投资风格、意见分歧与股票流动性——来自股票网络社区数据挖掘的证据

文章挖掘网络平台上投资者发帖的文本数据并使用Python语言编写情感分析程序,在区分价值型投资和技术型投资风格的基础上,建立了投资者的群体内意见分歧、跨群体意见分歧指标,并分析意见分歧程度对股票流动性的影响效应。实证表明:不同投资风格的投资者群体内意见分歧的程度有显著差异,价值型投资者群内意见分歧程度要高于技术型投资者;投资者的群体内意见分歧和跨群体意见分歧都与个股流动性水平呈现显著的负相关关系,也即投资者对个股看法的对立程度越高则个股的流动性水平越低,而且两者对流动性的影响具有较强的独立性;进一步的,意见分歧对流动性的影响效应会受到卖空限制的影响,随着卖空限制的减轻,这种影响效应显著增强。这些结论表明,单纯增加信息量并提高信息传播效率,并不一定能完全改善股票流动性水平,投资者的意见分歧既是现实情境,又可能会导致股票流动性的异动,进而影响股票市场的稳定。     

Style timing with the value spread in Australia

The value spread is shown to be positively related to the value premium in the Australian market. The relationship is especially strong for small cap portfolios and typically stronger when using the book‐to‐price ratio than other value metrics. In small cap portfolios, the positive value premium–spread relationship is primarily driven by the short side. Our results are consistent with previous findings in US and Asian markets. We also show that the small cap–large cap value spread differential is positively related to the corresponding value premium differential, suggesting the value spread can also be used for timing the large/small cap tilt.     

Momentum in Australian style portfolios: risk or inefficiency?

Momentum strategies have been reported to be successful across a range of different markets and asset classes. Three possible explanations for momentum have been hypothesised: risk, return continuation and excessive co‐movement of stock returns compared with dividends. Lewellen (2002) adds to this literature by providing evidence of strong momentum returns in style portfolios that can be explained by negative cross‐serial correlation, a result which supports the excess co‐movement hypothesis. We report robust evidence of style momentum in the Australian market and use the Jegadeesh and Titman (1995) return decomposition to show that this momentum strategy is predominately explained by positive autocorrelation. Our results support the return continuation hypothesis and confirm Chen and Hong's (2002) assertion that Lewellen's (2002) explanation of style momentum returns does not stand up out‐of‐sample.     

浅析维吾尔族舞蹈的生成与教学

辽阔的新疆维族地区素有"歌舞之乡"的美誉,它的歌舞艺术绚丽多彩。历史上的新疆人民伴随着他们的游牧生活创造了独具民族特色的歌舞形式和独有的民族舞蹈风格,在他们当时的民间舞蹈中得以表现,并在今天的民间舞蹈中遗存下来,成为现在多种多样的表演形式。     

父母教养方式对组织管理领域的溢出效应

父母教养方式是指父母在促进或支持子女(从婴儿期到成年期)的身体、情感、社交和智力发展过程中对待子女的教养实践或行为态度。本研究系统梳理了父母教养方式在组织管理领域的溢出效应。首先,梳理了父母教养方式的相关构念,将其归纳为教养实践、教养态度和教养风格三大类,并介绍了相应的测量方法。然后,结合自我决定理论、社会学习理论、社会认知职业理论、心理发展以及领导力发展等多个理论视角归纳了父母教养方式对子女职业发展、领导行为以及创业的深远影响。最后,从补充结果变量、分析边界条件、拓展自变量内涵以及考察非线性关系四个方面对未来研究进行了展望,呼吁组织管理领域的学者针对这一主题开展更多有价值的研究。     

高职院校学风建设的思考

高职教育已成为当今教育领域里一道独特的风景线,如何促进高职院校的学风建设,培养生产第一线的高技能、技术应用型人才,已成为高职院校急待解决的问题之一。文章指出当前高职院校学风普遍存在的问题,就如何加强与改进高职院校学风建设提出了一些建议。     

Hair-brained or great-hair business? : Assessing alternative markets and product-service designs for successful startups by small-retail entrepreneurs

Deborah Lunt had wanted to see a business building with her name on it since she was thirteen years old. She now wanted to build upon the reputation that she had earned through her twenty years in the hair-care industry. She decided to move from the upscale streets of Boston to the suburbs where she felt she could provide a more relaxed and personalized ambience. Deborah excels in hair cutting, color, styling, and her perceptiveness of what her clients want. She built her entire clientele through word-of-mouth and even after she relocated to the Boston suburbs, her clients continued to travel long distances to obtain her services. As Deborah sat in her office one day sipping mineral water between her appointments, she wondered how she could grow her client base. She started day dreaming and was suddenly brought back to the present with the “ding dong” at the door, and one of her clients and friend, a marketing professor at a nearby university, walked in for her monthly appointment. As Deborah cut and styled her client's hair, she shared her thoughts and dreams with her. The professor knew that Deborah was ambitious and hardworking, and that if she had a clear marketing plan, she could succeed in growing her business. The professor also knew that, although Deborah had left her job at an upscale hair salon in a high-end retailing location in the city (the most expensive street for shopping in Boston) to startup her own business, Deborah had done so without a written plan and only a vague vision for the future. The professor suggested to Deborah that she needed to put some effort into developing a viable written marketing plan.     

中国开放式基金风格漂移与业绩相关性的实证研究

以中国开放式股票型和债券型基金为样本,通过对基金风格漂移程度的量化,检验基金风格漂移、资金流波动、基金规模及基金费率与基金业绩之间的关系,即可发现风格漂移的程度与基金的业绩呈正相关,但与资金流波动不相关;同时,基金规模与基金的业绩呈正相关,与费率呈负相关．     

呆伯特专栏

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名人论文·影响因子与学术影响力——对学术期刊编风的思考

目前,有些管理者对期刊的评价片面强调量化管理,过于看重评价指标特别是影响因子的作用,于是,"以人取文"的编风盛行。名人论文对提高影响因子有一定的作用,但两者不是必然的联系。影响因子高的论文不一定就有学术影响力,学术影响力深的文章也不一定影响因子就高。现行的编辑界应克服浮躁的心态,树立"以文取人"的编风。