The relationship between stock returns and volatility in international stock markets

This study examines the relationship between expected stock returns and volatility in the 12 largest international stock markets during January 1980 to December 2001. Consistent with most previous studies, we find a positive but insignificant relationship during the sample period for the majority of the markets based on parametric EGARCH-M models. However, using a flexible semiparametric specification of conditional variance, we find evidence of a significant negative relationship between expected returns and volatility in 6 out of the 12 markets. The results lend some support to the recent claim [Bekaert, G., Wu, G., 2000. Asymmetric volatility and risk in equity markets. Review of Financial Studies 13, 1–42; Whitelaw, R., 2000. Stock market risk and return: an empirical equilibrium approach. Review of Financial Studies 13, 521–547] that stock market returns are negatively correlated with stock market volatility.     

资产评估:不是"标准产品"

编者按: 资产评估业务承揽中的压价竞争,严重影响了资产评估服务市场的规范运行,也严重损害行业的形象.自然引起业内外人士的极大关注本期将就此问题展开讨论.     

运用成本法进行珠宝首饰评估时贬值问题的探讨

成本法是珠宝首饰价值评估的重要方法之一.在用成本法进行珠宝首饰价值评估时要充分注意其实体性贬值、功能性贬值及经济性贬值等贬值因素,避免因疏忽与错漏导致评估结论的偏差.     

我国居民杠杆率现状及影响因素研究

近年来,我国居民部门杠杆率的快速上升引起社会各界关注。本文使用货币信贷和城镇储户调查数据,对我国居民部门杠杆率和偿债能力现状进行了分析,并运用各省住户贷款数据计算各省的居民杠杆率,使用面板数据模型对居民杠杆率上升的原因进行了实证分析。结果表明,房价的快速上涨和住房销售的增长都对居民部门杠杆率的上升有显著正向影响,其中房价上涨的影响程度更大。此外,金融发展水平和老年人抚养比对居民杠杆率有正向影响,少年人抚养比对居民杠杆率有负向影响。     

城市景区大跨负埋深隧道半盖半挖施工应用

本文根据城市景区大跨负埋深隧道施工特点,介绍了处于山高林密间飞地的负埋深露头段隧道,利用已开挖隧道做通道强行出洞、做初期支护保护壳、边盖边挖、二次进洞开挖、预留投料孔施工护拱的绿色环保施工方法,创造性的解决了地处景区、林区露头隧道施工的难题,取得了较好的经济、社会效益,加快了施工进度。     

服装外贸跟单的人才构建与实践

本文阐述了服装外贸跟单员工作岗位的形成,重点介绍服装外贸企业的跟单工作过程,通过将服装外贸跟单员的起源与工作过程相结合,最终对服装外贸跟单的人才培养提出几点建议。     

驻马店地名文化品牌的开发与利用

驻马店拥有丰富的地名人文资源,如何对其进行开发和利用一直是当地政府思考的重要问题。受地名与商品或服务结合情况的影响,驻马店在进行地名文化品牌的开发与利用时,应该根据不同地名人文资源的性质,规范地名人文资源的保护与开发工作。     

我国新能源汽车产业破坏性创新的政策支持研究

提高新能源汽车产业创新水平、将新能源汽车产业置于国民经济战略性新兴产业的地位予以支持已成为世界大国博弈的重要命题.文章将破坏性创新理论用于指导我国的新能源汽车产业政策,在公共科技政策分析的基本政策工具框架下,采用内容分析法分析了2009年至今我国新能源汽车产业创新的政策支持体系;对特斯拉汽车成功进行破坏性创新的案例及对我国的启示作了实证研究,进而提出我国新能源汽车产业破坏性创新的政策建议.     

财务治理分层论

随着改革开放以来我国市场经济体制的改革与发展,现代企业财务制度不再是只由企业所有者单方包揽大局,而是由企业所有者、经营者和财务经理等分层对企业进行管理和治理,于是财务分层治理思想应用而生。     

Timing earnings

Since the opening of China’s securities market, there have been a number of bull and bear cycles. This paper discusses how executives use the market timing approach to manage earnings in different cycles to maximize firm value. We find that Chinese listed companies choose to release more earnings during bull markets and this phenomenon is more evident in companies that are more profitable and have higher valuations. We also find that executives who do not release more earnings during bull markets are more likely to be dismissed.