Buy Low and Sell High: The 52‐Week Price Range and Predictability of Returns

This paper uses the ratio of 52‐week high to low prices to construct a self‐financing portfolio strategy, which buys stocks with a low range ratio and sells stocks with a high range ratio according to the behavioral perspective. The results indicate that the profits from this range strategy are substantial and outperform those of 52‐week high and conventional momentum strategies. Moreover, the incremental effect of the range strategy on 52‐week high momentum is significantly positive, while the 52‐week high strategy diminishes this strategy's profitability. Overall, the range measure is better than conventional measures at predicting future returns.     

基于供应链视角的产业集群战略分析

产业集群应该按照核心企业的供应链模式发展,以形成产业集群内比较完整的产业链,产业集群的内在本质是供应链集聚。产业集群的各类型是企业内部的供应链演变为企业之间通过市场交易形成供应链的过程表现出来的各种供应链形态。产业集群特殊之处在于它的显著的外部性、精巧的网络结构和高效的区域创新系统,产业集群中的供应链效应成为产业集群的基本动力。     

投资银行在资产证券化中的作用分析

资产证券化 (ABS)作为一种重要的金融衍行工具 ,成为当今国际资本市场中发展最快、最具活力的金融产品 ,在国际资本市场上有着巨大的发展潜力。目前 ,资产证券化在我国还是新生产物 ,我们应面对现实 ,借鉴国外的一些成熟做法 ,对我国投资银行拓展资产证券化业务提出具有建设性的方案和思路。     

Strategy Development for a Food Company Based on Patterns of Consumer Behavior

This research reveals connections between company strategies and consumer behavior patterns within the proposed method of developing a set of optimal strategies (a multi-component strategy) for a food company under the rapidly changing conditions intrinsic in the polycyclic business environment. This method is a strategic tool providing for efficient adaptation of a food company to current and potential environmental variability based on the polycyclic concept of environmental dynamics and on the suggested definition of strategy as a long-term interactive and proactive response to the influences of the business environment.     

基于委托-代理模型的腐败行为分析

与经济活动中的委托-代理关系一样,在公共事务中也客观存在着委托-代理关系,由于激励不相容、信息不对称、监督乏力等弊病,及代理人追求自身利益的最大化,导致了公共权力委托-代理的失灵,引发政府官员的腐败。     

基于计划行为理论的绿色创新战略影响因素分析

基于计划行为理论,从预期经济收益、冗余资源和利益相关者压力三个方面探讨了企业绿色创新战略的驱动因素,并通过大样本问卷调查和统计分析对该理论模型进行了实证检验。结果表明,预期经济收益是企业进行绿色创新战略的重要驱动因素;不同类型的冗余资源和来自不同利益相关者的压力对企业绿色创新战略的驱动效应存在差异：已吸收冗余资源、企业治理利益相关者、内部经济利益相关者和外部社会利益相关者都对企业开展绿色创新战略有显著的正向影响,而未吸收冗余资源和外部经济利益相关者对企业绿色创新战略的驱动作用不显著。     

The Internationalization Strategy of Spanish Indigenous Franchised Chains: A Resource‐Based View*

In this paper, we identify characteristics of Spanish franchised chains that favor the adoption of an internationalization strategy and those that have a negative influence from a resource‐based perspective. Data used were drawn from Annual Franchise Guidebooks published in Spain for 2005. Various independent variables were taken into account and the final sample included 316 Spanish franchised chains. In order to detect relevant differences between chains with some degree of internationalization and those that only operate in the Spanish domestic market, we conducted a discriminant analysis to discover which of the independent variables contributed significantly to a correct classification of chains to their corresponding group (those that have chosen to spread activities abroad and those that have not).     

考虑消费者搭便车行为的零售商定价策略分析

在传统零售商和网络零售商之间存在价格竞争情形下,考虑消费者进行渠道转换的成本,从消费者在传统零售商和网络零售商并存渠道结构中存在搭便车行为出发,分析混合渠道零售商定价策略以及搭便车行为与零售商的收益,探析零售商采取较多的定金膨胀策略和产品差异化策略对零售商定价决策、利润以及搭便车行为的影响。研究表明,搭便车行为给传统零售商和网络零售商带来了利润损失;尽管传统零售商采取的定金膨胀策略减少了搭便车消费者的数量,但并未提升市场份额,只是靠提升价格来盈利;产品差异化策略不仅能促进传统零售价格的提升,而且能够扩大市场份额、减少搭便车消费者的数量,但不利于网络零售商是显而易见的。     

基于消费者心理模型的营销策略分析

心理模型对消费者的购买决策影响巨大。基于心理模型下的模糊营销,应依据消费者所处场合,匹配性宣传产品,适当性投放产品以建立和顺应模糊心理模型;隐喻心理模型则是依据消费者的心理去塑造商品形象,明确企业的核心竞争力和核心创意,并实践企业的核心创意;潜意识心理模型是依据消费者潜意识的趋同效应、环境效应和促销等购买动因来制定营销策略,从而有利于企业根据不同的心理模型制定相应的营销策略,在激烈的市场竞争中顺应消费者心理,促进消费者做出积极的购买决策。     

The attitudes and nutritional knowledge of 11‐ to 12‐year‐olds in Merseyside and Northern Ireland

