台湾产业升级过程中人力资源的开发

在台湾产业发展和产业升级过程中,产业人力资源结构发生很大的变动,出现结构性的人力资源紧缺与流失。为此,台湾当局大力发展职业技术教育、促进海外人力资源回流、加强产业人力资源培养、推动产业创新等一系列推动产业人力资源发展的对策措施,具有一定的参考借鉴意义。     

论民族旅游村寨“农家乐”独特优势资源——以贵州西江千户苗寨为例

文章以贵州西江千户苗寨为例,通过实地调查研究,对民族旅游区内农家乐经营者和旅游者作出大致分类,分析两者的文化传播与接收角色,对比其他地区农家乐类型之后,总结出民族旅游区的独特优势资源,这对少数民族文化在旅游发展中的传承与变迁具有一定价值。     

A Successful Example of South-South Cooperation

The 5th Ministerial Conference of the Forum on China-Africa Cooperation was held on 19th July in 2012 in Beijing.Foreign ministers and ministers responsible for foreign economic cooperation from China and 50 African countries as well as President of the African Union Commission attended the meeting.     

价值链治理模式及其拓展研究

格里芬价值链治理模式是目前价值链治理理论中经典的理论模型,但是在新的历史背景下,在产业集群中存在着特定的人文因素和新时期行业协会、政府等公共机构政策都对价值链治理及其价值链上利润的分布产生了重要的影响。本文在格里芬价值链治理模式决定的因素上进行拓展,加入人文因素和公共机构权力因素来进一步完善其治理模式。     

因子分析法在县域经济发展水平评价中的应用

县域经济是国民经济的重要组成部分。为了全面、客观、系统、科学地评价和分析县域经济发展水平,一般要采用多指标综合评价法,这种传统方法具有主观随意性与工作复杂性的缺点。采用因子分析法对县域经济发展水平进行评价,可以有效地克服传统多指标综合评价方法中的不足与缺陷。     

城市环境治理新理念及其对城市管理的理论突破

城市环境治理就是各类治理主体对城市环境公共事务进行合作参与、多元化管理的过程或状态,城市环境引入治理,演化为城市环境治理的新概念,可以改变我们长期以来对城市环境管理作用与方式的传统理解,同时也可以使我们通过城市环境治理作用实现城市环境管理作用方式的根本转变。     

Migrate or not? The effects of regulation SHO on options trading activities

In this study, we investigate the effects of stock short-sale constraints on options trading by exploiting two US Securities and Exchange Commission rule changes under Regulation SHO: Rule 203 (locate and close-out requirements) and Rule 202T (temporary removal of short-sale price tests). We find that stock short selling activities decrease (increase) significantly after Rule 203 (Rule 202T) implementation, supporting the validity of Rule 203 (Rule 202T) as an exogenous increase (decrease) in short-sale constraints. Options volume increases significantly after Rule 203 went into effect and the result is more pronounced among firms with lower levels of institutional ownership and smaller options bid-ask spreads. Therefore, the evidence from Rule 203 suggests that investors may use options as substitutes for stock short sales when short selling is less feasible or more costly due to the locate and delivery requirements. In contrast, we find no significant change in the options trading volume of pilot stocks during the pilot program of Rule 202T. Overall, our results indicate that the impact of short-sale constraints on options trading varies with the types of constraints affected.     

Non-parametric method for European option bounds

There is much research whose efforts have been devoted to discovering the distributional defects in the Black–Scholes model, which are known to cause severe biases. However, with a free specification for the distribution, one can only find upper and lower bounds for option prices. In this paper, we derive a new non-parametric lower bound and provide an alternative interpretation of Ritchken’s (J Finance 40:1219–1233, 1985) upper bound to the price of the European option. In a series of numerical examples, our new lower bound is substantially tighter than previous lower bounds. This is prevalent especially for out of the money options where the previous lower bounds perform badly. Moreover, we present how our bounds can be derived from histograms which are completely non-parametric in an empirical study. We discover violations in our lower bound and show that those violations present arbitrage profits. In particular, our empirical results show that out of the money calls are substantially overpriced (violate the lower bound).     

银行信贷与中国经济波动:1993-2005

基于1993—2005年的季度数据,本文在一个包含银行部门的动态随机一般均衡模型中,讨论了银行信贷和中国经济波动的关系。模拟结果和实际数据的对比表明,引入银行贷款渠道和价格粘性的经济周期模型对中国经济波动有很好的解释力。脉冲响应和方差分解的结果表明:(1)技术冲击解释了大部分产出、投资以及长期消费的波动;(2)信贷冲击解释了大部分短期消费、贷款以及货币余额的波动,对产出、投资的波动有一定解释力;(3)货币需求冲击影响不显著,仅对通货膨胀、贷款以及货币余额波动有一定的解释力;(4)货币政策冲击解释了通货膨胀的大部分波动。     

Exploring the mediating role of utilitarian value and hedonic value in the formation of oppositional loyalty in online communities

Our research expands the scope of the research on oppositional loyalty from brands to online communities. Online communities allow members to freely express their opinions and promote the occurrence of oppositional loyalty behaviours towards the communities. Oppositional loyalty is defined in this article that, for the purpose of strengthening the market position of their preferred community, members of the online community may express negative views or even show oppositional behaviour towards adversarial communities. In view of social capital theory, the study examines the effect of hedonic value and utilitarian value on oppositional loyalty in online communities. The results show that only hedonic value significantly affects oppositional loyalty; hedonic value mediates the effect of the three dimensions of social capital (network ties, identification, and common language) on oppositional loyalty. The study identifies that community type moderates the impact of social capital (identification and common language) on hedonic value but does not moderate the effect of social capital on utilitarian value. Finally, we find that members' oppositional loyalty towards their community can promote their community participation. This research provides recommendations for online community managers to manage and benefit from members' oppositional loyalty.