黑龙江省农业国际化问题研究

农业国际化是经济全球化的必然产物。农业国际化背景下,黑龙江省农业将面临更加开放和竞争更加激烈的市场环境。如何发挥优势,利用资源,调整发展战略,提高农产品国际竞争力,加快农业国际化步伐是黑龙江省农业今后发展的重要工作。在分析了黑龙江省农业国际化制约因素的基础上,提出了提高农产品质量,加快标准化建设,调整农业产业结构,大力发展龙头企业等发展对策。     

Local sports sentiment and returns of locally headquartered stocks: A firm-level analysis

We undertake a firm-level analysis of the relation between National Football League (NFL) game outcomes and the return patterns of Nasdaq firms headquartered geographically near the NFL teams. We find that a team's loss leads to lower next-day returns for locally headquartered stocks and that this impact increases for a surprising loss or a critical game loss. The negative effects of game losses are stronger for stocks that are more vulnerable to shifts in sports sentiment. Our results suggest that the game outcomes of local sports teams influence investor sentiment, which significantly affects the returns of localized trading stocks.     

An alternative monetary policy target

For most of the period since the mid-1970s, the Federal Reserve has expressed its monetary policy intentions by announcing the target growth rates of three principal monetary aggregates: the simple-sum M1, M2 and M3. However, the sweeping changes and the deregulation in the financial industry have greatly affected the relevance of these traditional monetary aggregates. The unusual behaviour of the simple-sum monetary aggregates has forced the Federal Reserve to stop setting target range for M1. The measuring of monetary aggregates has become a controversial question. This paper constructs the new-benchmark Divisia monetary indexes which reflect ‘moneyness’ more accurately than the old Divisia indexes. I demonstrate that the historical trends of the Divisia monetary indexes are sensitive to the brenchmark rates chosen in constructing these indexes. In addition, I compare the forecasting performance of the new-benchmark Divisia monetary indexes with the simple-sum and the old Divisia monetary indexes in the estimated money demand functions. I find that the new-benchmark Divisia monetary indexes provide the best statis forecasting performance. The result indicate that the new-benchmark Divisia monetary indexes should be considered as alternative measures of money in studying the relationship between money and the economy.     

Application of fuzzy regression on air cargo volume forecast

This paper presented a Fuzzy Regression Forecasting Model (FRFM) to forecast demand by examining present international air cargo market. Accuracy is one of the most important concerns when dealing with forecasts. However, there is one problem that is often overlooked. That is, an accurate forecast model for one does not necessarily suit the other. This is mainly due to individual’s different perceptions toward their socioeconomic environment as well as their competitiveness when evaluating risk. Therefore people make divergent judgments toward various scenarios. Yet even when faced with the same challenge, distinctive responses are generated due to individual evaluations in their strengths and weaknesses. How to resolve these uncertainties and indefiniteness while accommodating individuality is the main purpose of constructing this FRFM. When forecasting air cargo volumes, uncertainty factors often cause deviation in estimations derived from traditional linear regression analysis. Aiming to enhance forecast accuracy by minimizing deviations, fuzzy regression analysis and linear regression analysis were integrated to reduce the residual resulted from these uncertain factors. The authors applied α-cut and Index of Optimism λ to achieve a more flexible and persuasive future volume forecast.     

Merger drivers and the change of bidder shareholders' wealth

A growing number of merger studies concern the causality of firm performance and merger activity in the last decade, but with mixed results. Assuming semi-strong efficiency, this article argues that firms with good stock performance are more likely to acquire other firms. With 412 US-listed bidders, results from the event study method clearly support our hypothesis by showing a strong upward movement of cumulative abnormal returns across groups in the pre-merger period. Results also suggest that bidders of different characteristics have different preference for payment methods and thus the market reactions to them are different, despite the noise that frequently accompanies merger activity. These empirical outcomes are important to both investors and financial services companies including investment banks when knowledge about the market reactions to their clients in mergers is required.     

Mimetic isomorphism and its effect on merger and acquisition activities in Taiwanese financial industries

This paper adopts an institutional theory and explores the impact of institutional pressures on mimetic isomorphism in merger and acquisition (M&A) activities. It uses 117 M&A announcements and adopts a logistic regression model to construct a probability model for mimetic isomorphism. This study finds that a firm's own M&A experiences and the frequency of M&A deals are positively correlated with the likelihood that a firm will complete its M&A deal. This paper also utilizes an event study methodology to estimate the excess return around M&A announcements as a proxy for the M&A performance and adopts the OLS regression model to analyse the relation between the imitation and M&A performances. There is a positive relation between the frequency of M&A activities and M&A performances, and a negative relation between a firm's own M&A experiences and M&A performances.     

EPS大模内置在外墙中的应用

随着社会经济发展,近年来高层建筑发展较快,为响应国家节能减排相关政策,高层建筑墙体保温尤为重要且形式多样,EPS钢丝网架板现浇混凝土外墙外保温系统工艺目前在国内外墙保温施工中应用较为广泛,本文结合单位职工住宅楼项目外墙保温施工,详细介绍了EPS钢丝网架板现浇混凝土外墙外保温系统的施工方案、技术要求、施工工艺及质量控制。     

Does market misvaluation drive post-acquisition underperformance in stock deals?

There is limited direct evidence on the impact of market misvaluation on acquirer long run performance. In this paper, we hypothesize that stock prices of stock-financed acquirers would move toward their fundamental value in the long run, thus correcting the initial overvaluation. Empirical results show that more overvalued acquirers are associated with poorer post-acquisition abnormal returns. We eliminate the concern that our findings are due to either overpayment or overvaluation-driven bad acquisitions. Our results are robust to controlling for market-wide valuation, alternative methods and assumptions used to calculate abnormal returns and fundamental value, and other factors affecting acquirer returns.     

Differentiated Products,Vertical Related Markets,and Optimal Export Policy

This paper studies the optimal export policy in the context of a vertically related industry with differentiated products, and analyzes the effects of the degree of product substitutability and market structure on the determination of such a policy. It is shown that the results obtained in a similar model with homogeneous goods rivalry no longer hold when the goods are differentiated. Indeed, the degree of product substitutability plays an important role in the determination of export policies, and also determines whether a country can be better off under a trade policy war compared to free trade. The use of a differentiated product setting also allows one to compare export policies and countries' welfare levels under both Cournot and Bertrand competition. It is found that the results of the comparison are also sensitive to the degree of product substitutability.