What has New Zealand gained from The FTA with China?: Two counterfactual analyses†

We investigate the effects of the 2008 New Zealand (NZ)–China free trade agreement (FTA) on exports from NZ to China, and real GDP per capita in NZ using the synthetic control method to estimate the counterfactuals. NZ exports to China were more than 200% higher in 2014 than what they would have had the FTA never been signed. NZ's food and live animals exports to China were more than 180% higher in 2014 than the counterfactual. Our counterfactuals indicate a small but negative effect of the FTA on NZ's real GDP per capita between 2009 and 2012.     

Stochastic volatility: A tale of co-jumps,non-normality,GMM and high frequency data

In this article we introduce a linear–quadratic volatility model with co-jumps and show how to calibrate this model to a rich dataset. We apply GMM and more specifically match the moments of realized power and multi-power variations, which are obtained from high-frequency stock market data. Our model incorporates two salient features: the setting of simultaneous jumps in both return process and volatility process and the superposition structure of a continuous linear–quadratic volatility process and a Lévy-driven Ornstein–Uhlenbeck process. We compare the quality of fit for several models, and show that our model outperforms the conventional jump diffusion or Bates model. Besides that, we find evidence that the jump sizes are not normally distributed and that our model performs best when the distribution of jump-sizes is only specified through certain (co-) moment conditions. Monte Carlo experiments are employed to confirm this.     

Deal characteristics and M&A performance: How do hospitality firms fare?

The global hospitality industry has experienced significant consolidation in the past several decades. While evidence in the general business literature suggests that the target firm shareholders gain instead of the acquiring firm shareholders, some studies in the hospitality industry have suggested that mergers and acquisitions (M&As) are also beneficial to acquiring firms. Using a comparative study design and a comprehensive sample over 41 years, we empirically examine whether M&As create more value in the hospitality industry than in other industries and whether certain deal characteristics may explain the potential performance differential. Overall, we find that M&As in the hospitality industry outperform M&As in non-hospitality sectors. When examining deal attributes, we find that relative size of target, cash method of payment, and an unlisted target are characteristics positively related to merger performance and help explain some of the performance differential. We contribute theoretically and empirically to the literature by demonstrating that industry and deal effects play an important role in M&A performance.     

Is digital technology the magic bullet for performing work at home? Lessons learned for post COVID-19 recovery in hospitality management

PurposeThe COVID-19 pandemic has suddenly brought about a number of disruptions to when and where work is undertaken for hospitality employees. The rapid spread of COVID-19 forced many hospitality managers to use digital technologies to perform work from home, termed digital work connectivity. Yet little is known about how hospitality employees cope with it. The purpose of this study is to investigate an important yet underspecified issue as to how digital work connectivity can be detrimental for employees’ work behavior.Design/methodology/approachWe test our hypotheses using multi-wave and multi-source data collected from 467 middle managerial-level hospitality employees in China.FindingsThe findings show that digital work connectivity can lead to self-control depletion, which in turn is associated with disengagement from work. Further, the findings show that relational energy is an important resource that can buffer the detrimental effects of digital work connectivity on hospitality employees.Practical implicationsThe association of digital work connectivity with employee withdrawal behavior highlights the urgent need for hospitality enterprises to have clear guidelines that regulate technology use at home for work purposes.Social implicationsOur research shows that the absence of clear guidelines in relation to the use of digital technology for work at home risks producing unintended consequences for both hospitality employees and their enterprises.Originality/valueOur research draws from recent advances in resource allocation theories of self-control and adopts a more nuanced approach to uncover a counterintuitive reality that while people use digital technology to remain connected with work, doing so can actually contribute to their withdrawal behavior.     

燃煤锅炉改造问题及节能环保改造措施

在现代社会的发展中,燃煤锅炉是工业发展中常用的供暖设备、供热设备,尤其在北方地区得到了十分广泛的应用。但是,在使用燃煤锅炉过程中,一定区域内会产生很多燃煤灰尘、SO2气体,现已成为很多地区的大气污染源之一。为了有效控制燃煤锅炉污染物排放量,相关部门需要实行烟气除尘、脱硫方式,做好燃煤锅炉节能改造工作,减少大气污染物的排放量。论文重点分析了燃煤锅炉改造问题及节能环保改造措施。     

Factor pricing of cryptocurrencies

In this paper, we study the cryptocurrency pricing factors. We review the literatures which state that the cryptocurrency market is weakly efficient. We use the Fama–MacBeth method to investigate the pricing factors. The classical equity-based risk factors including size, momentum, and value to growth from the Fama–French three factor model are studied. We use crypto-unique coin-to-token as a proxy for value-to-growth. For volatility risk factor category, we investigate realized volatility, skewness and jump. We also investigate liquidity factors including bid–ask, volume growth and Roll’s measure. The macro factors are found not to be an explanatory factor. The attention factor works sometimes. The factor model constructed by the significant factors explain most of the excess return of cryptocurrencies.     

关于复数运算在高次方程中的运用

随着office2010版开发,复数函数的运算的完善为高次方程的完整解提供了技术上的有力保障。     

国库最佳库底现金测算方法研究

随着国库集中收付管理制度改革的不断深入，我国国库库存现金余额呈现出快速增长的趋势。通过对确定最佳库底现金的主要模型进行介绍，以国家金库重庆市分库为对象进行了实证分析。以期为实际工作和相关研究提供一定参考。     

Towards a fairer manager performance measure: a DEA application in the retail industry

Abstract

Retailers need to determine the performance of their individual stores and, beyond the stores, the managers in charge of running them. The aim of this paper is to develop performance standards that can be applied to fairly distribute rewards to managers regarding their performances by taking into account store neighbourhood characteristics. In order to propose a fairer measure of store performance, the authors introduce and explore the concepts of organizational justice and store efficiency. They use real data from a French supermarket chain and a geomarketing approach. The two-step Data Envelopment Analysis (DEA) model results are compared with a retailer’s ranking. The retailer tends to favour points of sale having a more important sales area, with more employees and operating in a more densely populated area with a higher buying power. The ranking stemming from the DEA model links store performance to other geo-demographic variables.     

外在激励与体育课教学

在体育课教学中常用的激励方法有:语言激励、情境激励和目标激励等。在使用外在激励时要根据学生年龄、个性和个体差异特点选择激励源;要根据教材选择激励方法,并合理使用多种激励方法。