The effect of monetary policy shocks on stock prices accounting for endogeneity and omitted variable biases

A new high frequency data set is used to estimate the impact of the Fed on the level and volatility of stock prices while accounting for endogeneity and omitted variable biases and potential asymmetries. Results show that after addressing these issues, the effect of policy shocks on the level and volatility of stock returns is higher than previously reported. GARCH findings indicate that the volatility impact is tent-shaped, spiking during policy announcements and declining before and after the release. The level and conditional volatility of stock returns is found to respond asymmetrically to the type of policy shocks (timing versus future path of monetary policy) and the type of policy action (easing versus tightening).     

Values of rural landscape: The case study Chlum u Třeboně (Bohemia)

Natural, historical, man-made and spiritual values of the rural landscape were investigated on the example of the rural municipality Chlum u Třeboně in Southern Bohemia (the Czech Republic). It shows that the rural landscape contains a set of values – such as substance, origin, size, and importance – many of which have negative connotations. Some of these values are protected, others are not. The set of values forms genius loci of the place which is an important part of the local identity. The landscape of the area under the study was monitored and analyzed from both macro-structural and micro-structural points of view. As the evaluation of values mainly depends on stakeholders (local residents, tourists, municipalities, entrepreneurs, landscape protection bodies, etc.), in the past, the values of the rural landscape were connected predominantly with its productive function. Based on the results it is possible to say that in relation to the transition towards the post-industrial society, values related to the landscape are gaining new importance such as wetlands or swamps to combat drought. It is necessary to pay higher attention to the dynamic and multi-functional aspects of the landscape values in the near future.     

T. Coleman Andrews: crusader for accountability in government

T. Coleman Andrews was an exceptional accountant whose career during the second quarter of this century spanned professional accounting practice, public service, military service and business management. This paper documents his contributions to accounting and administrative reform through the public-service positions he held in government at local, state and national levels. Earlier work by Flesher and Flesher (1989) focused on his contributions to operational auditing during his years at the General Accounting Office, and these contributions are reviewed here. In addition, this paper describes his later work with the Hoover Commission and as commissioner of the Internal Revenue Service.     

北辰分公司OLT设备10GE上联改造实施方案

本文为"北辰分公司OLT设备10GE上联改造"分场景实施方案,以实现OLT设备10GE改造为目标。本方案对北辰分公司10GE改造涉及3个场景进行论述。     

从图论角度对布点问题求解

在日常生产和生活中,往往有一类问题是关于有限的资源在一定条件下的合理利用问题,且要达到最大的利益或者价值。其中包含站点的位置选址问题,通常我们把这类问题归纳为整数规划中的最优问题,利用MATLAB软件我们可以轻松的得到问题的数值解。但对站点的位置选址问题,我们发现利用图论的理论,从图论角度进行分析和求解,可以更轻松。     

Increase salespeople's prestige with a new title

The public tends to view sales occupations as relatively low in prestige. The authors present the findings of their study that alternative job titles enhance the prestige awarded sales occupations and suggest how sales titles should be changed.     

浅析网上证券交易的T+0操作

中国的股市是T+1交易的,本文从T+0的操作方法、T+0盘中底部五种形态的识别、T+0的操作要领和T+0操作的注意事项几个方面探讨了如何让T+1交易变为T+0操作,从而规避风险,达到盈利的目的。     

我国企业境外借壳上市的实证分析与法律规范

随着我国证券市场国际化向纵深方向发展 ,我国企业境外借壳上市的活动日趋增多。本文在对我国企业境外借壳上市进行实证分析的基础上 ,提出了对其进行有效规范的几点管见。     

计算机在实践中的运用

介绍了如何对紫金Ⅱ微机进行改进,使其既保持原有的性能(用高级语言编程)又具有单片机的工控特性。举出了用于控制通风管道温度参数的成功例子。     

Stock price informativeness and analyst coverage

We examine whether more analyst coverage translates into more informative stock prices and apply this to both developed and emerging markets. We measure price informativeness using the association between current stock returns and future earnings. We argue that more informative stock prices contain more information about future earnings. Results indicate that analysts' activities do not contribute to the impounding of future earnings information into current stock prices, in accordance with the view that analysts are outsiders who do not have full access to firm‐level information. We also find that analysts specialize according to industry and that “industry expertise” is limited to developed countries. Overall, our evidence is consistent with the explanation that analysts focus on gathering and mapping industry‐ and market‐level information (macroeconomic information) into stock prices. Copyright © 2013 ASAC. Published by John Wiley & Sons, Ltd.