Strategic International Diversification and Monthly Seasonality

To the author's knowledge no other studies have dealt with the effect of international diversification on stock market monthly seasonality. The aim of this study is to investigate this effect in various ways: stock market monthly seasonality is analyzed by incorporating exchange rates and trading costs in international portfolio returns. The variance of the world portfolio is decomposed into six components. Stochastic dominance approach is used to show the robustness of the results. Five trading strategies are compared to help international investors be more informed. All the results show that monthly seasonality is clearly present in an economic sense and robust. Particularly, when exchange rates are incorporated into portfolio returns. January has the highest return and the lowest risk in the world portfolio.     

多元化经营、代理成本与公司业绩——来自我国上市公司的经验证据

以我国上市公司2001-2006年经验数据为样本的研究表明,我国上市公司多元化经营整体上降低了公司的业绩,其原因在于多元化经营实现的协同效应不能弥补因代理冲突而产生的成本。     

探析中国当代民生设计问题

设计的对象是所有的人民大众,设计师应加强民生关怀意识,高度重视民生问题,做普通大众甚至弱势群众日常生活的设计,做他们消费得起的设计,用一种简单可行的合适的设计方式改善民众生活质量,这在中国目前新农村建设以及城镇化建设大背景下显得尤为重要。     

关于高校民生档案工作的思考

高校民生档案事关师生的生存与发展。通过阐述加强高校民生档案工作的重要意义,提出高校加强民生档案工作要以师生的民生需求为导向,以丰富的馆藏资源为基础。当前必须着力推进教师业绩档案、学生成长档案的建设工作,并充分发挥高校民生档案的服务功能。     

Does institutional ownership matter for international stock return comovement?

We study the link between international stock return comovements and institutional investment. We test whether the rise of institutional ownership has increased cross-country correlations and decreased cross-industry correlations. Using stock-level institutional holdings across 45 countries during the 2001–2010 period, we find that industry and global factors are relatively more important the country factors in explaining stock return variation among stocks with higher institutional ownership. Industry diversification strategies are more beneficial than country diversification strategies for stocks with high institutional ownership. We show that cross-border portfolio investment is a powerful force of international capital market integration and convergence of asset prices.     

做大做强客货运输核心业务增强铁路运输企业市场竞争力

做大做强铁路客货运输核心业务，是新形势下转变铁路发展方式的客观需要，也是促进铁路运输企业可持续发展的必然要求。结合郑州铁路局实际。探讨如何通过提升运输效益、提升运输效率和提升服务质量，做大做强客货运输核心业务，增强铁路运输企业市场竞争力。     

打破农村小水电困局——江津小水电发展现状调查与问题分析

我国水电建设正处于一个大发展并伴随各种矛盾和问题的关键时期。小水电建设中的问题与三农问题、民生问题紧密相关。     

公共民生视野下的政府最优规模——基于DEA-Tobit回归修正法估计

利用数据包络分析和Tobit回归修正法,从公共民生角度对1978~2008年的我国政府最优规模进行了估计。结果显示:在经济增长目标下,预算内支出平均最优规模为13.21%,预算内外支出平均最优规模为20.06%;但在公共民生目标下,二者分别为15.61%和21.78%。这意味着政府最优规模的衡量标准应与不同经济发展阶段的政府职能定位相匹配,并没有一个"放之四海而皆准"的绝对标准。因此,应该结合国情,从不同角度审视政府的最优规模,并有效调整公共支出结构。     

A Note on the Relationship between Firm Diversification and Corporate Advertising Expenditures

Using data on 200 major U.S. advertisers, our empirical analysis examines the relationship between the degree of firm diversification and corporate advertising expenditures, while controlling for competing explanations. Data on corporate advertising expenditures are obtained from Leading National Advertisers (1989). Compustat line of business data and Hoover's Handbook are used to construct measures of firm diversification, and other firm/industry characteristics included as covariates in our empirical analysis to account for possible alternative explanations. Our results suggest that less diversified firms spend more on corporate advertising.     

Beyond portfolio entrepreneurship: multiple income sources in small firms

The economic activities of entrepreneurs are not confined to the ownership of a single firm, but encompass income generation from a variety of sources including wage labour, non-earned income and profit from secondary business ventures. This paper investigates the multiple income sources of a sample of 18 561 business owners in the UK. A latent class analysis revealed seven different groups of entrepreneurs differentiated by their degree of engagement in enterprise ownership and income generation. The results demonstrate the importance of multiple income sources in smaller firms and challenge previous assumptions that portfolio activities are expedited solely as a profit maximization strategy by growth-seeking entrepreneurs. While some use portfolio activities for the purpose of wealth accumulation, others use them as a survival mechanism. The results also highlight time variations in the use of portfolio activities. For some business owners, they are a long-term and relatively stable strategy contributing towards either the economic survival of marginal ventures or the development of high growth enterprises. For others, they are a time-limited strategy facilitating business entry or exit.