Time-varying risk attitude and the foreign exchange market behavior

This paper presents a heterogeneous agents model of the foreign exchange market in which agents’ risk attitudes vary over time due to psychological factors emphasized in prospect theory. We find that psychological component and risk-profit elasticity play significant roles in exchange rate expectations formation and investment behavior. Although all agents show more risk-averse after the crisis, the extent to which their risk attitude responds to the crisis varies due to heterogeneous forecasting rules as well as the changes of trading environment and central bank intervention. Moreover, time-varying risk attitudes can help explain the forward premium puzzle. These findings have implications for the exchange rate expectation formation theories and foreign exchange market stability policies.     

Measuring the increasing connectedness of Chinese assets with global assets: using a variance decompositions method

This study uses the network topology of variance decompositions to investigate the connectedness of four assets (stocks, bonds, foreign exchange and commodities) across five countries (US, EU, UK, Japan and China). We find that connectedness to and from the Chinese asset markets increased significantly from 2013 to 2018, which reveals that Chinese assets have gradually become integrated into the global economy. We also investigate the volatility connectedness in economically fragile periods and find that the Chinese market acted as a transmitter of volatility in the 2015 Chinese stock crash. This finding is potentially essential to modern risk measurement and management.     

Backshoring of production activities in European manufacturing

Backshoring – the movement of manufacturing activities from locations abroad back to the home country – has gained some attention in policy discussions and in academic research in recent years. This paper presents empirical evidence on backshoring from a large sample of European manufacturing firms. The data indicate that backshoring is still uncommon among European firms. Around 4% of all firms in our sample have moved production back to the home country between 2013 and mid-2015. The most frequent reasons for backshoring are the loss of flexibility, a lack in quality of the goods produced abroad, and unemployed capacities at home. Flexibility and quality concerns are, in particular, relevant for firms that move production back from Asian countries. Backshoring is most likely for manufacturers of final products and in high-technology sectors, in particular in electrical equipment, information and communications equipment, and the Automotive industry.     

中国城市化进程的特点,动力机制及发展前景

城市化是当今世界的主要趋势，城市化水平的高低是衡量一个国家经济发展水平的重要标志。本文通过分析中国城市化进程的主要特点和动力机制，指出在城市化过程中存在四个方面的问题，并在此基础上，预测了中国未来城市化的发展前景，提出了具体的措施和建议，以推动中国城市化进程的健康发展。     

汉语广告翻译的探索与研究

本文探讨了汉英广告语翻译中的方法和策略。同时,研究了汉语广告词中的文化现象。从而得出结论,汉语广告语翻译不仅仅是字面语言的直译,而是中西方文化的翻译,只有译者在翻译时注意到这些,才能翻译出脍炙人口,有价值的广告语。     

中国铁路企业投资战略研究

随着社会竞争的日益激烈,与基础设施相关的国有特殊企业为了更好的适应市场、提高竞争力、增强投资者的信心,也把投资的科学性放在了一个关键的位置。结合目前已有的投资理论,如何让企业内部的资源得到最优的配置,已经成为了现今企业管理中的重点。     

英语教学中的中国文化渗透

近年来,在英语教学中引入文化教学的现象已经被越来越多的外语教学者所关注,然而在中国英语教育过程中,对于文化教学在认识上存在着偏差现象。这种偏差表现在全社会把更多的注意力放在外语教学上,进而忽略汉语的学习。     

蔡和森对马克思主义中国化的卓越贡献

在马克思主义中国化的发展进程中,先进分子是有力的推动者,蔡和森就是杰出代表之一。本文从蔡和森认识到马克思主义对改造中国的意义入手,论述了蔡和森成为马克思主义中国化杰出代表的原因,在此基础上,阐述了蔡和森对马克思主义中国化的卓越贡献。     

中药专业理实一体化教学改革研究与实践

一体化的教学内容、教学环境、师资队伍是实施中药专业理实一体化教学的关键环节。为了实现中药专业与企业岗位的对接,学校对江苏省主要医院和制药企业中药材、中药饮片、中成药的使用和生产情况进行了调研。并以江苏省主要中药产品为主线,对中药专业的核心课程的教学内容、实验实训资源、师资结构进行了优化和整合,为中药专业建设和课程改革提供参考。     

试论赛珍珠与她的小说《大地》

赛珍珠是美国20世纪著名的女作家。《大地》是她最杰出的作品之一，这部长篇小说，于1931年在美国出版，是1931年和1932年的美国年度最佳畅销书。在小说中，赛珍珠对主人公王龙身上体现出的深刻的土地意识进行细致的刻画；同时成功塑造了阿兰这一经典的女性形象。1932年赛珍珠凭借该小说获普利策奖，1938年获得诺贝尔文学奖...