数字偏好与股票收益异常——来自上海证券交易所的经验证据

本文研究股票代码对股票收益的影响。研究发现,由于数字偏好效应的存在,投资者刻意回避代码以“4”结尾的股票。在较长时间内,尾数是“4”的股票收益低于给定风险水平下的市场必要收益。但这一现象受到股市行情的影响,牛市行情时,投资者回避“4”的行为表现明显,而熊市行情时则会趋向消失。具体表现为：牛市行情下,“4”组合的资产收益小于给定风险水平下的市场必要收益,熊市行情则无此现象。本文从行为金融莹晶当磨时杖一仑蜃由市扬耳夔讲符T觎崧     

建党前毛泽东推动马克思主义在湖南传播及其特点初探

建党前毛泽东推动马克思主义在湖南传播的努力有：创办《湘江评论》和文化书社;成立俄罗斯、马克思研究会;批判改良主义和无政府主义等,并形成了鲜明的特点。     

Detecting Abnormal Bid-Ask Spread: A Comparison of Event Study Methods

This study examines empirical issues associated with the use of bid-ask spreads in event studies. The simulation results indicate that the distribution of average standardized abnormal spread shows little deviation from normality. Simulation results also indicate that the widely used percent spread metric results in test statistics with low power. In contrast, use of a standardized raw spread metric and a simple mean-adjusted expectation model results in well specified and reasonably powerful Patell and Brown-Warner type test statistics. As the abnormal spread series is characterized by high first order serial correlation, it is important to adjust for this serial correlation when using multi-day event windows.     

Does transparency of central banks communication affect credit market? Empirical evidence for advanced and emerging markets

This study examines the effect of the transparency of central banks communication on credit market. In particular, this study investigates how central banks’ effort to provide more detailed information about their objectives regarding the price stability (monetary policy transparency) and financial stability (financial stability transparency) policies are able to mitigate information asymmetry on credit market, through the net interest margin charged by the banks to engage in financial intermediation (credit spread). The findings denote central bank transparency is able to reduce the credit spread. Additionally, the evidence suggests the effect of central bank transparency on the credit spread is greater in emerging markets, where there is less information available on credit market. In brief, transparency in central banks communication is an important tool to mitigate the information asymmetry in the credit market.     

西方财政学在近代中国的传播

西方财政学在近代中国的传播历经清末、北洋政府和国民政府几个历史时期,日渐深入。清末,西方财政学的传播基本上仅限于常识层面;北洋政府时期,深入到理论层面;国民政府时期,西方财政学在中国的传播达到相对成熟的阶段。西方财政学在近代中国的传播呈现出鲜明的特征:首先,瓦格纳强调以财政政策改善收入分配状况的财政理念对国人的影响特别大;其次,西方财政学的传播服务于近代中国的财政改革运动。     

超短脉冲干涉自相关导数光谱的啁啾特性

采用对二次干涉自相关（IAC）迹线求一阶导数,得到干涉自相关导数光谱（D-MOSAIC）,并利用该导数光谱对啁啾有很高灵敏度的特性,对高斯型强度分布的线性啁啾、平方啁啾脉冲进行数值计算与模拟,得到导数光谱的峰值与啁啾大小的对应关系．提出了一种新颖的测量超短激光脉冲啁啾的方法,同时得出干涉自相关导数光谱能够精确地测量超短激光脉冲的啁啾大小．     

海南国际旅游岛游客停留时问的分异研究

停留时间是旅游者消费水平的一个重要指标,分析停留时间的分异情况,兼具理论和实践价值。以海南国际旅游岛为研究对象,通过抽样调查的方法获得了基础数据,运用卡方检验的方法进行数据处理。研究结果显示：不同人口学特征、不同旅游行为特征人群的停留时间存在显著差异。