竞争位势与竞争优势——对世界500强近13年的观察

从战略管理和竞争优势理论出发,通过对竞争位势理论的系统概括和完善,为战略管理和竞争优势之间建立了一座桥梁,丰富了竞争优势的内涵;同时,利用世界500强近13年的数据,通过理论假设和初步验证,初步探讨了企业外部和内部各个层面的位势差异与竞争优势的关系。     

凤尾变鸡头:被忽视的指数成分股交换

沪深300和中证500同时调整成分股,沪深300调出的股票大部分会进入中证500。这些交换的成分股既有沪深300调出效应,也有中证500调入效应。已有文献专注于沪深300调出样本整体的调出效应,却忽视了交换股还有中证500调入效应。本文首先使用断点回归设计研究交换股,证明了指数效应在国内存在。随后,使用Fama-French五因子模型研究交换股与其它沪深300调出股的差异,解释了为何国内研究认为指数效应不存在:交换股主要表现出调入效应,抵消了其它沪深300调出股的调出效应,忽视指数成分股交换导致了整体调出效应"不显著",甚至为正。     

The influence of institutional contexts on the relationship between voluntary carbon disclosure and carbon emission performance

This article examines the relationship between the level of voluntary carbon disclosure (VCD) and carbon emission performance and how the institutional context influences this relationship. Using a sample of Global 500 firms participating in the Carbon Disclosure Project (CDP) over the period 2008–2015, the evidence shows a negative relationship between voluntary carbon disclosure and carbon emission performance, which is consistent with the legitimacy theory that VCD may be undertaken for the purposes of legitimation. However, stringent carbon institutions appear to restrict legitimation attempts and help better reflect underlying performance.     

Are financial returns really predictable out-of-sample?: Evidence from a new bootstrap test

Testing the out-of-sample return predictability is of great interest among academics. A wide range of studies have shown the predictability of stock returns, but fail to test the statistical significance of economic gains from the predictability. In this paper, we develop a new statistical test for the directional accuracy of stock returns. Monte Carlo experiments reveal that our bootstrap-based tests have more correct size and better power than the existing tests. We use the forecast combinations and find that the stock return predictability is statistically significant in terms of reduction of mean squared predictive error relative to the benchmark of historical average forecasts. However, the results from our tests show that the predictability is not economically significant. We conclude that there will be still a long way to go for forecasting stock returns for market participants.     

The empirical linkages among market returns,return volatility,and trading volume: Evidence from the S&P 500 VIX Futures

The purpose of this study is to examine the relationships between return and trading volume as well as between return volatility and trading volume by analyzing the asymmetric relationships of contemporaneity and lead-lags between these factors for the S&P 500 VIX Futures Index. We apply the threshold model with the GJR-GARCH framework for empirical analysis herein. The main findings demonstrate that the threshold effects exist in both the contemporaneous and lead-lag relationships between return-volume and volatility-volume. Moreover, the delayed effects of a one-trading-day lag through to three-trading-day lags exist from trading volume to returns and return volatility. Larger trading volume is beneficial for investors to gain returns, but it also leads to higher volatility. The implication of our findings offers a suggestion as to the opportune timing for investors to buy S&P 500 VIX Futures.     

Leica GPS500系统在长江水下地形数字测绘中的应用

总结了Leica GPS500系统在长江水下1：500地形图数字测绘中的应用，并对此工程的测线布设、平面数据的获取、水深测量、实时水位监测、内业成图等方面进行了探讨。     

A Simple Option-Pricing Formula

A simple option-pricing formula based on the Weibull distribution is introduced. The simplicity of the algebraic form and ease of implementation are comparable to those of Black-Scholes. Application to S&P 500 options shows that the pricing biases present in the Black-Scholes model are eliminated. Prices produced by the presented model generally lie within or close to the bid-ask spread. For long-term options (over one year), the Weibull formula exhibits significantly higher precision than the Black-Scholes formula does. While a rigorous comparison of all available models is necessary, the simplicity and precision of the proposed model are its main advantages over the existing models.     

Can value-based stock selection criteria yield superior risk-adjusted returns: an application of neural networks

This study examines whether superior investment returns can be earned by using neural network modeling procedures to perform forecasts based on a set of financial ratios reflecting traditional value based investment strategies. The study covers a 20-year period. We find that the value ratio provides useful information that permits the selection of portfolios that provide investment returns superior to the DJIA and the S&P 500, and a group of randomly selected securities. The risk-adjusted returns for the portfolios selected by the neural network are greater than those achieved using other forecasting methods.     

信用证的最新规则UCP600诠释

2007年7月1日,各国银行将开始采用国际商会制订的信用证新规则——UCP600。新的UCP600与UCP500有许多不同,本文首先介绍了UCP600的产生背景及过程,然后分析UCP600的主要变化,最后分析UCP600对主要业务当事人的影响。     

上海500kV输变电地连墙钢筋笼工程施工技术

本项目为500kV大容量地下变电站，作为世博会重要配套工程，变电站为全地下4层筒型结构，地下建筑直径130m，地下结构埋置深度33．4m。地下连续墙起着防水和承载双重作用，在成墙浇筑前须下设预制成形的钢筋笼。文章主要介绍钢筋笼工程的施工准备、工艺和工序。