On the Role of Futures Trading in Spot Market Fluctuations: Perpetrator of Volatility or Victim of Regret?

We examine the role of index futures trading in spot market volatility. We use the exponential generalized autoregressive conditional heteroskedasticity (EGARCH) approach to measure volatility, analyze causality and feedback relations between volatilities in the spot and futures markets, and test various hypotheses in the context of a multivariate model that incorporates other macrostate variables. Our empirical results suggest index futures trading may not be blamed for the observed volatility in the spot market. Rather, we find stronger and more consistent support for the alternative posture that volatility in the futures market is an outgrowth of a turbulent cash market. We use the regret (cognitive dissonance) theory to explain our results.     

大型喷灌机技术改造与运行管理改革初探

上世纪70～80年代,友谊农场陆续购进了圆型、滚移大型喷灌机近百台,经近30a的运行,大部份喷灌机已经损坏、报废.然而由于近年的连续干旱,对这些灌机进行了更新改造,使23台大型灌机重新发挥了作用.     

我国小城镇餐饮业的发展状况与对策

我国小城镇餐饮业在近年来发展速度非常快,无论是数量、规模和经济效益上都比较明显,但是在发展过程中也存在一些问题。本文阐述了我国小城镇餐饮业发展现状、特点以及发展过程中存在的问题,并对我国小城镇餐饮产业的战略性发展提出了对策建议。     

EXPERIMENTAL INVESTIGATIONS ON LONGITUDINAL DISPERSION CHARACTERISTICS OF TIDAL RIVERS

1 .　ＩＮＴＲＯＤＵＣＴＩＯＮＵｎｄｅｒｔｈｅｉｎｆｌｕｅｎｃｅｏｆｎａｔｕｒａｌｔｉｄｅｓ,ｔｈｅｉｎｔｅｒａｃ ｔｉｏｎｓｂｅｔｗｅｅｎｆｌｏｗｆｅａｔｕｒｅｓａｎｄｐｏｌｌｕｔａｎｔｌｏｎｇｉｔｕｄｉｎａｌｄｉｆｆｕｓｉｏｎｉｎｔｉｄａｌｒｉｖｅｒｓａｒｅｉｍｐｏｒｔａｎｔｆｏｒｗａｔｅｒｅｎｖｉ ｒｏｎｍｅｎｔｒｅｃｔｉｆｉｃａｔｉｏｎｉｎｅｓｔｕａｒｉｎｅｒｅｇｉｏｎｓ.Ｔｈｅｄｉｆｆｕ ｓｉｏｎａｎｄｔｒａｎｓｐｏｒｔｏｆｐｏｌｌｕｔａｎｔｉｎｎａｔｕｒａｌｒｉｖｅｒｓｆａｌｌｉｎ ｔｏｍ…     

龙滩大坝碾压混凝土高温季节施工的温控措施

龙滩水电站地处桂西北,多年平均气温20.1℃,每年高温季节长达7个月以上,而龙滩碾压混凝土重力坝施工要求全年进行,因此解决高温季节的施工难题是保证龙滩工程顺利建设的首要前提。为此,着重研究了原材料选择、配合比设计、降温防护、快速施工、通水冷却等多项措施,为龙滩工程在高温季节下,碾压混凝土重力坝的施工提供了保证。     

基于小波变换的入库径流组合预测方法研究

应用小波分析理论中的多尺度分析,分析水库入库径流过程,采用àtrous算法分解原始径流过程,对分解后的系数组进行周期分析,利用周期均值叠加法作各级系数外延预测,重构预测的系数组,取得入库径流过程预测结果。利用该方法对三峡水库的实例研究取得了较满意的结果,结果表明组合方法比直接利用周期均值叠加法预测精度高。     

挡土墙设计的几点心得体会

挡土墙在工程建设中较为常见,其类型取决于工程场地的地形、地质条件,针对不同类型的挡土墙,以实 例加以剖析,分析其工况,总结其设计要点及体会。     

谈节水灌溉的推广应用

全面推行节水灌溉势在必行，结合江西省上饶地区节水灌溉的推广工作，总结经验，提出了相应的对策和建议。     

一种基于单片机的变电站控制保护系统的实现

以单片机８０３１ 为核心组成的采集、保护和通信模块，通过ＲＳ４８５ 的连接，与４８６ 工控微机构成了分布式３５ ｋＶ 变电站的自控系统，实现变电站的计量、保护和控制等功能，以达到变电站的无人值守或少人值守。     

Regulation Fair Disclosure and Earnings Information: Market, Analyst, and Corporate Responses

With the adoption of Regulation Fair Disclosure (Reg FD), market behavior around earnings releases displays no significant change in return volatility (after controlling for decimalization of stock trading) but significant increases in trading volume due to difference in opinion. Analyst forecast dispersion increases, and increases in other measures of disagreement and difference of opinion suggest greater difficulty in forming forecasts beyond the current quarter. Corporations increase the quantity of voluntary disclosures, but only for current quarter earnings. Thus, Reg FD seems to increase the quantity of information available to the public while imposing greater demands on investment professionals.