Predicting market orientation through internal market orientation as culture and behaviour: an empirical application in Spanish hotels

The aim of this study is to analyse how the internal market orientation, considered from a dual perspective, cultural and behavioural, affects the development of external market-oriented behaviours by improving the attitudinal results (affective commitment and job satisfaction) of the internal customers. An empirical study was carried out, based on the perceptions of 68 managers and 296 supervisors at four- and five-star hotels in Gran Canaria (Canary Islands, Spain). The findings show that (1) the internal market orientation (IMO) has a positive influence on the effective development of market orientation behaviours in managers and supervisors; (2) the IMO has a positive influence on the affective commitment and job satisfaction of hotel managers, but not supervisors; and (3) greater affective commitment and job satisfaction have no significant effect on market orientation behaviours in hotel managers or in supervisors. Based on the study results, the paper concludes with a discussion and implications for practitioners.     

基于COSO风险管理框架的企业财务风险控制评价研究

COSO发布的风险管理框架完全适用于企业财务风险管理,是衡量企业风险管理有效性的一个标准。依据此标准,通过对企业财务风险控制体系的评价在评价的基础上,进行符合性测试,可以确定企业财务风险控制体系的健全程度和得到遵循的程度,进而确定财务风险控制体系是否可以依赖以及可以依赖的程度,以此来发现企业财务风险控制体系的不足。     

STRATEGIC INTERACTION AND CATCHING UP

In this study, we prove that the strategic interaction among agents differing in initial wealth levels leads the poor to be able to catch up with the rich, which is not the case for the standard Ramsey model where the initial wealth differences perpetuate. Extending the analysis to account for relative wealth concern and the adjustment cost of consumption, the strategic interaction among agents is shown to affect not only the distribution of wealth in the long run but also the transitional dynamics substantially. In particular, we show that structurally very simple frameworks may lead to limit cycles thanks to the strategic interaction among agents in the economy.     

论高职高专数学多媒体教学运用分析

随着高职高专教育改革的发展和计算机技术在高校数学教学中的运用,高等数学教学的授课形式发生了重大的变革,计算机多媒体作为辅助教学工具在教学中得到了广泛的运用,计算机多媒体结合功能强大的数学软件,使抽象的数学概念直观化、可视化,充分加深学生对教学内容的理解,对提高高职高专数学教学的人才培养水平具有深远的意义。     

Intraweek and intraday trade anomalies: evidence from FOREX market

In this article, we search for the evidence of intraweek and intraday anomalies on the spot foreign exchange (FOREX) market. Having in mind the international scope of this market, empirical evidence against market efficiency (i.e. market anomalies) will have important consequences for the substantial number of FOREX investors all around the globe. We explore intraweek, intraday and interaction between days and hour trade anomalies on the FOREX market over the period of 10 years using hourly time-series data of Euro and US Dollar (EUR/USD) exchange rate on Swiss FOREX market from 1 January 2004 to 11 January 2014. We compare by analysis of variance test all pairs of mean returns on a daily, hourly and daily/hourly basis. t-Test is used to test whether intraday returns are significantly different from zero. We employ Tukey’s honestly significant difference test to explore which intraday pairs of hourly mean returns are significantly greater than zero. We find that intraday and interaction between day and hour anomalies are present in trading EUR/USD on the spot FOREX market over the period of 10 years. The best arbitrage opportunity is evidenced on Fridays, when selling USD and buying EUR at 00:00 and selling EUR and buying USD at 03:00 the same day.     

数学实验在经济生活中的应用--住房公积金贷款分析

在数学教学中引入数学实验教学,能加强学生对数学学习的兴趣,并增强学生在实际生活中使用数学的能力。本文通过对住房公积金贷款的分析,说明数学实验在经济生活中的应用。     

Slow-moving capital and execution costs: Evidence from a major trading glitch

We investigate the impact of an exogenous trading glitch at a high-frequency market-making firm on standard measures of stock liquidity (spreads, price impact, turnover, and depth) and institutional trading costs (implementation shortfall and volume-weighted average price slippage). Stocks in which the firm accumulates large long (short) positions increase (decrease) by about 4% during the glitch and become substantially more illiquid. It takes one day for prices and spread-based liquidity measures to revert. Institutional trading costs, however, remain significantly higher for more than one week. Both liquidity measures are also weakly correlated outside the glitch period, suggesting they capture different aspects of liquidity.     

基于目前建筑设计管理存在的问题及其解决措施分析

随着我国现代社会经济的发展,建筑行业发展也十分迅速,相关的建筑企业在建筑工程项目开展的过程中,对于实施阶段怎样提高工程质量并且降低工程造价等方面的管控越来越严格,这就使建筑设计日常的管理工作显得格外重要,本文主要对目前建筑设计管理存在的问题进行分析和探讨,针对问题提出相应的解决措施,希望能够对建筑工程实施阶段的建筑设计管理工作的开展上有所帮助.     

银行危机中的消费者、银行、企业之间的博弈行为分析

参与银行借贷活动的主体从自身利益的角度出发决定自己的行为。国外消费者为了达到效用最大化决定消费和存款行为;银行为了达到利润最大化尽可能选择利润高的项目;企业也会在还款和违约之间按成本最小的原则作出决定。参与主体之间的这些行为会加大银行风险,加速资本外逃,引发银行危机。随着银行危机的发生、资本的外逃,本币会大幅度贬值,酿成货币危机。