SEASONED EQUITY ISSUERS’ R&D INVESTMENTS: SIGNALING OR OVEROPTIMISM

It is well known that investors often react negatively to the announcements of seasoned equity offerings (SEOs). We posit that issuers can use positive discretionary (higher than expected) R&D investments before the SEO to signal their investment prospects to mitigate the negative announcement effect. Alternatively, positive discretionary R&D may be attributed to managerial overoptimism about future returns of R&D investments. We find strong support for the signaling hypothesis among high‐tech issuers: investors respond more favorably to the SEO announcements of high‐tech issuers with positive discretionary R&D; these issuers are more likely to use new capital in future R&D and they produce better post‐SEO operating performance. In contrast, we find some evidence of managerial overoptimism among low‐tech issuers: investors tend to penalize low‐tech firms with positive discretionary R&D at SEO announcements; they are more likely to hold new capital as cash and they fail to produce better post‐SEO operating performance.     

Volatility forecasting of exchange rate by quantile regression

Exchange rates are known to have irregular return patterns; not only their return volatilities but the distribution functions themselves vary with time. Quantile regression allows one to predict the volatility of time series without assuming an explicit form for the underlying distribution. This study presents an approach to exchange rate volatility forecasting by quantile regression utilizing a uniformly spaced series of estimated quantiles. Based on empirical evidence of nine exchange rate series, using 19 years of daily data, the adopted approach generally produces more reliable volatility forecasts than other key methods.     

对加快推进国内黄金市场发展的思考

本文在回顾部分国家黄金市场管理经验及我国黄金管理体制历史沿革的基础上,以产金大省山东为例,从制度建设、监管协调、产业发展规划与管理及黄金投资产品开发与投资者教育等方面,系统地分析讨论了目前存在的一些问题,并对推进国内黄金市场发展提出了建议.     

Temporal and spatial variability of agricultural land loss in relation to policy and accessibility in a low hilly region of southeast China

The temporal and spatial patterns in land use change in a low hilly region in southeast of China was analyzed from maps of converted agricultural land for 1999–2006. The factors driving farm land conversion was analyzed using logistic regression models. The amount of agricultural land loss varied temporally, and the spatial distribution of converted agricultural land patches decreased from low to high altitudes in the study area. Analysis using logistic regression models showed that good accessibility sped up the conversion of agricultural land to other uses, the elevation of a parcel lowered the risk of conversion, and agricultural land conversions are highly correlated with its adjacent or neighboring parcels’ land use, with the probability of being converted decreasing as the distance to nearest construction land increases. In addition, land use policy, especially the land use regulation policy issued by the central government decreased the agricultural land loss, and the more stringent regulation on cultivated land conversion lowered the possibility of conversion from cultivated land to other use.     

Size and performance of Chinese mutual funds: The role of economy of scale and liquidity

Using a detailed stockholding for a comprehensive sample of Chinese open-end equity mutual funds from 2004 to the first half of 2010, we investigated the effect of economy of scale and liquidity on the relationship between fund size and performance. We find that an inverted U-shape relationship exists between fund size and performance as measured by various performance benchmarks. Both economy of scale and liquidity play important roles in Chinese mutual funds. Furthermore, their combined effect explains the inverted U-shape relationship of size and performance reasonably well.     

基于RITS架构的客运服务系统研究

按照我国铁路智能运输系统架构规划建设要求,通过分析铁路客运服务系统的用户及需求,构建基于铁路智能运输系统的客运服务框架,即将客运服务系统分为铁路客运智能用户服务系统和铁路客运智能商务服务系统。在阐述系统总体架构及关键技术的基础上,从用户需求分析、信息资源整合、铁路智能架构标准制定等方面提出实施策略。     

流通领域零供交易关系的平等性研究

随着我国市场经济的发展,商品流通领域中的零售商和供应商双方在交易中的地位也在不断转换,零售商逐渐在交易中占据优势地位,一些大型零售商滥用这种优势地位激化了其与供应商之间的矛盾,零售商的优势地位容易导致拖欠、占用供应商贷款,收取名目繁多的费用,要挟供应商等问题.从法律关系看,零售商与供应商之间的交易关系是民事法律关系,应体现意思自治与平等、合同自由的原则,但在现实中,由于一些零售商滥用市场优势地位,二者的关系与这种原则还有相当大的差距.为此,应建立和完善制止滥用市场优势地位的法律,并借助行业协会的力量建立多种协调和自律机制.     

高校青年管理干部队伍建设问题探讨——基于赫兹伯格的双因素理论分析

高校管理是提升高校办学水平和办学效益的重要方面，膏年管理干部是高校管理工作的骨干力量。努力建设一支高水平的管理干部队伍对于高校发展有着举足轻重的作用。针对当前高校青年管理干部中普遍存在的问题，按照赫兹伯格的双因素理论的要求。既要保证保健因素的基础性作用，更要拓展激励因素的内涵，不断激发青年管理干部的工作积极性和创造性，进而推动整个学校的健康发展。     

电气化铁路供电工程建设中存在的问题及相关建议

介绍了我国电气化铁路发展的现状。分析了我国电气化铁路供电工程建设中存在铁路部门与供电部门工作流程衍接不畅、技术观点不统一、供电工程本身缺乏统一的技术体系等问题；指出这些问题是当前影响工程项目顺利开展的主要障碍，并提出了相应建议。     

基于零售业发展的日本流通相关法律解读

日本政府通过立法来规范流通从业者的开店及经营行为.实现对流通市场的干预.在流通领域的立法,首先是以市场准入为基点,从经济发展和社会需要角度出发,制定了调整大型零售商开店及经营活动的立法,如<百货店法>、<大店法>、<大规模店铺选址法>等;其次是基于市场公正交易,维护公平竞争秩序理念,制定了调整流通经营行为的法律,主要以反垄断法为核心,不正当竞争防止法、不正当赠品种类以及不正当表示防止法等为补充的竞争法体系.这些法律对于促进日本流通业、流通秩序的良性发展产生了积极的影响,本文对日本流通相关法律制度变迁和主要内容进行解读,对其产生的背景和社会价值进行分析,展示其法律与政策的演进所呈现的轨迹和鲜明特征,为我国流通的相关立法提供可参考的借鉴.