Causal Relations Among Stock Returns,Interest Rates,Real Activity,and Inflation

Using a multivariate vector-autoregression (VAR) approach, this paper investigates causal relations and dynamic interactions among asset returns, real activity, and inflation in the postwar United States. Major findings are (1) stock returns appear Granger-causally prior and help explain real activity, (2) with interest rates in the VAR, stock returns explain little variation in inflation, although interest rates explain a substantial fraction of the variation in inflation, and (3) inflation explains little variation in real activity. These findings seem more compatible with Fama (1981) than with Geske and Roll (1983) or with Ram and Spencer (1983) .     

Do Firms Knowingly Sell Overvalued Equity?

This article examines the relation between top executives' trading and the long-run stock returns of seasoned equity issuing firms. Primary issuers, who sell mostly newly-issued primary shares, significantly underperform their benchmarks, regardless of the top executives' prior trading pattern. However, top executives' trading is reliably associated with the stock returns of secondary issuers, who sell mostly secondary shares previously held by existing shareholders. On average, secondary issuers do not underperform their benchmarks. The results suggest that increased free cash flow problems after issue play an important role in explaining the underperformance of issuing firms.     

RFID技术在集装箱运输管理中的应用

本文主要结合近些年来RFID技术的发展的特点，简要介绍了集装箱运输管理中RFID的应用。作为新的技术，RFID技术有其显著的优势，但其在广泛应用之前仍面临着很大的困难。在集装箱运输上，RFID显著地提高了运输过程的透明度和安全性，使得供应链管理的思想得到进一步地推广。     

供应链上非营利组织的整合营销传播组织模式研究

介绍了非营利组织与整合营销传播理论及供应链上非营利组织整合营销传播的特性,最后详细论述了供应链上非营利组织整合营销传播组织模式的设计思路。     

基于时间驱动作业成本法下的物流成本核算

传统的作业成本法在核算物流成本过程中显得特别繁琐,很难推广开来。时间驱动作业成本克服了核算程序上繁琐的问题,它将资源动因和作业动因过程融合在一起,使物流成本的计算过程更简单,这种方法也更容易推广。本文将介绍时间驱动作业成本法的核算步骤、时间驱动作业成本法与传统作业成本的区别、时间作业成本法在物流成本核算中具体应用等相关内容。     

云南主要生态环境问题及其人口因素与对策

本文阐述了云南省的主要生态环境问题，如耕地质量下降、水土流失严重、生物多样性锐减、农村生态环境恶化等简述了产生生态问题的人口因素，包括人口的不断增长、人口的贫困、人口的教育问题。根据云南50年来的人口统计数据论了云南总人口增长的未来趋势。最后对云南省的生态问题进行了人口因素分析，提出了缓解生态压力的相应措施。     

Investment Horizon and Composition of Optimal Portofolio: International Evidence

Little attention has been paid in the literature to the impact of different investment horizons on the portfolio compositiondespite its importance to portfolio managers. One exception isthe study by Gunthorpe and Levy (1994) on the U.S. stock market.Our paper extends the same study to the stock markets of Japan,Hong Kong and Korea. Using 40 individual stocks in each market,our results support those of Gunthorpe and Levy (1994) in thatthe composition of an optimal portfolio depends heavily on theinvestment horizon. When the investment horizon lengthens, theproportion of defensive stocks becomes larger while that ofaggressive stocks becomes smaller.     

浅谈石油化工施工企业工程项目成本管理与控制

对于任何企业来讲,成本对利润起着非常重要的影响,施工企业同样如此。目前我国有很多建筑企业存在着对工程成本的管理不是很重视或者管理不到位的现象。本文对石油化工施工企业的工程项目成本的管理与控制进行探讨和分析。     

进城务工提升了农民的获得感吗——基于中国家庭追踪调查数据的实证分析

持续增强人民群众的获得感是我国新时代民生事业建设的重要任务.农业劳动力向城市转移显著提高了农民的收入水平,增加了农民在物质层面的获得感,但其对农民精神层面获得感的影响尚不清楚.基于中国家庭追踪调查2016年收集的调研数据,利用倾向得分匹配(PSM)与反事实分析方法的实证评估结果表明,进城务工就业不仅提高了农民收入,而且提升了农民对收入水平的主观感受及其对生活的满意程度,并且使得农民对未来更加充满信心,然而进城务工并没有提升农民对其社会地位的主观判断.对于那些没有选择进城务工的农民,务工就业甚至可能会降低其对生活的满意程度及对其社会地位的主观判断.尽管进城务工就业从总体上对提升我国农民的获得感起到了重要促进作用,但是对不同特征农民获得感的影响有着明显的异质性.