Forms of Foreign Investment Liberalization and Risk in Emerging Stock Markets

I examine the effect of different forms of foreign investment liberalization on risk in emerging equity markets, including international cross-listings and closed-end country funds, and in the domestic equity market as foreign investment restrictions are eliminated. I find that in Latin American markets volatility declines significantly with different forms of foreign investment liberalization, and in Asian markets volatility does not increase significantly. Volatility is driven by domestic factors in South America, but the transmission of volatility from the United States to Mexico increases after liberalization. The market risk exposure increases in Argentina after liberalization, in Chile with an index of American Depositary Receipts, and in Thailand with greater foreign ownership, reducing the diversification benefits of these markets.     

Price rigidities and institutional variations in markets with posted prices

Summary Standard laboratory posted-offer markets respond slowly and incompletely to demand shocks. In these one-sided markets, where sellers control the setting of prices, very little information is transmitted via the process of exchange. For this reason, traders have trouble distinguishing randomness in their own experience from changes in market fundamentals. This paper reports the results of twelve laboratory markets conducted to assess whether some common variants to standard posted-offer rules can correct the adjustment deficiences. Although discounting, multiple postings and excess demand information all improve performance, we find that response remains poor, and efficiencies low.Support for this research was provided by the National Science Foundation (SBR 9319842 and SBR 9320044), and the University of Virginia Bankard Fund. Data are archived at FTP address: fido.econlab.arizona.edu. We wish to thank Charles Plott and Shyam Sunder for useful comments on an earlier draft of this paper. The usual disclaimer applies.     

OpenGL矿山虚拟设计及其应用

设计了系统的基本思路,在Visual Studio 2008数据库的基础上,利用OpenGL对矿山巷道,硐室设计等进行三维可视化虚拟,并通过数学模型,对矿井设计进行分析与纠错处理,用C#实现系统的功能。     

THE JOINT ARRIVAL AND DEPARTURE PROCESS FOR THE M/M/l QUEUE

We consider the M/M/1-queue and derive an explicit expression for the joint distribution of the number of arrivals and the number of departures in [0, t), given the number of customers initially present. The derivation is almost purely combinatorial, it avoids the use of generating functions, and immediately yields a simple probabilistic interpretation of the result.     

The role of intermediaries in facilitating trade

This paper documents that intermediaries play an important role in facilitating international trade. We modify a heterogeneous firm model to allow for an intermediary sector. The model predicts that firms will endogenously select their mode of export - either directly or indirectly through an intermediary - based on productivity. The model also predicts that intermediaries will be relatively more important in markets that are more difficult to penetrate. We provide empirical confirmation for these predictions using the firm-level census of China's trade, and generate new facts regarding the activity of intermediaries. We also provide evidence that firms begin to export directly after exporting through intermediaries.     

“2＋1”工学结合工作站管理顶岗实习“1”的模式初探——以常州机电职业技术学院“2＋1”工学结合为例

推行工学结合,加大高职大学生实习的力度,是贯彻国家教育方针、路线、政策的重要举措之一。常州机电职业技术学院实施“2＋1”工学结合工作站管理学生的顶岗实习,即承担三年制高职最后“1”的教学、教育、管理,作为一种模式,是一种探索,也是一种创新。     

政府在耕地减少中的责任和在耕地保护中的作为

集成曲线估计模型和灰色数列模型,研究耕地总量在1983-2006年间的变化过程以及在2010～2020年间的变化态势,分析政府行为在耕地总量减少中的责任和在保护耕地中的作为.研究结果:2020年耕地总量可能低于新的耕地红线,政府对耕地减少负有不可推卸的责任.     

胜任力视角下海南高职院校“1+X”证书制度试点探究——以酒店管理专业为例

在海南建设自由贸易港的发展契机和新时代高素质、复合型人才需求背景下,基于胜任力视角,将“1+X”证书制度与高职院校课程体系进行对接,通过文献及数据收集和分析,总结海南毕业生留琼率,对标海南星级酒店（企业）内部《工作职责》要求,从技术特征、知识特征和标准能力特征3个维度构建酒店管理专业“职业教育-企业”关系链,提出酒店管理专业人才培养的技术特征、知识特征和标准能力的要求,为推动海南试点院校将“1+X”证书制度与人才培养方案有效融合提供支持,以满足海南建设的人才需求。