红星·美凯龙：家装巨头的石家庄推广

<正>个案特征:国内家装市场的顶级巨头,家装模式全国化推广的楷模在我国家装建材业,几乎没有人不知道红星·美凯龙。它自1986年创业以来,始终以建设温馨、和谐的家园,提升消费者的居家生活品味为己任,至今已在北京、上海、天津、南京、长沙、南昌、济南、东营、常州、无锡、扬州、徐州、连云港、重庆、石家庄、洛阳等25个城市开办了39家商场。2006年,红星·美     

2006年度经典船型回顾

"Emma Maersk"号集装箱船 这艘由丹麦欧登赛造船厂交付给马士基公司的集装箱船可谓是当今世界上最大的集装箱船,其载重量约为157000t,标准装箱量为11000TEU,实际设计装箱量则为13500～14500TEU,包括1000个冷藏箱.该船总长397m,船宽56m,船深30m,吃水15.5m,航速25.5 kn以上.主机采用14缸W(a)artsil(a) RT-fiex 96C型柴油机,转速102r/min时功率80080kW.     

中国股市不需要英雄

中国证监会主席肖钢先生被传辞职,随后他不得不出面辟谣.这两年A股每遇大震荡周期,关于肖钢先生的传言就层出不穷. 熔断事件发生后,有人拿肖钢2012年接受香港凤凰卫视采访的言论开涮.肖钢在采访中坦诚数学不好,一心想学中文,却阴差阳错进入金融业.这次采访已成为他的噩梦,每个表情与每句话都被拿出来仔细分析,在市场的涮锅中被涮成一个个笑话,似乎肖钢这几句话就注定了中国股市的没落前景.     

威鹿在成长中壮大

一、项目背景 威鹿(中国)有限公司,创建于1989年,拥有固定资产近2亿,是一家集开发、生产、销售为一体的中外合资企业,拥有"威鹿男装"品牌系列服饰,2006年3月荣获中国驰名商标.现已成功在北京、上海、四川、重庆、湖南、湖北、辽宁、黑龙江、浙江、广东等各大中城市设立了20多家营销中心及办事处机构,并以全新的威鹿男装建立了全国专营连锁网络.     

“小胖”机器人炼成记

2000年,怀揣创业梦的巍然从厦门集美大学机械设计及制造专业毕业后,成为创业大军中的一员,先后涉足广告传媒、保健品、智能家电等行业.不同行业的创业经历培养了魏然敏锐的市场嗅觉.2014年底,经过市场调研后,魏然瞄准了服务机器人产业,并于2015年2月成立了北京进化者机器人科技有限公司.     

LNG船市场走势分析

当前,国际社会对煤热电站环境污染和核电站安全性日益担心;与此同时,原油价格已突破70美元/桶,许多国家对清洁、高效、廉价的天然气需求快速增加.如韩国、日本和地中海地区国家对天然气需求量快速增长,中国、印度、美国和加勒比海地区国家也开始大量使用天然气.     

中日韩造船: 谁扬优势谁称雄

按英国克拉克松研究公司公布的造船产量(修正总吨)计算,近两年世界前六位造船国产量所占份额分别是:第一位韩国,2004年占世界份额34.1%,2005年占世界份额35.8%:第二位日本,2004年占世界份额32.9%,2005年占世界份额31%:第三位中国,2004年占世界份额11%,2005年占世界份额13.3%;第四位德国,2004年占世界份额3.7%,2005年占世界份额4.1%;第五位意大利,2004年占世界份额3.2%,2005年占世界份额1.5%;第六位波兰,2004年占世界份额2%,2005年占世界份额2.2%.     

人民银行应设立残损币兑换点

《人民银行法》第二十条"残缺,污损的人民币,按照中国人民银行的规定兑换,并由中国人民银行负责收回,销毁."因此,回收残损币是人行的份内之事.目前残损币的回笼销毁过程是,先由客户在各商业银行兑换,再由各商行整点后上缴人行,最后由人行复点销毁.这种做法让商行做了重复业务.各商行付出人力,物力,但不产生任何效益.因此人行应改革残缺,污损币由商行兑换的做法.这样于国于民都是一件大好事.     

