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。     

新农村建设需要重点解决好的几个问题

建设社会主义新农村既是我国在新时期作出的一项伟大的战略部署,又是我国在加快推进社会主义经济建设和社会和谐发展中所面临的一项艰巨的历史任务.加快社会主义新农村建设,必须选准切入点,抓住关节点,稳步推进,力求实效.     

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。     

Does computer penetration increase farmers’ income? An empirical study from China

The diffusion and adoption of modern information technology provide new chance for China to close urban-rural income gap. This paper uses China's provincial panel data from 2002 to 2013 to investigate the effect of computer penetration on rural residents' income. A public program aiming to connect every village with broadband Internet and other rural facilities provides plausibly exogenous variation in rural residents' availability and adoption of the broadband Internet, which is used to explore the instrument variable for rural computer penetration. The results show that rural computer penetration tends to increase rural residents' income over time, but the average effect remains limited. The dynamic panel threshold effects model, which allows for both the threshold variable and other covariates to be endogenous, is further used to explore the constraints of the income-increase effect of rural computer penetration. It shows that the effect is at least doubled over the average effect estimated from instrument variables method, once the digital divide causes are removed. Our findings have important implications for the government to increase rural residents' income and reduce urban-rural income gap by encouraging rural computer usage and removing the digital divide.     

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.     

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.