中国网络团购企业营销策略研究

中国互联网的发展走的是模仿美国之路。自2010年初美国Groupon团购模式在中国被成功复制后,Groupon模式的中国团购网站迅速出现。但是由于行业进入门槛过低、行业核心价值同质化严重、商家营销效果不能持久等不利因素,让绝大多数网络团购企业的发展前景黯淡,整个行业面临洗牌。面对这种局面,因此有必要对团购市场中的营销环节进行研究和探讨。     

云南农业战略性新兴产业选择与培育研究

鉴于目前对农业战略性新兴产业的研究还较薄弱,文章首先对农业战略性新兴产业的定义、特征和内涵等基本问题进行探讨,进而提出云南农业战略性新兴产业选择的基本原则和发展重点,最后结合云南农业发展实际,提出培育和发展云南农业战略性新兴产业的建议和措施。     

A lottery-preference-based explanation of realized kurtosis puzzle in Chinese stock market

High kurtosis corresponds to fat tails on both sides and under risk-aversion assumption investors’ dislike of left-tail loss outweighs their preference for right-tail gain. Therefore, high kurtosis characteristic of stock should predict high expected returns. However, the high-frequency-data-based empirical results on Chinese stock market are just the opposite, which we refer to as the ‘realized kurtosis puzzle’. Using the double sorts and firm-level cross-sectional regression methods, we further demonstrate investors’ preference for lottery-like stocks or lottery preference is key to solve the puzzle. Our further empirical research verifies stocks with higher retail investors’ shareholding proportion and unavailable for short show stronger ‘realized kurtosis puzzle’. In addition, the puzzle is particularly significant in high lottery preference periods while less apparent in low lottery preference times.     

Technological diversity,knowledge flow and capacity,and industrial innovation

ABSTRACT

This article examines the effect of technological diversity, knowledge flow and capacity on industrial innovation performance. We suggest that there is an inverse U-shaped relationship between technological diversity and industrial innovation performance. Moreover, knowledge flow and knowledge capacity are hypothesised as negatively moderating the effect of technological diversity on industrial innovation performance. We use negative binomial regression to test the hypotheses in a panel data of 360 industry-year cases and the findings support our prediction. Managerial implications and future research directions are discussed.     

Market timing,investment, and risk management

The 2008 financial crisis exemplifies significant uncertainties in corporate financing conditions. We develop a unified dynamic q-theoretic framework where firms have both a precautionary-savings motive and a market-timing motive for external financing and payout decisions, induced by stochastic financing conditions. The model predicts (1) cuts in investment and payouts in bad times and equity issues in good times even without immediate financing needs; (2) a positive correlation between equity issuance and stock repurchase waves. We show quantitatively that real effects of financing shocks may be substantially smoothed out as a result of firms' adjustments in anticipation of future financial crises.     

浅谈摄影与园林的关系

摄影与园林是艺术的两种类别,摄影是一门技术也是一门艺术,摄影能为园林的学习、设计创作、施工纪录、宣传服务,是园林工作的好助手!     

关于林业信息化在防灾减灾中预警作用的思考

2010年,西南5省遭遇了历史罕见的特大旱灾。本文基于这次旱情引发了当前林业信息化建设对灾难预警及突发性应急管理方面的预测分析和对策思考。     

MUTUAL FUND PERFORMANCE EVALUATION – APPLICATION OF SYSTEM BCC MODEL

For the first time, this research adopts the system BCC model in data envelopment analysis in order to evaluate mutual fund performance and compares the results between the BCC model and the system BCC model. This study is based on the sample of stock funds and balanced funds in Taiwan, with the empirical results summarised as follows. (i) Under the system BCC model, the average score of balanced funds is greater than the average score of stock funds. (ii) There is a significant difference in efficiency scores between the BCC model and the system BCC model, and it is proper to adopt the system BCC model. (iii) The number of major reference sets that have been referenced under the BCC model is larger than under the system BCC model. (iv) If we neglect the distinctions between stock funds and balanced funds, there will be errors on performance assessment. Ultimately, the results reveal that there is a significant difference between the two models. Provided no consideration is made for the funds belonging to two different systems, errors in performance evaluation are inevitable. This research provides investors with both a more accurate and comprehensive evaluation method.