Monday returns and asset pricing

The seasonal patterns observed on Monday stock returns are still unexplained by different asset pricing models. We attempt to fill this gap in the finance literature by using the Fama-French (Journal of Financial Economics 33:3–56, 1993) risk factors to explain the Monday seasonal. The results in the study show that Monday returns are explained by risk factors such as the market return, the size of the firms, and the book-to-market ratios of firms.     

Endogenous elites: power structure and patron-client relationships

In weak institutional settings, autocrats barter political and economic concessions for support to remain in power and extract rents. Instead of viewing the favors’ beneficiaries, i.e. the elites, as an exogenous entity, we allow the king to decide whom to coopt provided the subjects are heterogeneous in the potential support—their strength—they could bring to the regime. While the ruler can select the elites on the basis of their personal characteristics, an alternative strategy consists in introducing some uncertainty in the cooptation process. The latter strategy allows the king to reduce the clients’ cooptation price since in the event of a revolution the likelihood of being included in the future body of elites is lower. We show that weak rulers are more likely to coopt the society’s strongest individuals, while powerful rulers diversify the composition of their clientele. Moreover, when agents value more future discounted outcomes, the king is more likely to randomly coopt subjects.     

Competition for private capital and central grants: the case of Japanese industrial parks

Local governments invest in public infrastructure to develop their regions. When they depend on intergovernmental grants for local development and have opportunities to lobby upper-level governments for such grants, horizontal intergovernmental competition in lobbying activity may emerge in addition to competition over public infrastructure. This paper empirically examines the existence of these interactions between Japanese localities, by using data on the value of industrial parks as infrastructure provisions and on personnel interchanges between the central and local governments as a measure of lobbying activity. Our results suggest that a Japanese local government’s choice of the size of industrial parks and its invitation to central officers to act as a director on loan are positive responses to the neighboring local government’s policy choices. As the value of the industrial parks in a district is affected by the neighboring districts’ lobby activities and their industrial park values, we can interpret these results as evidence of inter-regional competition in these two dimensions, rather than control by the central government in this unitary state.     

Allocation of public funds to R&;D: a portfolio choice-styled decision model and a biotechnology case study

A decision problem—allocating public research and development (R&D) funding—is faced by a planner who has ambiguous knowledge of welfare effects of the various research areas. We model this as a reverse portfolio choice problem faced by a Bayesian decision-maker. Two elements of the planner’s inferential system are developed: a conditional distribution of welfare ‘returns’ on an allocation, given stated preferences of citizens for the different areas, and a minimum risk criterion for re-allocating these funds, given the performance of a status quo level of funding. A case study of Canadian public research funds expended on various applications of agricultural biotechnology is provided. The decision-making methodology can accommodate a variety of collective expenditure and resource allocation problems.     

工程咨询企业国际核心竞争力评价指标体系研究

本文阐述了建立工程咨询企业国际竞争力评价指标体系的必要性基本原则,确定了适合我国工程咨询企业国际核心竞争力的评价指标体系,运用ISM模型,对各因素进行分级评价,将工程咨询企业国际核心竞争力的评价指标划分成最终指标、高级指标、次高级指标以及基础指标的四级递阶系统,为我国工程咨询企业提升竞争力的评价研究,提供一定的参考依据。     

高职高专英语能力项目模块教学法的实证研究

本文通过对英语能力项目模块教学法在高职院校英语教学中的实用性探讨,指出此教学法旨在把语言教学真实化和课堂社会化,有效提高学生英语语言的应用能力。并阐述了英语项目模块教学有利于激发学生的学习动机,提高英语语用能力,培养创新能力和知识的综合运用能力。     

云南旅游电子商务现状及发展对策分析

旅游电子商务在云南省得到了快速的发展。本文对云南旅游电子商务发展的现状进行了初步的探讨,摸清了云南发展旅游电子商务的基础条件和存在的主要问题,并结合实际,提出云南加快旅游电子商务的对策建议。     

卓越工程师培养中的实践教学体系研究

按照国家"卓越工程师培养计划"的基本要求,本科学生实践创新能力在本科教学中的地位日趋重要。文章通过对大学生实践实习现状和存在问题进行分析,结合实施卓越工程师计划的实际需求,论述了卓越工程师培养中的实践教学体系建设,并对优化现有实践教学资源环境,改革学生实习制度及加强大学生实践实习基地建设进行了研究。     

提高功率因数的方法与无功补偿

本文简述了无功补偿原理,提高用电设备本身的功率因数的措施,人工补偿提高功率因数的方法以及高压集中补偿、低压成组补偿、分散就地补偿等问题。     

浅谈高校辅导员如何做好学生管理工作

随着教育体制的深入改革与开展,高等院校在校学生人数增长迅速。辅导员是学生班级和校方之间联系的桥梁,同时也是整个班级管理的教育者和指导者,班级管理在学校教育教学中有着举足轻重的地位。