On the Relative Performance of Investment‐Grade Corporate Bonds with Differing Maturities

We find that short‐maturity investment‐grade corporate bonds perform better, controlling for risk differences, than similar bonds with longer maturities. Our results are at least partially attributable to insurance companies’ trading behavior and align with the preferred‐habitat theory of the term structure. We find that insurance‐company purchases create a strong demand for long‐term bonds and that their rebalancing activity results in sales of short‐term bonds. As documented by extant literature, such demand‐supply imbalance is not easily resolved by arbitrageurs or firms seeking to time the market with bond issuance.     

高大平房仓大豆准低温储存安全度夏试验

采用冬季通风降温、春季隔热密闭和夏季补充冷源为主要内容的控温储粮技术集成,开展大豆控温储藏安全度夏试验.试验结果表明,该控温储粮技术集成能有效确保大豆基本达到准低温储存要求,控制储粮害虫发生,实现免熏蒸储藏,进而实现大豆绿色无公害储藏.     

基于正向设计BIM模型的造价建模规则研究

高效准确的工程量计算是工程造价管理工作中的重要内容.随着BIM技术的不断发展,基于REVIT平台的工程量计算软件也得到了较好的发展.运用BIM进行工程造价计量相对传统的计算机辅助软件算量具有显著优势.文章基于正向REVIT模型计量的建模规则,以某图书馆为例,采用两种技术路线,一是基于REVIT平台开发的工程量自动计算软...     

CEOs' general managerial skills and corporate risk taking subject to the moderator of CEO tenure

In this study, we examine the relation between chief executive officers' (CEOs') general managerial skills and firms' risk-taking behaviour. We find that generalist CEOs are associated with significantly higher firm risk, with the association decreasing significantly with CEO tenure. We propose the following managerial skills transformation explanation: the longer a CEO stays with a firm, the less general and more firm specific the CEO's skills and knowledge become; therefore, any effect of the CEO's general managerial skills only appears in the early years of tenure.