Asymmetric effects of oil price shocks on stock returns: evidence from a two-stage Markov regime-switching approach

The asymmetric effects of oil price shocks on stock returns have attracted the attention of many researchers in the past several decades. Most of these researchers’ studies, however, do not separate out the sources of oil price shocks when examining the asymmetric effects. In this article, we address this limitation using a two-stage Markov regime-switching approach. Our results indicate that oil supply and demand shocks have a null or minimal impact on stock returns in a low-volatility regime and a statistically significant impact in a high-volatility regime. We observe that oil demand shocks affect stock returns significantly more than oil supply shocks. A positive aggregate demand shock significantly increases stock returns, whereas a positive oil-specific demand shock markedly decreases stock returns. These results have important implications for policymakers and investors.     

后金融危机时代我国能源法的使命

本文从后金融危机时代我国能源发展所面临的问题入手,探讨我国能源法的使命,认为在新的背景下其使命是维护能源安全和能源使用公平。因此,须通过完善我国能源法制建设,推动经济增长方式转变,实现能源利用的可持续发展。     

Understanding “Native Advertising” from the Perspective of Communication Strategies

Native advertising is at the intersection of strategic communication and journalism information. As a type of commercial hybrid content, its distinctiveness as a promotional method is questioned. As a vehicle for informing, it blends in with the surrounding editorial causes concern. Thus, the purpose of this study is to deconstruct “native advertising” and form a clearer understanding of this emerging and changing concept. To serve this purpose, this study conducted content analysis of communication strategies of 151 native advertisements sampled from three news websites. The findings revealed that more than half of the sample cited sources and disclosed sponsors. Congruence was largely based upon function-based associations. About one-third of the native advertisements offered how-to advice and addressed connections between the sponsor and the story. Sometimes, the sponsor was not mentioned in the stories at all. The findings suggest that native advertising exhibits certain features of sponsored content, differs from traditional advertising or advertorials, and imitates journalistic style and format. This study also recommends that strategic persuasion goals should be balanced against congruence with the style and the format of the surrounding journalism.     

高架跨路段现浇连续U梁施工技术

结合轨道交通高架跨路段工程实例,介绍现浇连续U梁施工阶段交通组织、排架搭设、混凝土浇筑、预应力张拉等施工技术措施。为今后施工类似工程提供经验借鉴。     

关于兵团发展大企业集团的思考

本文通过对兵团发展大企业集团调查问卷分析,指出当前兵团发展大企业集团在认识上有了大的提高,为实施大企业集团战略营造了良好的发展条件;同时也指出影响兵团大企业集团发展目前最需要解决的问题,并针对这些问题提出了具体的解决思路和措施。     

我国发展伊斯兰保险市场研究

伊斯兰律法禁止利息、不确定性交易等经济行为,致使传统保险无法满足穆斯林的保险需求.经过多年的研究,全新的伊斯兰保险诞生,并被穆斯林和非穆斯林所接受,而且市场发展正不断地扩张.我国拥有2000多万伊斯兰人口,而伊斯兰保险市场一片空白,也无学术的理论研究.笔者通过分析了我国伊斯兰人口的分布情况及民族特征,以及伊斯兰人口集中...     

巴塞尔协议Ⅲ及其对我国中小银行影响研究

《巴塞尔协议Ⅲ》规定了最低资本充足率要求,资本缓冲额度,反周期超额资本要求,风险资本杠杆率,监督检查和信息披露项目条款以便提高银行抗御风险能力。文章通过分析新协议对我国中小银行的影响,并提出了可行性应对策略,以便中小银行能够审慎和有效的实践新协议,从而在面对金融危机时能够立于不败之地。     

我国中小企业海外上市存在的问题及对策研究

中小企业融资一直是当前我国的一大难题,海外上市成为中小企业融资的新途径。本文分析了中小企业海外上市的有利环境,指出中小企业海外上市存在着上市市场选择、上市方式选择、上市时机选择、中介机构选择、财务会计准则差异性和公司内部不完善等问题,并提出了一系列针对性的可行性措施建议。     

暖通空调设计中地源热泵的运用

地源热泵的能量来源是由各种资源所提供,主要包括了地源、水源、空气源等,当这些能量集中到一起之后能够与建筑物供冷供热的热泵技术想结合,由此处理成为城市供冷供暖的最佳方式。本文结合工程案例针对暖通空调设计中地源热泵问题进行了多方面的研究。     

高新技术企业知识产权战略评价研究:一个综述

知识产权战略是现代企业,特别是高新技术企业的核心战略。分析了高新技术企业知识产权战略绩效的影响因素,基于此对当前企业知识产权战略评价的相关理论研究综合分析认为,还需要进一步研究现代企业发展对知识产权战略评价的战略性、系统性要求,评价指标体系应考虑国际竞争环境和内部创新需要,应从战略制定、实施及效果评估全过程进行评价,并进行风险控制。