市场经济条件下的园林建设

社会主义市场经济的发展,给园林建设既提供了新的发展机遇,同时也是一场严峻的挑战,在充分发挥市场经济优势的同时,也必须正视它可能产生的弊病并有效地加以防止.要用新思维‘新方式'新路子适应社会主义市场经济体制,深入发掘发展机会,积极制定行之有效的应对策略,推动园林建设持续快速发展.     

市场经济条件下标准化管理的三大特点

分析了我国市场经济条件下，标准化管理的三大特点，管理主体的多元化，行政手段的多样化，管理目标的国际化。     

The differing impacts of operational and financial slack on occupational safety in varying market conditions

Operations management scholars have long debated the right level of slack resources required to optimize a production system. Recent research suggests that the right level of operational slack, typically in the form of inventory, is very little but not none. However, this conclusion was reached without considering the role of slack resources in occupational safety, which is a critical oversight since the safety literature predicts that the reduction of operational slack harms workers. To address this gap, secondary data from 3945 publically listed U.S. firms is used to explore the role of operational and financial slack as well as market factors in occupational safety. The results show that decreasing operational slack harms workers and that this effect is mitigated when firms hold higher levels of financial slack. Furthermore, the external market environment also plays a crucial role in the operational slack – safety relationship.     

Value and liquidity under changing market conditions

Papers studying the liquidity of a market tend to focus on decisions involving the trade-off between the selling price and the time-till-sale for a given set of market conditions. This paper characterizes market conditions using a price-probability locus; a change in market conditions is some combination of changes in the level and/or slope of this locus. I show how the effect of either type of change on price and on the probability-of-sale can be decomposed into those commonly associated with an increase in the value and those which involve a substitution between price and probability. Two adding-up conditions restrict the set of possible predictions. Though the discussion focusses on real estate market, where scarcity is rationed by a mechanism which combines search and bargaining, the same ideas apply to markets with other types of selling mechanisms.     

Expected market returns: SVIX,realized volatility,and the role of dividends

This note provides a replication of Martin's (Quarterly Journal of Economics, 2017, 132(1), 367–433) finding that the implied volatility measure SVIX predicts US stock market returns up to 12‐month horizons. I find that this result holds for both S&P 500 and CRSP market returns, regardless of whether returns include or exclude dividends. The predictability largely disappears after the SVIX index is replaced by an exponentially weighted moving average measure of realized volatility, suggesting that SVIX holds incremental forward‐looking information compared to realized volatility, despite the high correlation between the two volatility measures.     

Managing knowledge assets under conditions of radical change: The case of the pharmaceutical industry

There is no industry where firms link their search for competitive advantage more closely to intellectual property (IP) than those in the pharmaceutical industry. Yet a major paradigm change is occurring in this industry. New technological developments are increasingly being driven by advances in biology, nanotechnology, and the computational sciences. In this paper, we investigate how this radical change in the investigation, discovery, and manufacture of pharmaceuticals has affected intellectual property management practices.Large pharmaceutical firms, small and medium enterprises (SMEs), and public institutional knowledge generators have recently started to respond by developing new IP management techniques born from the use of consortia to manage the complexities of knowledge generation. Hence, we leverage innovation and knowledge management literature, and use the innovation journey and case study methodologies to investigate both traditional pharmaceutical IP practices as well as emerging strategies. We distil from this effort an IP model—the transition point model—designed to assist firms to effectively manage both knowledge assets and the associated intellectual property in the current paradigm.     

Urban poverty and marginalization under market transition: the case of Chinese cities

