Dynamic time series momentum of cryptocurrencies

This paper examines the momentum effect for twenty cryptocurrencies compared to the US stock market. For this purpose, we implement a dynamic modeling approach to define and test momentum periods that follow a formation period for interday and various intraday price levels. We find evidence that large proportions of the asset classes’ formation periods are followed by momentum periods, strongly supporting the momentum effect. In particular cryptocurrencies have significantly larger and longer momentum periods in all frequencies which we attribute to the lower derivability of their intrinsic value leading to a higher degree of noise traders in the market. A momentum trading strategy based on the identical approach outperforms a buy-hold strategy for both asset classes, while only cryptocurrencies have higher risk-adjusted returns and lower downside risks than a passive investment. We also find critical price levels during structural elements of the momentum period where the volatility shortly but intensively increases and consequently initiates a price impulse in the direction of the momentum.     

审计理论结构逻辑起点的研究

审计理论研究起点是审计理论的逻辑起点。到目前为止,审计理论的逻辑起点还没有形成一致的定论,不同的研究学者存在着不同种观点。本文根据逻辑起点的内涵,对各个观点进行分析和总结,最后得到的结论是:把审计环境作为审计理论研究的逻辑起点,这具有优势和说服力。     

会计信息失真治理要与时俱进

在公众企业推行会计委派制,充分发挥会计人员监督作用;制定并完善企业承担会计责任的具体规章制度;分解落实会计责任,形成各部门共同治理会计信息失真的机制;建立会计信息中心,实现信息资源共享,形成监管合力。     

基于STR模型的中国宏观经济 周期拐点的识别与预测

本文应用平滑转换模型（STR）对我国经济周期的运行特点及拐点识别进行深入研究,并成功识别出经济周期拐点。研究发现我国GDP机制转换发生在自身滞后1期,增长率96%是扩张与收缩的临界点;固定投资机制转换发生在自身的滞后4期,增长率19%是扩张与收缩的临界点;固定资产投资对GDP的拉动效应具有较为缓慢的调整特征和滞后效应,机制转换发生在固定资产投资的滞后2期。     

Another view on optimal design for estimating the point of extremum in quadratic regression

In this paper we illustrate how certain design problems can be simplified by reparametrization of the response function. This alternative viewpoint provides further insights than the more traditional approaches, like minimax, Bayesian or sequential techniques. It will also improve a practitioner’s understanding of more general situations and their “classical” treatment.     

我国高技术服务业研发机构科技创新效率评价

构建了高技术服务业研发机构科技创新效率评价指标体系。利用2010—2011年我国高技术服务业7个细分行业研发机构的科技创新活动数据,运用数据包络分析法,测度了2010—2011年我国高技术服务业7个细分行业研发机构的科技创新效率,比较了各细分行业研发机构的科技创新效率差异,并分析其原因。进而利用理想点模型,对2010—2011年我国高技术服务业研发机构的科技创新效率进行了排名。研究结果显示:我国高技术服务业研发机构的科技创新效率总体良好,但行业差异较大。最后,提出促进我国高技术服务业发展的对策建议。     

From innovation to market entry: a strategic management model for new technologies

In this paper, we introduce a new framework that generates a list of strategic actions to support successful management of the innovation process as new technologies are taken to market. The framework links different stakeholders inside and outside the organisation to obtain an holistic view of the requirements necessary to develop the new technology. It integrates and synthesises existing frameworks into an inclusive set of guidelines. The framework is then tested in a case study located in a mid-size semiconductor organisation currently seeking new business opportunities in the emerging photovoltaic market. We conclude by reflecting on the usefulness of the model. Theoretically, the paper contributes to the literature on the management of the introduction of new technologies; practically, the framework provides a normative tool for practising managers.     

Using Empirical Point Elasticities to Teach Tax Incidence

Using point elasticities rather than using either arc elasticities or slopes of demand and supply curves provides the best method for teaching students about the economic impacts of excise taxes. Not only does a point-elasticity approach simplify theoretical analysis of tax impacts, but it also allows instructors to take advantage of publicly available empirical estimates of demand and supply elasticities to show students how theoretical results can be applied to real-world tax policy issues. To illustrate these advantages, the authors use several available estimates of point elasticities of demand and supply of raw sugar to calculate the economic impacts of a recently proposed penny-per-pound tax on raw cane sugar grown in the Florida Everglades.     

基于断裂点理论的皖江城市吸引范围研究

掌握城市带之间的吸引范围,有利于空间经济相互地合理组织与城市的空间发展。应用空间相互作用理论,城市规模分布等方法,可以分析皖江城市带各城市的综合实力,确定各自的吸引范围,讨论对南京对皖江城市带吸引范围的影响,阐述吸引范围同行政区域的关联性和差异,并对不同区域下的城市发展策略选择提供相关的对策建议。     

Extensive-form games and strategic complementarities

I prove the subgame-perfect equivalent of the basic result for Nash equilibria in normal-form games of strategic complements: the set of subgame-perfect equilibria is a nonempty, complete lattice—in particular, subgame-perfect Nash equilibria exist. For this purpose I introduce a device that allows the study of the set of subgame-perfect equilibria as the set of fixed points of a correspondence. My results are limited because extensive-form games of strategic complementarities turn out—surprisingly—to be a very restrictive class of games.