Abnormal Returns from Takeover Prediction Modelling: Challenges and Suggested Investment Strategies

While takeover targets earn significant abnormal returns, studies tend to find no abnormal returns from investing in predicted takeover targets. In this study, we show that the difficulty of correctly identifying targets ex ante does not fully explain the below‐expected returns to target portfolios. Target prediction models’ inability to optimally time impending takeovers, by taking account of pre‐bid target underperformance and the anticipation of potential targets by other market participants, diminishes but does not eliminate the potential profitability of investing in predicted targets. Importantly, we find that target portfolios are predisposed to underperform, as targets and distressed firms share common firm characteristics, resulting in the misclassification of a disproportionately high number of distressed firms as potential targets. We show that this problem can be mitigated, and significant risk‐adjusted returns can be earned, by screening firms in target portfolios for size, leverage and liquidity.     

Charleston's newfound “entertainment zone”: should we be concerned?

This CIT Research Letter addresses issues related to the night-time economy and the rapid proliferation of bars along a section of a tourism oriented city's main street. Merely 10 years ago, locals did not frequent the area, it was of no interest to tourists, and it was regarded as a neighbourhood where one would not want to walk, especially at night. However, with the area's transformation to the nightlife centre of the city, issues have arisen that are of concern to city government officials. This paper considers these concerns.     

废旧机电产品再循环模式研究

能否有效处理日益增加的废旧机电产品对我国经济的可持续发展有着重要的影响。文章从产品的角度提出基于循环经济的“3个循环”的概念，并在分析现有废旧机电产品循环模式的基础上提出第二循环模式，同时给出了相应的产品剩余寿命评价模型。     

Early-warning analysis for currency crises in emerging markets: A revisit with fuzzy clustering

Currency crises, also often called balance-of-payment crises, occur when massive capital outflows force a country to devalue or float its currency. The world-wide integration of capital markets since the 1980s and 1990s has increased the degree of capital mobility, which also determined a substantial turbulence in foreign exchange markets and frequent currency crises. In this paper, we explore advanced supporting instruments for predicting currency crises, based on an empirical study of the currency crisis episodes in 23 emerging markets around the world during the second half of last century. More specifically, we investigate the usefulness of prediction models built based on the fuzzy c-means method. First we build clustering models that partition data into a certain number of overlapping natural groups. Thereafter, we classify the data clusters into early-warning clusters and tranquil clusters. We compare the performance of our models with a conventional c-means clustering model and a benchmark probit model. The results show that the proposed models achieve a similar level of out-of-sample performance as the probit model and c-means model. The fuzzy approach also introduces additional explanatory advantages into the early-warning analysis process. Copyright © 2010 John Wiley & Sons, Ltd.     

浅谈中央空调循环水系统水处理的重要性和必要性

中央空调循环水处理是通过中央空调的循环水系统来实现的,这样的水处理之所以重要主要是因为没有经处理的水会使管道腐蚀、结垢等,使得设备的使用寿命大大缩短。     

A Life Cycle Model for Aboriginal Arts Performance in Tourism: Perspectives on Authenticity

This paper suggests a life cycle model for aboriginal arts performance in tourism related situations from the perspective of authenticity. It is proposed that aboriginal arts performance is subject to a change and potential revitalisation process which consists of five stages: (1) the primordial state; (2) increasing involvement; (3) situational adaptations; (4) revitalisation; and (5) management for change, conservation or decline. The paper also examines the existing literature concerning authenticity in the field of tourism. It is designed to help understand and manage the increasingly complex world in which aboriginal arts can decline, survive or change.     

An Exploration of Older Men's Social Lives and Well-Being in the Context of a Coffee Group

Recreation professionals continually strive to serve a host of diverse program constituents, while leisure researchers attempt to uncover barriers to leisure participation. Much of the barriers or constraints research has come from the perspective of program participants. This study identified, from the perspectives and experiences of 18 recreation professionals, the issues and barriers that they perceive inhibit recreation program access and availability to diverse constituents, particularly ethnic minority populations. Co-cultural theory, which integrates the concepts of muted group theory and standpoint theory, was utilized as the study's theoretical framework. In-depth interviews were utilized. Five primary barriers were identified that related to the changing faces of the community, the changing faces of management and staff, deferred program responsibility, language barriers, and negative attitudes and stereotypes held by some management and staff. This article demonstrates how these barriers impact leisure participation for disenfranchised groups. The findings suggest that recreation agencies, often unwittingly or unknowingly, foster organizational barriers that inhibit the perceived program accessibility or attractiveness to ethnic minorities. Implications for research and professional practice are explored.     

企业生命周期阶段与其社会责任战略研究

随着世界经济的高速发展,深层次的环境问题和社会问题日益凸显。企业社会责任问题已成为国内外理论和实践研究关注的焦点。本文在肯定可以从企业战略的视角下考虑企业社会责任的承担和其对社会责任体系的建立有积极作用的同时,运用生命周期理论,分析企业在不同发展时期的发展战略和相应的企业的社会责任的承担,希望促进企业的综合竞争力的提高和推动社会责任体系的完善。     

数学教学的生活化与非智力因素开发

数学,源于生活,寓于生活,用于生活,高于生活。数学教学的生活化,不仅是数学教学的大势所趋,也是数学教学改革的应有之义。数学教学的生活化,不仅有利于非智力因素的开发,也有利于发挥非智力因素的作用。