The diversification effects of volatility-related assets

We examine whether investors can improve their investment opportunity sets through the addition of volatility-related assets into various groupings of benchmark portfolios. By first analyzing the weekly returns of three VIX-related assets over the period 1996-2008 and then applying mean-variance spanning tests, we find that adding VIX-related assets does lead to a statistically significant enlargement of the investment opportunity set for investors. Our empirical findings are robust and have two implications. First, there is scope for the further development of financial products relating to volatility indexes. Second, hedge fund managers can utilize VIX futures contracts or VIX-squared portfolios to enhance their equity portfolio performance, as measured by the Sharpe ratio.     

新形势下我国基层公安机关领导干部素质能力现状与对策研究

公安队伍面临新世纪新的社会背景下的新挑战。基层公安机关领导干部的队伍建设已成为一个重大的战略性问题,其中基层公安机关领导干部素质能力的提升是领导干部队伍建设的一个重要组成部分。公安机关领导干部的素质能力主要包括政治理论素质、专业文化知识素质、科技能力素质和身心健康素质等。通过创新教育培养模式、做好组织管理和人力资源规划、建立心理研究机构等方式来提升基层公安机关领导干部的素质能力,以完善基层公安机关领导干部队伍建设。     

Energy Saving and Tourism Sustainability: Solar Control Window Film in Hotel Rooms

This paper investigates solar control film as an energy saver in the fast growing hotel sector in southern China. It investigates claims made for this low-cost retrofitted material in hotel rooms, calibrating reductions in solar gain in summer. It provides reliable and independent data about the performance and economic viability of solar control film in real hotel environments. The study found that, by limiting solar gain, the film helps limit tourism's impact on global warming and climate change. The paper also foreshadows new technical glazing developments.     

面向东盟 推进高等教育国际化的构想

本文通过广西与东盟合作发展高等教育国际化的回顾与反思,提出了广西各高等院校应以新的历史起点为契机,创新思维,解放思想,抓住机遇,乘势而上,面向东盟,全面推进高等教育国际化进程的若干构想。     

Cost structure and technological change of local public transport: the Kaohsiung City Bus case

This study has developed a translog cost function for the Kaohsiung City Bus (KCB) to analyse its cost structure and economic characteristics, based on monthly data over the time period from January 1996 to December 2000. The empirical results reveal that economies of density in the provision of bus services in Kaohsiung do prevail. The estimated marginal cost, which is less than the average cost but greater than the current bus fare, indicates that the subsidy is necessary. Due to the existence of returns to density (RTD), the KCB could obtain cost-saving benefits by extending its output scale. The KCB production technology is also not neutral. The effects of technological change on the KCB costs suggest that over the period 1996–2000 technological progress did lead to cost saving; the pure productivity growth rate increased from 0.45% in 1998 to 3% in 2000.     

关于新时期高校党外代表人士培养机制的思考

新一代党外代表人士的培养是当前高校统一战线中一项具有战略意义的工作。目前在高校党外代表人士培养工作中存在着思想认识不足；全盘规划欠缺；工作方法单一；实践锻炼缺乏等问题．笔者认为需从四个方面入手来构建高校党外代表人士的培养机制：一是加强领导，辩证地处理好党内与党外、本职工作和社会工作、党外代表人士和党外基础人才这“三对关系”：二是明确方向，注意党外代表人士的目标引导；三是把握规律，有针对性地做好党外代表人士的思政工作：四是提供舞台，重视党外代表人士的实践锻炼。     

Factors influencing the intentions of passengers regarding full service and low cost carriers: A note

This study investigates discrepancy in factors affecting passengers' intensions regarding using full service and low cost carriers. A conceptual model, that originally focused on the former, is adopted and slightly revised according to the service properties of low cost carriers. To validate the revised model, a questionnaire survey on passengers of Spring Airlines, the first low cost airline in China, was conducted. The results indicate differences in attitudes towards full service and low cost carriers. Service perception is a latent variable with the most significant influence on intentions about using full service carriers, but exhibits less effect on intentions regarding low cost operators. Conversely, service value exerts the greatest effect on intentions for possible low cost passengers.     

Negative affectivity and workplace deviance: the moderating role of ethical climate

This study investigates (1) the relationship between employees’ trait of negative affectivity (NA) and workplace deviance and (2) the moderating role of ethical climate in the above relationship. Data was collected from 310 employees in 40 Taiwanese companies, and hierarchical linear modeling was used to test the hypotheses. Results show that NA was positively related to workplace deviance. In addition, the rules climate weakened the relationship between NA and workplace deviance, and both the instrumental climate and the caring climate strengthened the relationship between NA and workplace deviance. Managerial implications and future research directions are also discussed.     

我国上市公司会计信息失真的原因及对策探讨——基于经济学角度分析

目前我国上市公司会计信息披露中存在较多问题,上市公司散布虚假信息、欺诈投资者的现象屡屡发生。本文试从经济学角度对会计信息的披露进行研究,通过构建博弈模型,分析会计信息失真的原因,并提出解决问题的方法。     

提高城镇体系规划编制的科学性和可操作性

随着我国城市化的加速发展,大城市的某些功能正在迅速地向周边郊县扩散,沿海一带城乡之间、城市建成区与非建成区之间的界线日趋模糊。另外,在市场化和经济全球化的大背景下,城市和国家间的竞争已经突出地表现为以中心城市为核心与其周边城镇共同构成的城市区域之间的竞争。基于这些观点,从分析我国城镇体系规划的问题着手,提出提高此类规划科学性和可操作性的若干对策。