The impact of crude oil inventory announcements on prices: Evidence from derivatives markets

This study examines the impact of weekly crude oil storage announcements on oil futures and options prices. We document evidence of a strong announcement day effect on both markets, and find prices to move in anticipation of the inventory surprise. Futures returns significantly decrease with positive surprises and increase with negative surprises. There is no evidence of an asymmetric impact on futures prices. Near‐the‐money options exhibit the greatest price sensitivity, and the magnitude of the price response of both futures and options declines with maturity. The results remain robust even after controlling for various macroeconomic and other storage‐related news variables.     

Losers and prospectors in the short-term options market

Intraday data for weekly options are investigated for behavioral biases implied in prospect theory (PT) and cumulative prospect theory (CPT). The results generally support both theories, with losers (winners) observed to be relatively risk-seeking (averse). On aggregate, losers (winners) overprice (underprice) their contracts and overweight (underweight) the probability of winning. Additionally, the volatility smirk observed in equity options is dampened by PT/CPT biases. The price distortions are time sensitive, especially for losing traders. Losers hold out by transacting later in the day and closer to expiration than their baseline counterparts. This betting-time effect is absent among winners.     

From Socialist Subject to Capitalist Object: Industry Enclave Life Past and Present in Wuhan

There is no better place to explore the relationship of industry enclaves to urban life than China, where traditional danweis (work units) have coexisted with new foreign direct investment enclaves. Here we draw on original interviews with workers at Wuhan Iron and Steel Company (WISCO) and Foxconn in the city of Wuhan to examine industry enclaves old and new in terms of their spatial arrangement, work, institutions, and social life and identity. The article is one of the first to integrate urban and economic geographical perspectives on the subject of enclaves. It provides evidence of similarities and contrasts in the spatial arrangement of work, institutions, life and identity centred on industry enclaves old and new. These contrasts reflect wider relations between the state and the market and between social subject and commodified labour in China. In conclusion, we identify several research directions concerning the scale, diversity and reach of urban enclavism in China and beyond.     

军民科技协同创新要素融合机制研究

构建一体化国家战略体系和能力是新时代实施军民融合战略的重要目标，军民科技协同创新则是实现该目标的必然选择。基于扎根理论建立军民科技协同创新影响因素体系，通过分析影响因素间的交互关系构建系统动力学模型。根据模型对案例进行仿真分析，考察单因素作用、多因素协同作用、多因素非协同作用条件下协同创新水平变化情况。从军民科技协同创新内涵、结构、功能实现3个层面揭示要素融合机制。据此，为国家军民深度融合提供相应政策建议。     

盐城市水资源承载状态预警研究

在分析水资源承载状态预警概念的基础上,引入"三类六级"预警思想,采用可变模糊法和层次分析法的思想,构建盐城市水资源承载状态综合预警指标体系,评价盐城市2015年、2020年和2030年的水资源承载状态,并结合各年份承载状态变化趋势,对未来年份进行预警。结果表明:盐城市2015年水资源处于临界超载的状态,但随着"关于做好建立全国水资源承载能力监测预警机制工作的通知"等一系列措施的实施,2020年、2030年承载状态将逐步好转,到2030年将处于可载的状态。     

How Have Restaurant Firms Responded to Food Safety Crises? Evidence From Media Coverage

Media communication has become a crucial part of crisis communications due to the rapid dissemination of information along with its immense impact on consumers and other stakeholders. Based on a structured content analysis of electronic media reports on restaurant-associated food safety crises from 1993 to 2015, this study examined media reporting patterns focusing on three elements: instructing information, crisis response strategies, and stakeholders. This study also identified the effect of situational factors (severity of risk and crisis type) on the media reporting patterns using Chi-square tests. The results indicated that restaurant firms were more likely to use proactive than passive response strategies, and identified primary stakeholders during a food safety crisis such as regulatory agencies, victims, and customers. Finally, two situational factors were found to influence the pattern of media reporting. The media reporting patterns were found to vary by risk severity and crisis type.     

趣味英语教学法的应用

趣味英语教学法就是在教学过程中运用故事、笑话、和幽默等,激发学生的学习兴趣。它有即景法、关联法、活动法三种模式。在运用过程中,应注意协调师生情感,分清内容主次,同时要慎重选择所使用的材料。     

基于径流路径优化的校园景观海绵化 改造研究——以天津大学青年湖片区为例

校园中以硬质铺装为主的场地能够满足师生日常公 共活动需求,然而集中的不透水地面、屋面会增大场地雨洪压 力。在保证硬质下垫面功能属性的同时,实现雨洪的有效管控 是校园景观海绵化改造的核心问题之一。通过获取高精度的 场地空间数据,构建SWMM概化模型,分析不同暴雨重现期 下不同场景的径流量、峰值流量、峰现时间及不同排水口的流 量变化规律,得出基于径流路径优化的校园景观海绵化改造对 策,即以优化雨水径流路径为导向,适当组织线性GSI措施, 引导产汇流方向,降低场地中有效不透水面积(EIA),减轻场 地雨洪压力。最后结合青年湖片区的景观现状,提出以优化径 流路径为导向的系统化、立体化、适地性、可观赏的校园雨洪 管理模式,对于中小尺度公共空间海绵化改造实践具有实操价 值和指导意义。     

电子结算在金融中的应用解析

电子结算作为一种新兴的在线资金交换方式,解决了人们跨地域经济活动的关键问题。由于其在大额与小额结算方面的应用,提高了金额系统资金的周转速度和使用效率,节省了服务成本。相比于发达国家,我国实现电子结算的业务比重仍然偏低,但成长势头良好,如果能解决目前在认证、安全、法律等几个方面存在的漏洞,会有助于其更广泛的应用。     

区域知识产权保护发展的空间格局及结构体系研究

以我国各省知识产权保护制度为研究对象，创新性地将探索性空间数据分析方法与社会网络分析方法相结合，基于地理邻近视角，验证了区域知识产权保护的空间相关性、空间集聚特征和空间溢出效应。同时，突破地理近邻效应的局限，解析区域知识产权保护的空间关联特征。结果表明：我国各省知识产权保护具有全局自相关性，相似地区间存在空间集聚效应，不同发展程度地区的空间关联性质不同；网络化后的区域知识产权保护各节点间联系紧密、网络结构稳定，并且可以确定核心行动者和边缘行动者角色；长三角、珠三角、环渤海等较发达地区与其它地区之间存在较多溢出关系。