Location of trade,return comovements,and diversification benefits: Evidence from Asian country ETFs

Using data from the Asian country ETFs and their MSCI indices, this paper examines whether trading location affects return comovements and diversification benefits. Our empirical results show that the magnitude of return comovements for the Asian country ETFs is higher than the corresponding MSCI indices. Moreover, our empirical findings indicate that the factors, including investor sentiment, market conditions, and economic fundamentals of the U.S. market, have greater effects on the return comovements for the Asian country ETFs than their underlying MSCI indices. Finally, the evidence presents a higher diversification benefit for the Asian MSCI indices than the Asian country ETFs.     

Adaptive Estimation of a Conditional Density

The authors consider the problem of estimating a conditional density by a conditional kernel density estimate when the error associated with the estimate is measured by the L₁‐norm. On the basis of the combinatorial method of Devroye and Lugosi ( 1996 ), they propose a method for selecting the bandwidths adaptively and for providing a theoretical justification of the approach. They use simulated data to illustrate the finite‐sample performance of their estimator.     

我国公共服务民营化项目的路径选择分析

公共服务民营化,是指让民间部门参与公共服务的生产及输送,政府部门将部分职能转由民间部门经营。在实际操作中,必须根据各个民营化项目的不同情况进行具体的分析。本文通过系统分析我国民营化项目在范围、技术、规模、私人部门四个方面的选择,提出民营化项目需要综合这四个方面来选择出最合适的路径,才能达到最好的效果。     

白石牙水库大坝料场选择与开采规划

文章阐述了白石牙水库大坝料场的分析、选择和开采等情况。能不能用、够不够用、好用不好用、怎么用是料场选择与开采主要考虑的问题。通过介绍白石牙水库大坝料场选择的案例,为其他水利工程项目实施提供借鉴。     

现值计量：基于企业整体价值计量的必然选择——兼议公允价值计量的缺陷

2008年,由美国次贷危机演化的全球金融危机,造成了世界经济自上世纪90年代以来最严重的衰退。在社会各界探寻金融危机根源时,发觉以公允价值为代表计量模式的周期性缺陷,在一定程度上对这场金融危机起了推波助澜的作用,因此,对公允价值会计的变革与修订迫在眉睫。     

烟草企业物流配送网络设计研究

近年来,我国烟草企业物流网络规模发展很快,但其快速发展的背后存在许多问题,如物流线路设计不合理,作业流程冗余,作业模式难以适应电子商务和供应链管理的需要,现代化、信息化水平严重滞后等。烟草企业建立现代物流配送网络已经迫在眉睫。文章通过对烟草企业物流配送网络特点及运作模式进行分析,提出了层次化的网络优化体系及方法论,对二级配送中心选址和线路设计等实际问题进行抽象并模型化,找到了应用启发式算法求解的方法。该模型还可推广到烟草行业以外性质相似的行业,对企业配送中心和物流中心的设施选址与配送路线设计具有一定的指导意义和较高的实用价值。     

Adverse Selection and Entrepreneurship in a Model of Development

This paper presents a theory in which talented entrepreneurs are identified as the key agents driving the process of development and modernisation. Entrepreneurial skills are private information, which prevents full risk sharing. Development into a modern industrial economy might fail to take place, since potentially talented entrepreneurs may refrain from taking on the entrepreneurial risks as a way to avoid income shocks. An interesting feature of the model is the fact that the informational asymmetries are endogenous to the process of development, as they are related to the heterogeneity in entrepreneurial skills required in the manufacturing activities.     

Recruitment and selection in Chinese MNEs

This article explores HRM issues in Chinese multinational enterprises (MNEs), in particular, the recruitment, selection and repatriation of expatriate management in ten Chinese MNEs. Owing to the rapid growth of internationalization of Chinese firms, IHRM in the Chinese context has been attracting both academic and practitioners' interest. The approach of Chinese MNEs to IHRM has become an urgent area of management study. This article represents one part of the results of a recent study of Chinese IHRM. It concludes that, even though recruitment and selection policies and practices in Chinese MNEs are more progressive in adopting modern HRM concepts than is the case in domestic Chinese firms, current practices are still divergent from those of major Western MNEs.     

乳化沥青稀浆封层施工经验浅议

本文根据在G227线、S213线稀浆封层的施工经验,针对乳化沥青稀浆封层施工中的关键环节,即材料的选择、施工方法步骤等方面作了简单的分析探讨,并提出了自己的看法,供大家参考指正。     

Bayesian robustness modelling using the O‐regularly varying distributions

The theory of robustness modelling is essentially based on heavy‐tailed distributions, because longer tails are more prepared to deal with diverse information (such as outliers) because of the higher probabilities on the tails. There are many classes of distributions that can be regarded as heavy tails; some of them have interesting properties and are not explored in statistics. In the present work, we propose a robustness modelling approach based on the O‐regularly varying class (ORV), which is a generalization of the regular variation family; however, the ORV class allows more flexible tails behaviour, which can improve the way in which the outlying information is discarded by the model. We establish sufficient conditions in the location and in the scale parameter structures, which allow to resolve automatically the conflicts of information. We also provide a procedure for generating new distributions within the ORV class.