圣汐战舰108找到中国主人

在青岛举办的第八届航博会上,大连万达集团购买了圣汐中国一艘售价高达7800万人民币的游艇,这是中国游艇史上最大最贵的私人豪华游艇.这艘名为圣汐战舰108的游艇是圣汐国际(Sunseeker International)今年特别打造的限量版游艇,全世界仅此一艘,其内外设计汇聚了众多奢华的元素是这条船造价高昂的主要原因.     

中日电气及电子类产品内贸易指数分析

在经济全球化和技术进步推动下,产品内贸易日益成为国际贸易的主要形式.中日贸易中电气及电子类产品内贸易占主导,并日趋活跃.运用产品内贸易指数、竞争力指数等指数对中日电气及电子类产品内贸易进行深入分析.发现两国产品内贸易已达到相当高的水平,但是中国零部件的竞争力水平不高,局限于组装优势,仍处于生产价值链低端.因此,中国如何利用国际产品内分工,发挥自身优势,延伸价值增值链,促进中日电气及电子类产品贸易结构升级,乃是当务之急.     

论大众传媒载体在高校思想政治教育中的应用

大众传媒是指面向大众传播信息、知识、观念、娱乐等社会信息的媒体.随着大众传媒的飞速发展,其正成为大学生获取信息和社会生存资源的重要途径,也是环绕于高校思想政治教育的重要现实环境,给高校思想政治教育带来了积极和消极的双重影响.因此高校思想政治教育者有必要加强对大众传媒载体的研究和建设,以应对大众传媒发展带来的新情况、新问...     

Migrate or not? The effects of regulation SHO on options trading activities

In this study, we investigate the effects of stock short-sale constraints on options trading by exploiting two US Securities and Exchange Commission rule changes under Regulation SHO: Rule 203 (locate and close-out requirements) and Rule 202T (temporary removal of short-sale price tests). We find that stock short selling activities decrease (increase) significantly after Rule 203 (Rule 202T) implementation, supporting the validity of Rule 203 (Rule 202T) as an exogenous increase (decrease) in short-sale constraints. Options volume increases significantly after Rule 203 went into effect and the result is more pronounced among firms with lower levels of institutional ownership and smaller options bid-ask spreads. Therefore, the evidence from Rule 203 suggests that investors may use options as substitutes for stock short sales when short selling is less feasible or more costly due to the locate and delivery requirements. In contrast, we find no significant change in the options trading volume of pilot stocks during the pilot program of Rule 202T. Overall, our results indicate that the impact of short-sale constraints on options trading varies with the types of constraints affected.     

运用Logistic回归模型加强高收入者纳税遵从的实证研究

加强高收入者的个人所得税征管、促进纳税遵从一直是税务部门的重要工作之一。利用多元有序因变量Logistic回归模型,以江苏某市2010年度年所得12万元以上个人所得税纳税申报的数据为样本,以＂应补税额＂等级的五分类有序变量为因变量,以纳税申报表中纳税人的年龄、应纳税所得额、应纳税额、性别、职业大类、行业大类6个影响因素为自变量,进行多元有序因变量的Logistic回归分析,研究结果可为税务系统加强年所得12万元以上高收入者个人所得税的申报与征管、促进纳税遵从提供新的思路。     

Exploring the mediating role of utilitarian value and hedonic value in the formation of oppositional loyalty in online communities

Our research expands the scope of the research on oppositional loyalty from brands to online communities. Online communities allow members to freely express their opinions and promote the occurrence of oppositional loyalty behaviours towards the communities. Oppositional loyalty is defined in this article that, for the purpose of strengthening the market position of their preferred community, members of the online community may express negative views or even show oppositional behaviour towards adversarial communities. In view of social capital theory, the study examines the effect of hedonic value and utilitarian value on oppositional loyalty in online communities. The results show that only hedonic value significantly affects oppositional loyalty; hedonic value mediates the effect of the three dimensions of social capital (network ties, identification, and common language) on oppositional loyalty. The study identifies that community type moderates the impact of social capital (identification and common language) on hedonic value but does not moderate the effect of social capital on utilitarian value. Finally, we find that members' oppositional loyalty towards their community can promote their community participation. This research provides recommendations for online community managers to manage and benefit from members' oppositional loyalty.     

Asymptotic subadditivity/superadditivity of Value-at-Risk under tail dependence

This paper presents a new method for discussing the asymptotic subadditivity/superadditivity of Value-at-Risk (VaR) for multiple risks. We consider the asymptotic subadditivity and superadditivity properties of VaR for multiple risks whose copula admits a stable tail dependence function (STDF). For the purpose, a marginal region is defined by the marginal distributions of the multiple risks, and a stochastic order named tail concave order is presented for comparing individual tail risks. We prove that asymptotic subadditivity of VaR holds when individual risks are smaller than regularly varying (RV) random variables with index −1 under the tail concave order. We also provide sufficient conditions for VaR being asymptotically superadditive. For two multiple risks sharing the same copula function and satisfying the tail concave order, a comparison result on the asymptotic subadditivity/superadditivity of VaR is given. Asymptotic diversification ratios for RV and log regularly varying (LRV) margins with specific copula structures are obtained. Empirical analysis on financial data is provided for highlighting our results.     

国家高新区能否提升城市创新水平?

文章基于2003年至2016年我国215个城市面板数据，运用双重差分模型、空间双重差分模型和分位数回归模型等方法，实证检验了国家高新区对城市创新水平的影响及其空间异质性特征。研究结果表明，国家高新区建设显著提升了城市创新水平，并且高新区设立带动的城市投资集聚是推动城市创新水平提升的重要原因。空间双重差分结果表明，国家高新区对城市创新水平的提升作用并非源于其对周边城市创新资源的掠夺，相反高新区设立对周边城市和省内城市均产生了显著的溢出效应，提升了本省城市和周边外省城市创新水平。此外，国家高新区对城市创新水平的影响具有空间异质性特征，在省会城市、直辖市和副省级城市，高新区对城市创新水平的影响并不显著，而能够显著提升一般地级市创新水平；随着城市创新水平的提升，高新区建设对城市创新水平的促进作用呈现出先增强、后减弱直至不再显著的非对称"倒V型"变化特征。但是研究也发现，国家高新区对城市创新水平影响的区位异质性并不显著，高新区对东部地区和中西部地区城市创新水平提升均具有显著的促进作用。