Past Returns and Investment Trust Discounts

Abstract:   The relationship between past net asset value returns and the current discount on investment trusts is investigated. The relationship is weaker for the component that is common to all trusts in the same sector, and is significantly stronger for more liquid trusts. The time lag before returns have their full impact on discounts is consistent with the requirements of distinguishing 'skill' from noise. Although discounts vary widely even within the same sector, the range of variation appears to be consistent with an arbitrage equilibrium, in which the profits of exploiting apparent pricing anomalies are just insufficient to invite arbitrage trades.     

基于蓝牙技术的小区警情无线监测系统

蓝牙技术目前是最先进的无线网络技术,它以低成本、近距离、微功耗的无线连接为基础,取代电缆,将一定范围的计算机通信电路及设备连接起来,实现不同设备之间的快速互连。应用蓝牙技术与蓝牙芯片ROK101007相结合,提出了“智能小区警情监控系统”方案,这种“高效、快速、低耗、稳定、可靠”的方案,具有广阔的应用前景。     

Auditors' Responses to Workload Imbalance and the Impact on Audit Quality*

Using detailed data for fieldwork hours and audit hours by rank from audit engagements in Korea, we examine whether audits conducted under workload imbalance, proxied by busy‐season audits, impair audit quality, and how auditors adjust staff assignments for busy‐season audits. We generally find that busy‐season audits are associated with lower audit quality, and that audit firms reduce the involvement of senior auditors during busy‐season audits. In addition, the greater the involvement of senior auditors and junior auditors, the lesser the deterioration in audit quality. Finally, although there is no increase in interim audits in response to workload imbalance during busy seasons, increasing interim audits can mitigate the negative impact of busy‐season audits on audit quality. Our results are relevant to auditors and regulators, who have expressed concerns about the adverse effects of workload imbalance on audit quality.     

Enablers for end‐user entrepreneurship: An investigation on Italian food bloggers

This article examines unconventional entrepreneurship (accidental or end‐user entrepreneurs) to determine whether the decision‐making phase of the entrepreneurial process is collective. The analysis identified a virtuous circle that links knowledge, innovation, judgment, and decision making to collective interactions built on passion, experience, and sharing. To study food bloggers as unconventional user entrepreneurs, data were collected and analyzed using netnographic analysis. A supplementary online survey of food bloggers and their followers was also performed. Three groups of food bloggers are identified: amusing, functional, and fervent. Only fervent food bloggers, thanks to the virtuous circle built on passion, experience, and sharing as enablers, can be considered accidental or end‐user entrepreneurs.     

An Epistemological Reflection on Social and Solidarity Economy

Social and Solidarity Economy (SSE) is emerging as life affirming solutions to the global crises through the multiple ways people locally reinvent economic life on the margins of the capitalist system based on values of solidarity, reciprocity and sustainability. Although the SSE builds on a strong foundation of real practices and institutions of economic transformation as the way forward for us, this paper argues that this world of practice is in need of its theory to frame discourses and engage with the bigger picture with confidence as an alternative to the dominant economic paradigm. The author argues that the orthodox economics, with its ontological construct of the homo economicus, Cartesian dichotomy and logical positivist epistemology severely constrains our abilities to understand and appreciate economic alternatives based on ‘other’ rationalities. Hence, there is a need for an epistemological revolution to construct a coherent theoretical framework from the wreckages of the neoclassical economics for the SSE. This paper seeks to outline the basic structure and the key elements of the ontological and the epistemological framework for this ‘science-in-the-making’ as a step to stimulate further debate for a paradigm revolution.     

集聚、研发要素流动与产业竞争力 ——以高端服务业为例

利用新经济地理学理论构建了高端服务业集聚、研发要素流动影响高端服务业竞争力的理论模型。理论分析表明,高端服务业竞争力与高端服务业集聚度、研发要素流动、劳动力数量、工业品支出份额正相关,与产品间替代弹性负相关。继而,利用我国大陆31个省份2003-2018年数据,空间探索性分析发现中国省域间高端服务业竞争力存在明显空间正自相关性。空间面板计量模型检验结果也很好地支持了理论模型的结论。表明高端服务业聚集度、R&D人员流动量和R&D资本流动量的提升正向促进高端服务业竞争力,但三者的总效应主要是由直接溢出效应决定的。本文结论为我国进一步促进高端服务业集聚,统筹区际间研发要素流动,进而提升中国高端服务业竞争力提供政策启示。     

密封胶在拉索索端结构中的应用研究

索端结构是拉索的防护薄弱环节,在索端结构中增加密封胶措施是索端密封的一次探索。选取了几种不同的密封胶分别与拉索聚乙烯护套进行粘结,对提高斜拉索的耐久性和安全性有一定的意义。     

高性能电子商务网站前端设计理念研究

随着电子商务的发展,电子商务网站数量越来越多,流量越来越大,页面元素也越来越多,这就使得电子商务网站的页面响应速度变慢,为了使电子商务网站前端提高其性能,本文首先对相关概念进行界定,然后找出影响电子商务网站前端性能的因素,最后根据这些因素提出高性能电子商务网站前端设计理念。     

Some Determinants of Core Competencies: Evidence from a Binary-Logit Analysis

Despite the increasing recognition of the salience of core competencies in the process of competition, the notion of core competencies has remained largely ambiguous in the literature. Neither is it clear what strategies, institutions, and resources are necessary for developing and sustaining core competencies. This paper uses the binary-logit model to explore the determinants of core competencies, and identifies investment in intangible assets, marketing/promotional activities and firm size as significant determinants of core competencies. An evaluation of the technology strategies of two competence-seeking firms also points to the increasing salience of intangible assets, decentralization/globalization of the R&D function, and the intensive search for knowledge and capabilities.     

Noise trading and prime and score premiums

This paper documents that a common element drives the time-series variation of the premium pricing of Primes and Scores. I argue that this common element is noise trading. The noise trading model of Delong, Shleifer, Summers and Waldmann (1990) predicts that returns on assets that are predominantly traded by noise traders will be correlated, since the misperceptions of noise traders are cross-sectionally correlated. Consistent with the noise trading hypothesis, changes in the average premium of Primes and Scores, which are predominantly traded by individual investors, are correlated with both changes in average discounts of closed-end funds and small firms returns. These empirical facts provide additional evidence that noise traders can affect security prices.