Corporate Hedging Policy and Equity Mispricing

We show that firms’ use of derivatives is negatively associated with stock mispricing. This result is consistent with the notion that hedging improves the transparency and predictability of firms’ cash flows resulting in less misvaluation. Furthermore, we show that the negative relationship between mispricing and hedging is particularly strong when market value is below fundamental value, which is consistent with prior evidence that hedging has a positive impact on firm valuation. Finally, we provide evidence that a “spread‐out” hedging policy that entails the use of a variety of derivative contracts can be more effective in reducing mispricing.     

Revealed preferences for portfolio selection – does skewness matter?

In this article, we consider the portfolio selection problem as a Bayesian decision problem. We compare the traditional mean–variance and mean–variance–skewness efficient portfolios. We develop bi-level programming problem to investigate the market’s preference for risk by using observed (market) weights. Numerical experiments are conducted on a portfolio formed by the 30 stocks in the Dow Jones Industrial Average. Numerical results show that the market’s preferences are better explained when skewness is included.     

The Gender Contract under Neoliberalism: Palestinian-Israeli Women's Labor Force Participation

This paper interprets the pressure to raise Palestinian-Israeli women’s labor force participation within the unfolding neoliberal project in Israel, arguing that women’s stalled workforce integration reflects embedded economic rationality. Poor infrastructure and discriminatory policies, combined with Israel’s rapid economic privatization, set contradictory expectations for Palestinian-Israeli women: their opportunity-cost calculations include entitlements to economic protection alongside obligations to provide expenditure-saving domestic labor. Yet growing pressure and desire to join the paid workforce suggest that the gender contract may be changing. This cultural schema, which links women’s economic strategizing to their sense of feminine propriety, is transforming as part of a broader transition to a market-led gender regime, with the paradoxical effect of encouraging women’s employment while simultaneously impoverishing them. By dwelling on the dialectics of culture and the structure of work opportunities, and women’s agency, this paper aims to resolves an impasse in the current debate on women’s low workforce participation.     

The influence of human resource management in savings bank performance

The aim of this article was to analyse the value of human resources (HR) for competitive advantage and their influence on the firm's performance in the service industry. To achieve our goal, we have first proposed a resource-based framework to discuss the circumstances under which human resources can be a source of competitive advantage. Then, an empirical research was developed in the Spanish savings bank sector to analyse the relationship between HR management and the firm's performance. Our results, suggest that those savings banks which better combine their HR practices to create and to develop a strategic human capital pool have shown better levels of profitability and productivity.     

含钼滤渣以及滤液中铝的测定

采用NaOH熔融分解滤渣,热水浸取熔融物,将溶液调至微酸性后加入pH值为5.5～6.0的乙酸-乙酸钠缓冲溶液,加入盐酸羟胺使六价钼还原成五价钼,然后在溶液中加入过量EDTA标准溶液,使之与溶液中的铝、钼、镍等金属离子络合,以二甲酚橙为指示剂,用氯化锌标准溶液滴定过量的EDTA标准溶液,然后用氟化钠破坏EDTA-Al络合物,再用氯化锌标准溶液回滴释放出来的EDTA,从而间接测定铝.用本方法对废钼镍催化剂回收实验中滤渣及滤液中的铝进行测定,测定值与认定值相符.     

Managing the duality of IHRM: unravelling the strategy and perceptions of key actors in South Korean MNCs

This research aims to extend our understanding of the duality between global integration and local responsiveness in multinational corporations (MNCs) by exploring the perceptions of corporate HR actors regarding the intra-organisational factors that alter the balance between these pressures. It examines the perceptions and actions of key actors in the context of two Korean MNCs. The study shows the importance attributed to a range of socio-procedural factors by corporate actors and which, therefore, inform the practical management of the dual forces, notably: HR expertise, social ties, trustworthy relationships and co-involvement in decision processes.     

社会融资规模作为金融宏观调控中介目标的适用性分析

本文采用2002年第1季度至2012年第2季度数据考察了三个备选的金融宏观中介目标——社会融资规模、人民币贷款和广义货币M2。图形直观分析、脉冲响应分析以及协整关系分析三种方法均表明：第一,M2不是一个理想的中介目标。第二,不论从与实体经济还是与物价指数的关系看、从中短期影响还是从长期均衡关系看,社会融资规模在三个中介目标中表现最好,建议我国以社会融资规模作为金融宏观调控的中介目标。第三,实体经济较物价指数更快受到金融宏观调控政策（中介目标变量）的影响。调控发生后,实体经济约5季后正效应达到最大,物价指数约在2至3年间响应达到最大。政策时滞对制定前瞻性的金融宏观政策具有一定指导意义。     

北京市文化创意产业发展实证研究

随着居民收入水平的提高、政策倾斜等一系列因素的影响,北京市文化创意产业取得快速发展。本文采用模糊数学的实证分析方法,针对北京地区的文化创意产业发展状况进行研究,从管理能力、生产能力、需求能力和智力能力等4个方面建立了北京市文化创意产业发展水平的指标评价体系,通过测算得出北京市文化创意产业的发展处于较高水平,并进行了相关的实践检验分析和政策梳理。     

Explaining import quality: The role of the income distribution

We examine a generalized version of Flam and Helpman [Flam, H., Helpman, E., 1987. Vertical Product Differentiation and North-South Trade. American Economic Review, 77, 810-822.] in which consumption prices for quality differentiated goods are rising in household income. We provide propositions for aggregating this relationship across heterogenous households to map cross-country differences in income distributions to cross-country differences in import price distributions. The theoretical predictions are examined and confirmed using disaggregated data on prices of traded goods and micro data on household income from the Luxemburg Income Study. Country pairs with more similar income distributions have more similar import price distributions, whether similarity is measured by 1st-4th moment statistics, population and consumption shares within world income and product price quantiles, or income and price dis-similarity indices.     

基于地理探测器的内蒙古耕地水资源短缺时空变化特征及驱动力分析

[目的]明晰干旱半干旱区耕地水资源短缺的时空变化特征及驱动因素,是实现区域水资源可持续利用的首要前提,对保障区域乃至全国粮食安全和生态健康有着重要意义。[方法]文章以内蒙古为典型研究区,以水足迹理论为依据,通过构建耕地水资源短缺指数（Arable Land Water Scarcity Index,AWSI）,分析2000—2018年内蒙古耕地水资源短缺指数时空格局及变化特征,并进一步借助地理探测器模型定量揭示研究区内气候、植被、地形、人口密度等11个自然和社会经济因素对耕地水资源短缺时空变化的影响差异。[结果]（1）内蒙古耕地水资源短缺指数总体呈西高东低的分布特征,西部耕地缺水压力较大。2000—2018年内蒙古耕地水资源短缺指数呈增加趋势,增加区域占总面积82%以上,主要分布在东部和中部地区。（2）自然因素主要决定内蒙古耕地水资源短缺的空间格局,其影响明显大于社会经济因素,但是2000—2018年社会经济因素的影响力在呈增大趋势。（3）自然因素中以蒸发量、年均温、降水量为主的气候因子在生态探测中共有19组显著差异,占据了影响因子中的主导地位。而在社会经济因素与自然因素的交互作用下,...