网络拍卖市场中成交价格的决定因素研究——卖家评级真的重要吗？

本文试图研究在中国网络拍卖市场上，拍卖成交价格的决定因素，尤其是卖家反馈评级的影响作用。本文采集了EBay中国上的170笔数码相机交易的数据，运用多元回归分析对假设进行了验证。本文研究结果表明：网上拍卖的成交价格会受到卖家评级的显著影响，好评对于成交价格有显著的正向影响，差评对于成交价格有显著的负向影响。但在忽略品牌因素时，卖家评级对于价格则不存在显著影响。     

Institutional Herding in the ADR Market

This study examines institutional herding in the ADR market between 1985 and 1998. We find a significant positive relation between changes in institutional ownership and ADR returns over the same period. The positive relation persists after we control for the momentum effect in the US stock markets. We also find that in the ADR market, past winners (losers) in the herding period continue to be the winners (losers) in the post-herding period. The lack of a returns reversal suggests institutional herding is related to momentum trading. However, the positive relation between institutional ownership changes and ADR returns remains after controlling for momentum trading in the ADR market. Our results also rule out that positive feedback trading is related to institutional herding in the ADR market.     

调速器主配压阀位移传感器反馈故障分析与处理

分析了龙头石水电站调速器主配压阀位移传感器反馈故障的原因,提出了技改方案,从根本上解决了主配反馈故障问题,可为其他水电站同类问题处理提供参考。     

城市原水系统水质水量控制耦合模型研究

针对如何从水质水量两方面提高我国大中型城市原水系统供水安全保障的问题,从原水系统水质水量联合调度出发,采用大系统分散控制形式,在传统水质水量耦合模型研究基础上,增加了以3条信息传递通道(信息输入通道、信息反馈通道、控制信息输出通道)和1个策略分析器(水库的水质调控策略分析器)为主要元素的水质-水量反馈机制,构建了集水量优化调度、水质仿真模拟和水质调控策略分析于一体的城市原水系统水质水量控制耦合模型。模型采用闭环模式的反馈迭代计算,以利于充分发挥水质模拟结果对水量调度决策的指导作用,并提出了基于有向图广度优先和深度优先混合遍历技术的网络迭代求解方法。实例应用表明:通过定性控制系统的自动调控,利用水库群对污染物的稀释、净化能力可以快速改善受污染水库的水质,验证了本文模型的可行性和有效性。     

Investment,interest rate rules,and equilibrium determinacy

Summary. By adding endogenous investment to a flexible-price, money-in-the-utility-function model, this paper studies the role that physical capital plays in stabilizing the real side of the economy when the monetary authority follows interest-rate feedback rules. We show that with inelastic labor supply equilibrium uniqueness is ensured under both active and passive monetary policies. For the case where money affects both preferences and technology, the uniqueness result remains true under active monetary policy. With endogenous labor supply, the uniqueness result holds again regardless of the stance of monetary policies for the case with separable leisure, but indeterminacy remains likely under both active and passive monetary policies when leisure is nonseparable.Received: 19 December 2001, Revised: 12 May 2003, JEL Classification Numbers: E52, O42.We are grateful to Jess Benhabib and an anonymous referee for helpful comments and suggestions. Correspondence to: C.K. Yip     

证券投资基金惯性反转投资行为实证研究

文章依据行为金融的理论和研究方法,通过改进的GTM模型,以基金重仓持有的股票相对于上证综合指数的超常收益率来构造赢家组合和输家组合。对24支偏股型开放式基金和49支偏股型封闭式基金,从1999年1月到2006年3月的投资行为进行研究。结果表明在交易策略上,中国的证券投资基金整体采用惯性交易策略,但倾向于买过去表现好的股票,尤其是收益率高于同期上证综合指数收益率的股票;不倾向于卖出过去表现差的股票,即采用高买高卖的策略。惯性交易估计值在考虑有新股票进入时显著大于其他各种情况,这表明基金经理在选择新股进入投资组合时追涨的行为十分明显。     

系统动力学原理和方法在旅游规划中的运用

旅游业中许多问题都涉及到动态和非线性的关系，给旅游规划带来相当大的影响，利用系统动力学有助于解决这些问题。文章通过对运用此方法的步骤和原则的介绍，探讨系统动力学在旅游规划中运用的理论意义和科学价值，并且以桂林旅游规划为实例加以说明。     

论企业现代预算管理系统的构建

本文通过对预算管理的解析,探寻建立现代预算管理应注意的问题。首先应建立现代预算管理的新理念,通过创新性地运用预算评价指标、方法和手段,完善信息反馈机制,搭建完整的闭环的预算控制系统,以完成企业战略目标。     

Feedback‐seeking behavior within multinational corporations

Notwithstanding their concern with intra‐MNC control mechanisms, scholars have overlooked the complementary phenomenon of self‐regulatory behavior by subsidiaries. In this paper, we take the first steps towards addressing this gap by advancing and testing hypotheses dealing with the determinants of a major element of self‐regulatory behavior at the subsidiary level, i.e., the performance‐oriented feedback‐seeking behavior of subsidiary presidents. Utilizing data from 374 subsidiaries of 75 MNCs, we test hypotheses regarding the impact of subsidiary task and organizational context on the feedback‐seeking behavior of subsidiary presidents. The results of this study can be summarized as follows: (i) subsidiary presidents do engage in proactive performance‐oriented feedback‐seeking behavior; (ii) they vary in the extent to which they engage in such behavior; and (iii) these variations in feedback‐seeking behavior are at least partially systematic. Copyright © 1999 John Wiley & Sons, Ltd.     

创新目标、前景与企业技术创新行为：江苏的实证

技术创新具有高度的复杂性、非线性与不确定性等特征,它需要企业清晰地树立新的技术创新目标、前景,并与企业关键人物的角色功能紧密相关。本文在大量调查问卷的基础上,以江苏省制造业企业为样本,从微观行为数据层面,运用统计实证与数理分析等方法,考察、观测并揭示了中国制造业企业的创新目标、前景与企业技术创新之间存在的特殊复杂关系：两变量限制均衡、创新活动本身对于技术创新影响因素的反馈影响等。