高科技条件下公关业的作用

<正> 我前些时候与一位从事广告业的朋友共进午餐,他抱怨说报纸上有一份一家跨国公司的主要顾问名单,其中有许多公关人员、律师和说客,“但没有一个广告人”。 他感叹道,五年前,一位首席执行官会每月与其广告代理公司的总裁吃一次午餐以求在其业务和竞争力上争取更多机会:“而现在,他们却在与公关公司的人共进午餐。” 在过去的五年中,公关从业人员在北美公司中的作用发生了巨大的变化。导致这个变化的原因正是使我们生活的各个方面都发生变化的同样的因素:1)新技术的飞速发展和应用,包括“虚拟”     

超越巅峰超越自我--南天发布PR9暨南天40万台PR系列存折打印机下线

5月,南天公司在春城昆明召开了"2004年南天新一代存折打印机PR9产品发布会暨40万台PR系列打印机下线仪式".信息产业部电子信息产品管理司张琪司长、云南省及有关行业的领导,以及100多位行业用户代表到会祝贺.会议标志着南天实现了电子信息技术和产品研发、生产的又一次创新与飞跃,同时也再次超越了同业,超越了自我.     

PR-2存折打印机的维护和维修

PR-2存折打印机在我国金融系统应用广泛,它的特点是:打印精度高,自动识别纸厚度,兼容多种机型,软件增加了智能升级、下载等新功能.笔者在日常工作中,通过对PR-2打印机日常维护和维修的经验积累,总结了一些实际经验,希望和大家交流.     

“信仰是什么”等三篇短论

信仰是什么2010年元旦新推出的大型电视系列纪录片《大秦岭》是一部很有思想性的高水平的学术作品。这部作品从作为中国标志性地理中轴——秦岭山脉的历史谈起,给人以浓厚的历史沧桑感,令人深思,令人遐想,给人以精神润泽。纪录片的开始,回忆起令中国人骄傲的大唐盛世的景况。那时候,政治修明,社会开放,民生富足,万邦景仰。为什么会这样?很多人说     

关于“裸卖空”和“CDS裸卖空”的经济分析及启示

金融危机后,欧美监管当局针对证券市场裸卖空和CDS裸卖空制定了包括短期禁令在内的各种新政策。这些新政使得相关问题再度引起热议。本文针对这一热点,在理清卖空、证券市场裸卖空以及CDS裸卖空概念的基础上,指出了CDS裸卖空与证券市场裸卖空在众多方面存在的本质性区别。与此同时,文章对欧美监管当局关于卖空和裸卖空的监管政策演变和最新动态进行了简要介绍。最后,文章还总结了欧美监管当局的相关新政对我国发展金融市场的启示。     

The Short Sale Stigma

Despite a recent upturn, housing prices remain in flux in most cities nationwide. Lenders are still left dealing with a glut of distressed properties. They can choose to foreclose on the property or allow the owner/mortgagor to attempt to sell the property for less than the outstanding balance of the mortgage in a short sale agreement. The best way to clear the market of distressed properties is an important policy question. This is the first study to examine not only the price and time on market effect of being a short sale but also whether the short sale process itself creates a market stigma.     

Convenient and Short Clearance

According to "Notices concerning Several Issues to Support the Development of Hi-tech Industry" issued by the General Administration of Customs and the former Ministry of Foreign Trade and Economic Co-operation, Beijing Customs formulated a series of measures covered the advance customs clearance, guaranteed check and pass, expedited clearance, provide check and pass services to the doorstep.     

Gilded and gelded. Hard-won lessons from the PR wars

A golden statue of a winged youth once perched on the roof of AT&T's old headquarters. But when AT&T lowered the 24-foot-high statue for regilding so that it could be placed in the company's new headquarters, the chairman was shocked to discover that the figure was anatomically correct. So he decreed that it also be gelded. The altered "Golden Boy" thus became a metaphor for AT&T's recent embattled history, and it serves as a cautionary symbol for all companies operating in today's brutal business environment, where perception can be as important as reality. While image consultants and executives work to gild a company's image, special interest groups and the media can geld a company with countless little cuts. The author, a former executive vice president of public relations for AT&T, provides an insider's view of some of the company's most painful public-relations scrapes. They include the collapse of two apparent CEO succession plans, AT&T's inability to meet heightened expectations after Mike Armstrong was appointed CEO, and the racially charged furor over a cartoon in an employee publication. The author offers four lessons: Don't become hypnotized by your own buzz; understand the way the business media think; address the needs of all your stakeholders; and be sensitive to the possible emotional resonance of what appear to be straightforward facts. To illustrate the final point, the author mentions AT&T's elimination of 40,000 jobs in 1996. Wall Street was impressed, but NBC's Tom Brokaw said the workforce reduction might signal "another long, anxious year for the American middle class." No rational argument from AT&T could overcome the layoffs' symbolic impact. Wounded but wiser after numerous public-relations battles, the company eventually learned to stop aggregating job-reduction information for the media.     

