Exchange rate volatility and its impact on the transaction costs of covered interest rate parity

This paper provides empirical evidence on the linkage between foreign exchange market volatility and daily 90-day covered interest rate parity (CIP) conditions of the three major exchange rates against the US dollar (US$). Markov regime shifting models were utilized to generate time series of volatility regime probabilities and these were used to explain the first and second moments of the daily deviations from and the transaction cost bands around the covered parity conditions. We find a significant positive relationship between the deviations and the regime probabilities, indicating an increasing probability of higher volatility state being associated with rising deviations (both first and second moments) from the parity condition. Similar positive relationship is found for the transaction bands. Rising (falling) probabilities of high (low) volatility regimes increased the first and second moments of the bands. Furthermore, we find a higher volatility state combined with a US$ depreciation is associated with significantly higher volatility in the daily deviations than an appreciation. Also, US$ depreciation is associated with widening transaction bands. This suggests that the level of market uncertainty was higher when the US$ was depreciating.     

Remote control and maintenance outsourcing networks and its applications in supply chain management

The paper analyzes the impact of e-business technologies on maintenance management and supply chain operations. The aim of this work is to investigate the network organization level of supply chains in case of remote maintenance application and to understand how maintenance policies are coupled with information technology (IT) solutions. To this purpose two literature reviews are presented: firstly, on the supply chain and network integration, and then on the evolution of maintenance using information technology. Following this, the paper present four specific industrial case-studies of eMRO network organisation. They have been chosen as reference models from a set of practical applications and pilot tests performed by the authors in different production sectors in the last 5 years. Technology complexity environments, maintenance outsourcing level, and supply chain integration context are discussed for each case-studies with particular regards to the profitable forms of collaboration provided by the introduction of IT and the Web. This analysis work toward the development of a framework useful to: (1) classify different e-maintenance systems and understand the relationships between the different members of the network, and (2) identify the variables which can influence the introduction and development of the systems.     

科学与实证——一个基于“神经元经济学”的综述

诞生于20世纪90年代中晚期的神经元经济学(Neuroeconomics)是经济学的最新分支和经济学前沿研究的最新领域,它运用现代神经科学的范式、方法和技术工具分析人类的经济行为以及脑组织(主要是神经元及其相关的神经突触联结和神经网络)在人类决策过程中的功能、作用和机制,把经济学的实证研究提升到一个前所未有的高度,对经济学传统理论提出一系列意义重大的修正,从而为经济学的发展深化开拓了一个全新的空间。     

人民币新汇率形成机制下的上市公司外汇风险暴露

本文运用国际金融理论中经典的Augmented Market模型、2005年7月21日人民币汇率形成机制改革之后20个月的汇率变动数据和股票市场收益率数据来分析中国上市公司在新汇率形成机制下的外汇风险暴露问题。实证研究的结果显示,中国A股上市公司的整体股票收益率对汇率波动的敏感程度非常显著,且人民币兑美元汇率的升值推动了A股上市公司平均收益率的上升。     

论虚拟技术创新实验室的构建

从建设虚拟技术创新实验室的必要性、可能性、组建形式和程序，组件分析、建设原则，虚拟技术创新实验室与生产力促进中心的比较等方面进行论述，有利于社会化技术创新支撑服务体系建设。     

数字金融发展对地方财政收入的影响及区域差异研究——基于中国282个地级市面板数据的中介效应检验

受经济增速放缓与新冠肺炎疫情的双重影响,我国地方财政收入出现疲软现象,财政可持续性遭受严峻的考验。随着数字科技的迅猛发展,数字金融能够更好地服务实体经济,继而可能会增加地方财政收入,破解财政收支困境。鉴于此,基于2011-2019年我国282个地级市的面板数据,运用面板数据回归与中介效应模型,检验数字金融对地方财政收入的影响以及作用机制。结果表明,数字金融发展能够显著增加地方财政收入;中介分析表明,数字金融可通过提高消费水平以及优化产业结构来增加地方财政收入;异质性分析表明,数字金融对中西部地区和中、低财政收入城市的财政增收作用更加明显。研究结论可以为政府制定数字金融发展政策,平衡地方财政收支提供参考借鉴。     

转基因食品检测技术的相关研究

基因工程是生物工程的一个重要分支,是在分子水平对基因进行技术改造,将外部基因经体外重组导入至受体细胞中,使基因可以在受体细胞内进行复制、转录与翻译.经过基因技术的不断发展和改造,转入的基因能够稳定遗传,表达出新产物或新性状.转基因食品为人们的生活带来了更多选择,特别是植物性转基因食品的出现.DNA重组技术与细胞融合技术...     

刍议团队管理三要素

本文论述的“团队管理”,不是仅着眼于“团队管理”的某一方面,而是从整体上把握“团队管理”的内涵,把“团队管理”真正看成一个有机的系统。本文先论述团队组织产生的具体背景原因,并把“形成团队的三要素”归纳为：物质的激励机制、向心力、挑战性的目标,再以此分析为基础,对“团队精神”、“行政组织”、“国有企业改革”等理论问题进行初步的探讨、归纳,力求准确而全面地揭贡“团队管理”的本质,为解决实践中出现的问题提供了一个新思路。     

项目价值链管理在建筑企业中的应用

从中国建筑业市场竞争激烈的形势出发,讨论了建筑企业所面临挑战的原因,并试图将项目价值链管理思想应用于建筑企业的运营分析中。然后讨论了项目价值链管理的理论基础及在建筑企业运营分析中的应用,并结合了采购分析以使分析更具实践性。最后指出了现时中国建筑企业应用项目价值链的难点所在。     

构建我国生态税收体系的建议

21世纪的税制将是以可持续发展为核心的税制,现行税制也必将按可持续发展观点进行调整,其重要的内容就是生态税制模式将在现行税制体系中占一定地位。从我国实际情况出发,阐述了构建我国生态税收体系的必要性并提出了建议。