IPO限价发行与新股二级市场价格泡沫——论股票市场“弹簧效应”

本文通过对比2009年7月1日至2014年6月30日IPO市场化定价发行阶段与2014年7月1日至2018年6月30日IPO限价发行阶段共1950个IPO样本,发现IPO限价发行对于新股在二级市场股价表现具有\"弹簧效应\":即抑制股票一级市场发行价格会造成新股在二级市场价格短期内超涨,限价发行新股的二级市场定价显著高于市场化定价发行新股的二级市场定价。限价发行引起的过高二级市场定价最终导致股票长期回报率低下。另外,创业板公司\"弹簧效应\"显著强于主板公司。这些实证结果都可以被本文提出的一级市场价格压抑造成二级市场非理性投资者上涨预期一致、盲目追涨的理论模型所解释。本文的研究指出抑制股票一级市场定价虽然形式上可以解决新股发行价过高问题,但是却造成二级市场更大的价格扭曲。这一发现为进一步完善我国IPO发行定价机制提供了依据。     

发展我国旅游购物的思考——以\"香港购物节\"为例

近几年,“香港购物节”的举办,成功地把香港的旅游淡季变成了旺季,并全面推动了香港旅游业及整体经济发展水平的提高。本文在分析“香港购物节”成功经验的基础上,重点分析了我国内地发展旅游购物的相应措施。     

Supplanting the Planters

Summary

After briefly examining the plantation-as-hotel model, this contribution focuses the remainder of its attention on the conversion of plantation slavery into entertainment on the Caribbean island of Barbados. First, and by way of contextualization, it is shown that an extensive and well-documented history of plantation life exists, one that is drawn from early accounts of travelers, missionaries and others, as well as later expert commentaries offered by indigenous and extra-regional scholars. Second, it is argued that the tourism industry has largely ignored or been highly selective in borrowing from this rich source of material in its attempt to supply the sort of a-historical diversion which it believes its clientele enjoys. Examples provided include the Open House Programme of the Barbados National Trust, the annual Crop Over Festival and Plantation Spectacular dinner shows. Finally, a few suggestions are advanced in order to try and understand the success of this type of tourism. They include references to postmodernity, nostalgia, dark tourism and varieties of promotion.     

Unpacking Pride’s commodification through the encounter

Debates complicating universal constructions of tourist commodification are far from new. Yet, within tourist studies distinctions continue to resurface that reify boundaries positioning processes of commodification as necessarily liberating, victimising or pathologising. Through these boundary making processes there is potential that the meanings, politics and memories of individuals, invested in experiences deemed ‘commodified’, become devalued as tourist scholars praise pre-commodified experience. This paper responds to these tensions through utilising a feminist embodied framework focused on the encounter. The paper troubles innate constructions of commodification, by showing how interpretation of commodification is spatially and socially specific to the moment of encounter. It is thus argued that analysis of the encounter offers a way to negotiate sponsorship requirements during event planning.     

基于J2EE的电子商务网站开发研究

本文主要介绍了建立电子商务网站所采用的技术以及如何提高网站的性能。网站采用J2EE/Struts/Spring应用架构,引入了ORM技术。Hibernate的采用,极大地提高了运行的效率。     

春秋时代楚国“县”涵义的演变

春秋时期楚国县的涵义经历了两个发展阶段,即:“县鄙”之县和“县邑”之县。楚国县在春秋时代并未发展到“县制”之县的层次,原因在于其尚未脱离分封世袭的影子,也不具备作为一级地方政府所必备的行政、财政、司法三个方面的职能。     

韩国中秋节文化略考

中秋节不仅在中国,在韩国也是一个重要的传统节日。韩国的中秋节文化和中国既有相似之处又有不同之点。中秋节时富有传统色彩的祭祀活动,传统食物,民俗游戏都充分展现了韩国悠久灿烂的历史文化。     

旅游节庆活动志愿者绩效管理体系设计——以南宁国际民歌艺术节为例

运用现代人力资源绩效管理的思想和方法,以南宁国际民歌艺术节为例,对旅游节庆活动志愿者的管理进行了研究。通过访谈调查和实地跟踪调查,分析民歌节志愿者工作中的绩效管理问题,构建民歌节志愿者绩效管理组织架构,在此基础上,以“片区负责人一团队负责人”层级为例,设计绩效管理体系五个环节工作内容和绩效管理指标体系。