对高职院校教师招聘与培训的思考

高职教师的招聘与培训对我国高职院校师资队伍建设具有重要意义,是解决教师数量性缺口与结构性缺口的两个主要途径.但我国高职院校在这两方面都存在一些问题.该文对存在的问题进行了分析,并就解决这些问题提出了一些设想.     

Impact of the Asset Purchase Programme on euro area government bond yields using market news

Assessing the impact on sovereign yields of the euro area Asset Purchase Programme (APP) is challenging, because the monetary policy announcement in January 2015 was already implicitly communicated to the market in the second half of 2014. To identify the APP effect, we construct an index which computes the intensity of this discussion in Bloomberg. The econometric results, which are based on real time vintages, suggest that the so-called stock effect with purchases worth about 10% of GDP reduced the GDP-weighted 10-year euro area sovereign yield by 72 basis points, which is equivalent to effects estimated for US and UK programmes, and much larger than those suggested by event studies for the euro area.     

Japan’s impactful augmentation of quantitative easing sovereign-bond purchases

This article examines how and to what extent large-scale government bond purchases in the Bank of Japan’s monetary policy affected two components of long-term interest rates over the period 2009–2015. The article divides market yields on popular 5 and 10-year government bonds into future policy-rate expectations with uncertainty and a specific type of term premia required by investors for the bonds’ demand/supply imbalances, by using overnight index swap rates as a proxy for the former. The Bank of Japan augmented the purchases substantially by starting Quantitative and Qualitative Monetary Easing (QQME) in 2013. The QQME became impactful in the sense that it encouraged investors to improve the first component whilst reducing the second component. These appeared mainly as persisting announcement-effects – upward level shifts of the expectations and downward ones of the term premia. The reduction of term premia was much greater for the 10-year maturity than for 5-year one and strengthened after an additional expansion of the QQME in 2014. The QQME is estimated to have enhanced 5-year sovereign bond yields by 11.9 basis points (bps) a month on average whilst reducing 10-year ones by 8.3 bps. The impact on the 5-year yields turned to be negative after the QQME expansion.     

The effect of quantitative easing on stock prices: a structural time series approach

A structural time series model is estimated and tested to examine the effect of quantitative easing (QE) on US stock prices. The model is estimated by maximum likelihood in a Time-varying parametric (TVP) framework, using the S&P 500 index as the dependent variable and the Fed’s balance as an explanatory variable in addition to the unobserved components accounting for the behaviour of variables that do not appear explicitly in the equation. The results show that QE had a sizeable, but not exclusive, effect on stock prices and that stock prices were also affected by other missing variables and cyclical movements. Several explanations are presented for the rise of the US stock market in the post-QE period, particularly since the election of Donald Trump.     

Nurturing International Business research through Global Value Chains literature: A review and discussion of future research opportunities

This article offers a comprehensive and systematic review of the literature on Global Value Chains (GVCs). The GVC framework has received growing attention in the last decade, providing theoretical concepts and analytical tools to understand and assess patterns of value creation in view of the new international division of labour. In this area, a broad overlap of research interest exists with the international business (IB) literature. Yet, few interactions between the two fields of study have been recorded so far. Performing a quantitative content analysis on all academic publications on GVCs in the period 1994−2018, this paper describes the evolution of GVC studies, emphasizing points of contact and potential synergies with the IB literature. It also identifies research opportunities along the four key dimensions of the GVC framework: geographical and industrial scope, governance, upgrading, and institutional context.     

Pairs trading with partial cointegration

Partial cointegration is a weakening of cointegration that allows for the ‘cointegrating’ residual to contain a random walk and a mean-reverting component. We derive its representation in state space, provide a maximum likelihood-based estimation routine, and a suitable likelihood ratio test. Then, we explore the use of partial cointegration as a means for identifying promising pairs and for generating buy and sell signals. Specifically, we benchmark partial cointegration against several classical pairs trading variants from 1990 until 2015, on a survivor bias free data-set of the S&P 500 constituents. We find annualized returns of more than 12% after transaction costs. These results can only partially be explained by common sources of systematic risk and are well superior to classical distance-based or cointegration-based pairs trading variants on our data-set.     

Making use of quantitative content analysis: Insights from academia and business practice

This article features a moderated conversation between the author and five leading researchers and practitioners in the field of quantitative content analysis and, more specifically, computer-aided textual analysis (CATA). The interview subjects discuss the factors contributing to CATA’s rise as a research method as well as the benefits and pitfalls of using CATA. The conversation also covers best-practice advice that companies may employ to increase the accuracy of CATA results. These include using different programs or algorithms for the same problem, known as algorithm error.     

Emerging market exchange rates during quantitative tapering: The effect of US and domestic news

We analyze the impact of domestic and US-based news announcements of a large set of economic and policy-related fundamentals on the US dollar versus the Turkish lira exchange rate from 2013 to 2016. Since exchange rate behavior is closely related to political trust, we also incorporate the effect of domestic and global political uncertainty, using country indices based on Google search results. Contrary to previous findings, our results reveal that surprises related to the domestic economy have a greater effect on the exchange rate compared to surprises related to the US economy. Most important are the surprises related to domestic inflation and monetary policy, as well as foreign employment, while political uncertainty plays a minor role. There is also an asymmetry in the market response. Bad news about the US economy has more impact than good news, and good news about the domestic economy has more impact than bad news.     

发达国家刺激经济中的定量宽松货币政策

国际金融危机中,传统货币政策在主要发达国家已失去了操作空间,为了维持虚拟经济的稳定,定量宽松货币政策被大规模使用。定量宽松货币政策是在经济陷入流动性陷阱时的一种非传统货币政策,也是虚拟经济高度发展背景下的一种必然选择。美国等发达国家的定量宽松货币政策虽然取得了一定的效果,但其对未来经济却存在着诸如通货膨胀风险等负面作用,同时这一政策的平稳退出也将是两难选择。     

金融危机背景下上海发展现代物流业的思考

现代物流业是上海正迅速发展的一个产业,然而由于金融危机的袭击。它的发展受到了影响。用SWOT分析方法对上海发展现代物流业的优势、劣势、机遇和挑战进行了系统分析,并在此基础上提出了上海发展现代物流业的措施建议。