Twin Booms: The Lead–Lag Relation Between Credit and Housing Booms

In this study, we examine the causal relation between credit (proxied by credit-to-GDP ratio) and house markets (proxied by house price index) using data of using thirty-six countries for the period 1996–2012. We find a bidirectional causal relation between the two markets using the whole sample. Then, we find that during the non–twin boom period, the results are the same as those using the whole sample. During the twin boom periods, the two markets are not linked using the boom definition of deviation from the trend, and the housing market leads the credit market using the boom definition of the growth rate exceeding a certain 15 percent.     

Long-term negative fund alpha: Is it caused by bad skill or bad luck?

This paper examines the sources of long-term negative fund alpha. We compare the actual loser funds with a control group of bootstrapped loser funds. We find that the returns of the two fund groups are co-integrated, and that they are similar in market risk exposure, alpha consistency, portfolio holdings, and GARCH volatility. The test results show that long-term negative fund alpha occurs due to bad luck rather than to bad skill.     

推动中小企业信息化建设的途径和方法——以蚌埠奥特纸箱机械有限公司为例

推动中小企业进行信息化建设是企业利用现代信息技术降低生产经营成本,提高经营管理效率,增强核心竞争力的有效途径。当前企业要充分认识到信息技术与企业其他要素之间的关系,才有可能使信息技术真正促进企业的发展。通过蚌埠奥特公司开展信息化建设的案例,发现企业在信息化建设的内容、绩效、领导、外部环境、人才、资金等方面存在的问题。企业应该从组织和氛围、整体解决方案、应用层次、ERP、产学研等方面开展企业信息化的建设。     

Perceptions of the mutual obligations between employees and employers: a comparative study of new generation IT professionals in China and the United States

This study examines the psychological contract from the perspective of new IT recruits that are located in the US and China. Psychological contract emphasizes the mutual exchange between employees and employers. Three hundred and ninety-five questionnaire responses from the graduating classes in the information technology discipline in the US and China (Shanghai and Beijing) were analysed. The results of this exploratory study reveal that new IT recruits from China and the US hold many similar beliefs on employer–employee obligations, such as employers' obligations to provide high pay, job autonomy, long-term job security, financial reward for obtaining IT certificates, exciting projects and opportunities to work on leading-edge technology, and employees' obligations to work extra hours when needed, to be loyal and to volunteer to do non-required tasks. Cross-cultural differences do exist however. US IT recruits as a whole place greater emphasis than their Chinese counterparts on rapid career advancement, having a motivating boss and completion of assignments on time, but less emphasis than their Chinese counterparts on receiving project milestone bonuses. Findings also suggest that, although employees can be from the same overarching culture such as the Chinese culture that emphasizes collectivism, there exist strong subculture differences even within the same country. New IT recruits in Shanghai tend to have beliefs that are at times closer to the US IT professionals than to their fellow IT new recruits in Beijing. The differences across cultures and subcultures are more extensive among female than male IT new recruits.     

新形势下推进黑龙江省国际大通道建设的建议

随着黑龙江省外向型经济的发展，加快黑龙江省国际大通道建设已成为一项亟待解决的重要任务。2008年10月，中俄总理第13次会晤期间签订了中俄共建同江大桥的协定，为黑龙江省国际大通道建设提供了新契机。黑龙江省应抓住中俄共建同江大桥、全省加快交通基础设施建设、提升沿边开放带来的新机遇，形成新的增长极、便捷的沿边公路网，从而推进黑龙江省国际大通道建设的步伐。     

证券公司合规管理的新趋势:基于原则的监管

基于原则的监管(Principles-Based Regulation,PBR)是2002年以来欧美国家证券公司合规管理的新趋势,被西方业界广泛讨论并逐步付诸实践。对习惯于以规则为导向的传统而言,基于原则的监管无疑是一种巨大的挑战和变革,其带来的激烈争议在所难免。我国证券公司的合规管理起步较晚,但起点较高,基于原则的监管已初现端倪,在外部监管方面可以适当借鉴;但对于证券公司的内部管理而言,则不宜立即推广。     

基于4D-CAD技术的工程项目施工管理探析

4D-CAD技术属于计算机技术在工程施工领域应用的一项新技术,Architecture本文基于4D-CAD技术的理念,通过分析工程项目施工管理的现状,指出4D-CAD技术在工程项目施工管理中有很大优势,4D-CAD技术有效地整合了工程项目的信息并加以集成,实现施工管理和控制的信息化、集成化、可视化和智能化,提高了工程施工管理的信息化水平和工作效率。最后,指出4D-CAD技术在工程项目施工管理中的发展趋势和方向。     

提升债务本币化程度 完善我国外债管理

外债作为对境外资金利用的一种形式,一定程度上是国家综合实力和经济承受力的体现。从别国本币外债的发展趋势看,发达经济体本币外债占比一直较高,新兴经济体近年来普遍呈上升态势。发展本币外债的主要动因,在于其能消除货币错配风险、规避汇率风险以及便利本币跨境使用等。随着人民币跨境使用需求的增长,人民币外债类型和规模将逐渐增多,建议按照国际标准建立统一的全口径外债统计体系等方式,完善我国本外币外债管理。     

论品牌包装设计的新理念

现今,品牌文化已经深入群众内心,要想让品牌突出让人耳目一新就得有一个够突出的包装设计。品牌包装设计新理念应从商标,图案,色彩,造型,材料等构成要素入手,在考虑商品特性的基础上,遵循品牌设计的一些基本原则。品牌包装设计的新理念就是让两者之间很好的平衡达到最大的收益,起点依然是包装设计。从而使设计效果更多的影响产品的品牌记忆,达到最大的利益。     

基于4D-CAD技术的工程项目施工管理探析

4D—CAD技术属于计算机技术在工程施工领域应用的一项新技术,Architecture本文基于4D—CAD技术的理念,通过分析工程项目施工管理的现状,指出4D—CAD技术在工程项目施工管理中有很大优势,4D—CAD技术有效地整合了工程项目的信息并加以集成,实现施工管理和控制的信息化、集成化、可视化和智能化,提高了工程施工管理的信息化水平和工作效率。最后,指出4D—CAD技术在工程项目施工管理中的发展趋势和方向。