Regime Dependent Sensitivity of Country Exchange Traded Funds to Common Risk Factors

If common factors jointly affect country stock markets, it is an indication of global stock market integration. Common factors may affect some markets more/less than other markets, an indication of the degree of global stock market integration/ segmentation. In this paper, we study the integration of global stock markets based on the returns on exchange traded funds (ETFs) for the US, Canada, UK, Germany, France, Italy, Australia and Japan. The relationship between country ETF returns and common risk factors may be time-varying across countries, and that favors a regime switching (RS) factor model for the dynamics of the country ETF returns. A RS factor model for the relationship between country ETF returns and common risk factors is fitted to daily data for the period from May 31, 2000 to March 31, 2014. We use the data to test a hierarchy of hypotheses on country ETF returns: (1) common factor exposure across all country ETFs and all regimes; (2) common factor exposure across some country ETFs and all regimes, and (3) common factor exposure across some country ETFs and some regimes. The RS factor model for ETF returns fits the data well and the common factors have variable effects across countries and over regimes.     

The quiet life of a monopolist: The efficiency losses of monopoly reconsidered

We study the efficiency losses of monopoly in a model where the firm’s total cost of production decreases with the manager’s effort to control cost. In contrast to the existing analyses of oligopolistic and monopolistically competitive markets that find an ambiguous relationship between competition intensity and managerial slack, we demonstrate that, under the same kind of cost condition, monopoly unambiguously reduces effort level and, in the case where ownership and control are separate, magnifies the effects of the moral hazard problem. Furthermore, under an alternative cost condition monopoly raises effort level rather than reducing it. In such a situation the separation of ownership and control may mitigate the productive inefficiency of monopoly.     

离任审计中以资产负债推定任期盈亏之探索

利润，是考核企业负责人任期业绩的主要指标。在实践中，不少审计人员以企业负责人任期内利润表(或损益表)为基础，逐年逐项审计其填报数额，对错报、漏报的项目逐一进行调整，尔后加总得出任期内企业的实际盈亏。这样的程序，从表面上看似乎近于完善，但实际操作时既费力费时，更易出现误差。笔通过实际探索，总结出一套以审计资产负债来推定任期盈亏的审计程序，该程序操作便捷，说服力强，现依次阐述，供同行们参考。     

Studies on HRM in the SMEs of Three Types of Ownership

This article makes a comparative analysis of the similarities and differences on HRM in the small and medium state-owned, civilian-owned, foreign-invested enterprises in Guangdong province and puts forward some suggestions to enhance the competition preponderance of the SMEs.     

山区500kV输电线路运行中的防雷措施及效果

本文就目前我国山区500kV输电线路运行中常用的防雷措施进行了阐述,并对其效果进行分析,结合内蒙古地区500kV输电线路的运行实际情况,发现需要进一步研究经济实用的防雷改进措施或新型防雷保护措施。     

柱塞式注水泵盘泵装置的设计与应用

本文针对注水泵长期全天候运转,由于水质、维修保养等原因,使得注水泵需经常更换柱塞、填料、凡尔等配件,操作时需要盘泵以方便维修,但注水泵电机皮带轮所用护罩是全封闭整体式护罩,维护保养时费力费工费时且不便操作,为能达到快速便捷、安全可靠的进行盘泵操作,故设计制作了注水泵盘泵装置。