Rapid urban growth in China has been accompanied by rising social inequality and marginalization of disadvantaged social groups such as laid‐off workers of the state‐owned enterprises and rural migrants. The Chinese government has officially acknowledged the existence of ‘marginal groups’ and prioritized combating the new urban poverty as an urgent task to eliminate the root of potential social instability. This article proposes the concept of ‘poverty of transition’ from the institutional change perspective to examine how the ‘new’ urban poverty is created by the disjuncture between the old and new institutions. Specifically, the poverty of transition suggests that the main cause of the new poverty is structural, i.e. economic restructuring and the release of redundant workers previously hidden inside the workplace, and the increasing migrant population who are excluded from the formal urban institutions. A sizable underclass is now under formation in the sense that they are institutionally detached from mainstream urban society. To close the disjuncture between the marketization of labourers and the transition in welfare provisions requires more than just a policy of poverty relief; instead it requires a fundamental vision of the new ‘citizenship’ in the Chinese city. En Chine, la rapide croissance urbaine s'est accompagnée d'une aggravation de l'inégalité sociale et d'une marginalisation des groupes sociaux défavorisés tels que les ex‐employés des entreprises nationalisées et les migrants ruraux. Le gouvernement a officiellement reconnu l'existence de ‘groupes marginaux’ et annoncé comme une priorité la lutte contre la nouvelle pauvreté urbaine afin d'éliminer cette source potentielle d'instabilité sociale. L'article propose le concept de ‘pauvreté de transition’ dans une perspective d'évolution institutionnelle, afin d'examiner comment la ‘nouvelle’ pauvreté urbaine naît de la rupture entre institutions anciennes et nouvelles. Notamment, ce concept suggère que la cause première de la nouvelle pauvreté est structurelle, autrement dit émane de la restructuration économique et du dégagement des ouvriers en surnombre précédemment dissimulés sur leur lieu de travail, ainsi que de la population migrante croissante, exclue des institutions urbaines officielles. Une classe inférieure considérable est en cours de formation au sens que ses membres sont isolés institutionnellement de la société urbaine normale. Combler cette rupture entre la marchandisation des ouvriers et la transition des mesures sociales exige, davantage qu'une simple politique publique d'aide aux pauvres, une vision fondamentale de la nouvelle ‘citoyenneté’ dans les villes chinoises.     

The informational content of credit rating announcements for share prices in a small market

The informational value of credit ratings is a subject of continuing debate. This research examines whether reaction to small market credit rating announcements is different from large markets, due to limited information, liquidity premia, and analyst neglect factors. Unlike U.S. and Australian studies that find a significant reaction to only bad news, a significant positive reaction to both positive placements and upgrades is found in the New Zealand market. Further, significant market reaction largely accrues to firms not cross-listed in U.S. markets. This evidence suggests credit rating agencies act as substitute information providers for firms followed by relatively few analysts. A substantial portion of this research was completed while author Meyer was affiliated with Massey University, Albany Campus, Auckland, New Zealand.     

Modeling the urban land market: The case of Japan

Two sets of negative exponential functions, one for urban residential density and the second for land price, are estimated. The parameters of these functions are then employed in an econometric model of land use and urban form in 71 Japanese cities. Several variables are determined, including average land price, gross population density, housing size, and population.     

Financial determinants of market value: The case of investor favorites

This study identifies the risk-return characteristics of “America's Most Valuable” companies as listed byBusiness Week. The study determines those characteristics that separate the sample from firms selected at random from the same industries. Significant differences were found. The sample of investor favorites were found to have a higher degree of systematic risk. The results indicate that investors at the margin may be less sensitive to operating risk than financial risk.     

Bond review and rating change announcements: An examination of informational value and market efficiency

This paper examines the impact of announcements of both bond rating reviews and rating changes on equity returns. We find that announcements of review for possible down grading of debt have a significant negative effect on stock prices while subsequent actual downgrades have a negligible impact. Further, we find that press releases convey new information to the market whereas the subsequent reporting of this information in the financial press causes little market reaction. We conclude that extreme care regarding details of the dissemination of financial information must be exercised in any event study.     

A wavelet-based assessment of market risk: The emerging markets case

The measurement of market risk poses major challenges to researchers and different economic agents. On one hand, it is by now widely recognized that risk varies over time. On the other hand, the risk profile of an investor, in terms of investment horizon, makes it crucial to also assess risk at the frequency level. We propose a novel approach to measuring market risk based on the continuous wavelet transform. Risk is allowed to vary both through time and at the frequency level within a unified framework. In particular, we derive the wavelet counterparts of well-known measures of risk. One is thereby able to assess total risk, systematic risk and the importance of systematic risk to total risk in the time-frequency space. To illustrate the method we consider the emerging markets case over the last twenty years, finding noteworthy heterogeneity across frequencies and over time, which highlights the usefulness of the wavelet approach.     

