Implied Volatility in the U.K. Commercial Property Market: Empirical Evidence Based on Transaction Data

The primary aim of this research is to compute implied volatility based on a stochastic contingent claim valuation model proposed by Dixit and Pindyck (1994). Over the sample period of 1984 to 1997, and with approximately 20,000 commercial property transactions in the United Kingdom, we find that implied volatility of rental returns is in the region of 24.83 percent. Over the same sample period, the historical and conditional standard deviations of the log returns of transaction-based rental series is estimated to be 15.60 percent and 35.64 percent, respectively. The tests of information content of these risk measures show that there is strong orthogonality in the information impounded in implied volatility estimates compared to that contained in historical standard deviations.     

高铁铝磷矿制过磷酸钙有效磷退化的探讨

介绍了高铁铝磷矿制过磷酸钙有效磷退化的情况，分析了有效磷退化的机理；通过提高矿粉细度，提高硫酸用量，合理搭配矿源，降低熟化温度，可改善和防止有效磷退化的现象。     

微型热敏打印机热敏打印头的驱动控制及保护

文章简要论述了热敏打印头驱动控制及保护的重要性,介绍了具体的驱动控制及保护电路,并分析了该电路的工作原理,以及影响打印灰度、均匀度的相关因素,给出了软件解决方案和程序流程图。该技术已应用于多种型号的热敏打印机,经多年广泛使用,效果良好。     

农业的女性化、老龄化趋势及其风险化解

农业女性化和老龄化实质上是生产力要素中的核心要素——劳动者的女性化和老龄化。文章论证了农业女性化和老龄化趋势的客观存在，描述了其特征，并基于新生产力要素理论，分析了该趋势对妇女自身发展和农业生产带来的主要风险。同时，提出了政府应从五个方面着力提升女性劳动者这一核心生产要素的素质，提供和开发诸如信息、科技等外围生产要素，以使女性劳动者与外围生产要素相互渗透、相互作用，满足农业生产力发展对劳动者的要求。     

重视植物营养平衡 加快专用肥发展

植物营养元素的不平衡，不仅造成植物产量和品质的下降，而且会造成土壤养分耗竭，降低化肥利用率，同时会污染环境，因此，重视植物营养元素平衡，加快专用肥发展是当今化肥工业发展的重点和热点。本文还论述了专用肥应具备的七个特性，专用肥配方设计方法的发展趋势，同时还提出了若干建议和意见。     

高校业余运动队训练的组织管理

高等学校业余运动队训练是高校体育教学的延续 ,训练效果的好坏与组织管理的科学性有密切关系。文章概述了高校业余运动队训练组织管理的内容 ,实施的基本方法 ,以及在管理工作中需要处理好的诸多关系。     

英国农业革命及其对工业化的影响

农业革命是英国由农业社会迈向工业化的纽带，它涵盖了技术性和制度性两大因素，历时300年左右，使排他性的个人土地产权最终得以确立，使农业劳动生产效率得以大幅度提高，并从中孕育出了工业文明。     

新时期地质科技档案资料编研工作的实践探索

地质科技档案资料编研工作主要包括两方面内容:①对分散零星的地质科技档案资料进行科学系统的整合;②对地质科技档案资料的深加工。地质科技档案资料编研工作应从其特点出发,既要着眼当前,又要兼顾长远,要根据市场需求,围绕经济发展的需要,统筹规划,有条不紊,按工作程序进行。文章针对地质科技档案资料编研工作存在的问题,就如何突破现状,适应形势发展,实现编研工作的创新提出四点建议。     

An International Analysis of Historical and Forecast Earnings in Accounting-Based Valuation Models

Abstract:  In this paper we examine whether the valuation properties of historical accounting amounts, namely earnings and equity book value, differ from those of forecasted earnings for firms in 17 developed countries classified into six accounting regimes. We compare the performance of a historical model and a residual-income forecast model for explaining security prices. The historical model uses the book value of equities and actual historical earnings and the forecast model uses the book value of equities and analysts' forecasts of earnings in the residual income for estimating the intrinsic value of the firm. The results suggest that book values, historical earnings or forecasted earnings are value relevant in most regimes and countries examined. The forecast model offers significantly greater explanatory power for security prices than the historical model in the Anglo-Saxon and North American countries, Japan, Germany, and three Nordic countries. The explanatory power of the historical model is similar to that of the forecast model in the Latin countries, two Nordic countries, and Switzerland. We find that the forecast model performs similarly to the historical model where financial analysts' forecasts are noisy and analysts are less active. Further results indicate that the forecasted earnings are more value-relevant than the historical earnings in countries with stronger investor protection laws, less conservative GAAP, greater income conservatism, and more transparent accounting systems.     

试论凤凰卫视的经营成功之道

凤凰卫视的成功有目共睹,探究其成功的原因和秘诀,对国内媒介的发展具有很好的借鉴作用。本文从内容策略、主持人品牌策略、经营战略三个方面进行论述,揭示出凤凰卫视成功的原因,供国内媒体予以借鉴和参考。