Evidence on the contrarian trading in foreign exchange markets

This paper investigates the existence and price impacts of contrarian behavior in the foreign exchange markets. By utilizing a nonlinear behavioral model where the chartists and fundamentalists coexist, evidence obtained from two sample periods significantly supports the existence of contrarian trading in the British pound, the Japanese yen and the German mark markets. The contrarian trading can only partially offset the price impacts of trend-followers, therefore the price impact of the chartists as a whole is destabilizing. The ability that the contrarians can counterbalance the extrapolation of the trend-followers differs across markets. Traders in the BP market have the highest tendency to contrarian strategy, which in turn contributes to the least deviations of the BP exchange rates departing from its PPP fundamentals. The fundamentalists' confidence in trade fades during large misalignments, which make the mean reversion function of the fundamentalists weak under the circumstances. We find the magnitudes of interventions will be affected by the price impacts of contrarians and their abilities on market stabilization.     

Putting Ethics on the Agenda for Real Estate Agents

This article uses sociological role theory to help understand ethical challenges faced by Norwegian real estate agents. The article begins with an introductory case, and then briefly examines the strengths and limitations of using legal definitions and rules for understanding real estate agency and real estate agent ethics. It goes on to argue that the ethical challenges of real estate agency can be described and understood as a system of conflicting roles with associated rights and duties, in particular sales agent, intermediary and adviser sub-roles. The arguments are developed using exploratory findings from a survey of Norwegian real estate agents and from several focus groups. The article then suggests the use of various intranet tools as a kind of action research aimed at putting ethics on the real estate agents’ agenda, working to develop a collective conscience and collective self- criticism among the agents, and, in doing so, building bridges between academic research and the practical working world of the agents.     

氟喹诺酮药物中间体合成研究进展

介绍了合成喹诺酮药物-些重要中间体所取得的新进展,这些中间体包括：2,3,4-三氟～4-硝基苯、2,4-二氯-5-氟苯甲酸、4-丁酰氯、2,6-二氯-5-氟烟酰乙酸乙酯、2,4-二氯-5-氟苯乙酮、2,4-二氯氟苯等。另外,对某些合成方法的改进作了较详细叙述,如：2,4-二氯氟苯、2,4-二氯-5-氟苯甲酸等。如其中以1,2,3-三氯苯为起始原料,经硝化、氟化两步反应制得的1,2,3-三氟-硝基苯产品质量分数大于99％,收率达60％。     

干法烟气脱硫渣在建材行业中高技术附加值利用的探讨

文章阐述了目前国内外对干法脱硫渣综合利用的现状,以胶凝材料学以及水泥化学为理论基础,将干法脱硫渣中的物质划分为三类,并提出在充分激发其活性的基础上,对干法脱硫渣进行高技术附加值的利用,并详细阐述了其原理和途径。     

Neutral agents and social tolerance: a dynamic perspective based on economic interaction model with local social cost functions

The influence of neutral agents on the evolutionary dynamics of social tolerance is discussed based on a recently proposed economic interaction model with local social cost functions. We show that the dynamical structure of social tolerance is completely changed even if a few neutral agents are introduced into the society. Especially, the full intolerance steady state, which is stable in previous works, becomes unstable and avoidable due to the economic incentive introduced by the neutral agents. The necessary condition of achieving full tolerance is also reduced compared to previous works without neutral agents.     

Impact of individual market orientation on selling and customer orientation

ABSTRACT

We analyze the direct effect of individual market orientation on selling orientation-customer orientation of corporate insurance agents licensed in an emerging market based on the data collected using a random survey of corporate insurance agents in the Life Insurance sector in India. The results indicated that individual market orientation had a significant relationship with selling orientation, but the intensity was weak. However, causal relationship between individual market orientation and customer orientation was moderate. Future research should focus on analyzing the influence of the dimensions of individual market orientation on employee commitment, loyalty and should analyze the moderating effects of various associated variables. The findings indicate that efforts should be made to generate market-oriented behavior among individuals to propel selling orientation and customer orientation.     

New development: Estate agents’ perspectives of anti-money laundering compliance—four key issues in the UK property market

ABSTRACT

In recent years, money laundering in the property market has come under scrutiny across the world, attracting significant attention from governments, regulators, policy-makers, NGOs, academics and others. However, there remain gaps in knowledge, which is particularly important given practical difficulties in the implementation of anti-money laundering (AML) obligations. This article offers new insights into such implementation in the context of the UK AML regime and the real estate sector. The authors analyse four important issues relating to the UK AML obligations: customer due diligence (CDD); reporting suspicion; training requirements; and letting (rental) agents.     

Enter the middleman: Legitimisation of literary agents in the British Victorian publishing industry 1875–1900

Abstract

The literary agent is a recent addition to the publishing industry, yet in a relatively short space of time has become instrumental in the production of literature. This article examines the origins and development of the A.P. Watt literary agency to explore how it became a dominant organisation in the late nineteenth century. It analyses how its founder Alexander Pollock Watt, despite being met with resistance, gained legitimacy to be accepted by authors and publishers. Through an analysis of historical sources this article argues that by using contract law, Watt was able to disrupt existing business practices.     

对开征教育税的探讨

开征教育税,理顺教育事业费的来源渠道,对规范教育收费体制,普及九年制义务教育,支持基础性教育工作有着十分重要的意义.本文就教育费附加及有关教育性收费改革为教育税进行了初步探讨.     

试论制造商与分销商纵向约束的市场关系

从产业组织的纵向约束角度对制造商和分销商(批发商和零售商)的市场关系进行了经济学分析，提出了制造商如何提高纵向约束有效性的思路和途径。