TRANSITORY MARKET STATES AND THE JOINT OCCURRENCE OF MOMENTUM AND MEAN REVERSION

In this article we derive and investigate the implications of the Fama–French and Poterba–Summers model—in which the market price of equity contains permanent and temporary components—to explain cross‐sectional differences in equity risk premia and returns. Shocks to the transitory component are regarded a Merton risk factor. We obtain estimates from a simple Kalman decomposition of the market price. The transitory component estimate is used in a conditional capital asset pricing model to test implications of the model related to predictability, cross‐sectional performance, and the existence of momentum and mean reversion.     

广东惠州导游薪酬满意度实证研究——基于亚当斯公平理论模型分析

本文利用影响薪酬满意度的三个维度:薪酬水平、体系、形式来制定调查表,以惠州导游为样本进行问卷调查,了解其薪酬满意度现状,在使用spss13.0进行分析之后,首次将亚当斯公平理论与导游薪酬实践相结合,并提出改进的措施。得出只有制定公平的薪酬设计原则,并构建良好的薪酬内部、外部及个人公平性,才能提高导游薪酬满意度的结论。     

政府对农业物流合作经济组织发展的政策支持

"三农问题"是制约我国经济发展的一个重大问题,实现我国农业的发展和农民的增收更是这一问题的重中之重。发展农业物流合作经济组织已成为我国当前一项迫在眉睫的任务,农业物流合作经济组织的自治、自助、独立自主性,并不排斥政府的积极作用。     

网络消费行为对大学生生活方式影响研究

本文以当代大学生的网络消费行为及其生活方式为研究对象。根据回归分析结果表明,网络消费行为对生活方式的不同维度(工作/学习方式、休闲娱乐方式、人际交往方式、信息搜寻方式与购物偏好)具有显著的影响。     

VMware Server在实验室服务器端的应用

VMware Server允许多用户并发访问,是目前比较流行的一款在服务器端构建虚拟化系统的应用软件;本文首先分析了VMware虚拟化产品在实验室教学试验中的应用,然后根据所在学院的实际情况,讨论了利用VMware Server2.0软件解决服务器端多应用软件运行时容易相互产生冲突的问题;研究结论指出通过使用VMware Server为每位教师分配独立的操作系统和IP可以有效地解决上述问题。     

金融市场异常现象及其理论解释

金融市场的异常现象是与有效市场假说密切相关的一个概念。Fama在1965年就提出了有效市场假说的概念，该假说认为投资者是理性的，且信息对每个投资者都是均等的，因而金融市场竞争使得“价格完全反映所有的可得信息”。然而现实世界并非如此完美，特别是20世纪80年代以后，与EMH相矛盾的实证研究不断涌现，发现了许多与EMH相悖的现象，即金融市场的“异常现象”。     

积极参与泛珠三角区域合作,加快江西开放型经济发展的对策思考

一、泛珠三角区域合作的前景 泛珠三角区域合作的前景是非常广阔的，可从以下几个角度分析：     

Analyzing interest rate risk: Stochastic volatility in the term structure of government bond yields

We propose a Nelson–Siegel type interest rate term structure model where the underlying yield factors follow autoregressive processes with stochastic volatility. The factor volatilities parsimoniously capture risk inherent to the term structure and are associated with the time-varying uncertainty of the yield curve’s level, slope and curvature. Estimating the model based on US government bond yields applying Markov chain Monte Carlo techniques we find that the factor volatilities follow highly persistent processes. We show that yield factors and factor volatilities are closely related to macroeconomic state variables as well as the conditional variances thereof.     

中国流动性过剩问题研究

自2005年底以来,流动性过剩始终是我国经济运行中的一个热门话题。而流动性过剩也正一步一步地影响着我国经济与金融地正常运行,甚至影响到广大老百姓的日常生活。本文将探讨我国流动性过剩的表现形式、成因及影响,并提出进一步缓解流动性过剩的政策建议。     

Understanding gay consumers’ clothing involvement and fashion consciousness

This study’s primary objective was to provide a better understanding of gay consumers’ clothing involvement and fashion consciousness. Personal in‐depth interviews were conducted with 13 gay professionals in Canada. One hundred and forty‐five usable survey questionnaires were also collected from gay consumers. The Fashion Involvement Index Scale (FII scale) was adapted for this study. Interview participants indicated that, in general, gay men tend to be more fashion conscious than heterosexual men. Survey results also indicated two dimensions, fashion interest and fashion awareness that were found to be stronger for this group of gay consumers than for heterosexual men. The FII value for the survey participants also resulted in a sum score mean value of 11.2, a medium level of fashion involvement that is a slightly higher level than has been found for heterosexual consumers. Interestingly, this study does not provide strong evidence of gay consumers’ involvement in cutting‐edge fashion trends.