The α-stable processes and their relationship with the exponent of self-similarity: Exchange rates of USA Dollar,Canadian Dollar,Euro and Yen

This research work analyzes the yields of the exchange rate parities of the American dollar, Canadian dollar, Euro, and Yen; estimates the basic statistics and the α-stables; carries out the Kolmogorov–Smirnov, Anderson–Darling, and Lilliefors goodness of fit tests; estimates the self-similar exponents and carries out the t and F tests, ruling out that the series of parities are multifractal. It also estimates the confidence intervals of the exchange rate parities and concludes that the estimated α-stable distributions are more efficient than the Gaussian distribution to quantify the risks of the market, and that the series are self-similar. Through the ? index, we can infer the risk of the events, indicating that the parities are anti-persistent and thus have short-term memory, mean reversion, and a negative correlation with the high risk in the short and medium term. The estimation and validation of the α-stable distributions and the self-similar exponent are important in the evaluation and creation of innovative investment instruments through financial engineering, risk administration, and the evaluation of derived products.     

Medición y comprensión del comercio de tareas en el sector de los servicios

La revolución de las TIC ha generado un alto riesgo de deslocalización de las tareas más comercializables en el sector de los servicios. Se revisan aquí estudios que proponen indicadores de comerciabilidad de los servicios, exploran las implicaciones de su deslocalización y desarrollan modelos teóricos al respecto. Tanto el nivel de calificación requerido como la comerciabilidad podrían ser determinantes clave de los efectos sobre los salarios y el empleo. Sin embargo, la falta de definiciones consensuadas de comerciabilidad y de datos fiables sobre el comercio de servicios, junto con la dificultad de evaluar la competencia de las importaciones a niveles desagregados, obstaculizan el avance de los estudios empíricos y descubren áreas para futuras investigaciones.     

Airport ownership and financial performance: Evidence from Italy

In the past few decades many countries have increased the presence of various forms of private sector involvement in airport ownership and management. This paper focuses on the financial performance of Italian airport companies. We present empirical evidence separately for two groups where public or private management majority prevails. The main findings indicate that companies with a private majority outperform the others in terms of financial indicators that are related to operating income.     

卷接包集控系统网络结构的规划分析

为解决绵阳卷烟厂卷包生产过程中存在的设备自控关联性差、连锁方式难以改变、分散的设备与生产运行难以监控、生产管理模式难以满足柔性化生产等问题,引进了卷包集控系统,并对该系统的三层网络结构进行了规划设计、对比分析。通过改变三个网络层次之间的连接方式、网络拓扑结构,使卷接包生产因集控系统网络故障引起的停机时间降到最低。应用效果表明,改进后的网络结构有利于缩小网络规模,控制网络风险,保证数据交换,避免I/O整体失控,有效提高了通信网络的安全性和稳定性及网络资源的利用率。     

Política de la legislación laboral en el sur de China. Las cámaras de comercio y otros organismos extranjeros ante las leyes sobre negociación colectiva

En 2010, tras la huelga en Honda, hubo protestas laborales en toda China. Los gobiernos de Shenzhen y Guangdong reaccionaron desempolvando los proyectos de Decreto sobre consulta colectiva y de Normativa sobre gestión democrática de las empresas, retirados con anterioridad. Pero tras la oposición frontal de cámaras de comercio y organismos gubernamentales extranjeros, hongkoneses y taiwaneses, volvieron a retirarse. Mediante entrevistas, los autores revelan los medios de influencia en la legislación laboral china de estos actores, cuyas actitudes dependen de la posición de las empresas representadas en las cadenas mundiales de producción y del modelo de relaciones laborales de su país o territorio de origen.     

Debt Covenant Restriction,Financial Misreporting,and Auditor Monitoring*

Theory suggests that financial report-based debt covenants engender incentives for the manager to relax covenant constraints through accounting choices in order to avoid costly covenant violations. Prior studies directly testing this hypothesis in the context of financial misreporting fail to find consistent evidence. Using a more refined measure of debt covenant restriction, we find that debt covenant restriction is positively associated with the probability of financial statement misstatements. This positive association is driven by performance covenants rather than capital covenants and is more consistent with the manager striving to avoid a “false-positive” violation than to delay the violation. Our results also imply that managers resort to both income-increasing and non–income-increasing misreporting to relieve covenant constraints and rely more on the latter when faced with greater earnings management constraints. Additionally, the auditor charges higher audit fees to firms with more binding covenants even outside the violation state, and audit fees increase with constraints relative to both performance and capital covenants, reflecting greater financial reporting risk and bankruptcy risk, respectively. Within capital covenants, we find some evidence of even higher audit fees for tighter intangible-inclusive versus intangible-exclusive capital covenants. Lastly, our evidence suggests that the positive association between covenant constraints and misreporting is attenuated when the auditor has more experience with debt covenants, has greater bargaining power over the client, or faces greater litigation risk.     

Behaviour‐Based and Outcome‐Based Control Systems: A Meta‐Analytic Study

Sales control systems are instruments used by firms to improve performance and other organizational outcomes. To understand their antecedents and consequences, this paper conducts a meta‐analysis based on 104 studies. The results showed significant relationships between behaviour‐ and outcome‐based control systems and the complexity of the products, bonuses, financial performance, sales innovation, organizational support and satisfaction with supervisors. The outcomes revealed that behaviour‐based control systems were the most effective mechanism in turbulent markets and for determining financial performance. However, outcome‐based control systems were the most efficient instrument for complex products.     

The influence of personal and social identity on the clothing consumption of adolescents

We consider the influence of personal and social identity among adolescents on the importance they attach to clothing products and brands. The conceptual framework includes more conventional variables such as socialization (family, peers, media, and celebrities) and individual characteristics (gender and grade level). Based on a sample of 1,596 French high school adolescents, our results highlight: (i) the influence of identity on the importance attached to product and brand; (ii) the mediating effects of personal and social identities; and (iii) the moderating effects of gender and grade level. We conclude with an analysis of theoretical contributions, practical implications, and future research directions. Copyright © 2016 ASAC. Published by John Wiley & Sons, Ltd.     

落地式多绳摩擦提升机双层罐笼更换方案

落地式多绳摩擦提升机双层罐笼更换工艺复杂,参与人员多,作业时间长。施工工序主要有拆除安全设施、罐道木,解除罐笼端平衡绳并固定,解除悬挂装置与罐笼的连接轴销并脱开悬挂装置并固定,安装自制专用梁及专用滑车,用稳车和小卷扬拉出旧罐笼、拉入新罐笼,撤出安装专用梁及专用滑车,新罐笼与悬挂装置、平衡绳的连接,安全设施安装,试运行等步骤组成。