INTERNATIONAL RESERVE MANAGEMENT: A DRIFT‐SWITCHING REFLECTED JUMP‐DIFFUSION MODEL

We study the cost of shocks, that is, jump risk, with respect to reserve management when the reserve process is formulated as a drift‐switching jump diffusion with a reflecting barrier at 0. Inspired by the Brownian drift switching model, our model results in a more realistic dynamic behavior of international reserves than the buffer stock model. The new model can capture both the jump behavior in reserve dynamics and the leptokurtic feature of the increment distribution which has a higher peak and two asymmetric heavier tails than the normal distribution. Through the selection of an initial distribution that reflects certain steady state behaviors, the reserve process becomes a regenerative process. This selection enables us to derive a closed‐form expression for the total expected discounted cost of managing reserves, thus helping us to numerically find management strategies that minimize costs. The numerical results show that shocks at the reserve level have a significant effect on reserve management strategies and that model misspecification can result in nonnegligible additional costs.     

Commemorating the 50‐Year Anniversary of Ball and Brown (1968): The Evolution of Capital Market Research over the Past 50 Years

We commemorate the 50th anniversary of Ball and Brown [1968] by chronicling its impact on capital market research in accounting. We trace the evolution of various research paths that post–Ball and Brown [1968] researchers took as they sought to build on the foundation laid by Ball and Brown [1968] to create a body of research on the usefulness, timeliness, and other properties of accounting numbers. We discuss how those paths often link back to the groundwork laid and questions originally posed in Ball and Brown [1968].     

The role of university Knowledge Transfer Offices: Not just commercialize research outputs!

While there is a prevailing rich body of studies on the role of university knowledge transfer office (KTO) in the commercialization process as part of the Third Mission, research on its role in community engagement activities is relatively neglected, even as funding agencies and policy makers conceive these as instrumental to sustaining social and economic development. This article focuses on the role of university KTO in supporting, facilitating or undertaking Third Mission community engagement activities. Drawing on data from the annual Higher Education Business and Community Interaction survey for the years 2007–2012, this paper empirically explores the relationship between a range of Third Mission activities by university KTO and performance of three key business-community services – provision of consultancy, provision of continuous professional development courses (CPD), and leasing of facilities and equipment (FE). It emerges that the routines of developing strategic plan and creating spin-off are positively associated with all types of community knowledge transfer (CKT) activities. Further, the routines of establishing partnerships with local and regional bodies, and licensing are positively related to CPD and FE, respectively. The article is concluded with implications for theory, practice, policy, and suggestions for future research.     

Media heterogeneity and post‐earnings announcement drift: evidence from China

This paper examines how the Chinese stock market acts differently towards state‐controlled and market‐oriented media coverage. Using a setting of post‐earnings announcement drift, we find that information from state‐controlled media enters the stock price in a timelier manner, while the message from market‐oriented media needs more time to get a response from investors. The effect is also influenced by whether the type of news coverage is good or bad. Our findings suggest that the capital market underreacts when good news is reported by the market‐oriented media.     

坚守立校初心 勇担时代使命——认真贯彻落实《中国共产党党校(行政学院)工作条例》

《中国共产党党校(行政学院)工作条例》以党内法规形式明确和拓展了党校(行政学院)"五大职能"和"四大作用",党校人必须牢记于心、付诸于行、贯彻到底,不忘初心、牢记使命、永远奋斗,不断增强做好党校工作的政治自觉和行动自觉。     

中小型侦察监视特种飞机系统的设计技术

分析了当前国内外典型中小型特种飞机的特点和应用方向，阐述了中小型特种飞机系统的技术发展趋势。通过分析典型的特种通用飞机的性能和平台构型特点，详细描述了基于典型中小型特种飞机平台的机载侦察监视应用系统的组成、原理、主要性能及技术难点，并结合实际工程应用，介绍了系统的应用成果。应用分析表明，基于中小型特种飞机平台的机载平台的应用系统有较大的应用范围和市场前景。     

Conditional Persistence of Earnings Components and Accounting Anomalies

We suggest that the failure of investors to distinguish between an earnings component's autocorrelation coefficient (unconditional persistence) and the marginal contribution of that component's persistence to the persistence of earnings (conditional persistence) provides a partial explanation of post‐earnings‐announcement drift, post‐revenue‐announcement drift, and the accrual anomaly. When the conditional persistence of revenue surprises is high (low) relative to its unconditional persistence, both the post‐earnings‐announcement drift and the post‐revenue‐announcement drift are high (low), because investors’ under‐reaction to revenues and earnings is stronger when the persistence of revenue surprises is more strongly associated with the persistence of earnings surprises. Also, the mispricing of accruals decreases substantially when the conditional persistence of accruals is high relative to its unconditional persistence, because investors’ over‐reaction to accruals is mitigated when the persistence of accruals is indeed more strongly associated with the persistence of earnings. Our findings also suggest that financial analysts’ failure to distinguish between unconditional and conditional persistence of revenues and accruals results in more biased revenue and earnings predictions.     

Strategic Drift and Strategic Crisis Management of Organization

The research reports how the choice of the organization behavior--strategic drift can lead to strategic crisis as a form of manifestation of a deepening organizational crisis. The research questions whose solution is sought are connected with the relation of strategic drift--strategic crisis--strategic crisis management, in terms of whether the errors in the process of strategic management lead to organizational crises. The results of the historical analysis of the theoretical research and practice in this field show the interdependence among these processes and the reasons for strategic crisis in support of the concept of strategic crisis management and its implementation in business. The study outlines the evolution of the theory of strategic drift, as well as opinions of various scientists on the types of crises, which are perceived as a uniform classification and universal interpretation of the term ＂strategic crisis＂. The organization＇s ＂strategic drift＂ leads to serious organizational crisis which first form that strategic crisis. Practice shows that the management of market leaders often leads to complacency, choosing strategy stability. Soon, as a result of aggressive strategies or implemented innovations of their competitors, they lose their competitive position.     

基于信息熵的多样化军事任务油料保障能力评估

基于信息熵理论,建立了多样化军事任务油料保障部(分)队的多属性评估模型,阐述了各评价指标权重的确定方法,得出了基于信息熵对油料保障部(分)队排序的方法。并结合案例,讨论了运用该模型进行评估的方法和详细步骤。     

论青年大学生在大学文化建设中的历史使命

青年大学生和大学文化有着内在的联系,他们是大学文化的重要主体和变革大学文化的鲜活力量,是大学文化建设的未来、希望或生力军。以社会主义核心价值体系为中心,以改革开放和现代化建设为宏大背景,以历史、时代和文化为三维坐标,积极参与大学文化建设,既是提升我国文化软实力的需要,也是青年大学生光荣而神圣的历史使命。