浅析高端人才的市场发现、品牌营销与攀缘策略——以管仲、诸葛亮为例

本文以春秋时期的管仲、东汉末年的诸葛亮为例,以人为镜、以史为鉴,探讨充分利用市场行情、变被动发现为主动展示,进而实现以个人为中心的品牌营销,采取快捷而有效的攀缘策略,顺利跻身能够施展才华的职阶,具有积极的借鉴价值和现实意义。     

基于决策树学习的航运企业优势航次知识发现

优势航次即为航运企业根据自身情况善于营运控制的航运任务类型。首先分析了航次优势知识的挖掘对象,即影响航运企业运营的航次任务特征因素．然后将决策树学习的CLS算法与C4.5算法应用到航次优势知识的发现中,最后选取了部分航次案例数据进行实证。     

News Effects and Structural Shifts in Price Discovery in Hong Kong

This paper examines two questions about the temporal stability of the price discovery relationship using data from Hong Kong. We first study the extent to which abnormally large returns (positive or negative) to securitized real estate are transferred to the returns in the direct real estate market. Our regressions show that price discovery is much reduced in the period following a news event. They show that the estimate of the long run price discovery effect also is reduced once we control for news effects. The second question we examine is whether the price discovery relationship is stable over time. The evidence appears to indicate that the post-1994 period was different from the preceding period. The change in the strength of the price discovery effect may be linked to a change in banking regulations in February 1994 that limited banks' risk exposure to real estate loans by capping them at 40 percent of total lending or to anti-speculative measures introduced by the government in the second quarter of 1994 to curb speculation in the residential market. Our statistical tests of structural stability give mixed results and are therefore inconclusive. These findings suggest that the size of the price discovery effect depends upon the amount of real estate information embedded in the history of securitized returns. The findings further suggest that the securitized return series itself may be an incomplete measure of the quantum of information.     

Price discovery around trading halts on the Montreal Exchange using trade-by-trade data

This paper investigates the price discovery process around exchange-initiated trading halts using 30 minute trade intervals on the Montreal Exchange. Trading halt price discovery, and regulatory and specialist effectiveness differ over the three time periods studied. Volatility and measures of trade activity increase significantly around trading halts, and return to lower levels in less than two days after the resumption of trading. The number of trades is a good measure of the information flow associated with informed trading pre-halt and the price discovery process post-halt.     

Information aggregation around macroeconomic announcements: Revisions matter

I show that an empirical relation exists between stock returns on macroeconomic news announcement days and the future revisions of the released data but that this link differs across the business cycle. Using three major macroeconomic series that undergo significant revisions (nonfarm payroll, gross domestic product, and industrial production), I present evidence that daily returns on the Standard & Poor's 500 index and revisions are positively related in expansions and negatively related in recessions. The results suggest that revisions do matter, i.e., that investors care about the final revised value of a macroeconomic series, that they infer accurate information from the release of the preliminary inaccurate report, and that the more precise information is aggregated into prices on the day of the initial announcement. The results are consistent with the predictions of rational expectations trading models around public announcements combined with well-established empirical results on the asymmetric interpretation of information across the business cycle.     

专业化分工中的国家出口生产力的经验分析

一国的专业化分工模式是由其要素禀赋决定的。一国的出口生产力水平（EXPY值）取决于企业家在生产效率高（即PRODY值高）的部门参与“成本发现”的数量,成本发现的过程使一国专业化分工模式变得不确定。一国的出口生产力水平不但由其专业化分工模式所决定,该国人均GDP水平对其也具有一定的影响。文章以101个国家2006年的进出口数据计算世界各出口行业的部门生产力水平（PRODY值）,计算并分析各国2006年EXPY值的分布特点。同时,文章以2006年PR（）DY值为依据,以OECD30个国家为分析对象,计算1999--2010年OECD国家EXPY值的变化趋势,并对其影响因子进行了相关计量分析。     

A、H股的协整关系与价格发现功能

应用共同因子模型和市场信息份额模型分析A、H股在价格发现中的作用。考察A、H股的协整关系对两个模型的估计结果的影响。研究表明,共同因子模型可能得到有偏差的估计结果,而市场信息份额模型的估计结果是无偏的。应用2011年的分钟数据实证分析A、H股市场的价格发现功能,表明两个市场的价格发现贡献度大致相等。     

开盘集合竞价透明度与市场质量

通过采用个股与市场同步法和价格反转的分析方法研究开盘集合竞价透明度与市场质量之间的关系,发现从日内效应来看,开盘集合竞价透明度提高以后,交易者的执行成本增加,整体来说市场的流动性是降低了;从事件前后市场模型的拟合优度比较结果来看,开盘集合竞价透明度提高以后股票个股与市场反应不一致,价格发现效率降低,市场质量降低。     

Not All Thin Markets Are Alike: The Case of Organic and Non‐genetically Engineered Corn and Soybeans

We use time series methods to explore the relationship between prices for two different niche versions of feed corn and soybeans, and their conventional counterparts. Whereas organic versions are linearly cointegrated, and their premia are high and stable, non‐GE products – which are nonlinearly cointegrated – exhibit narrower premia that are subject to collapse. Because organics are also non‐GE, these differences point to the value of a well‐recognised and enforced USDA organic label and/or the importance consumers place on the non‐GE attributes of organic products.     

Multiple bidding in auctions as bidders become confident of their private valuations

Bidders may increase their bids over the course of a multi-period, second-price auction if (1) they become more certain about their valuations over time, and (2) they cannot bid in the final auction period with positive probability.