An examination of market efficiency around hurricanes

Hurricane Andrew produced more than $21.5 billion in property damage in Florida and Louisiana. Hurricane Hugo caused about $7 billion in damage in North and South Carolina. Although both hurricanes were large, the magnitudes of their destruction and the geographic concentrations of their paths were markedly different. This study finds that Hugo and Andrew produced substantially different market reactions on property and casualty (P&C) firms. The industry was generally unaffected by Hugo, regardless of whether or not firms had exposure in the Carolinas. Andrew, on the other hand, generated a significant negative impact on firms with exposure in Florida or Louisiana. Other firms were not effected by Andrew. These observations indicate that the market demonstrated an ability to discriminate by the magnitude of hurricane and by P&C firms based on their degree of loss exposure.     

GARCH models,tail indexes and error distributions: An empirical investigation

We perform a large simulation study to examine the extent to which various generalized autoregressive conditional heteroskedasticity (GARCH) models capture extreme events in stock market returns. We estimate Hill's tail indexes for individual S&P 500 stock market returns and compare these to the tail indexes produced by simulating GARCH models. Our results suggest that actual and simulated values differ greatly for GARCH models with normal conditional distributions, which underestimate the tail risk. By contrast, the GARCH models with Student's t conditional distributions capture the tail shape more accurately, with GARCH and GJR-GARCH being the top performers.     

The coordination roles of relief organisations in humanitarian logistics

The number of organisations involved in relief work in general and humanitarian logistics specifically is large and increasing, creating new complexity. In this paper we analyse different types of coordination and roles in two case studies of the humanitarian cluster system based on its initial development and the Kenyan Post-election crisis. The different and unclear roles of the organisations create significant problems before and after cluster activation and deactivation. Individual organisations take on many roles in the cluster system and beyond it in terms of coordination. The clarity of the roles affects the need for and ease of coordination. We suggest a simple basic categorisation of roles as a starting point for developing this concept in the field of humanitarian logistics and connect this to coordination.     

管理者交易的市场择时能力对市场有效性的影响

管理者卖出和买入公告对股票市场具有一定的影响,以管理者卖出交易和买入交易为公告样本进行实证分析,检验公告当日及给定事件期超额收益的显著性.结果显示:卖出公告样本反对半强式有效假说,管理人能够“卖高”,获得超额收益；而买入公告样本支持半强式有效假说,管理者不能够“买低”,在公告日和事件期都不能获得超额收益.     

中国养生旅游开发构想

旅游者需求的变化及中国源远流长的养生文化和丰富的旅游资源使中国养生旅游的开发具有必要性和可能性。文章在研究养生旅游的三大客源市场的基础上对养生旅游进行市场定位和主题设计,提出开发养生旅游的模式及其相适用的养生旅游类型,从而为养生旅游的开发建立了一个基本的框架。     

浅析高校教师公派出国留学及交流工作管理

高等教育国际化的趋势促使高校必须要加强对师资队伍的国际化建设,而主要途径之一就是大力促进高校教师公派出国留学及交流。高校应积极拓展教师出国留学以及交流的途径,完善教师出国留学及交流的管理工作,为高校国际化发展做贡献。     

The Transition to E-Commerce: A Case Study of a Rural-Based Travel Agency

ABSTRACT

When the Internet started to establish itself in the corporate world, some observers foresaw a diminishing role for, if not the end to, many intermediary functions. Consequently it has been argued that suppliers will need to use the Internet and related technologies to cut costs and establish closer links with consumers by bypassing organizations that currently play an intermediary role in the traditional transaction system. The objective of this case study is to enhance the understanding of the process of transition from a traditional business model to an e-commerce model. It focuses on a very small business that has successfully navigated the transition to e-commerce.     

上市公司超募资金使用与投资者保护——基于科伦药业的案例研究

随着上市公司超募资金现象受到广泛关注，上市公司如何管理和使用所超募的资金、加强保护广大投资者利益逐渐成为市场参与者关注的焦点。本文通过对科伦药业超募资金的管理与使用状况进行考察，发现该公司首先建设了超募资金相关制度，为公司合理使用超募资金奠定了制度基础；在不到一年的时间内，该公司超募资金的使用率达到95％，其中绝大部分...     

运用有效评价提升高校学生英语合作学习效率

合作学习这种教学模式顺应了当今社会发展的特点,有利于提高学生提升与他人的合作能力和探究能力,同时也有利于提高学生的学习成绩。据此本文就英语教学中如何通过运用有效的评价机制提升合作学习实效进行了探讨。     

邓石如书法风格形成探究

邓石如是清代碑派书法的杰出代表,他的书法风格形成受父辈的熏陶启蒙并得益于其广泛的交游。在其交游中得到文人书画家的指导和传授,在江宁梅家得以临摹丰富精妙的碑帖,奠定了其书法基础。所结识的当朝官员对其书法的器重扩大了他的书法影响。