School is a major area for providing young people with nutritional knowledge and skills. In Northern Ireland home economics (HE) is taught to 11‐ to 12‐year‐olds. The 1988 Education Reform Act introduced the national curriculum and HE as a subject was effectively abolished in English schools, and key stage 3 pupils in England are taught nutrition in Science, Design and Technology and in the cross curricular theme of health education. The aim of the study was to compare the attitudes and nutritional knowledge of children in Merseyside, England (M) and Northern Ireland (NI). A questionnaire was designed, which examined attitudes to aspects of healthy eating and tested the subject's knowledge, practical and theoretical, on nutrition and healthy eating. Subjects aged 11–12 years were recruited (M: 541, NI: 128). The majority ‘understood and knew what to eat to have a healthy diet’, ‘liked the taste of healthy food’ and considered that ‘there were healthy foods at home’. However, a significantly greater number in Merseyside agreed that ‘their health will be affected in the future by what they eat now’ (M: 71%, NI: 54%, P < 0.01) and agreed that ‘they enjoyed cooking’ (M: 76%, NI: 56%, P < 0.01). Whereas more from Northern Ireland agreed that ‘they do not know what foods to eat to have a healthy diet’ (M: 14%, NI: 30%, P < 0.01), ‘that healthy eating involved “dieting” ’ (M: 29%, NI: 59%, P < 0.01) and agreed that ‘there are no healthy food choices at school’ (M: 23% NI: 42%, P < 0.01). More subjects from Merseyside disagreed that ‘healthy eating is a waste of time’ (M: 87%, NI: 77%, P < 0.01). The mean knowledge scores (correct answers) from Merseyside were significantly greater than from Northern Ireland (total score: M: 51%, NI: 43%P < 0.05; practical score: M: 58%, NI: 49%P < 0.05, theory score: M: 38%, NI: 31%, P < 0.05). The results indicate that the healthy food message seems to have been better learnt by children in Merseyside but results of surveys in Merseyside into eating habits suggest that many have not put this knowledge into practice.     

The Profitability of Option‐Based Contrarian Strategies: An Empirical Analysis

Short‐selling restrictions limit investors' opportunities to profit from contrarian strategies in equity markets. We examine the proposition that incorporating options into contrarian strategies constitute a viable alternative to investors when short‐selling restrictions are in place. In particular, we combine equities with the call and put options traded on the Australian Stock Exchange to investigate the profitability of contrarian strategies in the hybrid market and options market alone. We assess the practical issues in the execution of these approaches, including testing for the effects of limited liquidity and transaction costs. We also investigate how fundamental factors (such as dividend yield, firm size, book‐to‐market ratio, earnings per share, price‐earnings ratio, value stocks, and market conditions) affect contrarian portfolios. The results show that employing options can enhance the profitability of contrarian strategies under certain market conditions.     

基于因子分析的露营地经营管理之策略研究——杭州皋澜滨豪华帐篷度假村案例的启示

本文基于体验营销理论中的五感模型进行问卷设计,对杭州皋亭山豪华帐篷野营度假村的游客进行问卷调查,通过定量因子分析进行归类及讨论,探讨游客在野营体验中所关注的因素,并对行业的经营者提出经营策略的建议。     

基于SWOT分析的温州鞋业产业供应链策略

本文选择了鞋业产业集群作为分析对象,主要探讨了作为该供应链的重要的一个环节——销售中的对外贸易环节中的若干问题,用SWOT分析法分析了温州鞋业企业优势与劣势,以及面临的机会和威胁,最后以温州鞋业企业、政府以及行业协会这一链条为主要对象就温州鞋业的对外贸易策略提出了有针对性的对策建议。     

基于消费行为审核分析安全农产品的营销管理问题

在农产品安全问题受到大家广泛关注后,一些学者对我国安全农产品的消费行为进行了一些尝试性的研究。本文在对现有研究进行总结的基础上,根据营销决策必须以消费行为审核为基础的原理,对我国安全农产品营销及营销问题进行了分析,并提出了相应的对策建议。     

独立董事行为的博弈分析及其激励约束

在我国 ,独立董事制度的建设是一个长期的过程 ,而建立科学的激励约束机制必将是其中关键的一环。针对独立董事的两项主要任务—保护中小股东利益和增强董事会决策的科学性和专业性 ,以博弈论和信息经济学理论为依据 ,给出相关的理论分析模型 ,并提出相应的激励约束措施和手段。     

高效液相色谱分析的质量控制策略

高效液相色谱分析由于其具有的众多优势使得其在许多领域中发挥了非常重要的作用。因此,本文首先对高效液相色谱分析方法的含义、特征以及发展现状进行了详细的探讨,最后对高效液相色谱分析的质量控制有效测量进行了分析,希望能够为同类的实践提供借鉴。     

基于混合策略纳什均衡的委托代理问题分析

在现代公司中,处于各权力关系中心的是所有者和经营者,委托代理问题是现代公司治理的核心问题,即所有者行为人对经营者的监督以及激励则是公司治理的核心和关键。从委托人对代理人监督的角度出发,利用博弈论的方法建立模型,二者之间的分析关系及其相关因素,其结论为公司治理目标是减低所有者的监督成本,使经营者以股东利益最大化为目标的概率越大越好。     

基于流程的企业战略模型

基于流程的企业战略模型由顾客流程、业务流程、后台流程三部分组成。顾客是企业生存的基础,企业的运作要依托顾客流程而展开;业务流程通过为顾客流程提供相应服务,保障顾客流程的顺利完成:后台流程支持顾客流程和业务流程的顺利进行和持续升级,其核心是知识管理。