On the Rationality of the Post-Announcement Drift

This paper demonstrates that a post-announcement earnings drift, which is often advanced as an example of market irrationality, can arise even if traders act rationally on their information. Specifically, we show that in the presence of share supply variations which are unrelated to information, there is a positive correlation between the unexpected component of current public signals and future price changes. Such a correlation arises from the fact that while prices reveal private information that cannot be found in public signals, non-information based trading distorts the information content of prices relative to the implications of both private and public information. Under these circumstances, markets may appear semi-strong inefficient and slow to respond to earnings announcements even though information is processed in a timely and efficient manner. Our findings correspond well with previously documented empirical evidence and suggest that the robustness of earnings-based anomalies may be rational outcomes of varying uncertain share supply.     

Issues in the Use of Benchmarking by Church Leaders

ABSTRACT

With church attendance falling, church leaders are searching for methods to reverse that trend. Benchmarking the practices of successful churches offers one such avenue. This article points to issues of internal and external fit which should be considered before those benchmarked best practices are implemented by church leaders.     

论赵树理创作的文化代表性

赵树理是一位具有民间立场的知识分子。以农民利益为本位的价值立场，使他对自己所担负的文化使命有相当的自觉。他始终没有背弃民间的立场和乡间的文化传统，他的创作是以一个农民知识分子直接的感觉判断为基础，站在农民立场上展开的对乡村社会的艺术想像，其目的是为农民代言和进言。在中国新文学史上，真正固守着农民的文化价值观，创作从其终极意义上说是“为农民而写作”的作家，唯有赵树理一个．     

高校图书馆人力资源管理的特点及使命

图书馆的人力资源管理关系到图书馆事业的成败。面对图书馆未来的发展和激烈的人才竞争,如何加强人力资源的合理规划、开发和使用,是高校图书馆人力资源管理的使命。通过分析高校图书馆人力资源管理的特点,论述了高校图书馆人力资源管理的使命。     

Microfinance,the long tail and mission drift

Poor people were excluded from financial services until microfinance institutions (MFIs) emerged. The mission of MFIs is to alleviate poverty, contributing to women empowerment, especially in rural communities. Microcredits can be analyzed under Pareto's 80/20 Principle. Their clients are situated in the long tail of the wealth distribution function. This niche market is not very attractive, because of its high administrative costs, lack of deposits and the need for compensating low revenues with fluctuating subsidies. Some MFIs have drifted from their mission. This paper presents a model to explain microfinance mission drift, tested with hypotheses. The results from the empirical study show a pattern of mission centered MFI: a small NGO, with labor productivity, receiving donations and obtaining a high yield. It can be concluded that there is a need for reducing interest rates. According to the long tail theory, this could be done by using efficient technology, as it has been achieved in the e-commerce sector.     

任务驱动型教材编写的研究与探索

培养职业能力的职业教育,需要按教学规律,将相同、相近的各项专业技能知识进行总结、归纳,构成不同的教学模块,并依此来组织教材,实施教学。作者结合广州港技工学校《物流机械设施与设备》任务型教材编写的实际,教材编写中体现"任务驱动,行动引导",实施PIPA教学。并提出任务型教材编写的必要性及编写基本思路流程。     

Evolutionary Stability in the Investment-Opportunism-Retaliation Game

Can economically efficient outcomes be obtained and sustained in the absence of externally enforced property rights? We study the evolutionary properties of a game that exhibits two well-defined Nash equilibria: one generates an inefficient outcome while the other set generates an efficient outcome supported by the potential for retaliation. Although standard forward-looking refinements eliminate the efficient equilibrium, neither equilibrium type satisfies strict evolutionary stability criteria. However, both types of equilibrium define strategies that are neutrally stable, which makes them vulnerable to drift in dynamic environments. We conduct computer simulation experiments in which players learn adaptively via a tournament selection mechanism called sophisticated experimentation. Our simulations demonstrate that while the system spends a disproportionately high proportion of time in the inefficient equilibrium set, the efficient equilibrium is pervasive as the system drifts back and forth between the equilibrium sets, never settling on one or the other.