Have capital market anomalies attenuated in the recent era of high liquidity and trading activity?

We examine whether the recent regime of increased liquidity and trading activity is associated with attenuation of prominent equity return anomalies due to increased arbitrage. We find that the majority of the anomalies have attenuated and the average returns from a portfolio strategy based on prominent anomalies have approximately halved after decimalization. We provide evidence that hedge fund assets under management, short interest and aggregate share turnover have led to the decline in anomaly-based trading strategy profits in recent years. Overall, our work indicates that policies to stimulate liquidity and ameliorate trading costs improve capital market efficiency.     

The gains from trade revisited

This paper revisits the issue of whether countries gain more from trading with countries that are similar to themselves, or with countries that are different. A model based on relative endowment and technological differences across countries is developed. The main result is that a country may experience a region of increasing gains from trade as its trading partner becomes more similar to itself in terms of relative endowments. The model also predicts that for countries with sufficiently similar relative endowments, both factors of production may experience gains from trade.     

中国加入世贸组织后对农业的影响及应采取的措施

中国是农产品国际贸易大国，加入世贸组织后，对农业的生产和贸易将产生较大的影响。中国加入世贸组织既是挑战，又是机遇，有利有弊，利大于弊．应采取的措施有：改革现行的政府管理机构；采取“绿箱政策”；调整产业结构；提高产品质量；加强动植物检疫。     

装甲车辆综合显控系统人机功能分配方法研究

装甲车辆综合显控系统对遂行战斗任务具有非常重要的意义,其功能和性能对装甲车辆的整体作战能力有着直接的影响。针对装甲车辆综合显控系统作战使用要求,系统地研究了综合显控系统人机功能分配的原则和方法,建立了人机功能分配流程,通过定性分析和定量计算相结合,运用模糊数学方法解决了人机功能分配问题。最后用实例证明了该方法的有效性和实用性,为装甲车辆研制过程中合理设计显控系统人机功能提供参考。     

Maxmin expected utility with additivity on unambiguous events

This paper provides a model of beliefs representation in which ambiguity and unambiguity are endogenously distinguished in the maxmin expected utility model of Gilboa and Schmeidler (1989). Specifically, I first extend it by getting a representation of beliefs such that the probabilistic beliefs over each ambiguous event are represented by a nondegenerate interval, while the ones over each unambiguous event are represented by a number. I then suggest a behavioral definition of ambiguity. It provides a choice theoretical foundation for the Knightian distinction between ambiguity and unambiguity.     

浅谈我国高职教育考试方法的现状与存在问题

近年来,我国的教育改革取得了巨大的成就。职业教育作为一种教育的类型,越来越受到政府的重视与支持和社会的认可与关注。研究职业教育考试方法,是解决职业教育发展过程中关乎人才培养质量的重要课题。本文通过对问卷调查的总结,概括了我国职业教育考试方法的现状和存在问题,并力图对高职教育现有的考试方法提出一些探索性意见和建议,以期得到其它职业院校同仁的指导。     

韩元贬值对我国造船企业竞争力的影响分析

本文针对韩元贬值给我国造船企业国际竞争力带来的影响，通过汇率波动下中韩船厂的静态和动态利润分析，为我国船厂的对外接单竞争力分析了在汇率方面的外部影响因素。     

论民族旅游村寨“农家乐”独特优势资源——以贵州西江千户苗寨为例

文章以贵州西江千户苗寨为例,通过实地调查研究,对民族旅游区内农家乐经营者和旅游者作出大致分类,分析两者的文化传播与接收角色,对比其他地区农家乐类型之后,总结出民族旅游区的独特优势资源,这对少数民族文化在旅游发展中的传承与变迁具有一定价值。     

中频接收机数字化设计中的几个关键问题

本文以短波数字化中频接收机为例，讨论中频数字化接收机设计的几个关键问题，包括收机前端增益的确定、数字和模拟AGC门限的选取、二中频频率与取样率的选择、以及接收机信噪比（SNR）的核算。