重建友谊商店 赌王受挫

<正>奥运会的火炬都快到家门口了,叱咤风云的澳门赌王也没能成为友谊商店的神笔马良,把当年PTW设计的一纸蓝图化为现实。40亿元投资项目搁浅,友谊商店重生难倒澳门赌王何鸿燊。北京长安街沿线两侧的商场历来生意兴隆。但多年来,总有一家商店与众不同,在那里,营业员长期比顾客还多,货     

浅析客户服务的沟通技巧

21世纪,我国企业已经不再单单关注产品的生产和销售,而是更加关注服务,因为优质的客户服务意味着它给企业的产品带来了更多的增值空间,也大大增强了企业品牌影响力.但是优质服务最终依靠什么实现呢?本文认为沟通决定了客户服务的效果,并在文章中就客户服务中如何进行有效沟通从服务的各个层面进行了四方面的详细阐述.文章内容覆盖面广,分析角度多样,对提高客户服务的质量具有相当的实用价值.     

Investor Sentiment and Stock Market Volatility: Evidence from India

In this article, the authors probe the role of irrational investor sentiment in the determination of Indian stock market volatility. The authors developed a new irrational aggregate sentiment index (IASI) to examine the issue. The conditional volatility is extracted from the nonlinear univariate models for the market indices and the IASI. The vector autoregression (VAR) is carried out to analyze the relationship between the volatility of irrational aggregate sentiment index and stock market volatility. The authors find a unidirectional causality from sentiment to stock market volatility, and their findings highlight the significance of sentiment in explaining the stock market volatility in India.     

Asymmetric Relationship between Investors' Sentiment and Stock Returns: Evidence from a Quantile Non‐causality Test

This study investigates the causal relationship between investor sentiment and stock returns in the USA by conducting a quantile Granger non‐causality test. Employing two proxies for investor sentiment – the sentiment index developed by Baker and Wurgler in 2007 and the University of Michigan Consumer Survey, a consumer confidence index – we find that the causal relationship between investor sentiment and stock returns strengthens when a tail quantile interval is considered. This finding implies that the investor sentiment could provide the incremental predictability for the stock returns under the extreme market situation, which cannot be found using a traditional Granger causality test. Interestingly, the findings can be explained by investors' loss aversion and herding behavior.     

股市收益和波动性长期记忆的国际比较——基于V/S的经验证据

现有研究运用经典和修正R/S分析探讨我国股票市场的长期记忆效应。本文运用更为稳健的V/S分析,对比研究上证股市和另外7个国家和地区的股票市场,分别诊断各股市日收益和周收益、及三种典型度量的收益波动的长期记忆效应。研究表明:股市日收益和周收益序列都不存在显著的长期记忆;三种典型度量的收益波动普遍存在显著的长期记忆;日收益波动比周收益波动的长期记忆更显著。     

Does Investor Sentiment Predict the Near‐Term Returns of the Chinese Stock Market?

Recent evidence on the relationship between investor sentiment and subsequent monthly market returns in China shows that investor sentiment is a reliable momentum predictor since an increase (decrease) in investor sentiment leads to higher (lower) future returns. However, we suggest that momentum predictability of investor sentiment originates from the boom and bust period of 2006–2008 (the bubble period hereafter). The bubble period is characterized by several months of sustained optimism followed by several months of sustained pessimism, with the market consequently earning high (low) returns following high (low) sentiment months. Therefore, we find a strong positive association between investor sentiment and subsequent market returns during the bubble period. However, investor sentiment has a negligible impact on subsequent monthly market returns once we exclude the bubble period.     

