Detecting hot and cold cycles using a Markov regime switching model—Evidence from the Chinese A-share IPO market

This paper focuses on detecting hot and cold IPO cycles in the Chinese A-share market using a Markov regime switching model. We introduce a set of observations to measure IPO activities, which include numbers of IPOs issued, levels of underpricing, market conditions and duration time from prospectus and listing, and thus establish a model to estimate these activities' average performance in hot and cold periods respectively. It is found that a hot period is related with an abundant supply of IPOs, high levels of underpricing, positive market conditions and short waiting time to listing after prospectus issue. Further, this paper depicts the turning points of hot and cold periods across the period from 1994 to 2005 for each observation. The cycles detected by the number of IPOs per month are the benchmark and then these cycles' robustness is tested by the other observations.     

TPS系统参数组态应用示例

分散控制系统DCS在石油和化工生产中应用十分广泛。通过对系统组态使得系统功能得以实现。本文针对TPS系统控制站的常规控制点参数组态进行示例分析,有效解决生产中的实际问题,提高系统实用性。     

轿车制造过程油漆表面常见缺陷橘皮分析

在汽车工业中,油漆表面的波纹称为橘皮.橘皮是油漆最常见毛病之一,也是难以克服的毛病之一.油漆橘皮是评价涂装表面质量的一个重要指标,橘皮的好坏将显著的影响人们的视觉效果,绝大多数汽车厂将油漆橘皮列为Audit检查的必检项目之一.     

Renminbi exchange rate exposure: evidence from Chinese industries

This paper investigates sensitivity of stock returns of industry-sorted Chinese firms with respect to renminbi exchange rate movements. Strong evidence of significant exposure is documented for 7 out of 16 Chinese industries. Evidence is also found of the size asymmetry effects. In addition, we explore the characteristics of the exposure, and detect evidence of significant exposure among non-exporters in some of the industries. Special attention is given to examining the time-varying exposure under the impact of the new Chinese exchange rate regime in place since 2005, in which even stronger exchange rate exposure is reported. The conditional exposure estimated in this paper also reveals the close relation between stock returns and changes of the renminbi exchange rate.     

改革的利益受损者及其政府补偿的实证分析

改革过程中利益分配格局的调整,必然会出现部分社会群体经济利益受到损害的情况。大致而言,我国的低收入阶层包括农村居民、中西部地区居民、城市下岗失业人员、进城农民工、过早离退休的职工以及其他处于社会基层与边缘状态的社会阶层就是改革的利益受损者。为了增强改革动力、推动改革的持续深入,为了重建社会公正、促进国民经济长期协调稳定发展,必须建立和健全合理的利益补偿机制,对改革的利益受损者进行适当补偿。     

发展地方特色经济的组织形式选择及其政策分析

文章从不同的视角对产业集群的优越性进行了论述,认为它是发展地方特色经济的最佳组织选择。然后就如何发展具有地方特色的产业集群提出了相应的政策建议。     

上市公司可持续发展问题研究

本文认为，上市公司经营的稳定性、业绩的成长性和发展的持续性界定为可持续发展。本文通过对123家可持续发展能力不足和11家具有较强可持续发展能力的两类上市公司研究发现，完善的公司治理则是可持续发展的基础，大股东掏空上市公司、违规担保和委托理财、盲目进行不相关多元化投资、欺诈上市是导致上市公司难以持续经营的主要原因，而专注主业、善于资本经营，品牌、创新和管理优势是实现上市公司可持续发展的关键因素.     

论我国古代契约的法理基础

中国是世界上运用契约最早的国家.契约为诚信而立,又受诚信原则所支配.中国古代契约以多种方式维护诚信原则:一是契约本身防伪;二是当事人"署名为信"、"画指为信";三是有证人在场作证;四是违约受罚规定等.这些均属古代民间习惯法法则,当民法习惯和传统遭到破坏时,国家律令会及时加以干预和维护,这两个方面的合力,形成为古代契约的法理基础.