关于钢琴即兴演奏技能的培养

钢琴即兴伴奏在音乐领域显示了其强大的实用价值,本文志在通过对钢琴即兴伴奏特点研究的基础上,从而得出提高钢琴即兴伴奏能力的一些途径,即要增强钢琴基础能力弹奏的水平、和声的合理配置、织体恰当的选择和旋律分析等综合能力,在最短的时间内掌握好钢琴即兴伴奏这一技能.     

由上海周边海盐县五金产品的生产与出口观长江三角经济圈对外贸易

上海周边城市的对外贸易是一个十分值得研究的课题,本文主要从海盐紧固件出口综述、影响海盐五金产业因素分析、提出的改革意见和政策意见三个方面对浙江省海盆县五金产业进行了分析.     

Repurchases of convertible preferred stock and shareholder wealth

In this paper we provide the first comprehensive examination of the stock price reaction to announcements of convertible preferred stock repurchases over the 1981 to 2005 period. We document a positive and significant average common stock abnormal return of 3.27% around announcements of these repurchases. We test signaling and free cash flow explanations for the observed wealth effects by studying abnormal returns and changes in operating performance around repurchase announcements. We find that abnormal returns are positively related to size of repurchases and managerial ownership. We find no evidence of higher stock price reactions for low-q and high free cash flow firms. In addition, we find significant improvements in accounting profitability subsequent to repurchases, but not for low-q firms. Collectively, our results are most consistent with the signaling hypothesis.     

Buy Low and Sell High: The 52‐Week Price Range and Predictability of Returns

This paper uses the ratio of 52‐week high to low prices to construct a self‐financing portfolio strategy, which buys stocks with a low range ratio and sells stocks with a high range ratio according to the behavioral perspective. The results indicate that the profits from this range strategy are substantial and outperform those of 52‐week high and conventional momentum strategies. Moreover, the incremental effect of the range strategy on 52‐week high momentum is significantly positive, while the 52‐week high strategy diminishes this strategy's profitability. Overall, the range measure is better than conventional measures at predicting future returns.     

浅析当前增加农民收入的主要途径

增加农民收入途径:一是坚定不移地推进农业和农村经济结构的战略性调整,提高农业产业化程度;二是创造务件,加快农村富余劳动力的转移;三是把提高农民的素质作为农业增收的支撑点;四是减轻农民负担是增加农民收入的有效保障.     

决策模型在职业生涯与发展决策过程中的应用

大学生是重要的人力资源,其就业是关系到个人前途和全社会发展稳定的大事。我们应从高校入手关注大学生的职业生涯发展,指导学生如何利用决策模型来规划自己的职业,这对大学生而言具有重要的现实意义。     

Taxation without representation: local fiscal response to intergovernmental transfers in China

This paper studies the effects of intergovernmental transfers on local public spending in China, an authoritarian country where local politicians are not largely accountable to residents. The identification exploits a discontinuity from the central government’s designation of National Poor Counties. We find that additional transfers to county governments increase local public spending one-for-one. We further confirm that counties receiving additional transfers do not reduce the effective tax burden borne by firms. The results echo the empirical anomaly of the flypaper effect found in developed economies under democratic governments.     

经济政策不确定性是否驱动制造业企业的“脱实向虚”*——基于中介效应及调节效应识别

当前,实体经济投资回报率低,制造业企业逐渐显现出“脱实向虚”的特征,主要表现为制造业企业金融化程度较为明显。本文使用2009—2019年中国A股制造业上市公司数据,研究了经济政策不确定性对制造业企业“脱实向虚”的影响。本文基于现金持有、实物期权和委托代理理论,进一步识别了两者关系的中介效应及调节效应,通过实证分析发现：（1）经济政策不确定性增加了制造业企业的“脱实向虚”程度;（2）融资约束对于经济政策不确定性和制造业企业“脱实向虚”之间的关系具有中介效应;（3）企业的股权集中度、客户集中度、银行监督程度均减弱了经济政策不确定性对制造业企业“脱实向虚”的正向影响。通过替换核心变量,本文在考虑所有制和规模异质性、政府补助的影响后,其主要结论仍然稳健。本文针对监管部门政策实施、流动性支持、资金流向监管等方面,提出了有针对性的建议。     

The impacts of SOX and SEC investigation on the corporate governance of option backdating firms

This study investigates the combined impact of the Sarbanes-Oxley Act of 2002 (SOX) and the subsequent related Securities and Exchange Commission's (SEC) initiatives on the corporate governance characteristics of firms that had historically backdated stock options. Our results show that backdating firms had both weaker board-level and committee-level corporate governance characteristics than control firms in the pre-SOX period. In contrast, backdating firms dress up their board-level governance to meet regulatory requirements but still feature weaker committee-level corporate governance in the post-SOX era.     

铁路物流企业动态联盟的利益分配

针对铁路物流企业存在的问题,为提升总体竞争力,提出建立动态联盟实现行业整合,为此有必要引入分配模型和具体分配方法,为建立铁路物流动态联盟提供可操作的方式。根据动态联盟的建立,对分配模型进行分析和模型参数的确定,运用层次分析法和模糊综合评价法对模型的应用进行计算,通过举例说明该模型的运用。