Central Bank Actions and Words: The Intraday Effects of FOMC Policy Communications on Individual Equity Volatility and Returns

We compare intraday impacts of the release of Federal Reserve decision announcements and of Federal Open Market Committee minutes between 2004 and 2015 on 1,997 equity return and volatility series. We find that returns are unresponsive to either news release, but conditional volatility increases for both, manifesting immediately after each information release, and persisting for 30 minutes post‐announcement. These effects are larger for decisions than for minutes. On stratifying firms by trading intensity, we find most “high trading intensity” firms respond to these announcements, while “low trading intensity” firms are less affected. Our results show that traders respond, albeit differently, to both sets of information releases.     

国外战略管理研究的新动向

随着科学技术的迅速发展,战略管理的研究也出现了新的趋势。从战略管理理论学派、历史演化、战略选择以及战略管理工具4个方面阐明了国外学者研究的新动向。     

基于游憩空间理论的动物主题公园设计方法探究——以成都大熊猫繁育研究基地改扩建项目为例

借成都大熊猫繁育研究基地改扩建项目,深入探索以动物为主题的城市游憩空间设计过程,研究以保护动物自然行为为核心、以提升游憩体验度为目标的设计原则,旨在从规划设计层面形成可参考的同类动物主题公园的设计依据。从现有的游憩空间理论入手,将设计内容解构为空间基底、观赏方式、馆舍布局及游线设计4个层面,通过文献研究、案例分析、专家访谈、场景构建等方法,以游憩空间理论为基础,基于动物的自然生境和行为需求,以拟达到的游憩体验为目标,构建符合动物生境和游客需求的主题游览场景。经过项目实践,改扩建后的大熊猫基地不仅尊重了动物的自然行为,而且提升了游客的游览体验,得到了动物保护专家和公园运营部门的认可。基于研究成果,形成理论研究框架,以期为同类动物主题公园及其他类型主题公园的规划设计提供参考。     

浅谈在国际传播中的议程设置

International Communication plays an important role in our society. Agenda setting theory emerges from communications studies and focuses on mass media influence on setting political agenda.The theory explains the correlation between the rate at which media cover a story and the extent that people think that this story is important. The media has become a strong barrier of communication between families and the outside world.     

The Role of Water in Manufacturing

Water's role in manufacturing technologies has received limited attention. A KLEM model of the sector's technology is extended to include two facets of water use: intake and recirculation. Three annual cross-sectional surveys on plant-level water use are pooled and combined with census data to estimate this extended model for the Canadian manufacturing sector over the period 1981–1991. While Canada's water allocation regulations influence private water withdrawals, statistical tests support representing water intake as a variable input. Water intake is found to be a substitute for water recirculation, energy, labour and capital. The relationship between water intake and recirculation is stronger when water intake is process-related rather than related to cooling and steam production. Technological change has been biased in the direction of increased water intake and decreased water recirculation.     

基于劳动经济学的大学生就业问题调查分析

大学生就业难题显现出职业指导机制的不足。教育的信号作用失真、企业与大学生之间的寻找成本与交易成本过高、劳动力市场的失信现象与人才结构性困境,都使得学生的求职需求与社会产业需要不一致、人才的流动意向与社会人才结构布局相违背。在大学生、高校进行更加科学规划的同时,社会服务体系的介入也成为趋势。     

基于污染损失率的连云港水环境污染功能价值损失研究

水体污染是当前环境污染一个重要方面,有效评价水污染的价值损失是水环境规划、制定水环境对策与政策的基础。文章基于污染损失率法估算连云港水环境的功能价值损失,得出1996—2000年连云港的水环境污染功能价值损失年均高达11.8亿元,占GDP的比重年均为4.55%。表明连云港水环境污染损失较大,其经济发展在一定程度上是以水环境污染为代价的;目前以GDP为主要衡量指标的国民经济核算体系可能过高地估计了连云港的经济增长水平。     

Information Technology As A Factor Of Production: The Role Of Differences Among Firms

Despite evidence that information technology (IT) has recently become a productive investment for a large cross-section of firms, a number of questions remain. Some of these issues can be addressed by extending the basic production function approach that was applied in earlier work. Specifically, in this short paper we: 1) control for individual firm differences in productivity by employing a ‘firm effects’ specification, 2) consider the more flexible translog specification instead of only the Cobb-Douglas specification, and 3) allow all parameters to vary between various subsectors of the economy.

We find that while ‘firm effects’ may account for as much as half of the productivity benefits imputed to IT in earlier studies, the elasticity of IT remains positive and statistically significant. We also find that the estimates of IT elasticity and marginal product are little-changed when the less restrictive translog production function is employed. Finally, we find only limited evidence of differences in IT's marginal product between manufacturing and services and between the ‘measurable’ and ‘unmeasurable’ sectors of the economy. Surprisingly, we find that the marginal product of IT is at least as high in firms that did not grow during 1988–1992 sample period as it is in firms that grew.     

县域经济增长中结构红利的测度及决定 ——基于中国1 820个县面板数据的实证分析

产业结构升级是经济增长的源泉之一。本文基于中国1 820个县的面板数据,采用Translog生产函数估计要素弹性,进而测度县域经济增长中的结构红利,同时构建空间误差计量模型对结构红利的影响因素进行检验。研究结果表明2002-2010年间,结构红利占县域GDP总值的444%,对县域GDP增长的贡献达到了2435%。劳均资本、劳均土地等变量对结构红利有显著影响,本文还发现,在东部、中部、西部三个地区,财政支出占GDP的比重对结构红利都有显著的负向影响。     

社会固定投资与居民福利量化关系模型分析

固定资本投资是流动资本投资的前提和基础,也是整个社会经济规模扩张与发展所必须依赖的重要物质基础。现期厂商的固定资本投资会直接导致本期总需求的增加,在保持总供求平衡的前提下,政府本期的调控货币投放规模将会相应减小,从而影响本期社会弱势居民的福利水平。