噪声交易与市场质量

本文通过行业、规模、负债和成长能力的配对,建立起32家上证50成份股上市公司的控制样本,然后运用合理的计量方法,首次估计出符合我国股市微观结构的噪声交易高频时间序列,在此基础上深入分析噪声交易与信息不对称、流动性、波动性和有效性等市场质量指标之间的经验关系,发现:我国股市私人信息具有较高的相关性和持久性;噪声交易提高了交投活跃程度,同时却扩大了执行成本和价格波动幅度;噪声交易与信息不对称的关系不大;噪声交易使实际价差缩小,进而削弱了市场有效性。由此可见,噪声交易是一把"双刃剑",只有继续改革价格形成机制、增强价值投资力量、引导长期资金入市、完善信息披露制度并强化交易监控,才能进一步提高我国股市的质量。     

Perception of tourism development and subjective happiness of residents in Mashhad,Iran

Tourism development affects various aspects of a populace’s life, such as environmental, social, economic, and other areas. This study examines the effect of perceived tourism development on subjective happiness and quality of life among residents of Mashhad City, Iran. A sample size of 384 residents completed a survey. Data analysis was performed using WarpPLS. Results indicated that tourism development had an effect on the residents’ subjective happiness and quality of life (QOL) and the effects of social and micro economic factors on the residents’ subjective happiness and the effects of cultural, environmental, and macroeconomic factors on the resident’s QOL.     

The effects of beach characteristics and location with respect to hotel prices

This paper measures the effects of beach characteristics and hotel location with respect to the beach on sun-and-beach hotel prices by using a well-established hedonic perspective. The paper’s main results are that, after controlling for the relevant variables, location in front of a beach increases the price of a room in costal hotels of Catalonia by a figure between 13 and 17%, and that a Blue Flag increases the price by around 11.5%. The effects on hotels’ prices of other beach characteristics (such as beach length, width, sand type or beach services) are also estimated. With these estimates, the paper ranks beaches according to their characteristics and provides a setting to assess different policies regarding beaches from the point of view of hotels, such as regeneration, maintenance or achieving a Blue Flag award.     

When quality signals talk: Evidence from the Turin hotel industry

This study analyzes the relationship between quality signals and price setting through the application of hedonic price functions. The model proposals also include variables relating to land use policies and tourism development strategies. A simultaneous equation model endogenously estimates quality signals. This method is appropriate for analyzing emerging urban destinations, as characterized by the presence of an expanding hotel industry. The results are based on a dataset of 145 hotels in Turin, Italy. The empirical findings reveal that reputation-based quality signals help explain tariff levels. Price proposals also include a premium for quality assured hotels, defining some limits of the current hotel classification system. The empirical evidence has significant marketing implications for the hospitality industry’s competitiveness, since the results clarify the impact of quality signals on price level.     

Measuring festival quality and value affecting visitors’ satisfaction and loyalty using a structural approach

Perceived value is understood to be a precursor of customer satisfaction and loyalty and is itself impacted by product quality. The linkages between quality, value, satisfaction, and loyalty have been gaining increasing attention in the marketing field. Accordingly, this study examines whether quality dimensions have an impact on perceived value, which, in turn, affects satisfaction and loyalty, in the context of the Punggi Ginseng festival.     

Event satisfaction,leisure involvement and life satisfaction at a walking event: the mediating role of life domain satisfaction

Given the rising popularity of mass-participant sport, such as walking and running events, research has started to address whether these types of events could promote life satisfaction for participants. Nevertheless, the theoretical link between event participation and life satisfaction has not been fully elaborated. Using bottom-up theory of life satisfaction, this study examined the role of event satisfaction and the three facets of leisure involvement – attraction, centrality and self-expression – in people’s life domain satisfaction and life satisfaction. Participants (N = 236) were recruited from a walking event held in western Japan. The results of the study revealed that event satisfaction had positive, indirect effects on life satisfaction through satisfaction with family life and personal achievement. Attraction in walking also had positive, indirect effects on life satisfaction through satisfaction with family life, personal achievement and social life. In contrast, centrality and self-expression in walking were not associated with satisfaction with any life domains and life satisfaction. Findings from this study highlight the importance of life domain satisfaction in the relationship between event satisfaction, leisure involvement and life satisfaction. These findings also suggest that walking events can promote life satisfaction by providing the enjoyment of walking as physically active leisure.     

强化银行内部审计质量控制的环节和措施

内部审计在我国银行向现代银行迈进的过程中,越来越受到极大的重视,加强和完善内部审计成为银行改革进程中的一项重要内容。不断提升内部审计质量是审计工作发展的内在要求,也是提高银行风险防控能力和经营管理水平的客观要求,因此,加强内部审计质量控制已成为内部审计理论和实践工作者的重要课题。     

广西农村劳动力素质面临的问题及对策

广西是农业大省区,农村人口占绝大多数,这就决定了广西要实现全面建设小康社会的目标,必须把重点放在农村。广西作为我国经济发展相对滞后的地区,也是我国农村建设过程中面临问题最多最迫切需要解决的地区。本文就西部地区的广西的劳动力素质所面临的问题进行了分析,并提出了相应的对策,这对于实现全面的小康社会,构建和谐社会,建设社会主义新农村仍有着深远的现实意义。     

美国生态修复政策及其对我国林业重点工程的借鉴

美国自20世纪30年代以来,为遏制由于大规模土地开发导致的土壤表层侵蚀等生态退化,实施了一系列政策保护生态,防止水土流失,其中影响较大的包括土地休耕保护计划(CRP)、环境质量激励计划(EQIP)和保护支持计划(CSP)。通过分析三个计划的具体运作和实施成效,并结合我国林业重点工程的实施现状,提出一些政策建议。     

The Effect of Cross‐Border Mergers and Acquisitions on Earnings Quality: Evidence from China

Despite the fruitful research on the motives and outcomes of cross‐border mergers and acquisitions (M&As) of Chinese multinational corporations (MNCs), there has been scant research on the impact of cross‐border M&As on corporate governance. In this article, we fill the research gap by exploring whether cross‐border M&As may lead to an improvement in corporate governance of Chinese acquirers. In particular, we examine the impact of cross‐border M&As on earnings quality of Chinese MNCs. We find that the acquisition of a target firm from a developed country leads to a significant improvement on the acquirer's earnings quality. In comparison, the acquisition of a target from an emerging market does not have such an impact. Our results are robust to various corporate governance measures, alternative econometric methods, and controls of relevant firm characteristics and macroeconomic variables. Finally, we show that the effect of cross‐border M&As on earnings quality is more pronounced in non‐state‐owned enterprises (non‐SOEs) that have conducted large M&A deals. Our article offers new insight to the international business literature on latecomer perspective and liability of foreignness. © 2016 Wiley Periodicals, Inc.