Risk Arbitrage in Takeovers

This article studies the role of risk arbitrageurs in takeoversand the source of their advantage. We show how the presenceof arbitrageurs affects the value of the target shares, sincearbitrageurs are more likely to tender. Therefore an arbitrageurhas the informational advantage of knowing he bought shares.In equilibrium, the number of arbitrageurs buying shares andthe price they pay are determined endogenously. We also presentseveral empirical implications, including the relationship amongtrading volume, takeover premium, liquidity of the shares, andthe number of risk arbitrageurs investing in one particulardeal.     

通货膨胀的各种成因及其在我国的实证分析

本文不仅总结了当前主要的实证研究文献提出的我国通货膨胀的种种成因,而且对每种原因给予了比较分析和新的实证分析,并在此基础上尝试进行了综合分析,以得出一些有益的结论。     

WASP6水质模型在渭河流域水环境容量解析中的应用

将WASP6水质模型应用于渭河流域陕西片,分析流域水环境的污染现状,并采用模型试错法模拟计算渭河陕西段水环境容量,并对比分析节水增流前后水质变化,根据分析结果提出节水增流减污的水污染控制方案,为渭河的污染治理提供依据。     

碾压混凝土坝应力场有限元及施工仿真分析

采用三维有限元法对某碾压混凝土坝(RCC)在施工导流期的应力场进行分析,着重校核了顶部未到设计龄期的碾压混凝土和大型导流底孔周边的应力分布;并初步探讨了在多因素影响情况下,从开始施工到蓄水运行的坝体温度场、应力场的全过程仿真分析方法。     

Novel tiO2 nanocatalysts for wastewater purification: tapping energy from the sun.

Water treatment using TiO2 semiconductor as a durable heterogeneous photocatalyst has been the focus of environmentalists in recent years. Currently, we developed an inexpensive and highly efficient approach for synthesizing nitrogen-doped TiO2 with lower band-gap energy that can respond to visible light. Doping on the molecular scale led to an enhanced nitrogen concentration of up to 21.8%. Reflectance measurements showed the synthesized N-doped TiO2 nanoparticles are catalytically active with the absorbance that extends into the visible region up to 600 nm. The water purification potential of this new class of compound was evaluated by studying the photodegradation of Acid Orange 7 (AO7) and E. coli. Experiments were conducted to compare the photocatalytic activities of N-doped TiO2 nanocatalysts and commercially available Degussa P25 power under identical solar light exposure. N-doped TiO2 demonstrated superior photocatalytic activities in both chemical compound degradation and bactericidal reactions. The result of this study shows the potential of applying new generations of catalyst for wastewater purification and disinfection.     

加入WTO对我国会计服务业的影响

公共领域内由会计公司和注册会计师职业(以下简称CPA)提供的所有服务统称为会计服务。会计服务其范围在不断地扩大。但是总的来讲,可以分为两大类,即保证服务和非保证服务。我国加入世界贸易组织后,我国的会计服务业作为WTO《服务贸易总协定》(以下简称GATS)重要内容之一,其国     

农村通自来水工程若干技术问题初探

根据在农村通自来水工程实践中积累的经验,提出并较好地解决了农村供水工程的评价标准,设计供水时间的确定,输配水管网设计中的优化等问题,对建好、管好和用好农村自来水工程具有一定的帮助作用.     

ANALYST REPUTATION,DEALER AFFILIATION,AND MARKET MAKING

We investigate the effects of analysts' affiliation and reputation on dealers' market making activities. We find that for a given stock, dealers who have affiliated analysts covering the stock quote and trade more aggressively than those who do not have any affiliated analysts. More important, the reputation of affiliated analysts plays an additional role in the affiliated dealer's quote and trade behavior. Dealers with affiliated star analysts post more aggressive quotes and have larger market shares than dealers with affiliated nonstar analysts. Although dealers who post more aggressive quotes also induce affiliated star analysts to cover the stocks, the positive effect of analyst reputation on the affiliated dealers' quote aggressiveness remains significant and robust after controlling for potential endogenous and simultaneous problems.     

整顿后海南导游员的问题成因分析及对策

2006年,海南旅游业进行全面大整顿,涉及到整个产业链的各个环节.时隔近一年,现今海南导游行业情况依旧.旅行社所提供的工作平台,是导致海南导游业现今状况的主要因素.本文对旅行社产业的现状进行立论剖析,指出产业升级和产品布局两个大方面才是解决问题的根本,政府监管机制的完善主要在明晰产业管辖权和组建行业管委会两方面.     

国库现金对货币供给政策的影响机制及证据:基于中国中央银行经理国库制度背景的研究

随着近年来国库现金的迅速增加,万亿国库现金波动对中央银行货币供给政策的影响日益突出。本文在中国中央银行经理国库的制度背景下,通过构建国库现金与货币供给的理论分析框架所做的研究表明,国库现金与基础货币、货币供应量都存在稳定的反向关系,国库现金的增减将导致基础货币和货币供应量的收缩和扩张。本文进一步以中国2000~2006年月度时间序列数据进行的经验分析显示,国库现金与各层次货币供应量之间存在长期的协整关系,国库现金是引起货币供应量变化的Granger因,国库现金的正向冲击导致货币供应量产生显著的负向反应,货币供应量由于国库现金增减而产生收缩和扩张效应。基于研究结论,本文根据当前中国具体情况提出了若干政策建议。