EXPLORING THE LINK BETWEEN INFORMATION QUALITY AND SYSTEMATIC RISK

We examine the effect of information quality around earnings announcements and insider trading events on equity systematic risk. Our results indicate that observed systematic risk significantly increases after these events. Consistent with the insights provided by our framework, the change in systematic risk is increasing in the ratio of event‐related to pre‐event information quality. Our results have implications for all empirical work attempting to model security returns around firm and macroeconomic announcements.     

Reinsurance premium principles based on weighted loss functions

ABSTRACT

In this paper, we propose new reinsurance premium principles that minimize the expected weighted loss functions and balance the trade-off between the reinsurer's shortfall risk and the insurer's risk exposure in a reinsurance contract. Random weighting factors are introduced in the weighted loss functions so that weighting factors are based on the underlying insurance risks. The resulting reinsurance premiums depend on both the loss covered by the reinsurer and the loss retained by the insurer. The proposed premiums provide new ways for pricing reinsurance contracts and controlling the risks of both the reinsurer and the insurer. As applications of the proposed principles, the modified expectile reinsurance principle and the modified quantile reinsurance principle are introduced and discussed in details. The properties of the new reinsurance premium principles are investigated. Finally, the comparisons between the new reinsurance premium principles and the classical expectile principle, the classical quantile principle, and the risk-adjusted principle are provided.     

区域基质及城市规划中的区域思维

城市与区域是空间作用永恒的主体。文章在描述城市与区域交互作用时引入了区域基质的概念,强调区域在区域内各节点空间或其外围空间发展中所起到的基础支撑作用。城市是区域的产儿,在其与区域基质交互作用的过程中,视其作用关系可分为城市区域系统、区域城市系统、城市—区域系统三种形式。城市存在于区域之中,一开始就具有区域性,我们需要从区域角度来研究城市,用区域思维来思考城市发展,这也就决定了城市规划的区域思维。当前,这种区域思维在规划中主要通过区域战略研究、区域城镇体系规划、城市群规划、都市圈规划等形式体现出来。     

关于我国货币政策中间目标的探讨

货币供应量与利率作为货币政策中介目标在理论与现实中都具有可行性与缺点。但是,根据我国当前的经济发展状况,我国货币政策的中介目标货币供应量已经存在被利率所取代的可能性。本文主要比较性地讨论利率取代货币供应量在我国未来的货币政策中作为中介目标的可能性,并对我国未来的货币政策中介目标的选择并提出一些可行的建议。     

韶关市农民增收问题研究

韶关市农民收入从上世纪70年代到90年代中期增长比较快,与城市职工收入的差距逐步缩小。90年代中期以后农民收入趋缓,与城市职工收入的差距又逐步拉大,认真研究导致农民收入增长缓慢的原因,制定相应的对策,尽快增加农民收入,提高农民生活水平是解决“三农”问题的核心,也是建设和谐社会的首要任务。     

Linkage Measures: a Revisit and a Suggested Alternative

This paper examines major linkage measures in the literature from different perspectives and attempts to clarify some of the controversies over them. The examination and clarification suggest more refined backward and forward linkage measures for linkage indices construction. The measures are then applied to analyse the linkages of Hawaii’s agriculture sectors.     

运用QC方法提高软化水水质合格率

中原油田分公司采油五厂软化水站每天可生产软化水450m^3，为全厂350台车辆提供发动机冷却用水，为21台特种设备提供台上用水。     

建立适合企业自己的留才系统

企业拿什么留住人才?是否还在感叹员工不太忠心?其实人才的要求不同、需求不一,那有效的“留心”手法就不一样。只有建立适合企业自己的留才系统和机制,才能够有效地留住人才。本文在分析了人才流失原因的基础上,阐述了控制人才流失的基本方式以及相关理论。     

饭店实施客户关系管理的难点及对策

饭店业是与“情感”有密切联系的行业。在我国,作为管理和信息化都走在诸多行业前列的饭店业,却在实施“客户关系管理”这项新技术面前落在了其他行业的后面。本文分析了我国饭店实施客户关系管理的难点并提出了相应的对策。     

开县大救援

3月25日上午,中石油位于开县高桥镇的罗家2号天然气井发生天然气渗漏事故。经过7天6 夜的奋力抢险,肆虐的“气龙”终于被降服,灾区一万多群众安全返回家园。此次灾情无一人伤亡,无财产损失。在整个事故处理过程中,应急预案的启动,发挥了至关重要的作用:人们的安全和责任意识的明显增强,成为成功救险的重要因素;党和政府的细心关怀,使灾区群众倍感温暖。