Settlement procedures and stock market efficiency

This study examines why most derivatives markets that settle on the day following expiration choose the opening rather than the closing price as the final settlement price (FSP), whereas most markets that settle on the expiration day select an average rather than a single price as the FSP. Four exogenous changes in the Taiwan Futures Exchange settlement procedures provide an experimental basis for studying the settlement procedures’ impact on underlying assets. Greatest market efficiency is observed when the FSP is determined by a single rather than an average price and hypothesize that manipulation is prevented at the expense of market quality.     

基于现有法律框架下建设工程监理安全责任对策

根据现有法律法规,归纳了建设工程监理安全责任的法律规定,对安全责任性质进行分析,指出现有法律法规的协调性、安全监理的深度、安全审查、监理费用等方面存在的问题,并从国家宏观管理和监理单位微观对策方面提出建议。     

先进的循环经济文化模式构建分析

从循环经济与循环经济文化的关系入手，探讨了循环经济文化的不同层次，提出了构建先进循环经济文化模式的路径选择，即培育循环经济文化观，倡导绿色生产观，弘扬绿色消费观。     

Do stock market returns predict changes to output? Evidence from a nonlinear panel data model

Recent empirical work suggests a predictive relationship between stock returns and output growth. We employ quarterly data from a panel of 27 countries to test whether stock returns as useful in predicting growth. Unlike previous research, our approach allows for the possible non-linear effect of recessions on the growth-return relationship. There is strong evidence to suggest that a linear model would be misspecified and provide potentially misleading inference. Using a switching regression approach, we find evidence that returns are most useful in predicting growth when the economy is in recession.First version received: November 2002/Final version received: April 2003This paper benefited greatly from discussions with Kalvinder Shields, Mark Harris, Pete Summers, and Vance Martin. Two anonymous referees provided useful comments on an earlier version of the paper for which we are grateful. The usual disclaimer applies to any errors and omissions. Funding from The University of Melbourne greatly assisted in the completion of this paper.     

基于深度开发的城市文化旅游资源开发利用——以南京为例

对南京城市文化旅游资源开发利用现状进行了系统分析后,认为应从城市整体层面上加以整合和深度开发。随后阐述了在深度开发条件下的南京旅游资源开发思路,在此基础上进行了旅游线路的空间设计与组织,以有效实现南京的旅游开发从单一的专题游向精品化、混合型旅游线路的转变,并提出了相应的实施措施。     

一项二语词汇深度知识学习策略的调查

为探讨学习者的学习观念和所采用的学习策略的关系,通过对125名三个不同水平受试者的问卷调查,结果表明:(1)学习者都认为单词需要在用中学,并且能对自己的学习进行有效的管理。(2)不同学历层次学生在策略的使用上也存在着显著的差异。(3)英语专业二年级和四年级的学习者在策略的使用上并没有显著性差异。     

Strategies to reduce product proliferation

Major problems associated with product proliferation include higher production, inventory, and record-keeping costs; increased expenses associated with trade promotions and slotting fees; added consumer confusion and stress; and increased susceptibility to stockouts. This article describes how a firm can limit product proliferation without incurring reduced sales or lowering consumer loyalty. An effective product proliferation reduction program needs to be based on several principles: resisting the temptation of asking consumers if a greater assortment is required; classifying goods into consumer behavior-based tiers; using interfunctional product pruning teams; practicing mass customization, where appropriate; placing absolute limits on product choice; and implementing effective strategies for product pruning.     

国家审计能促进国有企业全要素生产率增长吗?

如何促进国有企业治理改善,实现高质量发展,是当前国有企业审计亟须解决的问题。基于2010—2018年审计署公布的中央企业财务收支审计结果公告,采用双重差分模型实证检验国家审计对中央企业控股上市公司全要素生产率的影响及其作用机理。研究发现,国家审计能提高中央企业控股上市公司全要素生产率,主要体现在被审计当年及之后两年,通过扩大国家审计监督内容覆盖广度、拓展国家审计目标深度和加强国家审计权限行使力度实现。进一步发现,国家审计能通过促进中央企业控股上市公司增加研发投入、提高内部控制质量、抑制高管超额在职消费、缓解第一类代理问题等改善公司治理水平,提高全要素生产率。这对优化国有企业审计治理机制,提高全要素生产率,助推经济高质量发展具有启示意义。     

我国中小旅行社产品的深度开发

我国中小旅行社的数量众多,但其产品却存在着较多的问题.中小旅行社要生存发展,必须从产品方面入手改革,才能在巨大的竞争对手面前提高自己的竞争实力.     

关于领导干部学习问题的思考

党的十七届六中全会指出:当今世界正处在大发展、大变革、大调整时期,文化在综合国力竞争中的地位和作用更加凸显。在我国进入全面建设小康社会、改革开放不断深化、经济发展方式转变加快的关键和攻坚阶段,推进文化的大发展、大繁荣已经成为当前我国一个重要而艰巨的任务。领导干部通过学习不断提升文化水平和能力显得极其重要。文章针对与领导干部学习相关的问题展开深入思考,提出了端正学习态度,深入学习,强调技巧,注重效果等管见。