异质性媒体与资本市场信息效率

新闻传媒通过其信息处理和传播功能 ,对资本市场的信息整合产生了重要影响.不同于以往的研究 ,文章深入新闻传媒行业内部 ,探讨了不同类别的媒体(中央媒体与各地方媒体)对中国资本市场信息效率的差异化影响.研究发现:中央媒体既可以直接提升资本市场信息效率 ,又可以通过削弱政治关联对资本市场信息整合的不利影响,间接改善资本市场信息效率;地方媒体虽然能够直接提升资本市场信息效率 ,但是无力削弱政治关联对资本市场信息整合的不利影响 ,其间接渠道并不起作用.这一结果考虑了媒体跟踪上市公司时可能产生的内生性问题 ,在一系列稳健性测试中始终存在.文章认为 ,相对于地方媒体 ,中央媒体在信息透明度较低情况下的信息获取和处理的能力优势 ,以及面对政治关联时保持客观报道的独立性优势,可以解释这一发现.     

Stock market reactions to domestic sentiment: Panel CS-ARDL evidence

This study sets out to explore the effects of business and consumer sentiment on stock market performance, within the separate contexts of advanced and emerging markets. The empirical analysis is carried out using the cross-sectionally augmented autoregressive distributed lag (CS-ARDL) modeling approach, which considers time dynamics, cross-sectional heterogeneity, and cross-sectional dependence. The findings for developed markets suggest that business sentiment has positive leading effects on stock returns, across short- and long-term time horizons, while for emerging markets, the price impact of business sentiment turns out to be short-lived. On the other hand, consumer sentiment tends to affect positively both market types, albeit only in the short run. Furthermore, the influence of sentiment indicators seems to be stronger in emerging- than in developed-market countries. The results remain robust, even after controlling for a rich range of potential predictors of stock returns. Generally, such evidence highlights the relevance of psychological factors, such as business and consumer sentiment, in determining the future trajectory of asset prices.     

Air express network design based on express path choices – Chinese case study

Due to the shortage of cargo aircraft, Chinese express companies have to provide transportation services with a hybrid method that consists of “rented bellies and self-owned cargo aircraft”. Because the bellies are rented from air passenger companies and because the cargo aircraft are owned by the express companies, it is important for the express companies to use their cargo aircraft as effectively as possible. This paper constructs a bi-level model to optimize the flight transportation network of an express company. The upper model designs the network and allocates the transportation capacity with the objective of minimizing the total transportation cost, and the lower model calculates the link flows in user equilibrium. Data from ShunFeng (SF) Express Company (China) are used to conduct the case study. Using the model outputs, the flows on links and at nodes are analyzed to illustrate the transportation and transshipment situations.     

Comparing levels of resident empowerment among two culturally diverse resident populations in Oizumi,Gunma, Japan

While resident empowerment has been a central aspect of the sustainable tourism literature, difficulties of putting the concept into practice have been noted given the heterogeneous nature of communities. “Community” is often divided by kinship, age, gender and ethnicity, and such division may influence the perceptions of empowerment. The goal of this study was to better understand heterogeneous perceptions of empowerment by administering the Resident Empowerment through Tourism Scale within the community of Oizumi, Japan. Oizumi has the highest concentration of Brazilian immigrants in Japan, and the town has embraced “ethnic neighborhood tourism” centered on Brazilian culture as a strategy for economic development. Oizumi's demographic makeup allowed for testing differences in perceived empowerment between members of the dominant ethnic group (Japanese) and members of the ethnic minority group (Japanese Brazilians). Analysis of 650 completed questionnaires revealed that Brazilians felt more psychologically and socially empowered than Japanese residents, indicating a shift in the balance of power between the ethnic groups. Results also revealed that the political dimension of empowerment was rated relatively low among both groups, suggesting a general lack of opportunities to participate in the planning process. Implications for both practice and theory are presented.     

General convex order on risk aggregation

Using a general notion of convex order, we derive general lower bounds for risk measures of aggregated positions under dependence uncertainty, and this in arbitrary dimensions and for heterogeneous models. We also prove sharpness of the bounds obtained when each marginal distribution has a decreasing density. The main result answers a long-standing open question and yields an insight in optimal dependence structures. A numerical algorithm provides bounds for quantities of interest in risk management. Furthermore, our numerical results suggest that the bounds obtained in this paper are generally sharp for a broader class of models.     

A Pathway Forwards for the Social Capital Metaphor

A major topic in economics is the analysis of a broad class of phenomena associated with interpersonal relationships, a topic that originally grew from theories of “social capital.” While the concept has been instrumental in bringing increased attention to social effects on economic outcomes, it has increasingly been replaced with approaches that consider instead networks and discrete interactions rather than aggregate measures of social capital. This has been an analytical improvement, but a great deal of work remains to bring empirical validity and relevancy to social network analysis. This paper presents two important approaches for achieving this, statistical analysis and agent-based modeling, and discusses their benefits, limitations, and complementary nature. Rather than waiting for either approach to achieve an ambiguous quality of maturity, integrating statistical analysis with simulation models of networks must begin now to push the frontiers of social network analysis forward.     

F六H型飞机多发性电气故障分析

为掌握F六H型飞机多发性电气故障的发生规律,提高维修的针对性,文章收集了2003—2004年20架F六H型飞机134起电气故障的发生情况,按照电气各系统、设备故障分布情况进行统计。通过故障模式分析,统计出电源系统、起动系统、供油系统和液压刹车系统故障分布情况,进而分析各类故障存在的特点,并根据故障特点提出了解决故障的方法和建议。     

飞机维修工作中信息化管理的重要性

近年来,信息技术迅速发展,各行各业的信息化程度不断提高。我国民用航空维修业正经受加入WTO后的考验,新知识,新技术,新理论层出不穷。加强航空维修工作中信息化管理,会直接影响飞机的维修质量、成本、效率,保证飞行安全。因此,为适应现代化管理的需要,在原有管理模式的基础上,建立管理信息系统,是维修活动中的信息管理问题得到改善和解决或提高的有效途径。     

Does sport make you happy? An analysis of the well‐being derived from sports participation

This paper examines the impact of sports participation upon the subjective well‐being of individuals. Encouraging participation in sports activity is now an important public policy issue, as it is argued that there are benefits in terms of health and well‐being to individuals as well as to society through externalities. Controlling for personal and socio‐demographic characteristics affecting well‐being, this paper examines if participation in, and the frequency and duration of, 67 sports activities affects well‐being. The form in which sports participation takes place is also investigated by examining if social‐interaction sports produce more well‐being. This paper demonstrates that sports participation has a positive affect upon the subjective well‐being of the population and, moreover, estimates its monetary value. The effects are larger if one allows for social interactions.     

基于异质性特征的新生代农民工培训研究

正确把握新生代农民工群体的异质性特征是提升其培训效果的前提。当前新生代农民工培训中存在的问题,既包括整个农民工群体培训的一般性问题,还包括新生代农民工群体培训的特殊性问题。新生代农民工培训的特殊性问题,源于将所有农民工看作一个同质的群体,集中表现为培训的针对性不足。本文论述了新生代农民工的异质性特征,并在此基础上分析了这一群体培训存在的特殊性问题,提出了具有针对性的差异化培训管理方略。