Vicarious warfare and dynamic efficiency of companies in the aerospace and defence industry

This study explores the economic performance that vicarious warfare can bring for the aerospace and defence industry. First, this study measures the performance of 22 companies using a nonradial dynamic data envelopment analysis model from 2011 to 2017. Second, this study evaluates whether vicarious warfare can influence the performance. The efficiency analysis suggests rooms for improvements meanwhile, the projection analysis suggests that market value should be significantly increased, and the number of employees should be reduced significantly. The regression analysis suggests that the number of times a country takes a side in wars would positively affect the efficiency of companies.     

论广式糖浆皮月饼生产工艺质量控制

糖浆皮月饼因具有品种繁多、色泽鲜明、可塑性强等特点,受到市场认可.本文阐述了糖浆皮月饼在生产中常见的问题及产生这些问题的影响因素.提出只有加强在糖浆皮月饼生产工艺过程中的质量控制,才能保证糖浆皮月饼的质量.     

Structural holes and hedge fund return comovement: evidence from network-connected stock hedge funds in China

Using data from a new hedge fund database, we examine the impact of social networks on the return comovement of stock hedge funds in China. We use structural holes in the college alumni networks of managers to measure the managers’ social network positions. We perform an empirical analysis on a sample of 3,012 hedge fund products in China from 2010 to 2017. We find that greater structural holes are associated with higher return comovement. The positive impact of the structural holes on return comovement is not affected by market cycles, a manager's major in college, or his or her abilities.     

Bear beta

We test whether bear market risk, time variation in the probability of future bear market states, is priced. We construct an Arrow–Debreu security that pays off in bear market states (AD Bear) from traded Standard & Poor’s (S&P) 500 index options and use its returns to measure bear market risk. We find that bear beta (exposure to bear market risk) has a strong relation with expected stock returns that is robust, persistent, and remains strong among liquid and large stocks. Historical bear beta also predicts future bear market risk exposure. We conclude that bear market risk is priced in the cross section of stock returns.     

Does the Reporting Location of Other Comprehensive Income Matter? The Investor's Perspective

In the context of changes mandated by the Chinese Ministry of Finance in January 2009 regarding the location in which other comprehensive income (OCI) is reported, this paper finds that reporting OCI on the performance statement significantly improves its value relevance. The improvement is driven by two OCI items: unrealised holding gains/losses on available‐for‐sale securities and the share of other comprehensive income of investees under the equity method. Our results show that the OCI reporting location matters, which supports the psychological perspective that investors pay more attention to salient information. Our findings lend strong support to the approach of standard setters in reporting OCI on the performance statement.     

传统白族民居如何适应现代功能需求——以沙溪白族民居为个案

沙溪的传统白族民居保存较好,数量庞大,既有大理白族民居的特点又有沙溪的地方特征。民居建筑材料为土、木、石。沙溪地区太阳辐射剧烈,冬季严寒,为提升室内舒适度,需要一些现代建筑技术手段来解决这些问题。随着社会的发展,为了适应现代化的生产方式,民居的功能空间发生了改变,并且伴着旅游开发,商业也作为一个不可缺少的因素融入到了沙溪民居中。     

职业院校工学结合人才培养模式探索

剖析了职业教育人才培养过程的关键环节,梳理出职业教育人才培养过程中的4个重要阶段;系统探讨了工学结合人才培养模式的主要内涵;总结得出,职业岗位群的性质及各岗位之间的逻辑关系是提高职业院校工学结合人才培养模式适应性的关键因素,需要根据实际需求对此人才培养模式作出有针对性的调整。     

Corruption,Financial Resources and Exports

This paper argues that a country's comparative advantage in exports depends on both the factor abundance and the allocation efficiency of the endowments. However, the latter is not considered in the traditional Heckscher–Ohlin model. In line with the “sand” view of corruption, this paper empirically studies the role of corruption in shaping a country's export pattern by distorting the allocation of financial resources. We find that the resource misallocation resulting from corruption undermines the export growth promoted by the positive external financial shock. The negative effects are realized by the extensive margins instead of the intensive margins of heterogeneous firms.     

Model Comparison for Temperature-Based Weather Derivatives in Mainland China

Abstract:

In this paper, we provide a comparison of two models of temperature-based weather derivatives. The Alaton et al. model (2002) and the continuous-time autoregressive (CAR) model of Benth et al. (2007) are applied to temperature data from twelve cities in China. The objective is to determine which is the better model for temperature derivative modeling in Chinese cities. We found the CAR model to be more accurate in terms of normality of residuals and smaller relative errors. However, the shortcomings of both the Alaton et al. model and the CAR model are revealed in this study as well.