A novel hotel recommendation method based on personalized preferences and implicit relationships

On tourism websites, hotel recommendations have drawn growing attention from researchers, as they can help customers select a satisfactory hotel from many options with massive information. However, some inherent challenges exist in conventional hotel recommendations, specifically the extent to which there is considerable room for improvement in user preference models and neighbour recognition. Therefore, we propose a two-stage hotel recommendation approach that employs hotel feature information to support preference analysis. First, in the filling stage, association rules between features are considered to accurately capture users’ personalized preferences, which can be incorporated with public preferences to estimate potential ratings of users for unvisited hotels. Then, in the recommendation stage, we combine rating similarities between users with their closeness relationships to identify more reliable neighbours. Finally, a hotel recommendation case on Ctrip.com is performed to evaluate the model. Experimental results confirm that our method outperforms the other five benchmark methods.     

网络沟通对股票市场的影响--基于投资者有限关注视角的研究

本文通过雪球网数据构建投资者网络沟通质量指标,并结合分析师预测特色数据,实证检验投资者网络沟通行为对股价同步性及特质性波动的影响。研究发现:网络沟通与股价同步性之间呈U形非线性关系,而与股价的特质性波动呈正相关;分析师预测特色数据通过投资者网络沟通行为进入股票市场,其中网络沟通质量与分析师乐观度的交互项同股价同步性呈负相关,而与股票特质性波动呈正相关。进一步细分市场发现,投资者网络沟通在牛市和熊市中对于股价同步性及特质性波动的影响是非对称的。     

分析师的估值模型会影响评级的信息含量吗?

本文基于2014—2018年发布的沪深两市A股上市公司深度研究报告,考察了分析师报告中关于估值方法的描述,探究分析师估值模型的选择是否会对其投资意见的信息含量产生影响。研究发现,分析师采用绝对估值模型能够提高评级调整的市场反应,具有一定的增量价值。进一步分组检验发现,在公司成长性较高、不确定性较大、券商实力较弱、分析师之间的竞争程度较高的情况下,使用绝对估值模型对于提高分析师评级调整的信息含量作用更大。本文的研究结论对于理解分析师估值过程的价值和有效性以及分析师研究报告信息含量的影响因素具有重要意义,并为投资者如何使用和评价分析师研究报告提供了一定的参考。     

云南省新差旅费管理办法解读与高校执行建议——以云南省高校为例

新差旅费管理办法的出台极大地规范了云南省高校公务出差的管理,提高了公务出差的实效性,是全面深化改革,特别是深化教育领域综合改革、加快推进教育治理体系和治理能力现代化的重大举措。如何更好更规范地执行新差旅费管理办法是当前我省高校急待解决的问题。本文结合新旧差旅费管理办法和云南省高校实际,对新差旅费管理办法三提两严一放进行了详细解读,并提出了云南省高校在制定本校相关差旅费管理实施细则或实施办法时应当明确的事项,供高校同仁参考。     

How would compliance with dietary recommendations affect revenues for agricultural producers?

Nutritionists and other health experts have recommended a range of dietary plans, and these often differ significantly. Although the USDA food guides have been the most visible in the United States, other dietary plans now are achieving greater public recognition. Our analysis extracts the nutrient recommendations for seven dietary plans and models the recommendations as shifts in demand for the nutrients. Demand shifts for nutrients are combined with nutrient composition shares to simulate the revenue implications in selected agricultural markets. Based on current consumption patterns in the United States, we find that compliance with Harvard’s Healthy Eating Pyramid would generate the greatest revenue gains for specialty crop producers in California.     

浅析计算机软件项目管理中的需求分析

计算机软件项目管理中的需求分析是提高软件质量的基础也是决定一个软件项目成败的关键。本文介绍了在需求分析研究中探索出的一些有效措施。     

以精品工程理念打造智能铁路的内在逻辑

当前中国智能铁路的发展进入了快车道,而建设精品工程是与智能铁路相伴实施推行的重要理念。基于对精品工程和智能铁路基本内涵和本质特征的深刻分析,阐明二者之间存在着密切的逻辑关联。进一步从愿景目标、关键技术和主要理念3点共性,以及精品工程与智能铁路交互融合所产生的作用机理两个角度具体分析二者间的有机关系。最后,从安全优质、美观低碳、创新服务、标准规范和长远谋划5项遵循着力,提出今后打造智能铁路精品工程项目的原则性建议。     

An Empirical Analysis of Analysts' Capital Expenditure Forecasts: Evidence from Corporate Investment Efficiency*

We examine whether the information conveyed in a relatively new analyst research output—capital expenditure (capex) forecasts—affects corporate investment efficiency. We find that firms with analyst capex forecasts exhibit higher investment efficiency. This effect is stronger when the forecasts are issued by analysts with higher ability or greater industry knowledge. Moreover, the effect of capex forecasts on investment efficiency varies with the signals they convey about future growth opportunities—positive-growth signals are more effective in reducing underinvestment, while negative-growth signals are more effective in reducing overinvestment. Cross-sectional tests suggest that these effects operate at least in part through both a financing channel and a monitoring channel. Taken together, our results suggest that analysts' capex forecasts convey useful information about firms' growth opportunities to managers and investors, which can facilitate efficient investment.     

我国金融消费者保护的现实挑战与对策分析

金融消费者与金融机构事实上的不平等地位日益凸显,利益冲突与日俱增,侵犯金融消费者权益事件频发,强化金融消费者保护已经成为各国监管当局和社会各界的共识。我国金融消费者保护长期处于弱化状态,强化银行服务监管刻不容缓。在概括金融消费者保护理论精髓的基础上,指出了我国金融消费者保护面临的现实挑战,旨在弥补缺陷并提升银行服务监管效率,进而探寻金融消费者保护的有效途径,相关政策建议对提升我国金融消费者保护有效性具有一定的现实意义。     

Conflicts of Interest and Research Quality of Affiliated Analysts in the German Universal Banking System: Evidence from IPO Underwriting

The quality of equity research by financial analysts is a prerequisite for an efficient capital market. This study investigates the quality of earnings forecasts and stock recommendations for initial public offerings (IPOs) in Germany. The empirical study includes 12,605 earnings forecasts and 6,209 stock recommendations of individual analysts for the time period from 1997 to 2004. The focus of this study is on analysing the potential conflicts of interest that arise when the analyst is affiliated with the underwriter of an IPO. In a universal banking system these conflicts of interest are usually more pronounced and therefore interesting to investigate. The empirical findings for the German financial market suggest that earnings forecasts and stock recommendations of the analysts belonging to the lead-underwriter are on average inaccurate and biased, indicating some conflicts of interest. Moreover, the stock recommendations of the analysts that are affiliated with the lead-underwriter are often too optimistic resulting in a significant long-run underperformance for the investor. In contrast, unaffiliated analysts provide better earnings forecasts and stock recommendations that result in a superior performance for the investor.