非住宅建设用地使用权续期规则的思考

研究目的:分析非住宅建设用地使用权续期活动的规则与性质,提出完善续期规则的建议。研究方法:规范分析法,比较分析法。研究结果:非住宅建设用地使用权的续期规则存在疏漏,使续期申请的起止期间难以清晰界定,以私法视角理解续期活动也不妥当。研究结论:续期是申请人取得重新设立的建设用地使用权的过程,因此要求在续期过程中必须清晰界定续期权利的设立与灭失期间,保证续期或救济得以顺利进行。续期也是获得行政特别许可的结果,应当采用协议出让方式予以确认。     

How Does Stock Market React to Dividend Surprises? Evidence from Emerging Markets of India and Russia

In this article the authors empirically investigate information content of dividends announcements and average reaction of emerging markets of India and Russia to dividend surprises on the postcrisis period 2010 to 2014. The study applies an analysts’ expectations-based approach rarely used in academic literature. The authors conclude that the Russian market on average reacts negatively to good and bad dividend surprises; good dividend surprises on average trigger positive abnormal returns on Indian stocks, whereas bad and no surprises are associated with negative reactions of the Indian market. Results of the study are discussed from the perspective of dividend signaling theory, market efficiency, and investor behavior.     

趋势因子与股票横截面收益

本文采用2005年至2016年A股上市公司为研究样本,通过归一化的均线指标,构造了个股趋势因子。实证结果发现：该因子对股票横截面收益具有显著的解释能力,经过CAPM模型和Fama French三因子模型风险调整后依然存在显著的超额收益。     

新时期高职院校学生教育管理工作的思考

本文以学生为本的教育管理理念贯穿全文,在分析新时期学生的教育管理现状及问题的基础上,提出了高职院校学生教育管理工作的创新思想及管理对策。     

十年建设时期民族区域自治的曲折发展

从1957年到1966年的近10年，是我国开始全面建设社会主义的时期，也是我国民族区域自治曲折发展的时期。在这一时期，民族区域自治呈现出成绩与失误并存、经验与教训交织的双重特征。     

井冈山时期党员思想政治教育有效性的逻辑意蕴

井冈山时期，毛泽东带领中国共产党人建立了农村革命根据地，并把人民军队的创建和工农红军的思想政治教育结合起来。我党针对工农红军的具体情况，结合当时的主要任务，采取了一系列恰当的方法，有效地对工农红军进行了思想政治教声，对新时期加强和改进党的思想政治教育工作有极其重要的意义。     

The determinants of the volatility of returns on cross-border asset holdings

Using both panel and cross-sectional models for 28 industrialized countries observed from 2001–2009, we report a number of findings regarding the determinants of the volatility of returns on cross-border asset holdings (i.e., equity and debt). Greater portfolio concentration and an increase in assets held in emerging markets lead to an elevation in earning volatility, whereas more financial integration and a greater share held in Organization for Economic Cooperation and Development countries and by the household sector cause a reduction in the return volatility. Larger asset holdings by offshore financial corporations and non-bank financial institutions cause higher market volatility, although they affect volatility in the equity and bond markets in the opposite way. Overall, both panel and cross-sectional estimations provide very similar results (albeit of different magnitude) and are robust to the endogeneity problem.     

Rewarding customers who keep a product: How reinforcement affects customers' product return decision in online retailing

A lenient product return policy represents the status quo of current return management practice in online retailing because it increases customers' order tendency. However, at the same time, many customers tend to return products under this policy, which incurs considerable costs for retailers. The present research introduces a keep reward (i.e., providing incentives to keep a product) as a new promotion strategy to improve the conventional lenient policy. Drawing on operant conditioning, the authors propose and test the reinforcing effect of a keep reward on customers' keep decision, compared to the conventional lenient policy. Results of a qualitative pilot study suggest that a keep reward is generally feasible in online retailing practice, especially in the low‐ to mid‐price segment and with rewards that are linked to future purchases. Two experimental studies verify the positive effect of a keep reward. Study 1 shows that it substantially increases keep intention compared to a conventional lenient policy. Study 2 shows that the effect on keep intention is moderated by customers' online shopping frequency, and this moderating effect is mediated by repurchase intention. In particular, the keep reward is most effective among frequent shoppers because they are more inclined to repurchase and thus, benefit from the reward. In summary, both studies support the keep reward as a valuable add‐on to the conventional lenient policy because order intention remains comparably high, while keep intention is higher. Theoretical implications and recommendations for online retailers on how to implement a keep reward in different industries are discussed.     

党风建设的有力武器——批评和自我批评

我们党一直以来都重视批评和自我批评的优良作风,它是共产党员必须具备的条件和必须履行的一项义务,是推动革命、建设和改革事业不断走向胜利的重要力量和方法。在今日中国转型的关键时期,面对国内外复杂多变的情况,共产党员更要继续发扬批评和自我批评的优良作风,克服自身的缺点和错误,战胜前进中的困难。     

Disappearing Dividends: Implications for the Dividend–Price Ratio and Return Predictability

The conventional dividend–price ratio is highly persistent, and the literature reports mixed evidence on its role in predicting stock returns. We argue that the decreasing number of firms with a traditional dividend‐payout policy is responsible for these results, and develop a model in which the long‐run relationship between the dividends and stock price is time varying. An adjusted dividend–price ratio that accounts for the time‐varying long‐run relationship is considerably less persistent. Furthermore, the predictive regression model that employs the adjusted dividend–price ratio as a regressor outperforms the random‐walk model. These results are robust with respect to the firm size.