The effects of structural breaks and long memory on currency hedging

Empirical evidence suggests that unconditional variance of exchange rate return series is subject to occasional structural breaks that may induce spurious phenomenon of high persistence and long memory of volatility processes. In this study, we investigate the effects of such breaks on estimated risk-minimizing hedge strategies (ratios) and their performance in currency markets. Using bivariate GARCH (BGARCH) and fractionally integrated GARCH models, we estimate the hedge ratios for six foreign currencies in the full sample with and without controlling for breaks and each subsample of different unconditional variance regimes identified by a modified version of the Inclan C, and Tiao GC (1994) algorithm. Our findings suggest that daily currency risk can be better hedged with currency futures when controlling for unconditional variance breaks in the BGARCH model. © 2009 Wiley Periodicals, Inc. Jrl Fut Mark 30:607–632, 2010     

AN ANALYSIS OF FACTORS AFFECTING CROSS DOCKING OPERATIONS

Using simulation, we examine the decisions in moving freight between inbound and outbound trailers in a cross dock. The decisions examined include direct versus indirect handling of pallets, number of open receiving doors, door layout, number of forklifts, size of cross dock and freight mix. This study provides useful insights on handling freight in a cross dock.     

关于科学地设置基础课程为专业课程服务的几点做法

结合专业需要科学地设置基础课程是建立课程体系必要条件,是培养合格高职高专人才的重要途径。     

Antecedents and consequences of knowledge sharing in international tourist hotels

The purpose of this empirical study is to investigate factors which influence knowledge sharing, organizational learning and effectiveness. Of self-completed questionnaires collected from international tourist hotels in Taiwan, 615 were usable for data analysis. The structural equation modeling results showed that leaders played the roles of mentor, facilitator and innovator, and nurtured a supportive environment at the levels of workgroup, immediate superior and organization. In addition, employees had a positive attitude towards learning and to sharing. All of these contributions facilitate transformation of collective individual knowledge to organizational knowledge, resulting in the advancement of organizational learning, and thus, greater organizational effectiveness.     

关于转变张家口旅游业发展方式的思考

面对发展的新形势和新要求,张家口旅游业必须要抓住机遇,转变观念,将发展旅游业提升为国家战略;必须要抓服务要素建设,转变方式,构建大产业格局;必须要扬长避短,转变思路;必须要抓住旅游产业发展的节点抓创新,转变方法,提升旅游产业整体发展水平。     

How economic globalization affects urban expansion: an empirical analysis of 30 Chinese provinces for 2000–2010

Quality & Quantity - Using the globalization theory as the base, this study draws on cross-provincial panel data from 2000 to 2010 to analyze the effect of globalization on China’s urban...     

程控交换机维护技术

文章分析了交换机的常见故障,提出了以管理和维护为主,以预防为辅的程控交换机维护与管理措施.     

浅议企业职工岗位技能培训

介绍了企业职工技能培训的意义,具体方法和存在的一些问题,并分析了其形成的原因,介绍了发展职工技能培训的思想创新化,方法多样化的发展趋势.     

Is the quality of female auditors really better? Evidence based on the Chinese A-share market

Unlike previous studies in which a single index was used to measure audit quality, this study establishes a new comprehensive index to measure audit quality via Discretionary Accrual, as estimated by Jones’ basic model (1991) and Audit Opinions. The former is used to measure the quality of financial statements, and the latter is used to measure the auditors’ independence in the mainstream international literature. We examine whether and how an auditor’s gender affects the quality of his or her audits under the framework of empathy theory and gender role socialization theory. Using a large sample of 9861 auditor-firm-year observations from Chinese A-share–listed companies from 2011 to 2015, we find that the audit quality of signed auditors shows significant gender differences: these significant gender differences differ from the findings of previous studies that female auditors could provide a higher-quality audit than male auditors; that is, in our study the audit quality of the male auditors exceeds that of the female auditors. After distinguishing the positive and negative directions of the Discretionary Accrual, we find no significant gender differences in audit quality between male and female auditors when the earnings had been adjusted upward by the client; that is, female and male auditors had the same audit risk perception. However, when the client adjusted earnings downward, which indicates a lower audit risk for the auditor, the audit quality of female auditors was significantly lower than that of the male auditors. After controlling for the age and position of the auditors, we also find that the gender differences in the auditors’ audit quality decreased significantly or even disappeared when the auditor’s age exceeded 45?years and/or their position was manager or above. These results are consistent with the empathy theory and gender role socialization theory.