创新家电市场渠道建设——基于家电下乡政策并以海尔网格化建设经验为例

伴随＂家电下乡＂政策的出台及实施,我国家电企业越来越关注对农村市场的开发。为了迅速抢占农村市场,家电下乡企业必须加强渠道建设,健全农村市场网络。分析农村家电市场渠道建设滞后的原因,深入剖析海尔在农村家电市场渠道建设方面的创新——网格化建设模式,并对该模式的推广实施进行研究,有利于为其他企业提供可供借鉴的农村家电市场渠道建设策略。     

Measuring and Testing the Impact of News on Volatility

This paper defines the news impact curve which measures how new information is incorporated into volatility estimates. Various new and existing ARCH models including a partially nonparametric one are compared and estimated with daily Japanese stock return data. New diagnostic tests are presented which emphasize the asymmetry of the volatility response to news. Our results suggest that the model by Glosten, Jagannathan, and Runkle is the best parametric model. The EGARCH also can capture most of the asymmetry; however, there is evidence that the variability of the conditional variance implied by the EGARCH is too high.     

Implications of Transaction Costs for the Post–Earnings Announcement Drift

This paper examines the effect of transaction costs on the post–earnings announcement drift (PEAD). Using standard market microstructure features we show that transaction costs constrain the informed trades that are necessary to incorporate earnings information into price. This implies weaker return responses at the time of the earnings announcement and higher subsequent returns drift for firms with higher transaction costs. Consistent with this prediction, we find that earnings response coefficients are lower for firms with higher transaction costs. Using portfolio analyses, we find that the profits of implementing the PEAD trading strategy are significantly reduced by transaction costs. In addition, we show, using a combination of portfolio and regression analyses, that firms with higher transaction costs are the ones that provide the higher abnormal returns for the PEAD strategy. Our results indicate that transaction costs can provide an explanation not only for the persistence but also for the existence of PEAD.     

西方典型国家管道通过权制度的分析与借鉴

"十一五"期间我国规划建设24000 km油气长输管道,南于我国尚未建立管道通过权制度,管道建设运营过程中的大量土地利用问题无法有效解决.通过分析英国、西班牙、加拿大及美国等西方典型国家管道通过权制度,以及美国科洛尼尔成品油管道与阿拉斯加原油管道通过权获得的实践.了解西方国家管道通过权获得的法律程序及其特点,为构建我国的管道通过权制度提供借鉴.     

THE CHOICE OF EXCHANGE RATE REGIME AND THE VOLATILITY OF EXCHANGE RATES BEFORE AND AFTER THE ASIAN CRISIS: A COUNTERFACTUAL ANALYSIS*

This paper carries out a counterfactual analysis of the impact of alternative exchange rate regimes on the volatility of the nominal effective exchange rate (NEER) and the bilateral rate against the US dollar for nine East Asian countries, both before and after the Asian financial crisis. Our hypothetical regimes include a unilateral basket peg (UBP), a common basket peg (CBP) and a hard peg against the $US, but in contrast to previous counterfactual exercises which compute the weights for effective exchange rates on the basis of simple bloc aggregates, we apply a more disaggregated methodology using a larger number of trade partners and utilise ARCH/GARCH techniques to better capture the time‐varying characteristics of volatility. Our results suggest that a UBP would minimise effective exchange rate volatility for all countries both before and after the crisis and provides the highest regime gains compared to actual. Although the gains for a CBP are always less than those for a UBP the absolute differences between the two regimes appear to be small. In terms of bilateral exchange rates against the dollar the gains from a UBP or CBP could also be quite significant for the non‐dollar peggers, especially post‐crisis, since a fall in effective instability would be accompanied by a fall in bilateral instability.