Sell-order liquidity and the cross-section of expected stock returns

We estimate buy- and sell-order illiquidity measures (lambdas) for a comprehensive sample of NYSE stocks. We show that sell-order liquidity is priced more strongly than buy-order liquidity in the cross-section of equity returns. Indeed, our analysis indicates that the liquidity premium in equities emanates predominantly from the sell-order side. We also find that the average difference between sell and buy lambdas is generally positive throughout our sample period. Both buy and sell lambdas are significantly positively correlated with measures of funding liquidity such as the TED spread as well option implied volatility.     

Coinsurance effect and bank lines of credit

The coinsurance effect hypothesis predicts that firm diversification reduces financial constraints through imperfectly correlated cash flows among segments. We empirically test the hypothesis by studying the relation between coinsurance effect and bank lines of credit. We find that coinsurance effect is associated with a higher availability of bank lines of credit, and that diversified firms hold a higher level of bank lines of credit if they have higher investment opportunities and if they are bank-dependent. We find that diversified firms hold a higher fraction of corporate liquidity in the form of bank lines of credit due to the coinsurance effect. The findings are consistent with the coinsurance effect hypothesis and contribute to the debate on the value consequence of firm diversification by disclosing a specific channel through which firm diversification affects financial constraints.     

论民族旅游村寨“农家乐”独特优势资源——以贵州西江千户苗寨为例

文章以贵州西江千户苗寨为例,通过实地调查研究,对民族旅游区内农家乐经营者和旅游者作出大致分类,分析两者的文化传播与接收角色,对比其他地区农家乐类型之后,总结出民族旅游区的独特优势资源,这对少数民族文化在旅游发展中的传承与变迁具有一定价值。     

“企业伦理与会计职业道德”专题研讨会综述

中国会计学会会计教育专业委员会和全国会计硕士专业学位教育指导委员会秘书处主办、厦门国家会计学院承办的"企业伦理与会计职业道德"专题研讨会于2005年6月11日在厦门国家会计学院召开.会议旨在继续推动"企业伦理与会计职业道德"的研究,促进MPAcc职业道德教育.     

2004年中国上市公司100强公司治理评价

公司治理是现代企业制度中最重要的组织结构,它是对公司进行管理和控制的体系和机制。公司治理涉及公司的管理层、董事会、股东及其它利益相关者之间一系列的关系。其核心问题是在企业所有权和控制权分离的条件下,通过适当的制度安排来解决公司股东和内部人之间的委托代理关系。通过这样一个架构,公司治理使公司的目标以及实现这些目标的手段得以确定。良好的治理结构是保证经营者(代理人)根据公司股东和利益相关者的最佳利益行事的必要手段,它能够对代理人提供有效的监督,从而激励企业更有效地为社会创造财富。20世纪90年代中期以来,英国和…     

重量级IT项目敏捷管理方法研究

重量级IT项目具有高度复杂性和不确定性，以过程为基础的项目管理需要借敏捷方法加以改进。本文以阐明IT项目的复杂产品系统特性为起点，从复杂产品系统的模块化及分解入手，讨论了IT产品的动态形成过程，提出了一个重量级IT项目敏捷管理方法框架。在该方法中，探讨了复杂产品分解的随机Petri网概念模型、柔性团队行为模型、重载方法适度规范集以及基于知识转移的敏捷开发过程。     

Capital flows and stock price volatility: Evidence from Hong Kong

This paper investigates both the short-run dynamics and the long-run co-movement of stock prices, capital flows and the real interest rates in Hong Kong. By using the Johansen multivariate cointegration technique, this paper finds that there are two cointegration vectors among the variables. In other words, the results show that the three variables in Hong Kong are moving together. This long-run relationship implies that even the stock market is efficient in the short-run. Its long-run movement can, however, be predicted by the activities of the capital market.This paper benefited greatly from the comments of anonymous referees. All remaining errors are ours alone.     

储运企业在改制中求发展

储运企业的改制和发展已是当前首要的课题,在搞好企业改制的同时,提出适应企业发展的总体思路,福州商业储运公司在改制与发展的运作中,结合企业的实际情况,提出了自己的看法与设想。     

国有商业银行建立员工退出机制问题的探讨

建立员工退出机制是当前国有商业银行人事用工制度改革的重点和难点。本分析了国有商业银行员工退出制度不能执行的原因，并对如何建立正常的员工退出机制作了探讨。     

努力建设三个电力市场

电力市场建设必须以用户为本,只有用户才是打破电力垄断的最终决定力量电力市场建设必须充分考虑世界电力发展的一般规律和中国国情,为此,建设竞争性电力市场、地方服务型农村电力市场和用户侧分布式电力市场应是完整的电力市场体系的重要组成部分