非交易天数对我国股市波动的影响分析

非交易天数对股票收益波动具有显著影响,即两个相邻交易日之间间隔的非交易天数越多,收益的波动性越大.另外我们还发现我国股市中存在着结构性变化和不对称效应,而且市场风险和期望收益之间存在正向关系.     

论江西旅行社经营格局的变化

江西旅行社业近年来受京九铁路开通、江西经济发展、住房商品化的影响，在经营格局上发生较大的变化，这种变化体现在旅行社布局走向均衡，出现了地域旅游客源市场中心，以及旅游市场核心从单位旅游转向社区旅游。     

An exact relation between willingness to pay and willingness to accept

I present a simple and precise relationship between the willingness-to-pay and the willingness-to-accept, or equivalently between the compensating and equivalent variations following an exogenous welfare change. One can be computed given the other as a function of income.     

TSFDC: A trading strategy based on forecasting directional change

Directional Change (DC) is a technique to summarize price movements in a financial market. According to the DC concept, data is sampled only when the magnitude of price change is significant according to the investor. In this paper, we develop a contrarian trading strategy named TSFDC. TSFDC is based on a forecasting model which aims to predict the change of the direction of market's trend under the DC context. We examine the profitability, risk and risk‐adjusted return of TSFDC in the FX market using eight currency pairs. The results suggest that TSFDC outperforms the buy and hold approach and another DC‐based trading strategy.     

Climate change reporting and multinational companies: Insights from institutional theory and international business

Multinational companies (MNCs) have an important impact on climate change, but knowledge on the greenhouse gas (GHG) reporting practices of MNCs is limited. A theoretical framework is developed to provide an explanation of GHG emissions reporting by MNCs. The framework combines institutional theory with the notion of MNC typology from International Business and explains how institutional pressure acting on each typology of MNC influences standardization of reporting practices and GHG emissions data quality. Propositions are developed and empirically investigated using a case study. Global MNCs are predicted to have better quality GHG emissions reporting compared to multi-domestic or transnational MNCs.     

Quality control for structural credit risk models

Over the last four decades, a large number of structural models have been developed to estimate and price credit risk. The focus of the paper is on a neglected issue pertaining to fundamental shifts in the structural parameters governing default. We propose formal quality control procedures that allow risk managers to monitor fundamental shifts in the structural parameters of credit risk models. The procedures are sequential — hence apply in real time. The basic ingredients are the key processes used in credit risk analysis, such as most prominently the Merton distance to default process as well as financial returns. Moreover, while we propose different monitoring processes, we also show that one particular process is optimal in terms of minimal detection time of a break in the drift process and relates to the Radon–Nikodym derivative for a change of measure.     

改革开放以来中国城市行政区划变更特征及趋势

根据变革的特征和对城市发展的影响,将中国改革开放以来的城市行政区划变更归纳为三种:撤县设(县级)市;县、市升格或地区改(地级)市;撤县(市)设区。基于时间和空间两个维度的分析,进一步揭示三种行政区划变更的主要阶段及其特征与趋势,并认为行政区划变更是市场化分权改革在城市层面的反映。     

转型过程中金融发展和开放的作用：来自中国的经验

金融市场和金融机构的发展与经济增长密切相关,这一点学术界已经达成了共识。然而在中国,尽管1978年至2003年期间GDP年真实增长率达9.4%,金融部门依然效率低下,金融改革也相对滞后。本文使用1978年至2003年的宏观数据,在VAR框架下分析了经济增长、银行贷款和FDI之间的长期关系。实证结果显示,如果不考虑结构变化,中国银行系统贷款总量与GDP之间不存在稳定的协整关系,但过去25年银行业的发展确实显著促进了中国经济增长。对数据的进一步分解显示,非国有银行贷款虽然总体贷款规模较小,但作为金融系统中较有效率的部门对于经济增长的贡献更为明显。虽然1978年到2003年外国直接投资(FDI)与经济增长也存在正协整效应,但由于资本控制政策和中国金融市场的独立性,这种效应相对于国内金融市场对经济增长的作用要小许多。     

Who directs strategic change? Director experience,the selection of new CEOs,and change in corporate strategy

We develop a theory of board-directed strategic change in which directors (1) conceive changes in corporate strategy that reflect the strategies of their own home companies, and (2) select new CEOs who have prior experience with similar strategies to facilitate implementation. The findings show that, while the experience of new CEOs appears to predict corporate strategic change, these effects disappear after accounting for board experience. Thus, our results suggest that executive effects on strategy can mask board effects. Copyright © 2001 John Wiley & Sons, Ltd.     

Understanding the Change–Cynicism Cycle: The Role of HR

Employee change cynicism is an unintended consequence of organizational change, which can undermine the effectiveness of change initiatives. Based on social information processing theory, we examine the impact of two human resource roles (administrative expert and strategic change agent) on the relationship between the quantity of organizational change and employee change cynicism. Using multilevel data from 1,831 employees in 70 organizations, we find employees who are exposed to more organizational change report higher levels of change cynicism. However, the strength of the organizational change–cynicism relationship is affected by the role of HR in the employees’ organizations. When HR undertakes an administrative expert role, change is more likely to generate change cynicism. When HR undertakes a strategic change agent role, change is less likely to generate change cynicism. Our results suggest that organizations need to think carefully about the role of HR during organizational change and encourage HR to adopt a strategic change agent role. © 2015 Wiley Periodicals, Inc.