创设人在创设武钢权证中的套利机会

2005年11月23日,武钢认购权证和武钢认沽权证开始上市交易,继续延续着中国权证市场的火爆盛况。然而,根据欧式看涨期权和看跌期权的平价公式及不同执行价格的同类期权所必然具有的内在价值规律,我们发现通过适当地构造由武钢认购权证、武钢认沽权证、武钢股票及无风险债券所构成的套利组合,就可获得无风险利润。因此,权证市场对有创设权证资格的证券公司来说存在无风险套利机会,本文根据创设武钢权证的有关规定,具体给出了通过创设武钢认购权证并构造相应套利组合的套利方式。     

World Black Tea Markets: Relationships and Implications for the Global Tea Industry

Prices at world tea auctions are interlinked across different black tea markets. This study applied the cointegration approach using Engle-Granger 2-stage estimation procedures to examine the extent to which these markets are linked. We analyzed the relationships between monthly average tea auction price data from 7 selected markets from Africa and Asia and found out black teas markets are defined more from the type of manufacture. Black tea markets seem segmented between orthodox types of tea mainly exported by Sri Lanka and Cut-Tear-Curl type traded in Mombasa, Kenya. Cointegration results show that tea agribusiness firms can benefit by simultaneously adopting both modes of manufacture. The tea boards in the respective countries should promote diversification of products into other segments of the market while at the same time control quality of tea, which by default will curb oversupply.     

“两型社会”建设中湖南利用外资潜力的比较研究

近年来,湖南省利用外资的规模不断扩大,水平不断提高,运用联合国贸发会议提出的"业绩指数"和"潜力指数"评估方法,对湖南省14个市州外商直接投资业绩与潜力指数进行计算,依据相应指数的大小来分析湖南区域内部吸引外资的业绩状况与潜力的相对地位,客观描述和评价湖南省各市州利用外商直接投资的情况,为湖南省制定更有效地吸引FDI的政策措施提供决策依据。     

企业投资活动的税收筹划

随着现代企业财务制度的建立,税收筹划对企业的影响日趋扩大。该文主要对企业投资活动中的税收筹划进行分析论述。     

Volatility trade-offs in exchange rate target zones

The volatility trade-offs (i.e. the negative relationships between exchange rate variability and the interest rate differential) exhibited in the Krugman [Krugman, P. (1991). Target zones and exchange rate dynamics. Quarterly Journal of Economics, 106, 669–682.] model depend on the assumption of uncovered interest rate parity (UIP). However, the bands for several economies in Latin America and Eastern Europe are substantially different from those within the European Monetary System (EMS), in that their parity relationship deviates from UIP and volatility trade-offs do not exist. This paper develops a graphical exposition and uses it to show that the degree of capital mobility may serve as a plausible vehicle to explain the empirical evidence found in Krugman's regime of exchange rate target zones. Based on a Fleming-type stochastic macro model, we find that when capital mobility is relatively low, exchange rate variability exhibits a positive relationship with the interest rate differential. This result can be regarded as a possible way of resolving the conflicting outcomes between Krugman's prediction and existing empirical observations.     

“德育评估”与高职院校的职业道德培养

"德育评估"是高职院校的一项重要考核目标。随着我国制造业的不断发展,企业用人需求量越来越大,并且对员工的职业道德素养要求也越来越高。作为培养企业员工的高职院校,如何使学生既能在校期间学到专业能力,又能让学生养成良好的职业道德素养,这是高职院校需要解决的问题。本文结合现今高职院校的职业道德教育的特点,阐述了如何加强学生的职业道德教育。     

The Effect of Online Shopping Platform Strategies on Search,Display, and Membership Revenues

Most online shopping platform firms generate revenue from three sources: pay-per-click search advertising, pay-per-impression display advertising, and membership fees. The strategies that influence these revenue sources typically are studied individually, rather than in a holistic fashion. In response, this study uses time-series data with 18 million buyers and sellers from 2010 to 2011 and undertakes a quasi-experiment to analyze how the distinct effects of buyer- and seller-side strategies on revenues (1) vary across all three revenue sources and (2) depend differentially on a platform’s upmarket repositioning strategy. The results show that buyers that purchase through direct traffic (e.g., typing in the site address) yield more display advertising and membership fee revenues than those gained through organic traffic (e.g., landing from a search engine). Engagement strategies that appeal to established sellers (i.e., value-added services) yield more search advertising and membership revenue than those that appeal to new sellers (i.e., social forums). An upmarket repositioning strategy (i.e., eliminating low quality sellers) enhances the revenue effects of buyer traffic generation and seller engagement strategies. Post hoc analyses suggest that a 1% increase in direct traffic generates an additional $151,506 in display advertising revenue after (vs. before) the repositioning.     

泛网络时代食品安全信息在高校传播模式研究

近年来,食品安全类事件多次成为年度舆论热点,对食品安全信息在现代技术手段下的传播特点研究有助于对消费者舆论的有效引导。在此背景下,文章选择某市高校大学生为研究对象,就食品安全信息在高校大学生中的传播模式展开调查。结果表明,在校大学生对食品安全信息的传播是高度关注的,互联网是食品安全信息输入和输出的重要渠道,政府需要充分借助互联网络实现食品安全信息的有效传播和舆论的正确引导。     

“文化自觉”的阶梯——《当代世界学术名著：社会心理学系列》总序

以杜瓦斯的解释水平为线索,当代统一的社会心理学,从最为微观和最为心理学化的个体内过程到最为宏观和最为社会学化的群际过程,都有典范的主宰理论模型。《当代世界学术名著：社会心理学系列》精心选择这些主宰理论模型的奠基之作或代表作翻译成中文。期望本名著系列的翻译出版,能滋养中国社会心理学的“文化自觉”。     

基于ULS武汉市快速物流系统可行性分析

物流配送系统的效率低是制约城市经济快速发展的瓶颈,如何建立现代化、快速化和信息化的高效合理的立体物流配送体系是解决问题的关键。文中通过对一些发达国家在地下物流系统方面的研究与建设进行分析,以武汉市为研究对象,从环境可行性、投资成本、技术可行性、运营方式和融资方式等不同角度分析了建设基于地下物流系统(ULS)的现代城市立体交通可行性,并提出相应的对策。