THE IMPACT OF THE INSIDER TRADING SCANDAL ON THE INFORMATION CONTENT OF THE WALL STREET JOURNAL'S “HEARD ON THE STREET” COLUMN

We examine the impact of a scandal on the information content in the “Heard on the Street” column of the Wall Street Journal. Following the scandal in 1984, the column is found to have a reduced impact on stock prices for both buy and sell recommendations. However, the stock price response to information later published in the column before the publication day is smaller for the post-scandal period. This result suggests that after the scandal, editors and authors may have become more cautious in guarding against information leaks in the column. The scandal does not appear to have changed the impact of the column on trading volume.     

针织企业管理信息系统的设计及其优化研究

文章结合开发某针织企业管理信息系统的实践,对企业管理信息系统的设计、实现过程进行了探讨,对其性能的优化进行了必要的研究。该系统的实现产生了较好的经济效益和社会效益。     

投资项目可行性方案研究论证的新构想

投资项目往往会发生决策失误,究其原因,主要在于决策者的意志和论证者的权威性服从人格。要解决这一系关全局的重大决策问题,除了对投资项目正常事项的研究论证外,还必须对投资项目进行不可行性的研究论证、生态管理成本及安全管理成本的研究论证。使投资项目可行性决策方案真正可行而完整。     

OPTION PRICING AND HEDGING WITH EXECUTION COSTS AND MARKET IMPACT

This paper considers the pricing and hedging of a call option when liquidity matters, that is, either for a large nominal or for an illiquid underlying asset. In practice, as opposed to the classical assumptions of a price‐taking agent in a frictionless market, traders cannot be perfectly hedged because of execution costs and market impact. They indeed face a trade‐off between hedging errors and costs that can be solved by using stochastic optimal control. Our modeling framework, which is inspired by the recent literature on optimal execution, makes it possible to account for both execution costs and the lasting market impact of trades. Prices are obtained through the indifference pricing approach. Numerical examples are provided, along with comparisons to standard methods.     

城乡结合处街景整治设计的实践与思考——以西安市高陵县崇皇乡西高路崇皇寺段街景整治为例

在城乡统筹的大背景下,以西安市高陵县崇皇乡西高路崇皇寺段街景整治设计工作为例,总结了在城乡结合处街景整治的思路、措施以及实施等方面的实践经验及有效方法.     

Can dual-currency sovereign CDS predict exchange rate returns?

This paper examines both the time-series and cross-sectional variation in the difference between US dollar and Euro denominated sovereign CDS spreads for a group of Eurozone countries. We find that the spread difference between dual-currency sovereign CDS significantly affects the bilateral exchange rate returns. In addition, the difference could predict the cumulative exchange rate returns up to 10 days. The results strongly suggest that the difference contains important information for the exchange rate dynamics at various phases of the crisis.     

抑制代理成本提升公司价值了吗？——来自沪、深两市非金融类A股上市公司的经验证据

以沪、深两市非金融类A股上市公司2005～2009年的混合数据为研究对象，运用双变量回归（bivariate regression）、复回归（multiple regression）及协方差回归（ANACOVA）等计量方法，实证考察权益代理成本与公司价值间的关联性。研究结果表明，当权益代理成本降低时，我国上市公司的市场价值（托宾Q值）和财务业绩（ROA）均得到显著提高；且在引入内外部监督机制、管理层激励机制及股权结构特征三重约束后，二者的反向关联性仍维持稳定。此结论为代理成本理论增添了新的经验证据，即提升上市公司自身价值，保障投资者权益的有效途径之一就是降低代理成本。     

便携式S4海流计数据采集仪的设计与实现

为解决S4海流计在海上进行测量作业时,需携带计算机等诸多不便,研制出了便携式S4海流计数据采集仪。采集仪以Atmega128单片机为控制核心,利用Atmega128单片机的双路通用串行接口,同时采集S4海流计和PC机发送的数据,实现了数据的实时采集、存储和显示,便于事后数据处理和分析。本文重点介绍了采集仪的工作原理和具体软硬件实现方法。试验结果表明,该采集仪工作稳定,能够很好地满足采集要求。     

S4海流计通信协议截获器的显控终端设计及实现

S4海流计通信协议截获器的终端是海流测量系统的重要组成部分,它的显示是通过LT320240BKEC5V液晶屏和触摸屏进行控制。本文详细介绍了液晶屏和触摸板的工作原理,设计了ATmega128单片机与液晶模块LT320240BKEC5V的硬件接口电路,并给出了初始化程序和软件流程图。