兰杰因果检验结合，从时间和空间角度分析新型城镇化对产业升级的影响。结论表明：在时间上，2005~2011年，两者有负相关关系，2011~2015年，两者有正相关关系；在空间上，东部新型城镇化对产业升级有正向影响，中西部前者对后者无正向影响。根据实证结果和新型城镇化对产业升级的影响在时间和空间上存在差异的原因进而提出相关对策建议。     

The use of open source internet to analysis and predict stock market trading volume

The objective of this paper is to evaluate the impact of information demand and supply on stock market trading volume. Few studies have demonstrated the role of Google search data in analyzing trading volume activity. In this study, we employ a proxy for information demand which is derived from weekly internet search volume. The latest is from Google Trends database, for 25 of the largest stocks traded on CAC40 index, between April 2007 and March 2014. We use news headlines as a proxy for information supply. We use Garch model to analyze and predict trading volume.The empirical results present new evidences. First, information supply has an impact on trading volume but information demand's impact is much more important. Secondly, by applying MCA to results found, it could be concluded that the impact of public information on transaction volume is conditioned by two elements: the firm and market news disclosure and the second element relates to the characteristics of the market participants, more precisely their news interpretations and their risk aversion. Thirdly, we used Chow structural break test to verify the stability of our model. We found that for securities with structural changes, information demand is the responsible variable of the change in our model. Finally, we found that information variables have a predictive power on transaction volume.This paper contributes to existing literature by incorporating open source internet-based data into the analysis and prediction of transaction volume. Using internet information about the stock market, which has appeared recently as an interesting research for financial empiricists, computer scientists and practitioners, will have a very important utility because quantifying demand and supply of information becomes possible.     

Curriculum assessment through a capstone course: a case study in hospitality and tourism programs

The purpose of this study was to develop a systematic process that other educational institutions and programs could follow to establish a consistent and accurate evaluation method for a capstone course. Hospitality industry professionals and hospitality management faculty were interviewed through focus-group discussions, and a post-focus-group survey was conducted to determine a weighted percentage for each of the nine determined content domains. A test blueprint for a hospitality management capstone course was developed to measure programmatic student learning outcomes based on the weighted domains determined through this study. The results provide a usable instrument for hospitality and tourism management programs to enhance their current assessment methodology.     

Panel asymmetric nonlinear unit root test and PPP in Africa

This study revisits purchasing power parity (PPP) theory for 20 African countries using panel asymmetric nonlinear unit root test proposed by Emirmahmutoglu and Omay (2014), through the sequential panel selection method of Chortareas and Kapetanios (2009). While standard panel unit root tests fail to support the PPP, the empirical results from panel asymmetric nonlinear unit root test do support the PPP. However, additional tests reveal that support in all 20 African countries is mostly due to stationarity of the real effective exchange rates of Ghana and Rwanda where the adjustment process towards equilibrium is nonlinear and asymmetric.     

飞行器风洞试验标模体系研究初探

风洞试验标模是一种评估风洞试验准度和验证CFD算法的通用校准模型。本文归纳分析了北大四洋公约组织AGARD系列、法国ONERAM系列为代表的国外风洞试验标模发展情况,阐述了我国DBM、GBM、HSCM风洞标模系列的发展现状,探讨了建立和完善风洞试验标模体系的一些问题,意在为国内风洞和试验技术发展提供参考。     

论常规兵器试验中试验任务要求的确定

文章探讨了常规兵器试验中“与产品有关的要求”确定的时机、人员职责、要求、内容及程序,提出了确定试验任务要求的建议与意见。为承担常规兵器试验的组织及相关人员进行试验任务要求的确定提供借鉴与参考。     

上市公司财务危机预警模型分析

在后金融危机时代企业财务预警越来越受到重视,建立财务危机预警模型在理论上和实践中都有重要意义。本文选取了赢利能力指标、营运能力指标、偿债能力指标、成长能力指标、现金流量指标建立了主成分分析预警模型,该模型可以用来对企业财务危机进行预测。经实证研究表明:主成分预测模型在预测上市公司财务危机方面具有较好的预测能力。     

不同需求规律下的航材安全库存量研究

安全库存是有效处理航材供应过程中遇到的各种突发情况的重要保证,针对航材需求量波动变化的实际情况,对航材安全库存量开展了深入研究。首先,研究了不同航材类型及其安全库存量需求的特点;其次,分析了航材需求分布类型,进而研究了不同需求量变化规律的确定方法;然后,研究建立了不同需求量规律下的航材安全库存量的确定方法;最后,通过算例验证了方法的可行性和有效性,为飞机制造商和航空公司的航材管理提供了有效方法和切实指导。