The asymmetric information and price manipulation in stock market

The interaction between asymmetrically informed traders has been mostly investigated in theoretical frameworks. Not only there are relatively few empirical studies but, if any, the mostly focus on cross-sectional analysis and use very short samples. In this study, we blend theoretic with empirical, and propose a new signalling system of turning points in the economy to examine the extent of volatility of these markets relative to their tranquil periods. The signalling system proposed here is based on the Markov-switching model. Differing from the existing literatures, the study employs three phases and time-varying transition probability, and captures the states of volatility. After examining the causality between high volatility and foreign portfolio investment (FPI) by using moving average and generalized autoregressive conditional heteroskedasticity, the portfolio's profitability of FPI and individual investors in different periods are compared. Finally, the investigation of FPI's leading effect is studied.     

中国古代黄河流域水权制度变迁(上)

分3个历史阶段研究中国古代黄河流域水权制度变迁：第1阶段为先秦至汉朝,这一时期是我国封建社会的建立、发展时期,国家开始制定正式的水权法律制度,但比较零碎而不成体系.第2阶段是唐、宋、元朝,这一时期是我国封建社会发展的鼎盛时期,以国家法律为主导的正式制度极为完善和发达.第3阶段包括明、清2朝,阐述中国古代自先秦至唐、宋、元朝水权制度、分析自先秦至唐、宋、元朝各个不同朝代时期水权制度特点,讨论这段历史期间制度变迁的原因.     

Comparative advantage and unemployment

Worker heterogeneity in productivity and labor supply is introduced into a matching model. Workers who earn high wages and work high-hours are identified as those with strong market comparative advantage—high rents from being employed. The model is calibrated to match separation, job finding, and employment in the SIPP data. The model predicts a big drop in employment for workers with weak comparative advantage during recessions. But the data show that workers with strong comparative advantage also display sizable employment fluctuations, implying that aggregate employment fluctuations are not explained by the responses of workers with small rents to employment.     

关于绩效审计研究的新思考

自20世纪60年代以来，不少学者对绩效审计展开研究，并取得了一些积极的成果，但总体研究状况并不乐观。本文分析了其中的原因，并就解决该问题提出了若干新的建议。     

Evaluating the operational performance of knowledge-based industries: the perspective of intellectual capital

Performance evaluation is more than a quantitative concept but should also take industrial characteristics into account in order to form an accurate evaluation. In the past, evaluations of the operational performance of knowledge-based industries have missed out a significant factor, which is intellectual capital (IC). By adopting data envelopment analysis (DEA), a multiple-objective decision making method, this study aims to construct an efficiency evaluation model for the Taiwanese digital content industry based on the perspective of IC. The empirical results suggest that the scale of the digital content companies does play an important role in influencing the operating efficiency. The firms have a small amount of capital can still attain optimal efficiency, from the perspective of IC. In addition, human resource capital and customer capital are the most significant influential factors that deserve digital content firms’ attention. It is suggested that enterprises in the digital content industries should focus more on managing their IC. DEA can provide the semiconductor firms’ operations with insights into resource allocation and competitive advantage as well as help with strategic decision-making.     

基于质量控制图的化学实验教学评价平台的设计

以嘉兴学院为例,介绍了如何建立基础化学实验数据管理及实验教学评价平台.该平台将均值质量控制图和极差质量控制图应用于实验教学管理和评价,利用计算机技术,建立了包括原始数据的录入、质量控制量的计算、质量控制图的绘制、学生实验结果的评价在内的基础化学实验教学质量的评价体系,取得了初步的成果.     

浅析我国产业结构存在的问题及政策建议

从我国目前的经济发展现状来看,产业结构调整中存在一些问题和矛盾,只有解决这些问题,才能促进国民经济的健康、快速、稳定的发展。针对这些问题,我国产业结构必须进行合理有效地调整,制定适合我国情况的产业政策,促进产业结构的合理化和高度化。     

从远古看世界

在早先一篇关于艺术家的责任的文章里,邱黯雄哀叹了中国当前文化颓废的困境,并批评了当代艺术场景没有做好榜样。(当前困境的反思和一位艺术家的责任,2000年夏)。他建议艺术家应该忠于他所选择的道路,承担起文化遗产保护者的责任;用他的人格和对于生活真相的忠诚来抵抗生存空虚。     

标准化在油藏监测工作中的作用

以油藏监测工作中的油藏压力监测为例，介绍了标准化工作在压力资料录取及解释分析中的作用。并用实例说明了标准化作业在油田开发方案的制定及油藏压力监测中的应用。     

内生增长理论的生成机理研究

对传统生产方式内在限制的发现促成了依靠知识进步带动现代经济增长的努力; 通过对不同增长速度来源的分析导致内生经济增长理论的形成; 发展经济学家关于复兴开发教训的研究进一步证实“知识进展是长期的真实的生产率提高的基本要素”。知识经济实际上是一种“内生的经济增长方式”。与此相适应, 内生增长产生了一组新的政策结构。