Capital Flight: China's Experience

We study the empirical determinants of China's capital flight. In addition to the covered interest differential, our empirical exercise includes a rather exhaustive list of macroeconomic variables and a few institutional factors. Overall, our regression exercise shows that China's capital flight is quite well explained by its own history and covered interest differentials. The other possible determinants offer relatively small additional explanatory power. It is also found that China's capital flight responds differently to the components of covered interest differentials and to the positive and negative components of these variables. The response pattern, however, depends on the choice of data frequency. The general impression is that the monthly results are more intuitive than the quarterly ones.     

谈谈预应力混凝土梁板的拱度控制

预应力混凝土结构已被逐渐广泛地应用于工程中,而预压力所产生的拱度正好可以抵消荷载作用下梁板所产生的挠度,显然这对结构是有利的。然而如果拱度过大,对于桥梁工程来说,造成公路桥梁路面不平顺,导致行车不顺畅,产生负面效果。因此,如何控制好结构的拱度也是一个亟待解决的问题。文章主要从拱度的成因、结构的材料等几个方面来谈谈对结构拱度的控制。     

Developing a Novel Hybrid Model for Industrial Environment Analysis: A Study of the Gourmet and Tourism Industry in Taiwan

This study applies fuzzy set theory in attempting to evaluate important attributes of the tourism and gourmet business environment in Taiwan. This business environment is composed of various attributes that are difficult to measure. To overcome these challenges, we integrated the fuzzy Delphi method, the decision-making trial and evaluation laboratory method, and the analytic network process to evaluate the business environment. We found that the most significant aspect of the tourism and gourmet business environment is human resources and that the least significant aspect of this industry is market development. The most significant criteria are enhanced industry competitiveness and opportunities to develop the industry.     

An Examination of Sales Promotion Programs in Hong Kong: What the Retailers Offer and What the Consumers Prefer

This study gives an insight into the retailer's capability of managing sales promotion by examining the sales promotion programs offered by Hong Kong cosmetic and toiletry retailers and the consumers’ preferences. The results indicate that instant-reward programs are popular among retailers and preferred by consumers. The results also show that the preferences for sales promotion programs are dependent upon consumers’ demographic and sociocultural characteristics. Implications for advertisers designing and communicating sales promotions are offered.     

How regulatory changes affect IPO underpricing in China

This paper examines the underpricing of IPOs in the Chinese A-share market during the period 1992–2006. Since its inception, the Chinese IPO market has transformed from a tightly-controlled system to a more market-oriented system. Reforms include the abolishment of listing quotas and fixed issue price determination; allowing for more market participation in IPO pricing. The regulatory changes of Chinese IPO market, though improving over time, actually are not monotonic. The regulatory framework started from over-restrictive to over-unrestrictive, then fine-tuned with additional restrictions. This study documents the regulatory reforms during the sample period and investigates how these regulatory changes affect IPO underpricing in China. During this period, we find that Chinese IPOs exhibit a huge underpricing. The size of the underpricing, however, decreases over the sample period. This study further finds that the IPO pricing method before the regulatory changes, which was based on a fixed P/E ratio pre-determined by the regulators, contributed significantly to the IPO underpricing in China. After adopting a series of regulatory reforms allowing underwriters discretion in the determination of issue price, this regulatory underpricing component vanishes. This study has policy implications in demonstrating the impacts of regulatory frameworks on IPO underpricing.     

Liquidity constraint,uncertainty and household consumption in China

This paper investigates the changing roles played by liquidity constraint and uncertainty in accounting for the dynamism of Chinese household consumption behaviour. Starting from the Euler equation-based model of Robert Hall, a framework encompassing an array of consumption models is developed and applied to Chinese data over the period 1961?1998. Empirical results reveal a regime shift in the early 1980s and imply that increases in the proportion of liquidity constrained consumers and increased uncertainty in the post-reform period are responsible for the extremely low consumption or high savings in China. Moreover, it is found that interactions between liquidity constraint and uncertainty reinforce each other's effects and lead to declines in both the level and growth of consumption.     

Tick sizes and relative rates of price discovery in stock,futures, and options markets: Evidence from the Taiwan stock exchange

This study examines the competition in price discovery among stock index, index futures, and index options in Taiwan. The price‐discovery ability of the Taiwan Top 50 Tracker Fund, an exchange‐traded fund based on the Taiwan 50 index is examined. The authors find that, after the minimum tick size in the stock market decreases, the bid–ask spreads of the component stocks of the stock index and the Taiwan Top 50 Tracker Fund get lower, and the contribution of the spot market to price discovery increases. © 2008 Wiley Periodicals, Inc. Jrl Fut Mark 29:74–93, 2009     

探析多媒体教学在旅游英语课程中的有效应用

文章对旅游英语多媒体教学的实效性进行了探讨,提出了制作实用的课件、提高课堂教学的效率、获得最佳教学效果的建议.