Why is there no momentum in the Taiwan stock market?

Momentum strategies usually do not produce significant profits in emerging stock markets. Chui, Titman, and Wei [Chui, A. C. W., Titman, S., & Wei, K. C. J. (2000). Momentum, legal systems and ownership structure: An analysis of Asian stock markets. Working paper, Hong Kong Polytechnic University, Chui, A. C. W., Titman, S., & Wei, K. C. J. (2006). Individualism and momentum around the World. Working Paper, Hong Kong Polytechnic University] argue that the lack of profitability is due to cultural differences. In this paper, we look at one of the largest emerging markets, the Taiwan stock market. We find that DOWN markets occur more frequently and momentum profits are more negative following DOWN markets in Taiwan than in the US. Taken together, our findings suggest that the lack of profits from momentum strategies in emerging markets may be due more to the state-dependence of momentum discovered by Cooper, Gutierrez, and Hameed [Cooper, M. J., Gutierrez R. C., & Hameed, A. (2004). Market states and momentum. Journal of Finance, 59, 1345–1365] rather than to cultural differences.     

Organizational differences in managerial compensation and benefits in Chinese firms

More than two decades of economic reforms have brought profound changes in human resource management practices in both the state and non-state sectors in China. This study focuses on the impact of organizational factors on compensation and benefits for Chinese managers in state-owned enterprises (SOEs), publicly listed firms (PLFs), and foreign-invested enterprises (FIEs). The empirical investigation of 465 firms located in three major Chinese cities, Shanghai, Nanjing and Guangzhou, provides evidence that organizational factors, such as ownership, firm size, firm age, location and industrial sector, have significant impacts on the variances in Chinese managers' compensation levels, compensation structures and benefits. The trends in the development of compensation and benefits for Chinese managers are also discussed as the Chinese economy moves closer to a more globalized, highly dynamic economy after China's accession to the World Trade Organization in 2001.     

基于UML的网络教学系统的分析与设计

以网上学习为开发背景,采用UML对系统需求进行建模,结合软件工程和面向对象技术,介绍简易网络教学系统的设计过程。     

嘉兴市南湖区环境信访现状分析及对策建议

随着社会经济建设的迅速发展,因环境污染问题引起的环境污染纠纷逐年上升。这些群众反映强烈的环境保护方面的难点、热点问题集中代表了人民群众的需求。解决好这些难点、热点问题是环保部门义不容辞的职责。以嘉兴市南湖区为例,从环境信访现状、成因等方面阐述了加强信访处理力度的对策,并对做好信访工作提出了建议。     

基于PLC的立体冷库控制系统设计

首先给出了冷链以及自动化立体仓库的相关重要概念，介绍了立体冷库系统的基本组成单元和系统控制要求，并且针对立体冷库控制系统需要完成的主要功能，提出了系统硬件配置中要采用的重要元器件，其主要包括可编程控制器（PLC）和传感器等，最后提供了部分关键环节的软件设计思路。实践表明，这种系统设计思想具有一定的工程应用价值和参考价值。     

关于公式C=Q/(U_1-U_2)的再讨论

本文通过论证得出两极板带不同电量时电容器的定义式和一般意义上电容器的定义式是相同的。     

省际人力资本存量的估算——以江苏省为例

知识经济时代,人力资本对经济发展的作用越来越被人们重视,但对人力资本的如何度量的研究却相对薄弱,本文以江苏省为例,通过估算江苏省各级受教育程度人员总数、各级受教育程度人员的从业率,计算出各级受教育程度的从业人员数,再用受教育年限法估算出了江苏省人力资本存量,并对江苏省人力资本的发展状况和人力资本结构等进行了简要的分析。     

地下人防工程结构内力计算的特点

简要介绍了人防结构的设计特点,分析了关于等效静荷载的设计概念,并探讨几种人防结构构件上的荷载取值方法。     

关于我国家族企业制度创新的思考

改革开放以来,民营经济为我国国民经济的高速发展做出了巨大的贡献,而在我国民营企业中70%为家族企业--即采取家族化管理方式的民营企业.近年来,随着民营家族企业的浮浮沉沉,有关家族化管理方式的利弊成为经济学界讨论的焦点,本文认为家族化管理有利于创业,不利于发展,我国家族企业必须从企业实际出发,逐步建立现代企业制度.     

The Effect of Import Competition on Firm Productivity and Innovation: Does the Distance to Technology Frontier Matter?

How does foreign competition affect growth and innovation in China? Using our unique measures of proximity of Chinese firms and industries to the world technology frontier, we find that despite vast sectoral heterogeneity, Chinese manufacturing industries have undergone rapid technological upgrading over the period of 2000–06. The distance to the world production frontier of firms and industries plays an important role in shaping the nexus between the competition pressure from foreign imports and domestic firms' growth and innovation behaviour. Our results support the theoretical predictions of Aghion et al. (2005, The Quarterly Journal of Economics, pp. 701–728) that import competition stimulates the domestic firms' productivity growth and R&D expenditure if firms and their industries are close to the world frontier, but discourages such incentives for laggard firms and industries. The two forces highlighted by the model operate for imports under the ordinary‐trade regime, for collective and private firms, and for imports originated from high‐income countries. Our findings are robust after controlling the influence of foreign investment, the reverse causality of regressors and the short‐term business cycle fluctuations.