加拿大对发展管理的构思与实践--不列颠哥伦比亚省温哥华市的案例研究

文章旨在介绍加拿大城市开发的管理思路和模式,探求一些在不列颠哥伦比亚省政府规划控制指导下的土地使用与开发的管理方法;详细讨论了温哥华市的区域性规划,即温哥华市的可居住性区域战略规划.因其目的意在努力协调自然环境保护和城市迅速发展之间的关系,所以加拿大人把它看作是一个富于创新意识的规划.此外,这一规划理念将有益于中国的各城市,中国的规划师们去尝试解决相类似的问题,如城市化与自然环境保护的平衡问题.     

Book review

The views expressed herein are not purported to reflect those of the U.S. Department of Justice.     

An Examination of Option-Implied S&P 500 Futures Price Distributions

Expected S&P 500 futures price distributions are derived using no-arbitrage option pricing models. These distributions are parameterized both as the lognormal and as a less restrictive three-parameter Burr-XII distribution. The resulting option-based probability assessments display some evidence of miscalibration very near to expiration and far from expiration, but are accurate over intermediate time ranges. The means of the implied price distributions correspond closely to the contemporaneous futures prices for both distributions, although marginally better with the Burr-XII. The Burr-XII distribution also performs better than the lognormal based on calibration statistics, and hence, is used to recalibrate estimated distributions.     

Contents of Codes of Ethics of Professional Business Organizations in the United States

This paper reports an analysis of the content of the codes of ethics of 15 professional business organizations in the United States, representing the broad range of disciplines found in business. The analysis was conducted to identify common ethical issues faced by business professionals. It was also structured to highlight ethical issues that are either unique to or of particular importance for business professionals. No attempt is made to make value judgments about either the codes of ethics studied or of their content. General ethical values identified include honesty and integrity, general legal compliance, discreditable or harmful acts, and obligations related to social values. More business-specific issues include confidentiality, responsibilities to employers/clients, obligations to the profession, independence and objectivity, and business-specific legal and technical compliance issues.     

A microbiological survey of communal kitchens used by undergraduate students

The majority of food poisoning cases occur in the domestic environment as a result of inadequate hygiene practices. The possibility of food safety errors may be increased in domestic kitchens that are shared. However, there is very little information concerning the hygiene of these kitchens. This study investigates the microbial load of key sites in six student communal kitchens. In addition, hygiene was evaluated visually and questionnaires were used to assess the hygiene practices of the kitchen users. Results show that visual hygiene assessments are not a good indicator of microbial contamination, which, in this study, reveal poor levels of hygiene. Food safety errors were commonly made by users of the kitchens and their food hygiene practices suggest limited food safety knowledge and/or an absence of feelings of responsibility for the hygiene standard of the kitchen.     

ANALYZING STOCK MARKET VOLATILITY USING EXTREME‐DAY MEASURES

We develop a simple measure of volatility based on extreme‐day returns and apply it to market returns from 1885 to 2002. Because returns are not normally distributed, the extreme‐day measure, which is distribution free, might provide a better measure of stock market risk than the traditional standard deviation. The extreme‐day measure more accurately explains investor behavior relative to standard deviation as shown by equity fund flows, and we find evidence that large negative changes appear to influence investor behavior more than large positive changes.     

Book-to-Market Components, Future Security Returns, and Errors in Expected Future Earnings

This study investigates whether the ability of book-to-market to predict returns derives from systematic errors in the market's expectation of future earnings. We extend Beaver and Ryan (1996, 2000) by decomposing book-to-market into a more persistent (bias) component and a delayed recognition (lag) component. We find that both components are related to analyst expectations of future earnings, but the lag component is the dominant factor across all forecast horizons. Similarly, we find that the lag component explains most of the inverse relation between book-to-market and future returns. Given that lag is constructed by regressing book-to-market ratios on lagged price changes, our results are consistent with the lag component capturing systematic stock price reversals. We find that the components have unique relations with subsequent earnings forecast revisions, and controlling for these relations substantially mitigates the components' ability to predict returns. Our component-level analysis provides insight into how expected future earnings, summarized in book-to-market ratios help to explain this market anomaly.