Growth and value hybrid valuation model based on mean reversion

This article proposes a novel valuation model, growth and value hybrid model, to estimate the stock price. This proposed model combines the essence of the asset-based approach, the income-based approach, and the principle of mean reversion to develop the theoretical closed-form formula consisting of three coefficients: value coefficient, value support coefficient and growth coefficient. Regression analysis is employed to fit market data to determine these coefficients. Moreover, this study proposes the double sorting method to build the quantile regression models of the formula to estimate the stock price at a specific quantile. The results show that the predictive capability of the hybrid valuation model is superior to the model without using value support coefficient, which supports the assumption that the PBR is not associated with the ROE when the ROE is less than a threshold. In different time periods of the stock market, no significant difference exists on the value support coefficient. However, the variations of the value coefficient and the growth coefficient are significant.     

浅议计算机在工程造价中的利用

信息技术的发展伴随着计算机的普及进入到千家万户,在工程造价领域,计算机的作用越来越重要,不但可以根据图纸自动生成工程量,而且节省了大量的人力劳动,同时对于信息的传递也起着重要的作用,对于工程造价的审计工作以及交流沟通带来更大的便利。     

关于镜泊湖风景区生态环境保护与利用

镜泊湖风景区是黑龙江重要的旅游和度假圣地,具有丰富多彩的湖泊环境,奇特壮观的火山熔岩特点,国内罕见的地下森林景观以及历史悠久的人文经济。由于受到人类活动的影响,镜泊湖风景资源正在承受到潜在的危机,应亟待解决镜泊湖生态环境保护,并制定开发建设规划。     

New development: The crisis and European local government reforms

This article highlights the main reform trajectories put in place in French, Italian, German and Portuguese local governments during the recent crisis and identifies a number of important trends: for example increasing centralization of decision-making powers away from local governments. The authors explain why local governments have an opportunity to use reforms during the crisis to strategically reposition their value proposition.     

云南石林县的蕨类植物资源及其保护利用

在野外实地调查、标本采集、标本鉴定和文献资料整理的基础上,对云南石林县的蕨类植物资源进行研究。目前,共知有蕨类植物30科,57属,112种(包括变种和变型),其中有国家珍稀濒危保护蕨类植物2种。按照用途将这些植物划分为药用、观赏、食用、指示、化工原料、饲料和绿肥6种类型,分析了保护利用蕨类植物资源的必要性,并对如何保护和开发利用云南石林县的蕨类植物资源提出了建议。     

Hicks's Valuation of Social income: an appraisal *

This paper attempts to reconstruct and assess the intellectual itinerary of Hicks on the valuation of social income. His 1958 and 1981 papers on that topic have been wholly ignored in the economic literature. In both of them differentmeasures of real income are provided. These show to what extenteach one of them can be relied upon. Our assessment argues that it is impossible to measure social income independentlyof the reasons for which that measure is required and that any valuation cannot ultimatelybe made independently of political and ethical considerations.     

制约中部崛起的人才资源因素分析与对策研究——以江西省为例

胡锦涛总书记指出,人才资源是第一资源,人才问题是关系党和国家事业发展的关键问题。文章根据我国新时期区域发展战略格局,以江西省为实际案例,分析中部地区崛起过程中的人才资源现状、结构、引进、使用政策中存在的问题及其根源,有针对性地提出了中部崛起战略中人才资源的引进和利用建议和对策。     

基于B2C的中国互联网用户团购行为的实证研究

基于互联网的团购成为了中国电子商务新的增长点。传统的团购研究多关注成交机制的差异,而新的互联网团购限定了成交价格、谈判区间和边际效应,形成了具有广告效益、利润收益和客户信任为一体的中介平台。通过搜集20家中国主要的团购网站在一年中的销售数据,研究发现品牌因素、折扣大小、累积效应都对参与团购人数产生显著影响。     

How professional service firms compete in the market: an exploratory study

Abstract

This study investigates how professional service firms (PSFs) compete in the market. Drawing on strategic marketing literature, a managerial rather than customer perspective is adopted. The study investigates the competitive positions sought by professional service providers and the specific marketing activities actually undertaken to achieve these positions. Thirty-seven depth interviews with senior management from a range of PSFs indicate that firms seek to differentiate themselves by developing long-term relationships, providing better service quality and greater value, and developing brands with strong reputations. Organisations typically seek such interrelated competitive positions simultaneously. A list of marketing activities used by the PSFs to achieve these competitive positions offers practical insights into the specific activities needed to achieve the various competitive positions sought.