The Performance of Service Industries in Canada: A Real Value Analysis

The performance of service industries in Canada has been lower than that of good industries over the last four decades, with noticeable exceptions such as for railways and telecommunication carriers. Service industries were less economically (and technically) efficient in that they generated less output value (quantity) per hour worked (level and growth) or per combined unit of labour and capital (multifactor productivity growth) than good industries. The relative output price of services declined slightly over time compared with goods. At the disaggregated level, changing relative output prices were substantial and proved to be an important factor explaining the relative satisfactory economic performance of many service industries despite their low technical performance. Nevertheless, the output share of service industries increased over that period, sustained, mainly, by the growing recourse of all firms to outsourcing of services.     

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.     

浅析多媒体技术在车辆工程教学中的应用

随着教育的发展 ,传统的教学方法已不能满足时代的需要 ,亟待运用现代教育技术手段 ,特别是多媒体的教学形式进入课堂 ,以发挥其特有的功能来提高学习效率。本文浅淡了如何在车辆工程教学中运用计算机多媒体的图、文、声、像并茂的特点 ,有效的激发学生的学习兴趣。     

The cost of collusion：economic thinking on the uniform accommodation price of the hotel industry in Kunming,Yunnan

This paper studies the case of the collusive price of the hotel industry in Kunming by economically analyzingthe unsustainability of the collusive price and instability of collusive organizations, doubts about the collusive behavior,and thinks that the collusive price is not helpful to the development of tourism industry, the pillar industry in YunnanProvince.     

Tari–tax reforms and market access

Reducing taris and increasing consumption taxes is a standard IMF advice to countries that want to open up their economy without hurting government finances. Indeed, theoretical analysis of such a tari–tax reform shows an unambiguous increase in welfare and government revenues. The present paper examines whether the country that implements such a reform ends up opening up its markets to international trade, i.e. whether its market access improves. It is shown that this is not necessarily so. We also show that, comparing to the reform of only taris, the tari–tax reform is a less efficient proposal to follow both as far as it concerns market access and welfare.     

Intraday Value at Risk (IVaR) using tick-by-tick data with application to the Toronto Stock Exchange

This paper investigates the use of tick-by-tick data for intraday market risk measurement. We propose a method to compute an Intraday Value at Risk based on irregularly spaced high-frequency data and an intraday Monte Carlo simulation. A log-ACD–ARMA–EGARCH model is used to specify the joint density of the marked point process of durations and high-frequency returns. We apply our methodology to transaction data for three stocks actively traded on the Toronto Stock Exchange. Compared to traditional techniques applied to intraday data, our methodology has two main advantages. First, our risk measure has a higher informational content as it takes into account all observations. On the total risk measure, our method allows for distinguishing the effect of random trade durations from the effect of random returns, and for analyzing the interaction between these factors. Thus, we find that the information contained in the time between transactions is relevant to risk analysis, which is consistent with predictions from asymmetric-information models in the market microstructure literature. Second, once the model has been estimated, the IVaR can be computed by any trader for any time horizon based on the same information and with no need of sampling the data and estimating the model again when the horizon changes. Backtesting results show that our approach constitutes reliable means of measuring intraday risk for traders who are very active in the market.     

军民融合背景下我国上市军工企业结构评价研究

采用“DEA方法”评价我国上市军工企业结构优化度,通过我国各军工产业结构优化效率之间的对比,探究我国军工产业结构现有的问题,进而提出新时期、新常态下,我国军工产业结构升级的对策。最后,就军民融合背景下我国军工企业转型升级问题提出实践性指导。     

公开市场业务与货币政策有效性——1997后中国货币政策传导梗阻的症结探析

1997年后我国一直实施“积极的”货币政策 ,但货币政策在传导过程中出现了梗阻 ,所起的作用远不尽如人意。公开市场业务是中央银行最重要的一个间接货币政策工具 ,作为公开市场业务主体的国债市场是央行公开市场操作的基本依托。我国国债市场在规模、流动性等方面发展滞后 ,仍是一个不成熟、不发达的市场 ,这使我国货币政策传导产生梗阻 ,严重抑制了货币政策效应的发挥     

现代农村物流金融产品的经济学分析与科学选择

现代农村物流金融产品是以一种标准化的程序或服务的形式存在。成本收益分析是利用成本与收益之间的相互约束关系,直接评价现代物流金融衍生产品及其经济效益的一种方法。经济学分析表明:我国东部发达地区宜选用高级别的现代农村物流金融产品,中部与东北老工业区宜选用较高级别的现代农村物流金融产品,西部欠发达地区宜选择低级别的现代农村物流金融产品;随着现代农村物流业的发展及其规模的扩大,相应地调整和创新现代农村物流金融产品,以满足不断发展的现代农村物流业需要。同时,现代农村物流金融产品的经济学分析,无疑为科学地选择现代农村物流金融产品提供重要的决策参考。     

卖空者与内幕交易——来自中国证券市场的证据

本文研究上市公司内部人减持、年报、诉讼、分析师评级、停复牌以及高送转等重大公告前后卖空交易行为的变化,系统考察卖空者是否参与内幕交易以及何种因素影响卖空者参与内幕交易,发现卖空率较高的股票具有较低的未来收益,表明卖空者拥有信息优势,属知情交易者;卖空者拥有非常精确的择时交易能力,在重大利空公告前显著增加卖空量,而在利好公告前则显著减少卖空头寸,表明卖空者作为知情交易者的信息优势源自内幕消息;公司内、外部投资者的信息不对称程度越低或公司所在地的法治水平越高,卖空者参与内幕交易的行为就越少。因此,监管机构应密切关注公司重大消息发布前后卖空量的异常变动,同时,完善信息披露规则、健全证券分析师制度并强化法律法规的执行力度,才能有效防范卖空者参与内幕交易。