Buy and sell dynamics following high market returns: Evidence from China

We provide a closer look at the trading dynamics which may give rise to the positive relationship between market trading volume and its lagged returns. Chinese market turnover increases sharply with past day returns. A comprehensive dataset which facilitates the tracing of trading activities among different groups of investors reveals that when previous market returns are high, investors with larger (smaller) average trade size increase their buy (sell) volume. Our findings indicate an important role of differing responses to market information among different classes of investors (e.g. different priors) in explaining this recently documented phenomenon.     

区域企业结构差异对我国货币政策区域效应的影响

本文通过建立回归面板数据模型,证实了企业数量对经济增长有很大的促进作用,然后通过建立SVAR模型,检验了各种规模企业对货币政策的相应作用,结果显示我国中小型企业对货币政策比较敏感,特别是中型企业最为敏感.由于我国区域之间企业结构存在较大差异,这必然会产生货币政策区域效应.     

目标与激励:两种小额信用贷款模式比较

本文对浙江省台州市两种小额信用贷款模式进行了比较分析.农村信用社由于正向激励不足,小额信用贷款发展正面临着困境.与此同时,两家城商行因地制宜地设计出一种激励相容的制度,使得发展小额信用贷款具备了可持续的商业价值.文章最后提出了几点启示.     

大鼠脑缺血后缺血区VEGF表达变化及通心络的影响

目的观察大鼠脑缺血后缺血区VEGF mRNA及蛋白水平随时间表达的变化及通心络对其的影响。方法制备大鼠大脑中动脉梗塞局灶性脑缺血模型,采用RT—PCR法及免疫组化法检测脑缺血后每组实验动物不同时间缺血区VEGFmRNA及蛋白表达的变化以及通心络的作用。结果1、正常大鼠脑缺血后脑组织中VEGFmRNA表达很少,大鼠局灶性脑缺血后VEGF mRNA表达逐渐增强,3d达高峰,缺血7d后叉降至约正常水平。VEGF主要在神经元阳性表达,表达趋势与mRNA基本吻合。2、通心络高剂组VEGF mRNA表达显著增强（p〈0.01,p〈0.05）;通心络各组vEGF阳性神经元数量增加：结论局灶性脑缺血可促进缺血区内源性神经保护因子VEGF高表达;通心络可增强和延长缺血区VEGF高表达,发挥对脑缺血的保护作用.     

The 2000 presidential election and the information cost of sensitive versus non-sensitive S&P 500 stocks

We investigate the information cost of stock trading during the 2000 presidential election. We find that the uncertainty of the election induces information asymmetry of politically sensitive firms under the Bush/Gore platforms. The unusual delay in election results creates a significant increase in the adverse selection component of the trading cost of politically sensitive stocks. Cross-sectional variations in bid-ask spreads are significantly and positively related to changes in information cost, controlling for the effects of liquidity cost and stock characteristics. This empirical evidence is robust to different estimation methods.     

大力发展服务外包 优化外贸出口结构

我国粗放型的外贸增长方式难以为继,必须实现根本性转变,实现外贸出口结构的优化,承接服务外包是促进其转变的重要途径和举措。全球新一轮以服务业为主导的国际产业转移为优化外贸出口结构转变提供了契机。我们应抓住这一机遇,加快服务外包发展,调整外贸产业结构,从而实现质量型的外贸增长方式。     

高校家庭经济困难学生资助体系问题分析及对策研究

高校目前建立的多元化家庭经济困难学生资助体系,对家庭经济困难学生进行资助,但还存在一些不足。本文围绕以学生为本的核心思想,结合新形势新背景,通过分析高校家庭经济困难学生资助情况现状,指出家庭经济困难学生资助工作体系存在的问题,并提出一些建议,以期完善该体系。     

Internet环境下差异化产品的质量、广告策略与消费者搜寻行为

文章解释了网上消费者和厂商的行为及其相互作用所产生的多种质量均衡并进行了比较静态分析,列举了网上搜寻与网络广告的常见问题及模型对实际问题的解释,最后总结了模型的贡献。     

关系嵌入、知识获取与BOP市场导向的产品创新：内外部不确定性的调节作用

在主流市场日趋饱和的背景下,更多企业将目光聚焦于金字塔底层市场。基于权变视角,探索企业在BOP跨部门合作网络中,双边关系耦合与网络嵌入交互构建的双环协同机制如何影响企业外部知识攫取,进而作用于BOP市场导向的产品创新。采用大样本问卷调查,收集396家电动自行车企业数据,利用多元回归分析对研究假设进行实证检验。研究表明,跨层级嵌入双环协同机制与知识获取呈倒U型关系,高外部不确定性会增强该倒U型关系,但高内部不确定性对该倒U型关系无显著影响;通过知识获取的部分中介传导效应,最终跨层级嵌入双环协同与BOP产品创新呈倒U型关系。结论对企业把控BOP网络嵌入程度、优化网络配置及网络治理具有一定指导意义。     

THE 2007–2008 U.S. RECESSION: WHAT DID THE REAL‐TIME GOOGLE TRENDS DATA TELL THE UNITED STATES?

In the extant literature of business cycle predictions, the signals for business cycle turning points are generally issued with a lag of at least 5 months. In this paper, we make use of a novel and timely indicator—the Google search volume data—to help to improve the timeliness of business cycle turning point identification. We identify multiple query terms to capture the real‐time public concern on the aggregate economy, the credit market, and the labor market condition. We incorporate the query indices in a Markov‐switching framework and successfully “nowcast” the peak date within a month that the turning occurred. (JEL E37, G17)