Noise traders,firm-specific uncertainty and technical trading effectiveness

This is the first study to document evidence of technical trading effectiveness at firm level in the Chinese A-share market by investigating the relationship between excess profits of technical trading rules and firm-specific characteristics. Our results reveal that firms with higher excess profits from technical trading have more noise traders and higher institutional ownership and that those firms tend to be growth firms with lower liquidity and higher firm-specific uncertainty. Further analysis shows that the profitability of technical trading rules is unsustainable and the excess profits of the highest technical trading profit quintile portfolio disappear in the following year.     

Should sequels differ from original movies in pre-launch advertising schedule? Lessons from consumers' online search activity

Sequels have become a profitable strategy in the U.S. motion picture industry because of their strong name recognition. However, while the established positioning of a sequel may help insulate it from competing firms' advertising messages, its familiarity may cause moviegoers to be more easily satiated with advertising from the sequel. Therefore, this study examines how sequels differ from original concept movies in terms of their ad effectiveness. We focus our analysis on pre-launch periods, given these periods' importance in shaping the financial outcomes of motion pictures. We consider the weekly online search volume of a movie as a measure of consumer interest in it, and thus as an intermediate response to pre-launch advertising. We then develop a model that assumes ad effectiveness can decline, due to copy and repetition wearout, and increase, due to forgetting, over time. We find that copy wearout is greater for original movies, while repetition wearout and forgetting are greater for sequels. These findings suggest that sequels should allocate more in early pre-launch periods and less immediately before release, relative to originals, to maximize pre-launch consumer interest.     

Quantity,controls and functions of large woody debris in Midwestern USA streams

Large woody debris (LWD) can increase stream habitat heterogeneity by providing structure, altering flow patterns, enhancing sediment deposition, forming pools and retaining organic matter. In North America, the role of LWD has been studied extensively in streams of mature forests (e.g. Pacific Northwest), but few studies have assessed LWD in streams of younger forests (e.g. Midwestern USA). Our objectives were to: (1) quantify the volume and abundance of LWD in a set of Midwestern streams; (2) evaluate possible factors influencing LWD quantity; (3) identify the functional roles of LWD; and (4) compare LWD levels in the upper Midwest to those elsewhere in North America. In 2002 and 2003, we measured LWD and geomorphological variables in 15 low‐gradient streams draining previously logged watersheds in the Upper Peninsula of Michigan. Mean (±SE) LWD volume (0.77 ± 0.12 m³ 100 m⁻²) and abundance (33 ± 3 pieces 100 m⁻¹) were 71% and 10% lesser, respectively, than in streams of similar gradient elsewhere in North America. Channel shape (width:depth ratio) explained 30% of the variation in LWD volume (multiple stepwise regression, P = 0.015) while LWD length and length:channel width combined, explained 72% of the variation in LWD density (multiple stepwise regression, P < 0.0001). About 50% of the LWD either stored sediment or stabilized banks and 14% of the LWD formed pools, although pool density was not significantly related to LWD volume or density. LWD levels, overall, were low in upper Midwestern streams, but the relative importance of that LWD to ecosystem function may be magnified in these wood‐poor systems. Copyright © 2006 John Wiley & Sons, Ltd.     

Experience with Siberian Centralized Dispatch Regulation regarding location determination of damages sustained by intersystem high-voltage transmission lines

A set of measures that can be implemented by the Relay-Protection and Automated-Equipment Service for Centralized Dispatch Regulation (CDR) in Siberia to determine the location of damage sustained by inter-system 550-and 220-kV transmission lines maintained by the United Power System (UPS) of Siberia, and the methodology and technology of damage-location determination (DLD) are described. The damage sustained by the 500-kV high-voltage lines (HL), and the accuracy of DLD relative to zero-sequence emergency parameters are analyzed statically. __________ Translated from élektricheskie Stantsii, No. 5, pp. 59–62, May, 2006.     

财政补贴改革刍论

财政补贴是国家宏观调控的杠杆之一,但是,目前补贴不规范,财政补贴数额大、项目繁杂,补贴效果‘异化’,加大了社会不公。为了强化财政补贴杠杆功能,提高财政补贴效益,必须按照建立公共财政的要求,本着满足公共需要原则、弹性补贴制度原则和补贴方式间接化原则,改变“一刀切”和补贴刚性的局面,确保采暖费收支合理化,取消肉食、副食品、粮食等价格补贴,改革国有企业的亏损补贴制度。     

电信业顾客满意度测评指标体系的建立与检验

本文结合CS理论模型和电信业的具体业务,提出了电信业顾客满意度测评指标体系,并在预调查阶段运用信度分析和因子分析,证明了该指标体系的有效性和实用性.     

经济伦理与经济发展

经济发展不仅是一个要素投入与资源配置的过程 ,同时也蕴含着深刻的伦理规定 ,是一个价值选择和道德协调的过程。经济伦理对经济发展起着重要的影响作用 :在微观层面上 ,它是一种人力资本 ;在中观层面上 ,它是一种无形资产 ;在宏观层面上 ,它是一种社会资本。经济伦理通过降低交易成本 ,创造合作效益 ,促进资源的优化配置和社会经济的健康发展。同时 ,经济伦理作为一种特殊的经济资源 ,对经济发展的作用性质和方式具有特殊性 ,需要具体地去认识和把握。     

高职院校教学效能管理的思考

提高学校教学效能管理是现代教育管理的核心目标，是提高现代教育管理水平，实现学校效能的有效途径。本文分析了目前教学管理存在的问题以及教学效能管理研究的现状，归纳总结现代教学效能管理的特点，并对提高教学管理效能进行了深入思考。     

简述PHC管桩的发展态势

通过对桩基常用施工方法的比较，阐述了预应力高强度混凝土管桩的优点和静压法沉桩施工工艺的先进性。特别对人们关注的可靠性和经济性等问题作了较全面的分析，认为在诸多型式的桩基中预应力高强度混凝土管桩将独占鳌头。     

Corporate social responsibility committees and the use of corporate social responsibility assurance services

This study examines whether corporate social responsibility (CSR) committees associate with the external assurance of CSR reports. Specifically, we consider the presence and effectiveness of CSR committees. Using a sample of Australian firms over the period 2004–2016, we show the mere presence of a CSR committee is not related to the external assurance of CSR. However, CSR committee effectiveness is positively related. In addition, firms with higher CSR committee effectiveness are more likely to seek external assurance provided by the Big4 accountancy firms and acquire financial audit and CSR assurance services from the same provider. Taken together, CSR committee effectiveness plays an active role in CSR assurance services. Our results are particularly relevant to those with interests in understanding the demand and choice of external CSR assurance services, as well as the impact of corporate governance mechanisms on these services.