A new extension of bivariate FGM copulas

We propose a new family of copulas generalizing the Farlie–Gumbel–Morgenstern family and generated by two univariate functions. The main feature of this family is to permit the modeling of high positive dependence. In particular, it is established that the range of the Spearman’s Rho is [ − 3/4,1] and that the upper tail dependence coefficient can reach any value in [0,1]. Necessary and sufficient conditions are given on the generating functions in order to obtain various dependence properties. Some examples of parametric subfamilies are provided.     

浅议病险水库综合治理措施

柳州市病险水库在治理过程中存在投资不足、勘测设计深度不够、工程施工管理不规范、未建立完善的管护制度等问题。文章将针对这些问题提出治理建议。     

Does preventive regulation reduce stock price synchronicity? Evidence from Chinese annual report comment letters

Based on a sample of Chinese A-share listed firms from 2015 to 2018, this paper studies the impact of annual report comment letters (ARCLs) on firm stock price synchronicity. We find that after firms receive ARCLs, their stock price synchronicity decreases. Moreover, the longer the ARCLs and the more negative the ARCLs’ tone, the lower the resulting stock price synchronicity. The mechanism test shows that after firms receive ARCLs, the firms’ information disclosure increases in quantity and quality, external media attention increases, and the firms’ governance improves, reducing their stock price synchronicity. Further research shows that this negative association is more significant in firms with higher information asymmetry. This paper shows that the ARCL, an innovative application of the capital market supervision philosophy, is conducive to improving the quality of listed firms and to the healthy development of the capital market.     

中国司法改革刍议:困境与方向

当我们总结与回顾司法改革的历程,不难发现中国的司法改革仍然存在诸多问题和面临复杂困境。这显然与司法改革的应然主体错位、司法改革的指导理念偏失以及司法改革的外部条件限制有关,这就需要确定司法改革所要依循的主导方向,以期持之以恒地推进司法改革。     

Comment

From the point of view of a practitioner, I found Professor Keane's paper interesting and stimulating. I do not agree with the arguments, mainly because the model I have in mind of the way in which the world really works is not consistent with the theoretical model which Keane is addressing. His puzzles and paradoxes do not seem to me to be particularly puzzling or paradoxical when certain unrealistic theoretica assumptions are relaxed.

This paper provides a brief summary of some of Professor Keane's arguments; presents an alternative view of the way equity markets actually behave in the real world; and finally contrasts the implications of this alternative view with Professor Keane' own conclusions on such issues as managements' approach to investment decisions and executive renumeration packages.     

新时期地方高校大学生逃课现状及探析

在当今的大学校园里,几乎每一位大学生都有逃课的经历,这在一定程度上折射出了当代大学生的心态以及教师教学和学生管理等环节中的一些问题。本文以地方院校实际入手,结合自身学生工作经验,在分析大学生逃课现状、原因和心理的基础上,探讨了如何解决学生逃课的各种措施,并提出了加大师资建设力度、加强大学生思想教育和就业教育、深化教学管理和改革等措施,具有一定的实践意义。     

钢塑复合管的施工工艺

钢塑复合管既有塑料管的耐腐蚀性、钢管的抗压强度，因而在建筑，石油、化工等领域得到广泛使用。根据资料及其在实际工程中的应用情况，着重介绍了钢塑复合管的优良性能、施工工艺及施工过程中应注意的问题。     

承兑信用证对进口商的潜在风险及其防范对策

文章通过剖析国内实际业务中发生的一则出口商利用虚假单据骗取开证行已承兑汇票,并将其有效转让给第三者的贴现“融资”案例,提醒进口商严防承兑信用证的潜在风险,以尽早制定防范对策。尤其在可能的情况下,进口商应该开出延期付款信用证,来取代承兑信用证的使用。     

关于我国发展绿色贸易的思考

绿色贸易是一个国家或地区国际竞争力的重要标志。本文分析了我国发展绿色贸易存在的主要问题及其产生的原因,结合我国发展绿色贸易的实际和国际绿色贸易发展的趋势,提出了若干政策建议。