Option volume,strike distribution,and foreign exchange rate movements

Using Deutschmark currency option data from the Philadelphia Stock Exchange and British pound option data from the Chicago Mercantile Exchange, this article examines the signaling quality of option volume measures on movements in the underlying spot exchange rates. The concept of a volume-weighted strike distribution is proposed. It is demonstrated that measures using the strike distribution are inherently better predictors of both direction and volatility of the exchange rate movements as compared to their more traditional counterparts used in practice, such as the put-call ratio.      

论住宅性物业税的征收方式

物业税的征收是我国税制改革的重要组成部分。制定一套合理公平的物业税征收方案是物业税调节机制科学有效运作的重要保障。而住宅性物业与百姓利益密切相关,在制定住宅性物业税征收方案时更应该分外慎重,切实保障百姓利益。     

The Theory and Demonstration of System Resource Constraint

Based on the former resource constraint theories, this paper analyzes the surplus phenomena of the scarce nature recourses in order to reveal the principle of resource and other industry＇s sustainable development. We propose thd System Resource Binding Theory, in which we take the market volume as a scarce resource. With the help of the theory, we analyze the energy industry＇s development characteristic and the constraint mechanism of Neo-economies.     

山东莱芜铁矿田马庄矿区“天窗”渗漏量研究

本文以均衡理论为基础，采用数理统计方法，通过对马庄矿区１６年间丰水期最大矿坑涌水量与其对应的灰岩地下水水位降资料的研究，知二者为幂指数关系，从二者所建立的回归方程中，反推出马庄矿区的天窗渗漏量，进而推之。天窗的渗漏量主要取决于天窗下伏灰岩的岩溶发育情况和导水性，天窗的渗漏量只占矿坑涌水量的一小部分。对矿区的安全生产形不成威胁。     

上海市日本料理店经营现状调查及发展研究

上海是我国日本料理店发展较早、速度较快、规模较大的城市之一。以问卷调查的形式,重点了解上海日本料理店的店铺情况,顾客情况、采购情况及经营现状。详细了解上海日本料理店的经营状况对未来其他城市的料理店经营发展具有一定的借鉴意义。     

Towards value-based pricing—An integrative framework for decision making

Despite a recent surge of interest, the subject of pricing in general and value-based pricing in particular has received little academic investigation. Yet, pricing has a huge impact on financial results, both in absolute terms and relative to other instruments of the marketing mix. The objective of this paper is to present a comprehensive framework for pricing decisions which considers all relevant dimensions and elements for profitable and sustainable pricing decisions. The theoretical framework is useful for guiding new product pricing decisions as well as for implementing price-repositioning strategies for existing products. The practical application of this framework is illustrated by a case study involving the pricing decision for a major product launch at a global chemical company.     

Intra Day Bid‐Ask Spreads, Trading Volume and Volatility: Recent Empirical Evidence from the London Stock Exchange

With the benefit of very high frequency (25 million 1 minute observations) and recent data (2001) for the UK, this paper explores a number of intra day patterns of stock market behaviour. More specifically, a distinct reverse J shaped bid‐ask spread pattern is noted for SETS securities, a declining bid‐ask spread pattern for non‐SETS securities, a two hump pattern for trading volume and a U‐shaped pattern for returns volatility for all securities. In terms of complementing the existing literature, the paper shows that differences in trading systems may affect the bid‐ask spread patterns, while differences in market environments (i.e. US and UK markets) seems to affect the trading volume pattern. The paper suggests avenues for future research, in particular, the need to consider what factors are significant in determining intra day patterns for different trading systems and the need for additional cross‐market comparisons to identify how institutional factors affect the behaviour of investors on an intra day basis.     

Short sale constraints and the information content of trading

We examine changes in the information content of trading when short sale constraints between prohibition and restriction exist on a stock exchange. This is made possible by a unique institutional arrangement at the Stock Exchange of Hong Kong. It maintains a list of stocks which can be sold short under regulations. Stocks not on the list are prohibited from short selling. The list is revised on a quarterly basis based on predetermined criteria. We find that the probability of information-based trading (PIN) significantly increases when a stock is added to the list. Further analysis shows that this is mainly because uninformed traders are driven out of the market. Elimination of uninformed traders also causes the aggregate trading volume to decrease rather than increase. In comparison, the PIN does not change when a stock is dropped from the list. We also find that market liquidity, measured by volatility and bid–ask spreads, slightly decreases when a stock is added to the list and significantly increases when a stock is dropped from the list. Possible explanations are discussed.     

Visiting probability model: a new method for tourist volume forecasting

ABSTRACT

Tourist volume forecasting is an ongoing theme in tourism research. Current methods rely too much on the previous tourist arrivals data. Based on tourism system perspective, we propose a visiting probability model composed of five independent variables: the attractiveness of a destination, the travel time from a origin to the destination, the traffic expense to and from the destination, the physical fatigue travel time and the per capita disposable monthly income of the origin. The model provides a new method for forecasting the number of tourists from a specific origin without historical tourist arrivals data.     

某高校餐厅操作间排烟系统的改造与设计

针对某高校餐厅排烟系统排烟不足的问题,进行了详细的原因分析和参数计算,提出了具体的改造方案,经实际使用,效果良好,基本达到了设计目的。