关于资本资产定价模型的疑问与思考

通过对资本资产定价模型的质疑,透析了资本资产定价模型的内在发展逻辑,并从经济学发展方向与研究方法上提出了未来资本资产定价模型的研究范式。     

聚合物产品质量监督检验方法及应用

介绍了目前大庆油田聚合物驱应用的聚合物产品质量监督检验方法，对其检验原理、改进情况，以及应用现状做了系统说明。     

Another look at long memory in common stock returns

We apply the modified rescaled range test to the return series of 1,952 common stocks. The results indicate that long memory is not a widespread characteristic of these stocks. But logit models of the event of a test rejection reveal that rejections are linked to firms with large risk-adjusted average returns. The maximal moment of a return distribution is also found to influence the event of a rejection, but not in a way suggestive of moment-condition failure. Evidence suggestive of survivorship bias is also uncovered. We conclude that there is some evidence consistent with persistent long memory in the returns of a small proportion of stocks.     

铸铁的脆性分析

本文通过灰口铸铁的拉抻实验、压缩实验、扭转实验,用材料力学的分析方法,对灰口铸铁的极限应力,即拉伸极限应力σ_L,压缩极限应力σ_y 以及剪切极限应力τ的比较,得出脆性材料灰口铸铁的脆性特征为σ_L<τ<σ_y。     

Measuring abnormal daily trading volume for samples of NYSE/ASE and NASDAQ securities using parametric and nonparametric test statistics

We extend prior research on the empirical properties of daily trading volume and methods to detect abnormal trading volume in two ways. We compare the performance of a nonparametric test statistic with the parametric test statistic used in prior research and we study samples of NASDAQ securities as well as samples of NYSE/ASE securities. Prior research has focused exclusively on NYSE securities. We find the nonparametric test statistic is more powerful in detecting abnormal trading volume than the parametric test statistic in both samples of NYSE/ASE and NASDAQ securities. We also document that abnormal trading volume will be detected more often in samples of NYSE/ASE securities compared to NASDAQ securities.     

Using Market Expectations to Test for Speculative Bubbles in the Crude Oil Market

The wide fluctuations of oil prices from 2003 to 2008 have attracted the interest of academics and policymakers. A popular view is that these fluctuations were caused by speculative bubbles due to the increased financialization of oil futures markets. This hypothesis, however, is difficult to examine since the fundamental price of oil is unobservable and, therefore, econometric evidence in favor of bubbles may actually be due to misspecified market fundamentals. In this paper, we extend two recently proposed methodologies for bubble detection that alleviate this problem by using market expectations of future prices. Both methodologies provide no evidence of speculative bubbles.     

中国不同省份金融结构转变与产业结构升级关系的实证研究

随着我国社会主义市场经济改革的不断深入，现有金融结构已不能适应经济发展。本文从金融结构调整的角度出发，对中国较发达地区，欠发达地区以及基于全国的数据进行面板回归。通过对实证结果的分析，得出金融结构调整对产业结构调整并不是简单线性关系的结论，金融结构调整应有合理的范围，当金融结构在其范围内变化时，能够促进经济的增长，当金融结构的调整超过合理范围时，金融功能的负作用会逐渐增强，当负作用积累到一定程度，会对经济的发展起到阻碍作用，我国各省份应根据自己的实际发展情况和自然禀赋，选择合适的金融结构和经济发展模式。     

基于VAR模型的我国铜锌期货价格引导关系实证研究

铜、锌期货是大宗金属期货的重要品种，在期货投资市场上广受追捧。研究通过构建VAR模型，运用格兰杰因果检验，分析了近远月铜、锌期货价格之间相互引导关系，模型实证结论认为远月期铜、锌期货价格之间具有显著的相互引导关系，为期货市场上各类型投资者提供政策指引。     

关于建筑监理体系建设的一些探讨

随着国家经济的快速发展,各行各业都在不断地进步和创新以适应时代的脚步,建筑作为国之富强的一项外在体现,应该更加的加强建筑的质量,完善建筑监理体系,建设利国利民的高质量建筑,下面就关于建筑监理体系建设作出一些简单的讨论。     

Fractional integration and cointegration in merger and acquisitions in the US petroleum industry

This article employs methodologies based on fractional integration and cointegration to analyse the time-series properties of merger and acquisitions (M&A) activity and crude oil prices in the US from 1980 to 2012. Our results indicate that an increase in the crude oil price produces a significant increase in the M&A data between 2 and 3 months after the initial shock.