Regulation Fair Disclosure and Earnings Information: Market, Analyst, and Corporate Responses

With the adoption of Regulation Fair Disclosure (Reg FD), market behavior around earnings releases displays no significant change in return volatility (after controlling for decimalization of stock trading) but significant increases in trading volume due to difference in opinion. Analyst forecast dispersion increases, and increases in other measures of disagreement and difference of opinion suggest greater difficulty in forming forecasts beyond the current quarter. Corporations increase the quantity of voluntary disclosures, but only for current quarter earnings. Thus, Reg FD seems to increase the quantity of information available to the public while imposing greater demands on investment professionals.     

语言与文化的关系及了解文化的策略

语言是学习文化的主要工具,人在学习和运用语言的过程中获得整个文化;文化知识影响到语言学习者的各个学习阶段,对学习者变得越来越重要.文化教学的策略是创造一个真实的教室环境等.     

The contribution of a satellite market to price discovery: Evidence from the Singapore exchange

The Singapore Exchange (SGX), a small satellite market, successfully competes with a large home market, the Osaka Securities Exchange (OSE), in trading the Nikkei 225 futures index. In this paper, we investigate the contribution of the SGX to price discovery and shed light on the reasons for its continued success. Evidence is provided from information revelation and price discovery of three competing but informationally linked markets of the Nikkei 225 index—domestic spot (Tokyo Stock Exchange), domestic futures (OSE), and foreign futures (SGX), which represents the satellite market. Overall, the futures market contributes 77% to price discovery, with the satellite market contributing 42% of the futures and 33% of the total price discovery. These figures, surprisingly, far exceed the satellite market's share of trading volume. Support is provided for the extended trading hours on the SGX for three of the four non‐overlapping trading sub‐periods. © 2004 Wiley Periodicals, Inc. Jrl Fut Mark 24:981–1004, 2004     

仓库物资装卸最优性方案的选择

军队后方仓库是军用物资装备的储备基地，是军队物流系统的一个重要环节。如何利用现有条件，提高日常乃至战时仓库的收发、存储能力和工作效率，是提高军队后勤保障能力的一个重要课题。本文对仓库物资装卸中的几个主要技术经济指标进行探讨分析。     

台湾农业转型的主要历程、趋势与启示

本文分析了台湾农业转型发展三个阶段及其主要趋势，提出农业经济地位下降、农业相较于其他产业的弱势、农业人口减少是农业发展过程中的必然结果，而农业功能定位也必须多样化。     

品牌哲学产生的背景与研究框架

品牌哲学是品牌学科体系中的一门基础理论学科.首先从社会发展、品牌科学发展、相关先行学科、品牌学理论基础等多维视角,系统阐释品牌哲学创立、创生的必要性和现实性,然后对品牌哲学的概念、研究对象、学科性质及研究范围进行初步界定,最后分别从品牌和哲学的基本问题出发,着重探讨品牌哲学的研究框架和学科体系构成问题,旨在推动品牌哲学的建构和发展.     

China's regional income disparityAn alternative way to think of the sources and causes1

Using data on China's provincial economies for the period 1978–2005, we decomposed the causes and factors that have contributed to inter‐regional per capita income disparity. Variance in capital per employee and variance in capital elasticity are found to be the two main sources of income disparity while the employment–labour force ratio is shown to be an important factor in containing the rise of income disparity. An analysis on inter‐regional factor reallocation effects reveals their relatively small and insignificant contributions to overall growth performance. It is also discovered that capital has in most years flowed in the right direction to pursue higher marginal productivity across provincial economies. Inter‐provincial labour movement, on the other hand, had not displayed significant equilibrating effects until institutional reforms started to allow freer inter‐regional labour mobility in later years. Generally, we conclude that market‐oriented factor mobility has played a crucial role in equalizing factor returns as well as enhancing growth efficiency across regions.     

Bid‐ask spreads,volatility, quote revisions,and trades of thinly traded futures contracts

We investigate intraday bid‐ask spreads (BAS), volatility, and trading activity of thinly traded equity index futures contracts on the Singapore Exchange. Contrary to previous findings, we find a rather flat BAS pattern during the trading day. However, consistent with past findings, an increase in risk widens the spread and a higher trading activity reduces it. When trading occurs in a day, spreads are reduced. No significant difference in volatility between days with and without trades was detected. When trades occur, quote revisions increase, and it is positively related to the number of trades. An increase in the number of quote revisions increases the likelihood of a transaction, and when quotes are current, revisions that are accompanied by trades carry new information. We provide evidence that contracts that are thinly traded may possess liquidity attributes as long as their price quotes remain current. © 2003 Wiley Periodicals, Inc. Jrl Fut Mark 23:455–486, 2003     

对使用混凝土外加剂施工的看法

本文介绍了施工中应用外加剂混凝土带来的经济效益和施工经验,并指出使用各种外加剂,可以改变施工环境,提高混凝土强度,降低水泥用量.