陶瓷饰品引领服饰搭配的新时尚

陶瓷饰品作为饰品界的新秀,以其材质、形式、风格的多样性为我们营造出全新的服饰搭配时尚;陶瓷饰品与当代的文化、精神需求相融合,是饰品界的新生力量。     

基于数据挖掘的企业设备管理研究

针对现有的企业设备管理信息系统,提出引入数据挖掘技术,挖掘有用的知识、模式,辅助设备管理、决策。同时,介绍了数据仓库的建立,设计了基于数据挖掘的系统体系结构,使之提高设备管理水平,促进企业信息化进程。     

倡导企业公益营销促进和谐社会建设

传统的经济管理理论认为企业以利润最大化为目标，而当今社会经济发展实践要求现代企业必须承担相应的社会责任，并且履行社会责任通常能为企业带来长期效益。公益营销是企业体现社会责任的最好方式之一。积极倡导我国企业规范经营，适度承担社会责任，协调各方利益，是落实科学发展观、构建和谐社会的重要实践活动。     

影响火电企业发展五大因素

因素一：电力需求增速不会出现大幅下降 因素二：发电量增速将呈现平衡回归 因素三：燃料成本压力短期将持续 因素四：节能降耗提升核心企业价值 因素五：政策影响力度加大     

The informativeness of domestic and foreign investors’ stock trades: Evidence from the perfectly segmented Chinese market

This paper uses the perfect market segmentation setting in China's stock market to compare the information content of the stock trades of domestic and foreign investors. We study 76 firms that issue both A-shares (for domestic investors) and B-shares (for foreign investors) and compare the price discovery role of the two segmented markets in China. Before Feb 19, 2001, the A-share market led the B-share market in price discovery, as the signed volume and quote revision of the A-share market had strong predictive ability for B-share quote returns, but not vice versa. After Feb 19, 2001, because some domestic investors were allowed to invest in the B-share market, we find evidence for a reverse causality from the B-share to the A-share market. Nevertheless, the [Hasbrouck (1995). One security, many markets: determining the contributions to price discovery, Journal of Finance 50, 1175–1199.] information share analysis reveals that A-shares continue to dominate the price discovery process.     

从不均衡走向均衡——兼论中国应对美国经济衰退

2006年美国经济进入“软着陆”调整期,美国经济衰退给中国经济调整造成了外在压力,也是一种契机。中国经济高速增长会加剧经济结构的不均衡状态,长期高速增长造成极大财富增长,也出现各种不均衡。只要中国下决心调整经济的内外不均衡,就能够再一次在世界经济衰退中完成自己的结构调整。目前,中国应对美国经济衰退还只是阶段性的调整措施。只有通过扩大内需,才能正真意义上实现由非均衡向均衡转变。     

Limited participation and the closed-end fund discount

In this paper, we present economic forces that affect the closed-end fund share price using a simple two-period model with limited participation. We characterize three economic forces: management fee, principal-agent problem effect and diversification benefit effect. The role of the management fee is consistent with recent studies by Ross [Ross S., 2002. Neoclassical finance, alternative finance and the closed end fund puzzle. European Financial Management 8, 129–137, Ross, S., 2002. A neoclassical look at behavioral finance: closed end funds. The Princeton lectures in finance III] and findings of various empirical studies [e.g., Kumar, R., Noronha, G.M., 1992. A re-examination of the relationship between closed-end fund discounts and expenses. Journal of Financial Research 15(2) Summer, 139–147; Russel, P.S., 2005. Closed-end fund pricing: The puzzle, the explanations, and some new evidence, Journal of Business and Economic Studies 11(1), 34–49; Gemmill, G., Thomas, D.C., 2002. Noise trading, costly arbitrage, and asset prices: Evidence from closed end funds. Journal of Finance 57(6), 2571–2594]. The model’s principal-agent problem effect is consistent with empirical findings by Brickley et al. [Brickley, James, Steven Manaster, Schallheim, James, 1991. The tax-timing option and the discounts on closed-end investment companies. Journal of Business 64, 287–312] of positive relation between the fund discount and the average variance of the constituent assets in the fund portfolio. In addition, it provides a theoretical framework for empirical studies, which examine the role of agency costs [Barclay, Michael J., Clifford G. Holderness, Jeffrey Pontiff, 1993. Private benefits from block ownership and discounts on closed-end funds. Journal of Financial Economics 33, 263–291] and compensation contracts [Coles, J., Suay, J., Woodbury, D., 2000. Fund advisor compensation in closed-end funds. Journal of Finance 55 (3), 1385–1414; Deli, Daniel N., 2002. Mutual fund advisory contracts: An empirical Investigation. Journal of Finance 57(1), 109–133] on the behavior of fund managers and fund discounts. The model’s diversification benefit effect supports the result in [Bonser-Neal C., Brauer,G., Neal, R.., Wheatley, S., 1990. International investment restrictions and closed-end country fund prices. Journal of Finance 45, 523–547] that announcement of financial market liberalization is associated with a decrease in the fund premium. It also supports the findings of [Kumar, R., Noronha, G.M., 1992. A re-examination of the relationship between closed-end fund discounts and expenses. Journal of Financial Research 15(2) Summer, 139–147; Chay, J.B., Trzcinka, Charles A., 1999. Managerial performance and the cross-sectional pricing of closed-end funds. Journal of Financial Economics 52, 379–408] of a positive relation between current premium and the risk-adjusted return over the following year.     

论云南少数民族服饰的丰富内涵

文章着重从云南少数民族服饰在历史变迁中的实用价值、宗教信仰、审美情趣、民族性格、民族心理、等级差别、财产观念以及对历史的传承和变异多个方面,分析云南少数民族服饰的丰富内涵,为现代服装的设计提供新的思路。     

金融中心评价指标体系研究

本文在综述国内外关于金融中心评价指标体系的基础上,分析了影响金融中心形成和运行的因素,依据国际金融中心的形成和运行具有较高相关度的原则,构建了包括经济环境、金融市场、金融机构和金融制度四方面内容的评价指标体系,利用2004年东京、新加坡、香港、北京、上海、广州和深圳七个城市的数据,依据层次聚类分析方法对这些城市所处的层次进行定位:北京、广州和深圳成为一类,为金融中心的初级阶段;上海成为第二类,为国内金融中心阶段;香港和新加坡成为一类,是区域国际金融中心;东京处于最高阶段,是真正的国际金融中心.最后对这些城市的发展前景进行了预测.