A Likelihood Ratio Test of Price Volatilities: Comparing Stock Index Spot and Futures

This paper uses three methods to estimate the price volatility of two stock market indexes and their corresponding futures contracts. The classic variance measure of volatility is supplemented with two newer measures, derived from the Garman-Klass and Ball-Torous estimators. A likelihood ratio test is used to compare the classic variance measure of price volatilities of two stock market indexes and their corresponding futures contracts during the bull market of the 1980s. The stock market volatilities of the Standard & Poor's 500 (S&P 500) and New York Stock Exchange (NYSE) indexes were found to be significantly lower than their respective futures price volatilities. Since information may flow faster in the futures markets than in the corresponding stock market, our results support Ross's information-volatility hypothesis. It was also noted that the NYSE spot volatility was lower than the S&P 500 spot volatility. If the rate of information flow and firm size are positively related, then the lower NYSE spot volatility is explained by the size effect. The futures price volatilities for the two indexes were insignificantly different from each other. With stock index spot-futures price correlations approaching unity, one implication of our results for index futures activity is that smaller positions in futures contracts may suffice to achieve hedging or arbitrage goals.     

关矛房贷利率上调对房地产市场影响的几点分析

本文在2006年4月28日央行出台新的住房贷款利率政策以控制目前房地产市场过热现象的背景下，对房地产政策加以分析。通过对以往政策的回顾和新出台的以金融手段抑制需求的政策的分析，得出长期控制房地产市场过热问题的关键是控制供给政策和控制需求政策的配套运用。     

工厂自动化物流系统——企业物流技术选型

在制造业中，物流贯穿于工厂生产的各个环节．它们的联系是那样的紧密．甚至已经融入到生产工艺过程之中。无论原材料配送、零部件配送．还是成品酉B送，都需要进行合理的安排，生产过程中的工件和工具的存储、搬运、装卸更需要精密地规划设计。只有合理组织生产物流过程．才有可能使生产过程始终处于最佳状态．避免因物流不畅而导致的生产停顿现象的发生．同时还可以大大缩短生产周期．节约劳动力．提高生产效率．做到柔性化生产．．正是基于这样的认识，我们决定做这个专题。但是当我们用“自动化”这个词来限定专题的范围的时候，其实是很有些犹豫的。因为．就目前而盲．工厂自动化物流系统高投入的特点．足以让很多中国制造企业望而却步。但我们想．这并不妨碍制造企业去了解工厂自动化物流系统的装备特点、应用前景以及供应商的情况。毕竟．自动化是制造业未来的方向。     

张有为：设计通天之路

淘金户外广告，张有为有他独特的方式。创意的眼光是他的制胜法宝，在空港这一块户外广告的兵家必争之地，张有为在貌似饱和的局面下找到了突口，安身立命，出奇制胜！[编者按]     

纺织品pH值快速测量方法的研究

[目的]为实验室和现场快速检测找到有效手段.[方法]通过对各类纺织品表面吸附功能的比较研究,对棉斜纹布、棉绒布、丝绸及涂层布等纺织面料进行测试研究,经过萃取时间、萃取水量、测试稳定性、辅助稳定性、辅助装置的试验,确定了用平头电极直接测试纺织品表面pH的方法.[结果]该方法具有快速准确、不破坏样品的特点,测试所需时间比现行的标准方法快16倍.[结论]本方法适用于实验室和生产现场的快速检测,同时也为在检验现场进行快速筛选检验提供了一项有效的测量手段.     

合作原则与大学英语口语教学

随着国际化的日趋加强,英语口语教学的重要性日益突出。英语口语教学的目的是为了培养学生的交际能力,而语用能力是交际能力的一个重要的组成部分。本文旨在通过美国语言哲学家格赖斯(H.P.Grice)提出的语用学会话含义理论——合作原则,对如何提高英语口语教学提出一些合理建议。     

以科学发展观统领学院跨越式发展,推动创新教育

科学发展观具有丰富的内涵，它强调可持续发展、全面发展、协调发展、统筹发展、循环发展和节约型发展。从教育领域与人才培养的相关性看，科学发展观要求教育与人口、人才、人力资源开发的协调发展，要求教育事业与科技、文化、卫生、体育等各项事业的统筹发展，要求高等教育与基础教育、社会教育的协调发展，要求教育的有效供给与教育的社会需求的协调发展，要求教育的规模、速度、水平、质量、效益协调发展等。我校应该在科学发展观的指导下，认清发展的思路和目标定位，处理好办学规模、办学质量、办学水平、办学效益、办学特色等几方面的关系。     

庄励：非Leader的快乐生活

“庄励一直认为自己不是一个能成为leader的人物，但她能做好其次的事情。决策者需要冷峻的面孔和深邃的目光，但庄励的身上更多的是一种快乐和随意的气质。与独当一面的野心相比，她更喜欢能踏实地做好每一件力所能及的事。会当临绝顶似的孤独的光荣不是庄励喜欢的东西，她更乐意和伙伴们在一起，共同播种，一起面对。”[编者按]     

Levels of computer self-efficacy, computer use and earnings in China

Levels of self-efficacy in computer use were found to be positively related to computer use at work among a sample of workers in Shanghai. The simultaneous estimation of computer use and earnings indicated that an earnings premium for computer use accrues only to females, not to males.     

Market Power in Chinese Taipei: Laws, Policies and Treatments

The experience of Chinese Taipei shows that opening up a previously protected market to new entrants can be a more effective and reliable way to enhance competition than regulating the behavior of dominant or monopolistic firms. Moreover, when opening up the market, the liberalizing measures adopted by government should be market-structure-neutral. That is, it should not try to dictate the direction and results of market competition. A more pressure-resistant mechanism should be designed to deal with market power, taking the form of a regime that is cross-sector, independent and collective in its decision-making, such as has been the case with Chinese Taipei's Fair Trade Commission.