Are stock markets really so inefficient? The case of the “Halloween Indicator”

The old and simple investment strategy “Sell in May and Go Away” (also referred to as the “Halloween effect”) enjoys an unbroken popularity. Recent studies suggest that the Halloween effect even strengthened rather than weakened since its first publication by Bouman and Jacobsen (2002). We implement regression models as well as Hansen’s (2005) “Superior Predictive Ability” test to analyze whether stock markets are really so inefficient. In line with the predictions of market efficiency, our results reject the hypothesis that a trading strategy based on the Halloween effect significantly outperforms.     

我国多层次资本市场构建的现实选择

我国是一个发展中大国,不同地区经济发展水平差异很大,不同的企业、不同的投资者需求不同,必然要求不同层次的资本市场来满足不同的金融服务需要。我国多层次资本市场体系建设应该从我国的现实国情和特定阶段出发,构建以主板为核心,创业板为拓展,三板为基础的市场体系,并配合相关的制度建设和产品创新。     

国际金融研究中汇率的地位和作用

在中国经济和外国经济构成的世界经济中,汇率变动的相对价格效应通过引起需求在国内外的转换而对中国经济的内部均衡和外部平衡产生重要影响。因此,从货币金融角度讲,汇率应当成为国际金融学研究中的一个核心变量。本文从国际金融学教学体系入手,以中国国情为基础,以经济增长为导向,探讨了汇率与内部均衡和外部平衡之间的短期、中期和长期关系,并对所涉基本模型进行了简要介绍。     

新时期中国经济学伦理问题思考

在构建社会主义和谐社会政治构想,以及关注民生、促进社会公平正义的社会发展目标提出来之后,确立新的和符合社会发展要求的经济学核心伦理,就成为中国经济科学发展的关键,而科学、客观地认识与经济科学伦理相关的种种中国经济现实问题,又是确立新时期中国经济科学伦理必须认真加以研究的重大课题。     

从“小产权房”看我国《物权法》

"小产权房"不仅满足了城市购房者的住房需求,也给农民带来了经济上的富裕。然而,由于我国二元制的土地制度,法律并未对"小产权房"的性质加以确认。导致了"小产权房"权属不清,"小产权房"买卖合同效力无法确认,买卖行为无法得到保障。     

论“传媒假事件”与新闻真实

真实是新闻的生命,是新闻的试金石。但是在新闻媒体市场化运作的今天,各种利益冲撞的结果使新闻媒体和新闻工作者主动"参与"到新闻事件中,导演出一则则"传媒假事件",使本来应该清晰的新闻真实变得模棱两可。     

Fake it ‘til you make it: Hazards of a cultural norm in entrepreneurship

Fake it ‘til you make it—that is, deceptively claiming a new endeavor exhibits characteristics of successful entrepreneurial ventures to gain support from others—has become an accepted practice in entrepreneurship. One overlooked hazard of this strategy is that entrepreneurs’ efforts to fake it can become a slippery slope in which the deception escalates to a point where stakeholders accuse entrepreneurs of committing fraud. We delineate that the responsible use of faking it in entrepreneurial endeavors rests on entrepreneurs’ full appreciation of the determinants that make turning fiction into fact less and not more difficult. Leveraging prior research to offer new insights, we outline these determinates as controllable vs. uncontrollable elements, sole vs. contingent entrepreneurial action, and limited vs. extensive stakeholder interactions. We also look at faking it examples Lordstown Motors and uBiome, two startups whose founders engaged in and escalated faking it to the point where stakeholders accused them of fraud.     

农民文化生活的实践困境及现实建构

通过对当前农民文化生活状况的调查，认为当前农民的精神文化生活是低水平的，与当今时代文化发展的新趋势和广大农民对精神文化生活的新期待不相适应，存在实践的困境。通过调查数据对实践困境进行描述与分析，对改善农村文化建设提出现实建构的可行性路径。     

基于增强现实技术的徐州汉文化景点保护与展示研究——以徐州龟山汉墓景点为例

本文提出了如何利用"增强现实技术"对徐州汉文化景点进行保护与展示研究的意义,探讨了基于"增强现实技术"的徐州龟山汉墓景点保护与展示的研究思路与方法并给出了具体的研究方案,为徐州汉文化景点的保护与展示提出参考。