复合系统视角下的乡村景观类型研究

乡村景观是人—自然—社会的多因素复合系统,以此为依据,从生态、生产、生活三个层面可以将乡村景观分为乡村生态景观、乡村生产景观、乡村生活景观3大类15小类,每一种类型的景观都具有各自的特征。通过景观类型的研究,可以继承乡村景观的传统纹理和历史传统要素,唤醒人们对传统生产方式的记忆和乡村景观轮廓和景观元素的重塑,在新的生产生活中再现片段,并在新的生产活动中对其延伸和升华,对社会主义新农村建设具有十分积极的意义。     

Price Discovery in Illiquid Markets: Do Financial Asset Prices Rise Faster Than They Fall?

We study price discovery in municipal bonds, an important OTC market. As in markets for consumer goods, prices “rise faster than they fall.” Round‐trip profits to dealers on retail trades increase in rising markets but do not decrease in falling markets. Further, effective half‐spreads increase or decrease more when movements in fundamentals favor dealers. Yield spreads relative to Treasuries also adjust with asymmetric speed in rising and falling markets. Finally, intraday price dispersion is asymmetric in rising and falling markets, as consumer search theory would predict.     

现代物流中货物集散渠道系统的构建研究

依据社会化物流的特点,考虑货物集中与分散的机制,构建了适于社会化综合物流的集散渠道系统框架,并且对系统的结构、功能及特征进行了详细描述.     

Inventory Accounting Method and Earnings-Price Ratios*

Lee (1988) finds that LIFO firms have higher earnings-price (EP) ratios than non-LIFO firms despite the income-reducing effects of LIFO, a result contrary to economic intuition that Lee describes as a “puzzle.” This paper attempts to resolve this puzzle by introducing refined measures of variables that are related to both EP ratios and inventory costing method choices. The improved proxies are analysts' expectations of future growth rather than realized growth, beta computed using a procedure designed to reduce measurement error rather than the usual OLS beta, and leverage as a supplemental risk measure. Further, we control for expected earnings changes, since transitory earnings shocks that are not expected to persist in future earnings affect the numerator of the EP ratio. After controlling for these factors, we find that EP ratios for LIFO firms are actually lower than those of non-LIFO firms, a result consistent with economic intuition and the result expected by Lee.     

看好中国广告的大趋势

在全球经济危机的大环境下,要说广告不会受到冲击是不现实的,相对于许多广告公司和媒体,达科与广告的渊源还是要浅一些的,毕竟我们主推的解决方案除了商业广告还有体育行业,以及一些大型的市政、公用设施等。     

俄亥俄州立大学哥伦布分校和印第安那大学商学院公司治理和破产

很多公司治理专家和机构都提议,董事会应该有更大比例的独立董事以及CEO不应该拥有董事长职位这样一个二重身份。但是,实践中也有一些证据支持内部人控制董事会以及CEO二重身份的董事会。我们选择50个失败的公司和50个起点状况和它们差不多的有代表性的公司的数据,比较它们董事会的结构要素,确实发现缺少独立性的董事会是公司失败的最重要原因。我们的研究表明,二重身份CEO以及内部人控制的董事会更容易造成僵化,即僵化概率远高于外部人控制的董事会。     

Do Joint Audits Improve or Impair Audit Quality?

Conventional wisdom holds that joint audits would improve audit quality by enhancing audit evidence precision because “Two heads are better than one.” Our paper challenges this wisdom. We show that joint audits by one big firm and one small firm may impair audit quality, because, in that situation, joint audits induce a free‐riding problem between audit firms and reduce audit evidence precision. We further derive a set of empirically testable predictions comparing audit evidence precision and audit fees under joint and single audits. This paper, the first theoretical study of joint audits, contributes to a better understanding of the economic consequences of joint audits on audit quality.