Do Sovereign Re‐Ratings Destabilize Equity Markets during Financial Crises? New Evidence from Higher Return Moments

This study investigates the effects of S&P's sovereign re‐ratings on the higher moments of equity market returns over recent financial crises. Using a set of intraday stock market index prices and sovereign credit ratings for a sample of 36 countries that experienced sovereign rating changes over the period from 1996 to 2013, we find that the higher moments of stock market returns are significantly more responsive to sovereign re‐ratings during financial crises, but the effects on stock markets are not the same across different financial crises. The effects during crises are, however, magnified for large downgrades and those that are associated with a loss of investment grade status. We find that there are asymmetric effects during financial crises in that downgrades are consistently more significant than upgrades in increasing realized volatility and realized kurtosis. Both upgrades and downgrades affect realized skewness in times of crises in the expected direction.     

试析城市发展的外部效应

城市发展是以城市经济发展为基础的包括城市经济发展在内的整个城市社会的进步，实际是一种有机体的经济活动，因此受到经济学“外部效应”普遍性的影响，对经济、文化、民主政治以及生态的协调发展产生积极的作用。因此实现城市科学、可持续发展，是现阶段城市建设的重要目标。     

我国公共财政建设面临的四大挑战与对策

我国公共财政建设取得丰硕成果,但也面临许多重大挑战.我们已经建立了比较完整的公共物品理论体系,但在现实中要清晰地界定公共物品的具体品目,准确划定财政保障范围,必须要通过一系列规章制度及其由制度形成的某种程序来完成.对城乡和谐发展与公共品配置的二元结构问题,必须要通过财政收入增量更多地向农民倾斜,给农民以平等之国民待遇等方式求得缓解.对显性债务安全性和隐性(还有)债务风险性问题,必须通过建立国家综合债务平衡表体系,研究制定适合我国的债务风险控制标准等方式解决.对职务消费支出日渐膨胀问题,需要通过提升改革过程的透明度,建立职务消费信息发布制度等措施来应对.     

交互式多媒体教学：电子白板与多媒体相结合

多媒体教学已是现代教育技术的必备手段之一，然而随着实践的深入，它的缺点越发明显，如学生不易抓住重点、师生交互性不够等。电子白板与多媒体教学相结合可以达到，交互学习的效果，可以构建新型教学模式，充分体现板书的优点，提高学习效率、改善学习效果。     

An Empirical Analysis of Synthesizing the Effects of Festival Quality,Emotion, Festival Image and Festival Satisfaction on Festival Loyalty: A Case Study of Macau Food Festival

This study aims to examine the interrelationships among the festival quality dimensions, festival quality, emotion, festival image, festival satisfaction and festival loyalty. Analysis of data from 454 attendees in the 12^th Macau Food Festival indicates that the proposed model fits the data. The result of this study will assist festival management in developing and implementing market‐orientated service strategies to increase quality and image, and enhance the emotion and satisfaction of attendees in order to attain their loyalty toward food festivals. Copyright © 2014 John Wiley & Sons, Ltd.     

企业会计管理探析

为了确保会计信息真实准确,维护会计法规的严肃性,必须加强会计管理.     

铁路多元经营产业转型发展初探

从铁路多元经营的产业特点出发,分析铁路多元经营产业转型发展的必要性和紧迫性,提出铁路多元产业转型发展的方向：体制机制向适应市场经济要求转型;产业组织向专业化、一体化、规模化转型;企业管理向集约化、精细化转型;经营方式向市场化转型;产品服务向多样化、高端化转型。     

我国参与国际碳金融市场面临的问题及对策

当前,应对气候变化已成为全球各领域关注的问题,其中市场机制和金融工具发挥着重要的作用。本文将从我国参与国际碳金融市场现状谈起,分析我国参与发达国家维持的碳金融规则、秩序时面临的问题,并给出相应的对策。