Asymmetric volatility in the foreign exchange markets

We examine the presence or absence of asymmetric volatility in the exchange rates of Australian dollar (AUD), Euro (EUR), British pound (GBP) and Japanese yen (JPY), all against US dollar. Our investigation is based on a variant of the heterogeneous autoregressive realized volatility model, using daily realized variance and return series from 1996 to 2004. We find that a depreciation against USD leads to significantly greater volatility than an appreciation for AUD and GBP, whereas the opposite is true for JPY. Relative to volatility on days following a positive one-standard-deviation return, volatility on days following a negative one-standard-deviation return is higher by 6.6% for AUD, 6.1% for GBP, and 21.2% for JPY. The realized volatility of EUR appears to be symmetric. These results are robust to the removal of jump component from realized volatility and the sub-samplings defined by structural-changes. The asymmetry in AUD, GBP and JPY appears to be embedded in the continuous component of realized volatility rather than the jump component.     

美国低成本航空公司经营战略研究

以美国西南航空公司为例,通过分析其竞争战略、价值链系统和经营决策要素,说明低成本航空公司经营成功的经验。以此为借鉴,对中国发展低成本航空公司的不利条件进行分析,指出应通过实行市场化和引入民营资本等措施发展中国的低成本航空市场,以增强行业的整体竞争力。     

MANAGING VENDOR INVENTORY IN A DUAL LEVEL DISTRIBUTION SYSTEM

Collaborative arrangements among members of the supply chain have received a great deal of interest in recent years as a means of reducing costs. One such arrangement is vendor managed inventory (VMI). VMI allows the vendor to make decisions concerning the quantity and timing of deliveries to the retailer. Such an arrangement offers the potential of a more efficient supply chain by removing the negative effects of retail ordering policies. A thorough review of the literature was conducted to identify factors likely to impact the performance of a VMI partnership. Computer simulation was used to study the effects of these factors from both the vendor's and retailer's perspectives. The results lend insight into the performance of VMI and guidance for managers as to the environments in which VMI is most effective.     

我国A股、B股市场并轨的前景探析

B股市场的前途问题是一个困扰市场参与者的主要问题,而前途的不明朗源于B股市场定位的困惑和功能失调。筹资功能方面,1991～2004年12月B股市场通过股票发行总计筹资50.03亿美元,通过配股筹资3.27亿美元,而同期A股市场对应的数据是5695.7亿元和2276.74亿元,而且最近3年B股市场的     

强化成本管理提高经济效益

成本管理是市场经济条件下生存和发展的永恒课题.目前企业成本管理失控既有宏观外部原因,也有微现内部原因,本文分析解剖了企业成本管理弱化的原因,提出了相应的对策建议.     

我国目前住宅消费市场面临的主要问题及其对策

本文通过分析当代高等教育存在的弊端 ,应用再造理论改进高校教学模式 ,实现教育体制改革 ,使学生成为教育的主体 ,更适应社会对人才的需要。     

纯氧曝气的研究进展

介绍了纯氧曝气的生化机理、应用领域、供氧方式、污泥性能等以及它与普通空气曝气相比在技术、经济方面显示出的优越性。随着纯氧曝气的发展和国家新标准增加了脱氮除磷方面的排放要求，使得纯氧曝气在城市污水处理老厂的改造和新厂的建设中具有很好的前昔。     

基于胜任力结构的企业家才能分析

一、企业家才能的相关理论在西方经济学界,人们认为劳动、资本、土地、企业家才能四部分构成了生产要素,在这四种生产要素中企业家才能则是其灵魂性的要素。企业家才能是指企业领导的经营管理和创新能力,包括创新能力、合作精神、敬业精神、竞争意识、冒险精神、自信、判断能力     

利率调整对我国出口贸易的影响

在市场经济条件下,利率是灵活的经济杠杆,是国家最常使用的微调工具,对一国的微观、宏观经济运行有着极其重要的调节作用。本文从信贷、汇率和资本流动与利率之间的关系分析调整利率对我国出口贸易的影响。     

国家助学贷款的饮坷之路

全国高校2005年度录取工作已经结束了，寒窗苦读十几载的学子们有的名落孙山，有的鲤鱼跳过了龙门。然而，就在这些挤过独木桥的幸运儿中，有敲锣打鼓、兴高采烈者，亦有因交不起学费而偷偷落泪者。几家欢喜几家忧，穷人家的孩子只能眼巴巴地盼着国家的助学贷款。而备受瞩目的国家助学贷款一路走来，前景又如何？