The information content in implied idiosyncratic volatility and the cross‐section of stock returns: Evidence from the option markets

Current literature is inconclusive as to whether idiosyncratic risk influences future stock returns and the direction of the impact. Earlier studies are based on historical realized volatility. Implied volatilities from option prices represent the market's assessment of future risk and are likely a superior measure to historical realized volatility. Implied idiosyncratic volatilities on firms with traded options are used to examine the relationship between idiosyncratic volatility and future returns. A strong positive link was found between implied idiosyncratic risk and future returns. After considering the impact of implied idiosyncratic volatility, historical realized idiosyncratic volatility is unimportant. This performance is strongly tied to small size and high book‐to‐market equity firms. © 2008 Wiley Periodicals, Inc. Jrl Fut Mark 28: 1013–1039, 2008     

The relationship between currency carry trades and U.S. stocks

The article examines the relationship between daily returns of currency carry trades and U.S. stocks from January 1995 through September 2010. Carry trade and stock returns are highly correlated with no Granger‐causality in either direction. An EGARCH model shows that significant volatility spillovers flow from the stock market to the carry‐trade market, but not vice versa. The markets are more correlated in periods of high volatility. Volatilities in both markets also increase more with negative innovations than positive innovations. A sectoral analysis of the index suggests that volatilities of cyclical stocks have more impact than noncyclical stocks on carry trades.     

Asymmetric effects of investor sentiment on industry stock returns: Panel data evidence

This article employs a state-of-the-art panel threshold model by allowing for regime intercepts, in order to shed new light on the asymmetric/nonlinear effects of local and global sentiments on expected industry stock returns among 11 Asian countries during the period from 1996 to 2010. Empirical evidence demonstrates that once the regime intercept is included, the asymmetric effects of global sentiment on oil & gas, financials, and health care industry returns become less under optimism, as compared with under pessimism. More critically, the positive (negative) impact of global sentiment above (under) the threshold turns significant, indicating that global optimism leads industry returns to be overvalued, while pessimism leads them to be undervalued. For local market sentiment, our results support that higher local sentiment enhances the returns of basic materials, telecommunications, and utilities industries. The empirical results confirm that the nexus of industry returns and investor sentiments is subject to change between different sentimental intervals.     

Customer satisfaction as a buffer against sentimental stock-price corrections

Previous research has shown that customer satisfaction is a market-based asset that can contribute to a firm’s value by increasing its stock-market returns, while simultaneously reducing the riskiness of these returns. This study contributes to the growing literature on the marketing–finance interface by examining the relationship between customer satisfaction and a type of risk that has not been previously studied in the marketing literature: the vulnerability of a firm’s stock price to the stock-market corrections that typically follow periods of high investor sentiment. The results show that customer satisfaction can function as a buffer against the risk of such sentimental stock-price movements and reduces their negative impact on a firm’s market value. In particular, we find that firms with higher (lower) levels of customer satisfaction exhibit smaller (greater) price corrections and higher returns after periods of high investor sentiment.     

投资者情绪与沪深300股指期货定价偏差关系研究

股指期货已发展成为全球金融衍生品主流品种,股指期货定价问题事关市场套利行为,一直备受投资者关注。本文基于投资者情绪视角,运用VAR模型、脉冲响应、方差分解等方法,深入探讨沪深300股指期货定价偏差与投资者情绪的关系。研究发现:投资者情绪与沪深300股指期货定价偏差之间构成因果关系,且呈现正向影响;股指期货定价偏差受投资者情绪影响而长期存在,其对投资者情绪的影响短期效果显著。     

Volatilities in emerging MENA stock markets

This article examines the interrelationships among the emerging stock markets of the Middle East and North Africa (MENA) region, as well as the relationship between each MENA stock market and the larger and more developed markets of Europe and the United States. It explores whether MENA stock markets can offer international investors unique risk/return characteristics to diversify international and regional portfolios. This study adds to the existing literature by focusing—for the first time— on the dynamic relationships in the volatilities of the returns in MENA stock markets. The econometric part of the article uses the causality‐in‐variances GARCH model, the TARCH and ARCH‐M models, and VAR analysis to model conditional volatilities in stock market returns and the dynamic responses of volatilities to innovations in conditional variances. © 2006 Wiley Periodicals, Inc.