Stability, Asymmetry and Seasonality of Fund Performance: An Analysis of Australian Multi‐sector Managed Funds

Using a sample of Australian Multi-sector trusts we examine selectivity and market timing performance and extend the analysis to include the relatively new measure of volatility timing. This is of particular relevance to our data set, as high levels of volatility persistence are prevalent in Australia. In addition we consider the stability, asymmetry and seasonality of the various performance and risk measures. A survivorship adjustment procedure is also employed in order to assess the impact of survivorship on selectivity, market timing and volatility timing performance.     

How to measure mutual fund performance: economic versus statistical relevance

In the present paper a comprehensive assessment of existing mutual fund performance models is presented. Using a survivor‐bias free database of all US mutual funds, we explore the added value of introducing extra variables such as size, book‐to‐market, momentum and a bond index. In addition to that we evaluate the use of introducing time‐variation in betas and alpha. The search for the most suitable model to measure mutual fund performance will be addressed along two lines. First, we are interested in the statistical significance of adding more factors to the single factor model. Second, we focus on the economic importance of more elaborate model specifications. The added value of the present study lies both in the step‐wise process of identifying relevant factors, and the use of a rich US mutual fund database that was recently released by the Center for Research in Security Prices.     

Managing Earnings with Intercorporate Investments

Abstract:  We explore to what extent firms deliberately manage their financial reports by exploiting the flexibility of generally accepted accounting principles. Using a sample of Oslo Stock Exchange-listed firms with 20–50% equity holdings in other firms, we find that firms with high financial leverage tend to maximize reported earnings from these investments through their choice between the cost method and the equity method, possibly in an attempt to reduce debt renegotiation costs or to avoid regulatory attention. In contrast, managers do not systematically bias reported earnings to extract private benefits or to signal revised expectations about future cash flows. Firms use different earnings management tools in a consistent way, as the earnings effect of the cost/equity choice is not offset by discretionary accruals.     

“标杆示范法”在企业思想政治工作中的应用探索

标杆示范法,是对集体及个人的经验、好的做法进行梳理,在梳理的同时归纳成一系列比较高的标准作为标杆,然后通过多种途径、利用各种有效手段进行示范、推广和学习,使这种高标准由某一个点渗透到更多的面,最终带动整个组织提高管理水平。对＂标杆示范法＂在国有企业的党支部建设、班组建设、员工队伍建设等思想政治工作领域的应用,形成有效的定标、对标、践标、标准化工作的思想政治工作流程进行探索和阐述。     

人口老龄化对经济高质量发展影响的空间效应

选取2012-2022年省级面板数据,运用定基极差熵权法、空间计量模型和时空地理加权回归模型分析人口老龄化对经济高质量发展的空间影响效应.研究结果表明:从全国层面来看,人口老龄化不仅促进了本地区经济高质量发展,同时对周边地区也有正向空间溢出效应;人口老龄化对经济高质量发展的影响效应存在区域异质性,东南沿海和中南部地区表现为促进作用,西部和北部地区表现为抑制作用,并且呈现出很强的空间集聚特征.     

“景观记忆”在城市文化景观设计中的应用

以文化遗产景观“记忆”为线索,探讨文化遗产景观保护的设计应用与方法。提出阐述了文化景观“记忆三元素”及其在文化遗产景观感受中的关键作用：1)人类活动的文化历史记忆;2)自然生态的环境变迁记忆;3)景观营造的文化景观实体空间风貌记忆。基于现代景观的开放性和参与性,以2个文化景观遗产设计实践为案例,从人的景观感受出发,分析探讨了文化遗产景观感受与记忆的因果关系,阐述了“记忆三元素”作为人、场所和城市之间互动的一种联系,而成为三者交流的共同“语言”,及其三元耦合、主客互动关系。基本结论：“记忆”是一种物质文化资源和社会文化实体,在一定程度上可以展现历史、现实和未来脉络;“记忆”强化了人与场所之间的互动、场所与城市之间的联系以及人类文明历史的延续;基于记忆的城市文化遗产景观设计行之有效     

基于TOPSIS模型的火力发电企业电煤供应商选择评价研究

针对火力发电企业电煤供应商的特点,从成本因素、质量因素、到货因素三个方面,建立了由入厂标准煤单价、收到基恒容低位发热量、空气干燥基灰分、全水分、全硫、合格率、准时交货率、实收重量率8个指标构成的指标体系。采用了层次分析法确定的主观权重、熵权法确定客观权重,得到主观权重和客观权重相结合的组合权重,并使用TOPSIS模型对某火力发电企业的19个电煤供应商做出了评价和选择,对电煤供应商怎样提高竞争力以及火力发电企业对电煤供应商进行管理的重点内容提出了建议。     

创新方法对提高企业创新能力的影响度识别

以创新方法应用为导向,建立了影响企业创新能力提高的内部因素构成体系,运用模糊层次分析法对各个影响因素进行比较研究,在分析各因素对于提高企业创新能力的影响权重基础上,得出创新方法与有关因素相比对提高企业创新能力的相对影响程度,从定量的角度证明了创新方法对于提高企业创新能力具有较高的正向影响作用。     

物流产业评价指标与方法的探讨

本文首先对物流产业的概念进行界定,提出物流产业的判断基准;然后根据物流产业的内涵进行评价指标的设计,主要包括物流产业规模、效益、结构、资源、市场潜力等五个大类指标;最后运用主成分分析法建立物流产业的评价模型.