Anomalies and stock returns: Australian evidence

Prior research has identified the existence of several cross‐sectional patterns in equity returns, commonly referred to as effects. This paper tests for the existence of a number of well‐known effects using data from the Australian equities market. Specifically, we investigate the size effect, book‐to‐market effect, earnings‐to‐price effect, cashflow‐to‐price effect, leverage effect and the liquidity effect. An additional aim of this paper is to investigate the capability of the Fama–French model in explaining any observed effects. We document a size, book‐to‐market, earnings‐to‐price and cashflow‐to‐price effect but fail to find evidence of a leverage or liquidity effect. Although our findings indicate that the Fama–French model can partially explain some of the observed effects, we conclude that its performance is less than satisfactory in Australia.     

基于供应链管理的库存控制策略研究

库存不仅影响到某一节点企业的成本,而且严重削弱了供应链整体的运作效率和竞争力。文章分析了供应链中影响库存放大的各种可能因素,提出了较为可行的库存控制措施。     

美国实施反倾销贸易政策的动因、绩效与启示

文章通过对美国反倾销贸易保护活动特征的分析,探讨了美国实施反倾销贸易保护政策的动因及其相关影响因素的强度,并对其经济效应进行了分析。反倾销贸易保护措施的实施往往受到利益集团的牵制,对一国整体福利来说并不一定有利。因此,在全球竞争中,为提高贸易效率,各国应建立更加开放的贸易体制。     

考虑表面效应板状微结构的力学行为进展

该文综述了纳米力学研究中的表面效应与板状微结构力学行为研究现状和进展,并作了一定的评价,介绍了最新的表面效应研究理论模型和方法,并对未来表面效应的理论研究进行了预测和展望。     

存款准备金率调整及其效应分析

针对我国中央银行近期多次提高存款准备金率的现象,本文首先回顾了我国存款准备金制度的历史沿革,进而对存款准备金调整从正反两个方面予以效应分析,认为近期调整带来了冻结资金效果明显、对金融市场影响温和及告示效应逐渐呈现的正面效应,同时也表现出继续上调空间有限、发挥效用有限和制度内容不完善等负面效应,并在此基础上提出了完善差别存款准备金制度和重视多种宏观政策工具组合使用等对策.     

Measuring the impact of work reorganization on firm performance: evidence from French manufacturing, 1995–1999

In this paper, we apply the method of selective matching to estimate the causal effect of organizational changes on employment, stock of capital, value added, and factor productivity. Derived from a panel of 2404 French manufacturing firms in 1997, our estimates show that work reorganization improves firm performance overall through a more efficient use of labor and capital, without requiring any increase in the factors of production.     

Chinese Yuan after Chinese Exchange Rate System Reform

I. Introduction The Chinese government announced its change in exchange rate system from the dollar peg system into a managed floating exchange rate system “with reference to” a currencybasket on 21 July 2005 1. The exchange rate system reform has been regarded as a historical?2006 The Authors regime switching in China. This Chinese government decision has preferable effects on neighboring countries in choosing exchange rate system or exchange rate policy because the monetary authorities …     

Dynamic yardstick mechanisms

This paper shows that the inability of principals to commit to long-term contracts is irrelevant when dealing with several agents whose private information is correlated. This sharply contrasts with the dynamics of contracting without such correlation. The paper also explores what limitations on yardstick mechanisms can justify the use of long-term contracts. We found that the inability of a principal to commit not to renegotiate long-term contracts is without consequence even if there is a bound on transfers that an agent can be asked to pay. In contrast, short-term contracting fails to implement the commitment solution with constraints on transfers. Second, absent current yardstick, the possibility of using correlated mechanisms in the future allows the principal to implement the first-best with a renegotiation-proof long-term contract whereas this cannot be achieved with short-term contracting.     

基于快速响应的产业集群与供应链系统集成效应研究

文章以快速响应为基础,分析了产业集群与供应链系统的集成在战略目标、组织运作、市场整合、知识集成与扩散等方面所产生的效应,得出了两者的互动过程可以有效克服传统企业运营和区域经济发展过程中面临的资源匮乏、分散与市场需求多样化之间的矛盾的结论.     

资产证券化的效应分析

资产证券化是30年代以来金融市场上最重要、发展最快、也最具有生命力的创新之一。一个时期以来，对于资产证券化，人们多从微观角度来观察、分析和讨论，却很少从宏观角度来研究和关注资产证券化的问题。本文结合我国当前的经济形势，从微观和宏观两个方面对资产证券化在我国的现实意义作了详细的分析。