Heterogeneous Traders,the Leverage Effect and Volatility of the Chinese P2P Market

The new financial industry represented by peer-to-peer lending has gradually become a new source of volatility due to the increasing complexity of the Chinese financial market. This volatility leads to greater risk to P2P investors and has become the focus of the regulatory authorities in China. Based on the background data of the P2P platform, Honglingchuangtou, we use the factor analysis method to construct a platform volatility (PV) index and we construct an HAR model to study the heterogeneous traders and leverage effect in the Chinese P2P market. The empirical results show that there are both short-term and long-term heterogeneous traders in the Chinese P2P market and that long-term traders have the greatest impact on market volatility. Similar to traditional financial markets, the volatility of the P2P market also shows a leverage effect, which means that the negative volatility of trader actions should have a negative impact on market fluctuations. With regard to the leverage effect, the LHAR-PV model is superior because of a higher goodness of fit and a lower prediction error.     

Entrepreneurial founding team exits in rapidly internationalising SMEs: A double edged sword

Entrepreneurial founding teams (EFTs) are often essential to new venture creation and successful internationalisation. Although the composition of EFTs has been the subject of enquiry, little research exists into the exit of team members and the consequences for rapid internationalisation. We focus on EFT exits in rapidly internationalising small firms and develop categories of EFT exits. We explore the motivations and subsequent impact on internationalisation of case firms to illustrate each category/type of EFT exit. We find that exits are prevalent in the early stages of ventures, and may be either consensual or non-consensual. There are a number of motivations evident and EFT exits are often critical to continued internationalisation. We offer that EFT exits are not always negative, they can allow for the appropriate deployment of resources, extending RBV/KBV as whilst much research effort has been devoted to establishing what new resources/knowledge should flow into a firm, we show that to shed an EFT member and redeploy resources/knowledge can act as a catalyst to further internationalisation. Finally we discuss research, managerial and policy implications.     

The time constrained multi-commodity network flow problem and its application to liner shipping network design

The multi-commodity network flow problem is an important sub-problem in several heuristics and exact methods for designing route networks for container ships. The sub-problem decides how cargoes should be transported through the network provided by shipping routes. This paper studies the multi-commodity network flow problem with transit time constraints which puts limits on the duration of the transit of the commodities through the network. It is shown that for the particular application it does not increase the solution time to include the transit time constraints and that including the transit time is essential to offer customers a competitive product.     

高校图书馆数字资源建设刍议

数字资源建设已经成为高校图书馆文献资源建设的重要组成部分,但许多深层次原因阻碍着高校数字资源建设的脚步。本文从数字资源重复建设、推广普及度、知识产权保护问题、馆际协作、数字资源建设标准和使用评价系统六个方面进行探讨,为问题的解决提出一些思路。     

基于ERP的企业销售管理系统应用分析

销售管理系统是ERP系统的核心子系统之一，能够与其它应用子系统实现有效无缝链接，提供完整的销售业务处理功能。销售管理子系统要实现的主要功能有销售价格管理、订单管理、信用管理、成本估算、交货期查询、多级审核管理、报表查询。     

A GIS-based methodological framework to characterize the Resource Management Domain (RMD): A case study of Mewat district,Haryana, India

Resource Management Domains (RMD) represent a way to characterize land units, based on biophysical and socioeconomic characteristics. This concept has been applied to delineate and characterize sustainable land units for agricultural use in the Mewat District of Haryana, India. A GIS-based framework was conceptualized to characterize RMD and appropriate biophysical and socioeconomic parameters were identified based on local conditions and expert opinion. The biophysical characteristics of the region were represented by soil (soil erosion and fertility) and groundwater (groundwater quality, potential and vulnerability) parameters. Population density, landholding, cropping pattern, irrigation source, fertilizer type, sprinkler density, tubewell type and tractor density were considered for socioeconomic characterization. Each of these parameters was modelled and mapped using well established methods The biophysical and socioeconomic parameters were integrated using a multivariate clustering method. The integration modelling results in the delineation of the region into seven RMDs, which were validated with two focus group discussions (FGD) in each of the RMD’s. The correlation between the RMD modelling results and the FGD was found to be more than 90% in five RMDs and 65% and 39% in the remaining two RMDs respectively. The result was also validated with feedback from the local administrative authorities. The study charts a sound basis for policy makers for taking the necessary steps to address location-specific differential agricultural needs in any region.     

Do it separately or simultaneously—An empirical analysis of a conjoint implementation of TQM and TPM on plant performance

Over the last decades, Total Quality Management (TQM) and Total Productive Maintenance (TPM) have become key concepts for improving production. The majority of modern manufacturing companies has implemented at least one of these improvement programs or even both of them. The common ground of TQM and TPM is the focus on human resources. In this paper, the impact of TQM and TPM on plant performance and especially the supporting role of employee involvement practices is investigated empirically using multiple regression analysis and structural equation modeling. The data used for conducting the analyses is taken from the international research project High Performance Manufacturing that contains the data of 238 plants. The results indicate that TQM and TPM, supported by HR practices, have a significant potential to improve plant performance. However, a simultaneous implementation of both concepts does not necessarily lead to superior performance. As potential reason for this, human resources are regarded as limiting factor both improvement programs draw on. Accordingly, this scarce resource is identified as crucial element with respect to performance when implementing TQM and TPM simultaneously.     

浅析日本旅游经济

旅游业是一个高增值、高就业、高创汇和高效益的新兴产业,旅游经济在各国国民经济中占有越来越重要的地位。许多国家不仅积极推进旅游经济的产业化进程,而且把旅游业作为拉动经济发展的重点产业来积极扶持。日本的现代旅游业起步较早,处于世界前列。研究日本现代旅游业的发展,总结其中的经验与教训,这对我国起步不久的现代旅游业发展具有非常重要的借鉴意义。     

Study on HRM innovation based on knowledge management

The literature about the knowledge economy has marginalized its most important dimension-people. The development of human capital and its role in the competition in relation to the changed nature of the employment relationships between workers and their organizations are examined. The paper also holds that the continuum perspective, in which knowledge in a particular context has both tacit and explicit characteristics, is of particular value when considering the knowledge strategy of an organization. Whereas the former perspective presents a well-known dilemma, the continuum perspective permits the specification of a strategy in which the advantages of both tacit and explicit knowledge can be obtained, in principle. The paper puts forward the explicit/tacit dilemma that leads to a possible way forward in resolving the dilemma for organizations through the human resource management.