小茶叶，大商机

具有保健功效的普洱茶除了可以饮用之外还具有收藏价值，所以被喻为能喝的古董，自然成为收藏有和茶叶爱好者的心头爱。     

Risky IPTV Investment

IPTV （Internet Protocol television） is a frequently mentioned word recently, since Shanda changes its main business to IPTV, which isrecognized as a new technology and at- tractive business in the future. Shanda is the most active Chinese online game pioneer, it has produced one trail box, which will be used as the host while traditional TV station as terminal of the IPTV. Shanda hopes that the box＇s development and the family entertainment service operation will boost its revenue and help to recover the investors＇ confidence. It is estimated that Shanda has spend about $450 millions on IPTV in the last year, including production research and sales channel establishment. However, it is reported that the box is of poor quality. Even the internal trial members complained about the box＇s unsatisfactory performance. In addition, the price of the box is about 6,000 RMB each （equivalent US $ 800）, it is too expen-sive to most Chinese consumers.     

职业经理人进入民营企业影响因素的实证研究

本文根据抽样调查 ,对经理人进入民营企业的影响因素进行了实证分析。研究结果表明 :( 1 )影响经理人进入民营企业最重要的因素依次为 :职业发展的机会与空间 ,工资福利水平 ,雇主对经理人的诚信 ,收入与晋升的公平性 ,企业的规模与形象。 ( 2 )民营企业在经理人职业发展空间这一最重要因素上的吸引力已经超过了国有和外资企业。这预示着民营企业的家族经营模式最终可能会被打破。只要相关的制度完善 ,中小企业对经理人仍然具有一定的吸引力。 ( 3 )与国有和外资企业相比 ,民营企业对经理人的综合吸引力仍然最低 ,但已经接近国有企业。 ( 4)上述最重要因素对民营企业综合吸引力改善的边际贡献的大小顺序为 :职业发展的机会与空间、收入与晋升的公平性、工资福利水平、企业的规模与形象、对经理人的诚信。 ( 5)与国有企业进行人才竞争时 ,民营企业应优先提高职业发展机会与空间、对经理人的诚信和工资福利水平 ;与外资企业竞争时 ,则应重点改善职业发展机会和空间、收入分配与职务晋升的公平性以及企业的规模与形象。     

THE LEAD–LAG RELATION BETWEEN THE S&P500 SPOT AND FUTURES MARKETS: AN INTRADAY-DATA ANALYSIS USING A THRESHOLD REGRESSION MODEL

In this paper we examine the lead–lag interaction between the futures and spot markets of the S&P500 using the threshold regression model on intraday data. The use of threshold variables to model the changes in the regression structure with respect to different market conditions enables us to investigate the lead–lag interaction in a data-based approach and avoid stratifying the data arbitrarily. Using the basis as the threshold variable, we find that the short-selling restrictions in the spot market reduce the effect of the spot index as the leading variable. To study the effect of market-wide information on the interaction between the spot and futures markets, we use the coefficient of determination in the regression of the S&P500 on the Morgan–Stanley Composite Index-US and the Major Market Index as the threshold variable. We find that the lead effect of the futures market over the spot market is stronger when there is more market-wide information. On the other hand, the lead effect of the cash market over the futures market is weaker when there is more market-wide information. In addition, we also use the lagged 45-min return of the spot market as the threshold variable. We find that the lead effect of the spot market is stronger in periods of directionless trading than in periods of good or bad markets.     

Does aid affect inequality?

We show that there was a negative correlation between pro-poor aid and inequality in the period before the mid-2000s. This article provides an explanation for this observed relationship. Using panel data on 34 countries for the period 1996–2014, we test the hypothesis that pro-poor aid has an inequality-reducing effect. To demonstrate that the negative correlation is not spurious, we use dynamic panel techniques with alternative specifications. We show that the share of pro-poor aid has a negative effect on inequality. In addition, we show that the interaction term between the poverty rate and the change in pro-poor aid has a significant effect. These empirical results are consistent with our theoretical predictions. The results imply that aid can reduce inequality by altering the allocation of aid, rather than by increasing the amount of aid.     

与时俱进 艰苦奋斗 实现学校(院)的可持续发展

2002年,中共上海市财贸党校、上海商业职业技术学院实现了超常规、跨越式的发展。2003年,该校(院)将继续以发展作为第一要务,大力推进学校(院)朝集约化内涵式方向发展;以创建示范性高职院校为目标,切实提高教学质量,努力形成高职特色;按照“以人为本”的原则,推进体制创新,积极稳妥地实施人事用工分配制度和教学管理体制改革,以改革促进发展,以改革加强和规范管理,将贯彻“十六大”精神落到实处。     

香港投资者看好越南

哪里有利润，资本就会流向哪里。由于投资祖国大陆的生产成本以及税收的增加，越来越多的香港企业正将目光投向越南，寻找更好的投资机会。[第一段]