Communication and Comovement: Evidence from Online Stock Forums

We study investor communication and stock comovement using a novel data set from an active online stock forum in China. We find substantial comovement among the returns of a stock and its “related stocks,” which are frequently discussed in the subforum dedicated to the given stock. Comovement is greater when the discussion of related stocks is more intensive. Further, the effect of communication on comovement is stronger for stocks associated with higher information uncertainty. Codiscussed stocks are more actively traded and experience more correlated trading. A trading strategy that exploits communication‐driven comovement generates abnormal returns. Our findings highlight the impact of investor communication on asset comovement.     

水资源承载力分析研究

水是人们生存必不可少的资源,是生产与生活的基础,但水资源短缺,时间、空间分布不均,利用率低,已成为制约各地经济可持续发展的重要因素之一。本文所选研究区域——昌宁县正处于经济快速发展时期,水资源承载力将会影响其发展,文章综合文献分析和实际调研数据,运用科学的方法进行水资源的承载力分析,结果表明:昌宁县水资源承载力目前与社会经济的发展相适应,但远期将会有所不足,因而要求协调人与自然的矛盾,促进昌宁县的可持续发展。     

VIX term structure and VIX futures pricing with realized volatility

Using an extended LHARG model proposed by Majewski et al. (2015, J Econ, 187, 521–531), we derive the closed-form pricing formulas for both the Chicago Board Options Exchange VIX term structure and VIX futures with different maturities. Our empirical results suggest that the quarterly and yearly components of lagged realized volatility should be added into the model to capture the long-term volatility dynamics. By using the realized volatility based on high-frequency data, the proposed model provides superior pricing performance compared with the classic Heston–Nandi GARCH model under a variance-dependent pricing kernel, both in-sample and out-of-sample. The improvement is more pronounced during high volatility periods.     

金正恩时代的朝鲜经济体制转型研究

采用转型政治经济学的理论框架,分析金正恩时代的经济改革可以发现,朝鲜在经济战略、价格、市场、产权和经营权、对外经济、金融、财税等领域采取了一系列改革措施,日益呈现出计划经济向市场经济过渡的转型特征。金正恩的经济改革不是经济管理方式的浅层变化,而是经济体制的转型。朝鲜经济体制转型虽取得一定成果,但仍面临着国际制裁、国内制度建设滞后等约束条件,迫切需要在无核化问题上继续前进和进一步的改革。朝鲜经济体制转型有利于推动朝核问题解决和东北亚地区合作进程,各国应据此制定针对性的对朝政策。.     

知识型员工双重社会网络对企业创新绩效作用机制研究

基于企业基础资源观和组织学习理论，从知识型员工个人和组织社会网络两个方面构建知识型员工双重社会网络影响企业创新绩效的理论模型，分析知识共享、组织学习及资源整合在员工双重社会网络对企业创新绩效影响机制中的作用。结果表明：知识型员工双重社会网络对科技型企业创新绩效的作用路径有3条，资源获取与整合、知识共享与学习及员工动态创新能力分别在其中发挥中介作用；在不同类型组织文化环境中，知识型员工双重社会网络对企业创新绩效的作用特征、作用重点以及作用机制存在显著差异，内部整合维度主要通过知识共享和组织学习影响企业创新绩效，外部适应维度主要通过隐性知识传播和资源整合影响企业创新绩效。     

Further Mining the Predictability of Moving Averages: Evidence from the US Stock Market

Most studies on the predictability of moving average (MA) technical analysis use the discrete (buy/sell) trading recommendations. However, it is possibly incomplete or unreliable to explore the predictability of MA by only employing its generated trading signals. To further explore the forecastability of MA, we study its measurable impact on the stock market returns by using a conventional predictive regression framework. Our empirical study on the US stock market with respect to more detailed price information finds, (i) that the proposed predictor, MADP (MA based on daily prices) shows significant predictability in‐ and out‐of‐sample, and significantly outperforms the historical average (HA) benchmark as well as the MA based on monthly prices, (ii) that the predictability of MADP centers on the short‐term lags (within the most recent 10 days) and disappears when lags are beyond 20 days, and (iii) that the economic evaluation of the portfolios based on trading strategies confirms the superior performance of MADP with short‐term lags against the benchmark even though considering transaction costs.     

博斯腾湖东泵站电气主接线及主设备选型设计

博斯腾湖泵站分东、西泵站二期建设,本文介绍了博斯腾湖东泵站工程电气一次设计中的接入系统设计、电气主接线、设备选择。     

张峰水库溢洪道体型优化设计

本文对已设计的张峰水库溢洪道进行了模型试验,根据对试验结果分析,认为原方案设计存在一些问题,并针对问题进行了优化设计。通过对修改方案模型试验结果分析,得出修改方案改进了原方案中存在的不足,优化合理,是可以采用的。     

"7·15"洪灾的反思及防洪救灾对策

4号强热带风暴“碧利斯”造成突如其来的特大暴雨,降雨范围广,强度大,总量多,时间长,在宜章创下了之最,而且在湖南省也是罕见的。文章对“7·15”特大洪灾雨水情、灾情、抢险救灾存在的问题进行了分析和反思,并提出了防汛抢险的措施和对策。     

太原精神病院污水处理系统改建为中水处理系统的工程设计

太原精神病医院将现有生活污水处理系统改建为中水回用系统,平均日处理水量100 m3.工程设计充分考虑了对原有设施的利用,生物处理单元采用生物接触氧化法.为减少污水提升次数,调节池设在生物处理单元之后.通过延长水力停留时间缓解水量、水质波动对沉淀、生物处理单元的不利影响,投入运行后效果良好.