Investor sentiment and the risk–return relation: A two-in-one approach

Traditional finance theory posits a positive risk–return relation, but empirical evidence is inconclusive. Retail investor sentiment has long been viewed as a distorting factor, while more recently institutional investor sentiment is thought to play a role. We examine the separate and joint impacts of retail and institutional investor sentiments on the risk-return relation. We find, at both market and firm levels, the risk-return relation is more likely to be distorted by the two investor-type sentiments jointly, rather than separately. We further find a cross-sectional pattern, with the risk-return relation being more sensitive to investor sentiment for stocks with specific characteristics.     

旅游服务供应链中成员环节关系的协调

以实现旅游服务供应链中成员环节的协调运转为基本目标,在对旅游服务供应链结构构成了解的基础上,从旅游供应链中的组成要素、基本特征和各个成员环节之间的关系等多个方面出发,阐述了旅游服务供应链管理的重点所在,运用得益模型和最佳数据选择模型对旅游服务供应链中各个成员环节之间协调问题进行分析,并提出了实现旅游服务供应链协调运转的有效措施。     

水利工程质量链本构关系建立与模糊评价

我国建设事业不断蓬勃发展,建设项目规模也越来越大,质量问题越来越成为焦点问题,本文在对水利工程建设的基本建设程序的分析与研究的基础上,建立了以质量链思想为核心的工程质量链本构关系,并应用模糊综合评判法对某渡槽主体工程进行评价,以期以质量链的思想对水利工程进行系统的、动态的质量评价与控制提供依据。     

供应链管理的履约策略研究

供应链企业间的合作能力、高价值顾客等是影响供应链管理的主要因素。通过对合作企业特点及运行环境、顾客关系资产管理进行比较分析，提出了限制例外、建立退货等履约策略。     

浅谈客户关系管理

客户关系管理是一种旨在改善企业与客户之间关系,提高客户忠诚度和满意度的新型管理机制。本文从客户关系管理产生的原因谈起,继而阐述了客户关系管理的内涵及所应把握的原则。     

传统法律规范结构观的批判与重构

法律规范不仅是法律制度构建与完善的基础,也是法律效力实现的保障根基。然而传统法律规范结构观对法律规范的性质把握过于模糊、对其逻辑构成的分析过于主观、对其适用主体的分析过于片面。因此只有理清法律规范内部逻辑关系才能对法律规范的结构进行合理化重构。     

A fuzzy group decision-making approach in quality function deployment

Quality function deployment (QFD) is comprised of two major group decision-making processes. One is to collect the customer requirements from a group of customers, whereas the other is to determine the relationship between customer requirements and technical measures by a cross-functional team. Generally, different and/or even subjective opinions are quite often in a group decision-making process due to the limitations of experience and impreciseness. Obviously, the importance of each customer requirement and the relationship between customer requirements and technical measures are determined by a group of people with imprecision and vagueness. Under such circumstances, a fuzzy group decision-making approach can be applied in QFD to deal with a group decision-making process when the information is imprecise and fuzzy. Moreover, an example is provided as well as the computational steps to show this fuzzy group decision-making approach can be effectively used in QFD to make decisions with imprecision and vagueness.     

基于工程建设三类因素内部关系的工程目标评价研究

工程建设的目标可分为质量、进度及资源投入目标,从工程建设全生命周期来看,三大目标之间相互制约、相互影响,总体关系可归纳为统一性（替代关系）与制约性（平衡关系）。这两大关系的不同影响导致总体目标发生变化,初始目标与最终目标之间的演化博弈过程可以用马尔可夫转移矩阵来表示。文章将最终的演化稳定策略细分为6类。马尔可夫矩阵体现了工程建设中的中期控制的动态变化过程,对目前工程建设中广泛推广Turnkey模式缺乏中期控制是个有益的补充。     

劳动力流动、征税方式转变与地区福利增进

研究目标：在劳动力流动程度的不同阶段研究税率结构变化与效率和公平之间的关系。研究方法：构建了征税方式转变与劳动力跨区域流动的两地区一般均衡模型进行理论模拟,采用面板门限模型进行实证检验。研究发现：随着劳动力流动程度的提高,在保持宏观税负不变下由增值税转为消费税的税率结构变化可以提升效率水平和改善公平状况。其中征税方式转变对于效率的正影响越来越大,对于公平的影响也由负转正,劳动力流动存在显著的门限效应。研究创新：结合劳动力流动影响因素进行消费税和增值税的税收扭曲效应差异机制的比较研究。研究价值：统筹协调税制结构改革与户籍制度改革,促进劳动力流动与税率结构优化,实现福利增进的双重红利。     

The risk–return relation in the corporate loan market

This paper analyzes the hypothesis that returns play a risk-compensating role in the market for corporate revolving lines of credit. Specifically, we test whether borrower risk and the expected return on these debt instruments are positively related. Our main findings support this prediction, in contrast to the only previous work that examined this problem two decades ago. Nevertheless, we find evidence of mispricing regarding the risk of deteriorating firms using their facilities more intensively and during the subprime crisis.