Short Sellers and Financial Misconduct

We examine whether short sellers detect firms that misrepresent their financial statements, and whether their trading conveys external costs or benefits to other investors. Abnormal short interest increases steadily in the 19 months before the misrepresentation is publicly revealed, particularly when the misconduct is severe. Short selling is associated with a faster time‐to‐discovery, and it dampens the share price inflation that occurs when firms misstate their earnings. These results indicate that short sellers anticipate the eventual discovery and severity of financial misconduct. They also convey external benefits, helping to uncover misconduct and keeping prices closer to fundamental values.     

Short Interest and Lottery Stocks

We find short interest‐related mispricing is strongest in lottery stocks. As stocks become more lottery‐like, arbitrage risk increases, resulting in higher overpricing (underpricing) in high (low) relative short interest (RSI) stocks. Monthly portfolio alphas are –1.61% for high RSI lottery stocks, whereas high RSI stocks with the least lottery‐like attributes show statistically insignificant alphas. Among lightly shorted stocks, lottery securities exhibit monthly alphas of 1.80%. Thus, although lottery stocks as a group typically underperform, investors can earn positive abnormal returns in lightly shorted lottery stocks. Our results suggest that lottery stocks’ greater noise trader risk and higher transactions costs impedes arbitrage in short interest‐related mispricing.     

新东方“防空”计

近年来,在美国上市的中国概念股（下称中概股）频遭恶意做空,导致股价暴跌甚至退市,在美上市的中国公司遭遇空前诚信危机,大部分中国概念股受到牵连,使不少“中国溢价”演变为“中国折价”,并导致中国公司赴美上市融资之路变得愈趋艰难。     

Short interest in exchange-traded funds

Short selling exchange-traded funds (ETFs) has become a common means of speculating or hedging in response to pessimistic expectations about a specific market or sector, as the short interest of ETFs is more than 10 times that of individual stocks, on average. We determine that sector-based ETFs have an abnormally large short interest level, whereas international ETFs have an unusually small short interest level. The level of short interest is larger for ETFs that have a higher trading volume and a lower market capitalization, regardless of the type of ETF assessed. The level of short interest is lower for ETFs representing indexes that have tradable derivatives, but higher for international ETFs representing indexes that have tradable derivatives. We also determine that the level of short interest in an ETF serves as an effective signal of bearish sentiment when considering all ETFs, but is not an effective signal when isolating any particular type of ETF.

大思想家的小故事

编者按: 五四运动时期有许多有影响有思想的著名人物,他们的生前逸事,他们的精神以及他们处理事情的独特手法引人深思.本刊重点选编了几则有代表性的真实小故事,希望读者在这个绿叶初荫、思想纵横的五月,得到精神上的满足.     

PR2存折打印机深度故障维修一例

存折打印机是国内银行使用量最大的前台外设,其故障可分为机械和电气两大类.电气类故障中一般常见的是电源电路和外围接口,机械类故障点单一.而深度故障是指电路中存在逻辑相关的两个或两个以上故障点的故障,其维修难度相对较大,掌握关键判断点很重要,现以PR2存打机为例说明如下:     

Short sales and trade classification algorithms

This paper demonstrates that short sales are often misclassified as buyer-initiated by the Lee–Ready and other commonly used trade classification algorithms. This result is due in part to regulations which require that short sales be executed on an uptick or zero-uptick. In addition, while the literature considers “immediacy premiums” in determining trade direction, it ignores the often larger borrowing premiums that short sellers must pay. Since short sales constitute approximately 30% of all trade volume on U.S. exchanges, these results are important to the empirical market microstructure literature, as well as to measures that rely upon trade classification, such as the probability of informed trading (PIN) metric.     

Short Selling and Intraday Price Pressures

We study episodes of significant intraday downward price pressures in individual stocks and find that price declines during such episodes are driven mainly by liquidity demanding nonshort volume. Although short sellers during these price pressure episodes are also active and somewhat exacerbate the magnitude of price declines, their influence on prices is secondary to that of nonshort sellers. As such, our findings are inconsistent with the recently reignited allegations of systematic trading abuses caused solely by short sellers and might shed light on the debate regarding the need to reinstitute short selling restrictions.