Information content of unexpected dividends under a semi-mandatory dividend policy: An empirical study of China

We examine the information content of unexpected dividend changes under China’s unique semi-mandatory dividend policy, which requires firms to pay a minimum amount of cash dividends before they can undertake seasoned equity offerings (SEO). The cumulative abnormal returns (CARs) are significantly positive in response to unexpected dividend increase for non-SEO firms, but they are not significantly different from zero for SEO firms. For non-SEO firms, there is a significant positive relation between future earnings and unexpected dividend increases, but the relation is not significant for SEO firms. However, when considering additional refinancing costs for SEO firms caused by the mandatory dividend policy, higher dividend payments are associated with lower future earnings. Overall, our findings are consistent with both the dividend signaling theory and the negative effects of SEOs on a firm’s value.     

The Stock market impact of social pressure: The South African divestment case

Using the South African divestment case, this study tests the hypothesis that social pressure affects stock returns. Both short-run (3-, 11-, and 77-day periods) and long-run (13-month periods) tests of stock returns surrounding U.S. corporate announcements of decisions to staf or leave, South Africa were performed. Tests of the impact of institutional portfolio managers to divest stocks of U.S. firms staying in South Africa were also performed. Results indicate there was a negative wealth impact of social pressure: stock prices of firms announcing plans to stay in South Africa fared better relative to stock prices affirms announcing plans to leave.     

Similarity of emerging market returns under changing market conditions: Markets in the ASEAN-4, Latin America,Middle East,and BRICs

We studied the risk-return distances of 18 emerging stock markets in the period from January 2000 to December 2013. Distances are linked to volatility and time-varying correlations estimated in standard and asymmetric DCC models. Our results revealed a positive relationship between risk-return distances and volatility, which means that during more volatile periods, the risk-return characteristics in emerging markets exhibit lower similarity to the characteristics found in developed markets. This result seems to be in sharp contrast to most empirical studies using correlations. Within the portfolio framework, our results suggest that diversification into emerging stock markets may still provide desirable benefits to international investors.     

Comprehensive analysis of market conditions in the foreign exchange market

We investigate quotation and transaction activities in the foreign exchange market for every week during the period of June 2007 to December 2010. A scaling relationship between the mean values of number of quotations (or number of transactions) for various currency pairs and the corresponding standard deviations holds for a majority of the weeks. However, the scaling breaks in some time intervals, which is related to the emergence of market shocks. There is a monotonous relationship between values of scaling indices and global averages of currency pair cross-correlations when both quantities are observed for various window lengths ?? t.     

Growth and fluctuations: The role of public dividends and public spending

In this paper, we consider a discrete-time version of the endogenous growth model developed by Barro [Barro, R.J., 1990. Government spending in a simple model of endogenous growth. Journal of Political Economy 98, 103–125], but augmented in order to envisage a public participation in the production of private goods. Public dividends are invested in order to provide a public good; in turn, the public good plays a role of indispensable production externality and, eventually, of growth engine.For what concerns the production of private goods, we find that an optimal policy is always based on a positive participation of the government as shareholder; also, when growth is slow, a public intervention or large substitution effects stabilize the economy.A right mix of short-run services and long-run infrastructures is suggested in slow economies to rule out expectation-driven fluctuations. Infrastructures are mainly recommended in presence of moderate income effects, while services are recommended in presence of strong income effects.     

Relative information asymmetry as a determinant of the market reaction to corporate financing announcements

Information-asymmetry-based models predict that the market should react negatively to unanticipated external financing. Previous empirical studies lend limited support to these conjectures. This study examines the anticipation issue using financial analysts' earnings-forecast errors as a proxy for information available prior to the external-financing announcement. The conjecture is that external financing would be less anticipated for firms which financial analysts cannot accurately predict their earnings. Event study results indicate that high-prediction-error firms exhibit significantly lower announcement period returns than lowprediction-error firms for non-convertible debt, convertible debt, and common stock offerings.