On the Role of Futures Trading in Spot Market Fluctuations: Perpetrator of Volatility or Victim of Regret?

We examine the role of index futures trading in spot market volatility. We use the exponential generalized autoregressive conditional heteroskedasticity (EGARCH) approach to measure volatility, analyze causality and feedback relations between volatilities in the spot and futures markets, and test various hypotheses in the context of a multivariate model that incorporates other macrostate variables. Our empirical results suggest index futures trading may not be blamed for the observed volatility in the spot market. Rather, we find stronger and more consistent support for the alternative posture that volatility in the futures market is an outgrowth of a turbulent cash market. We use the regret (cognitive dissonance) theory to explain our results.     

邮政网点资源效能管理系统研究

文章以邮政营业、投递网点为对象,以邮政网点资源管理和效益分析为核心,研究如何利用计算机网络技术有效管理邮政网点的各种资源,并通过对网点资源的效能分析结论,辅助邮政各级领导对邮政网点核心能力建设的决策。     

Migrate or not? The effects of regulation SHO on options trading activities

In this study, we investigate the effects of stock short-sale constraints on options trading by exploiting two US Securities and Exchange Commission rule changes under Regulation SHO: Rule 203 (locate and close-out requirements) and Rule 202T (temporary removal of short-sale price tests). We find that stock short selling activities decrease (increase) significantly after Rule 203 (Rule 202T) implementation, supporting the validity of Rule 203 (Rule 202T) as an exogenous increase (decrease) in short-sale constraints. Options volume increases significantly after Rule 203 went into effect and the result is more pronounced among firms with lower levels of institutional ownership and smaller options bid-ask spreads. Therefore, the evidence from Rule 203 suggests that investors may use options as substitutes for stock short sales when short selling is less feasible or more costly due to the locate and delivery requirements. In contrast, we find no significant change in the options trading volume of pilot stocks during the pilot program of Rule 202T. Overall, our results indicate that the impact of short-sale constraints on options trading varies with the types of constraints affected.     

我国省际旅游业包容性增长的指标体系及聚类分析

中国旅游业经历了多年的高速增长,但增长方式属于粗放型。旅游业应发挥"保增长、扩内容、调结构、惠民生"功能,实现包容性增长。关注国民福利的改善和提升,实现旅游业与社会、经济、文化、环境的协调发展。     

切实加强水环境监测实验室的质量控制

将水环境监测实验室的质量控制分为预先控制,过程控制和事后控制三个阶段,从而加强了实验室质量控制的细度和力度。     

国外责任制研究综述:从单层次到多层次的研究视角

回顾了单层次(即微观及宏观层次)的责任制研究,梳理了现有的多层次责任制研究,重点探讨了国外学者提出的多层次责任制研究模型。最后指出现有研究存在的不足,并展望了未来的研究方向。     

Does health insurance matter? Evidence from China’s urban resident basic medical insurance

In 2007, China launched a subsidized voluntary public health insurance program, the Urban Resident Basic Medical Insurance (URBMI), for urban residents without formal employment. We estimate the impact of the URBMI on health care utilization and expenditure by a fixed effects approach with instrumental variable correction, using the 2006 and 2009 waves of the China Health and Nutrition Survey. We explore the time variation of program implementation at the city level as the instrument for individual enrollment. We find that this program has significantly increased the utilization of formal medical services, including both outpatient care and inpatient care, but it has not reduced total out-of-pocket health expense. We also find that this program has improved medical care utilization more for children, members of the low-income families, and the residents in the relatively poor western region.     

基于应用层通道的局域网出口流量控制策略设计

广域网流量需求的急剧扩张和局域网运营方出口带宽的矛盾迫使流量控制节点被部署到局域网关键链路当中。分析了网络用户的流量需求。从局域网运营方的角度出发,阐述了基于应用层通道的流量控制的原理、原则和目标。设计了流量控制的四类通道和两种策略的方案。     

Identification and analysis of underdeveloped resource-rich regions in China

This paper analyzes the existence of developmental views and compares the results of previous studies for underdeveloped regions.In view of the limitations of previous studies,this study details regional unit,expands index system,applies factor-analysis to structure index system,uses the fuzzy comprehensive evaluation model to improve analytic hierarchy process,and identifies the economic developmental levels of 384 regions,including 4 municipalities,333 cities at prefecture level,and 47 counties under the jurisdiction of province.The levels of the 47 counties are identified by dividing the rank of comprehensive values of more than 337 regions unit into five equal graduations and then matching the 47 counties with the five-graduation results.This study provides the distribution of resources-rich region in China qualitatively and quantitatively in terms of coal,oil gas and other 14 kinds of metal mineral resources.Finally,by matching the two parts of results,this study identifies the distribution of underdeveloped resource-rich regions （URRRs）.URRRs are mainly distributed in Shaanxi,Shanxi,Guizhou,Yunnan,Sichuan,He ＇nan,Shandong,Guangxi and Gansu provinces,which accounts for 78.57% of the total in China.To a certain degree,the result of this paper proves that ＂resources curse ＂ existing in the national stratification plane in later 20^th century still takes places in some cities in China,especially in the counties of these cities ＇jurisdiction.     

西方公平价格思想的演变

在西方国家,经中世纪到18世纪资本主义生产方式的逐步确立,公平价格思想大致经历了伦理的"绝对公平"价格论、调和的"等级公平"价格论和"利益公平"价格论三个阶段.