The pricing of common exchange rate factors in the U.S. equity market

We extend Lustig et al. (Rev Financ Stud 24:3731–3777, 2011) and Brusa et al. (The International CAPM Redux, 2014) by examining if the common exchange rate factors, the dollar and carry factors, are priced in the US equity market. Our results suggest that while the carry factor has incremental pricing information relative to the US market factor, the dollar factor (or the trade-weighted exchange rate index) is redundant. Our results have important theoretical as well as practical implications. Theoretically, we suggest that financial economists take an endogenous perspective of exchange rates. Practically, we suggest that practitioners incorporate in the carry factor to measure the exposure of exchange rate risk.     

城市景区大跨负埋深隧道半盖半挖施工应用

本文根据城市景区大跨负埋深隧道施工特点,介绍了处于山高林密间飞地的负埋深露头段隧道,利用已开挖隧道做通道强行出洞、做初期支护保护壳、边盖边挖、二次进洞开挖、预留投料孔施工护拱的绿色环保施工方法,创造性的解决了地处景区、林区露头隧道施工的难题,取得了较好的经济、社会效益,加快了施工进度。     

特大城市轨道-公交-慢行三网融合实施方案研究 ——以深圳市白沙岭、红荔片区为例

本文针对特大城市轨道、公交、慢行三网融合实施方案进行了研究,探讨了三网融合的发展目标与策略,三网融合实施方案的编制原则、编制内容等,并以深圳市白沙岭、红荔片区为例进行了案例分析.本文的研究成果可为相关特大城市的轨道、公交、慢行三网融合项目的实施提供参考,也可为相关工程技术人员、科研人员提供有益借鉴.     

服装外贸跟单的人才构建与实践

本文阐述了服装外贸跟单员工作岗位的形成,重点介绍服装外贸企业的跟单工作过程,通过将服装外贸跟单员的起源与工作过程相结合,最终对服装外贸跟单的人才培养提出几点建议。     

驻马店地名文化品牌的开发与利用

驻马店拥有丰富的地名人文资源,如何对其进行开发和利用一直是当地政府思考的重要问题。受地名与商品或服务结合情况的影响,驻马店在进行地名文化品牌的开发与利用时,应该根据不同地名人文资源的性质,规范地名人文资源的保护与开发工作。     

我国新能源汽车产业破坏性创新的政策支持研究

提高新能源汽车产业创新水平、将新能源汽车产业置于国民经济战略性新兴产业的地位予以支持已成为世界大国博弈的重要命题.文章将破坏性创新理论用于指导我国的新能源汽车产业政策,在公共科技政策分析的基本政策工具框架下,采用内容分析法分析了2009年至今我国新能源汽车产业创新的政策支持体系;对特斯拉汽车成功进行破坏性创新的案例及对我国的启示作了实证研究,进而提出我国新能源汽车产业破坏性创新的政策建议.     

财务治理分层论

随着改革开放以来我国市场经济体制的改革与发展,现代企业财务制度不再是只由企业所有者单方包揽大局,而是由企业所有者、经营者和财务经理等分层对企业进行管理和治理,于是财务分层治理思想应用而生。     

Disclosure of Downside Risk and Investors' Use of Qualitative Information: Evidence from the IPO Prospectus's Risk Factor Section

I use the context of a company's initial public offering (IPO) of equity securities as a capital‐market setting to empirically study the economic consequences of risk factor disclosures. Using data from Australian IPOs, I examine the relation of textual risk disclosures in the prospectus to initial underpricing. I find that the quantity of disclosures in the risk factor section itself has no significant impact on initial underpricing. However, an increase in the informativeness of risk factor disclosures is associated with lower IPO underpricing. My results suggest that IPOs that provide informative risk factor disclosures have less ex ante uncertainty, in the sense that the disclosures help investors estimate the dispersion of secondary market value. The effect of informative risk factor disclosures on IPO underpricing is more pronounced for IPOs with less prestigious lead underwriters and is mainly driven by younger firms, smaller firms, and firms with poorer operating performance prior to their IPOs. Collectively, my findings suggest that informative disclosures of downside risk are useful for investors to evaluate IPOs.     

Timing earnings

Since the opening of China’s securities market, there have been a number of bull and bear cycles. This paper discusses how executives use the market timing approach to manage earnings in different cycles to maximize firm value. We find that Chinese listed companies choose to release more earnings during bull markets and this phenomenon is more evident in companies that are more profitable and have higher valuations. We also find that executives who do not release more earnings during bull markets are more likely to be dismissed.