COVID-19, stock market and sectoral contagion in US: a time-frequency analysis

We assess the conditional relationship in the time-frequency domain between the return on S&P 500 and confirmed cases and deaths by COVID-19 in Hubei, China, countries with record deaths and the world, for the period from January 29 to June 30, 2020. Methodologically, we follow Aguiar-Conraria et al. (2018), by using partial coherencies, phase-difference diagrams, and gains. We also perform a parametric test for Granger-causality in quantiles developed by Troster (2018). We find that short-term cycles of deaths in Italy in the first days of March, and soon afterwards, cycles of deaths in the world are able to lead out-of-phase US stock market. We find that low frequency cycles of the US market index in the first half of April are useful to anticipate in an anti-phasic way the cycles of deaths in the US. We also explore sectoral contagion, based on dissimilarities, Granger causality and partial coherencies between S&P sector indices. Our findings, such as the strategic role of the energy sector, which first reacted to the pandemic, or the evidence about predictability of the Telecom cycles, are useful to tell the history of the pass-through of this recent health crises across the sectors of the US economy.     

Multigroup validation of the service quality,customer satisfaction and performance links in higher education

The notion of ‘students as customers’ continues to be prominent, yet is insufficiently explored, especially from the standpoint of various stakeholders. To address this inadequacy, the present study employs a multigroup analysis of the service profit chain (SPC) model in higher education (HE). Its purpose is to examine the complete SPC model regarding stakeholder perceptions in order to inform its validation and implementation. A cross-sectional survey was employed in order to enable multigroup comparison of a comprehensive research model on subsamples of employees and students by means of structural equation modeling (SEM). Results provide support for the proposed SPC model within the sample of vocational colleges. Besides strongly linked constructs (quality–satisfaction–loyalty), some notable weaknesses (cracked ‘satisfaction mirror’) are found. Multigroup analysis also indicates some important differences between employees and students. Implications are provided for strategic service management in HE, which should acknowledge the differences among stakeholder perceptions.     

Financial development,economic growth and convergence clubs

To study the role of financial development in economic growth, we apply an array of convergence tests designed to capture nonlinear transitional dynamics to real outputs per capita. Strong evidence of multiple convergence clubs is observed, implying that the clubs are formed based on the initial level of real output per capita and average growth rate. Our empirical results show that the stage of economic growth of each country plays an important role for the composition of the convergence clubs. Furthermore, financial development emerges to be a significant determinant, albeit plays differently in the economic growth of each convergence club.     

高等职业教育应担负起创新型人才培养的重任

培养创新型人才是高等职业教育的神圣使命,在创新型人才培养中,必须做好转变观念齐抓共育,创造条件加强实践,建立机制引导创新,以点带面不断完善,勇于探索不断创新。     

A Dynamic Analysis of Fixed- and Adjustable-Rate Mortgage Terminations

This paper provides a side-by-side comparison of loan-level statistical models for fixed- and adjustable-rate mortgages. Multinomial logit models for quarterly conditional probabilities of default and prepayment are estimated. We find that the estimated impacts of embedded option values for prepayment and default are generally quite similar across both FRM and ARM loans, providing additional empirical support for the basic predictions of the options theory. We also find that differences in estimates of conditional probabilities of prepayment and default associated with mortgage age, origination period, original LTV, and relative loan size, indicate the continued significance of these other economic and demographic factors for empirical models of mortgage terminations.     

高校隐性德育资源的开发与建设

隐性德育问题是当前德育问题的重要前沿性课题。随着德育学科的科学发展以及教育的现代化趋势,重视并充分利用隐性德育资源促进高校大学生的全面发展,已经成为当前高校德育(或思想政治教育)改革的一个重要趋势。在高校中,隐性德育是相对显性德育而言的,是高校整体德育的有机组成部分,隐性德育资源对学生的发展起到潜移默化的影响和塑造作用。本文从高校隐性德育资源的内涵、开发与建设的原则和途径等方面进行阐述,意在引起对高校隐性德育资源的重视,合理开发和建设。     

Dynamic Panel Data Evidence on the Trade-Income Relation

This paper revisits the relationship between a country’s openness and its per capita income. Building on Frankel and Romer, it argues that a dynamic econometric specification similar to the ones used in empirical growth studies better fits the theoretical literature and also resolves some otherwise unresolved inconsistencies. The preferred econometric method is Blundell and Bond’s system-GMM estimator, which allows dealing with measurement error, weak instruments, and time-invariant country-specific effects. The findings confirm the existence of a strong effect of trade on income but fail to find evidence for trade as an independent factor of divergence. JEL no. F43, O40     

以就业为导向做好专业建设的实践与探索

专业建设是高职学校改革和发展的重要组成部分,又是课程建设的基础、纲领。本文通过以就业导向做好专业建设的实践,对如何做好高职的专业建设的问题,进行了探索。     

高职学生心理素质现状分析及培养规划

我国高职院校录取分数线低,生源素质较差,自卑心理普遍,学习动力缺乏,人际交往能力不成熟。不成熟的心理素质严重妨碍了他们三年的学习生活和将来的适应就业。本文试图提出一个心理干预的规划蓝图,通过三层次心理辅导干预,致力于学生人格的重塑和未来职业心理素质的培养。     

论普通高校的人才管理

21世纪是人才竞争的时代，普通院校要想在这时代的大潮中求生存、求发展，向全国一流大学迈进，就必须建立一支高素质的人才队伍。如何引进人才、留住人才、使用人才并进行人才管理，是学校工作的重中之重。本文就这一问题进行探讨。