Information Entropy-Based Housing Spatiotemporal Dependence

The Journal of Real Estate Finance and Economics - In the existing housing literature, there has been no academic consensus on how to combine the spatial dependence and the temporal dependence...     

Further Mining the Predictability of Moving Averages: Evidence from the US Stock Market

Most studies on the predictability of moving average (MA) technical analysis use the discrete (buy/sell) trading recommendations. However, it is possibly incomplete or unreliable to explore the predictability of MA by only employing its generated trading signals. To further explore the forecastability of MA, we study its measurable impact on the stock market returns by using a conventional predictive regression framework. Our empirical study on the US stock market with respect to more detailed price information finds, (i) that the proposed predictor, MADP (MA based on daily prices) shows significant predictability in‐ and out‐of‐sample, and significantly outperforms the historical average (HA) benchmark as well as the MA based on monthly prices, (ii) that the predictability of MADP centers on the short‐term lags (within the most recent 10 days) and disappears when lags are beyond 20 days, and (iii) that the economic evaluation of the portfolios based on trading strategies confirms the superior performance of MADP with short‐term lags against the benchmark even though considering transaction costs.     

有关工程建设管理现状的一些思考

为了促进我国工程建设管理由粗放式向科学化、规范化管理的转变,国家针对影响工程建设管理的几个关键环节,提出了“四制”:为了明确管理主体责任,实行了项目法人负责制;为了引进市场竞争机制,实行了招标投标制;为了实现工程质量全面专业化管理,实行了建设监理制;为了规范工程建     

土卡河电站工程及初期围堰挡水运行方式简介

介绍了土卡河水电站可研阶段通过方案比选后确定的工程规模(特征水位、装机容量)。为保证2006年底第一台机组发电,根据目前的施工进度,需要采用围堰挡水发电,文章简要介绍了第一台机组发电的运行方式。     

Fiscal decentralization, revenue and expenditure assignments, and growth in China

Theory suggests that a close match between revenue and expenditure assignments at sub-national levels benefits allocative efficiency, and hence economic growth. That is, a convergence of revenue and expenditure assignments at sub-national levels of government should, according to the theory, be positively associated with a higher growth rate. In the case of China, this paper shows, divergence, rather than convergence, in revenue and expenditures at the sub-national level of government is associated with higher rates of growth. A panel dataset for 30 provinces in China is used to examine the relationship between fiscal decentralization and economic growth over two phases of fiscal decentralization in China: (1) 1979–1993 under the fiscal contract system, and (2) 1994–1999 under the tax assignment system. The seeming contradiction between the theory and evidence in the China case is reconciled by taking into account the institutional arrangements that prevailed during the two phases of fiscal decentralization, in particular the inconsistency between the assumptions of the theory of fiscal decentralization and the institutional reality of China.     

苏南、苏中和苏北对外开放度与经济增长关系的实证分析

一个国家或地区的经济开放程度涉及很多方面，如贸易国际化、资本国际化、劳动力跨国流动、技术引进和输出等。基于操作上简便易行、指标上具有可比性和连续性、资料易于搜集和量化等原则，本文拟选择出口额、实际利用外商直接投资额与GDP建立对外开放度这一指标。通常情况下，有些学者还会考虑国际投资开放度这个指标，但是．在计划计算苏南、苏中及苏北的国际投资开放度这一指标时发现：一方面由于统计资料的限制．另一方面由于苏南、苏中及苏北的对外投资数额很小，     

第四方物流的经营与发展

我国加入WTO后，国外物流企业进入中国物流市场，将给我国物流业带来发展机遇，也带来竞争压力，因此．我国物流企业必须运用现代物流理念，加快发展，建设高标准、高质量的物流体系。本文就是希望通过时第四方物流这一新兴物流理念的研究探讨，找出能推进我国物流业的发展思路。     

明渠水流泥沙运动水深平均及力矩方程的理论和验证

首次提出了水流泥沙运动水深平均及其力矩方程的概念 ,并从理论上推导出这套方程组。提出水流泥沙运动力矩方程的目的有两个 ,一是在不增加空间维数的情况下可以有效地恢复水流泥沙因子沿水深分布信息 ,克服目前普遍使用的水深平均方程过多地忽略沿水深分布信息的缺点 ;二是增强模型的模拟能力。针对这两个目的是否能真正得到体现 ,分别从理论和实验室资料两个方面对新推导的力矩方程进行了全面的检验。理论验证结果表明 ,一维的力矩方程除了能模拟水深平均的流速和含沙量 ,还能够较好地模拟水流泥沙因子沿水深分布信息 ,这充分说明了一维力矩方程的二维特性。为了检验力矩方程的模拟能力 ,特别选取了一些极端的水流泥沙运动实验 ,如清水冲刷、点源加沙和深槽回淤等。模拟结果表明 ,力矩方程对于这些极端的水沙运动具有较好的模拟能力