校园行道树对夏季室外行人热舒适的 影响研究

杭州灵隐寺前的冷泉亭始建于唐元和年间,历经 1 200多年变迁,从一座山中路亭演变成为一处著名的人文景 点。它的演变极具代表性,反映了中国古代风景建筑的文化特 征和风景营造中的审美嬗变,具有研究价值。梳理了冷泉亭的 景观变迁历程,分析变化背后的原因,总结各时期发展特点。 重点辨析了冷泉亭变迁过程中的建筑选址、体量、存废三方面 的权衡关系。认为在长期发展中,风景建筑受人的审美和环境 作用,其形式和位置不断被调整,以达到一种新的平衡。该案 例的研究,对于理解古代风景建筑的营造逻辑具有启示意义。     

投资者分歧、异常交易量和股票横截面收益率预测——基于中国股票市场的经验证据

本文定义月度异常交易量为本月与上个月交易金额的比值,发现中国市场月度收益率与滞后一个月的异常交易量显著负相关。在控制了公司规模、账面市值比、流动性以及动量效应等指标后仍然具有显著的解释作用。进一步研究表明,在出现高异常交易量后的12个月内,换手率和特质性波动率都有大幅上升。本文认为,交易量上升代表着市场分歧程度和受关注程度的增加,在卖空约束下会使得股票价值高估,从而造成未来收益率下降。     

The Impact of Information Release on Stock Price Volatility and Trading Volume: The Rights Offering Case

This paper examines whether information released via rights offering announcements induces changes in price volatility and trading volume of underlying stock. The results of this paper provide support for the release of new information via offering announcements and evidence of its effects on price volatility and volume of underlying stock. Specifically, utilization of the announced information by investors is evidenced by greater trading volume following the announcement date than during the pre-announcement period. We interpret this result to mean that informedness dominates consensus. However, stock price volatility decreased from the pre-announcement period to the post-expiration period of rights offerings.     

New empirical evidence on the bid-ask spread

In this article, we model the determinants of spread for 734 firms listed on the NYSE over the period 1 January 1998 to 31 December 2008. We propose a panel data model of the determinants of spread. There are four main messages emerging from our work. We find a statistically significant effect of volume on spread inconsistent with the work of Johnson (2008). On price, we find mixed results, consistent with the literature. On the effect of price volatility on spread, our results are completely the opposite of the cross-sectional literature but sides with the relatively recent work of Chordia et al. (2001). We allow for persistence of spread as a determinant of spread and find significant evidence of spread persistence across all 16 sectors. Finally, we examine size effects and find statistically strong evidence of size effects based on the relationship between price and spread, persistence and spread, and volatility and spread.     

VAV空调系统应用于高速铁路客车探讨

通过分析高速铁路客车空调系统的要求和VAV应用范围及其自身特点,探讨VAV空调系统应用于高速铁路客车的情况。文章最后指出了该系统需要改进的地方,并提出了相应的改进措施。     

新亚欧大陆桥中国段沿线地区的物流业发展格局探讨

从物流业发展水平、货物交流量和产业结构相似性等方面综合考虑新亚欧大陆桥中国段沿线物流业发展格局，进而对其发展定位进行初步探讨。     

Trading volume and stock market volatility: The Polish case

Relying on the mixture of distributions hypothesis (MDH), this paper investigates the relationship between daily returns and trading volume for 20 Polish stocks. Our empirical results show that in the majority of cases volatility persistence tends to disappear when trading volume is included in the conditional variance equation, which is in agreement with the findings of studies on developed stock markets. However, we cannot confirm the testable implications of the MDH in all cases, which indicates that future research on the causes and modeling of Polish stock market volatility is necessary.     

Does trading volume detect information content in earnings reconciliations of foreign firms?

Currently, foreign firms trading securities on U.S. markets provide periodically a quantitative reconciliation of selected financial data consistent with U.S. GAAP (hereafter referred to as reconciled information) in Form 20-F. The SEC is examining whether users believe that this reconciliation process provides additional information above that provided by the foreign GAAP earning announcement and whether this incremental information enhances usefulness for market participants. We examine whether the reconciliation affects a primary indicator of information usefulness: the trading volume of capital markets participants.We use a regression model to examine the relation between a measure of abnormal trading volume and four firm-specific variables in the firm's information environment: similarities of accounting systems, analyst following, difference between reconciled earnings and foreign GAAP earnings, and dispersion of analysts’ expectations. We find a significant relation between abnormal volume and the reconciled earnings number and between abnormal volume and the dispersion of analysts forecasts. Our findings suggest that market participants may use the 20-F reconciliation in trading decisions.     

Computation of robust estimates of multivariate location and shape

This paper reviews the state of the art in the computation of robust estimates of multivariate location and shape using combinatorial estimators such as the minimum volume ellipsoid (MVE) and iterative M- and S-estimators. We also present new results on the behavior of M- and S-estimators in the presence of different types of outliers, and give the first computational evidence on compound estimators that use the MVE as a starting point for an S-estimator. Problems with too many data points in too many dimensions cannot be handled by any available technology; however, the methods presented in this paper substantially extend the size of problem that can be successfully handled.     

China''''s Stock Market: New Year, New Trends

On February 5th,the last trading day in the Year of the Pig,continued the falling trend in China's A-share market,and large companies like PetroChina lifted restrictions on sales of large volume heavyweight shares.The Shanghai Stock index dropped by 1.55 percent,which completely broke people's belief in the stock market as China moved into the New Year.