Two Tales of Return Predictability: The Case of Asia–Pacific Equity Markets

If past prices can successfully predict future price movements, it would contradict the notion of weak‐form market efficiency. Return predictability can be assessed via a variety of random walk statistical tests or via the application of mechanical trading rules. Findings of return predictability and state of market efficiency are compared by applying a battery of popular random walk statistical tests and a large set of mechanical trading rules to a family of equity indexes in Asia–Pacific equity markets over a 20‐year period of time. Inferences drawn from different random walk based econometric tests of market efficiency often disagree among themselves and tend to exaggerate the extent of predictability in returns. Testing of return predictability via a set of mechanical trading rules allows one to account for a possible data snooping bias, error measurements due to nonsynchronous trading and market frictions such as trading costs. Persistent predictability of returns that cannot be explained by the combination of data snooping bias, nonsynchronicity bias and moderate level of transaction costs is found in just two emerging equity markets in the region. Copyright © 2016 John Wiley & Sons, Ltd.     

高新区管委会在安全生产与创建本质安全型城市中的作用

针对高新区管委会在安全生产与创建本质安全型城市中的作用,论述了企业落实安全生产主体责任、抓好安全生产基础工作、深化安全教育和注重隐患整改与治理等几个方面的问题,提出了针对性的建议。     

Optimal policy with a total order quantity commitment contract in the presence of a spot market

In this paper,the optimal policy is considered when the buyer faces two supply sources:one is the contract supplier from which the buyer orders over a specific contract period(say,a year) at a pre-agreed price,and the other is the spot market.However,when ordering from the contract supplier,the buyer must fulfill a pre-determined total order quantity,or the so-called definite total order quantity commitment,over the whole contract period.In other words,the commitment secures the buyer a fixed price but obliges him/her a total order quantity over the contract period.Although the spot market gives the buyer more flexibility in terms of order quantities,its prices are volatile.Such a combination of contract and spot procurements is often observed in practice.Within the contract period,there are multiple sub-periods,during each of which the buyer reviews the inventory,issues an individual order,and uses the on-hand inventory to meet the random demand.Thus,in each(ordering) period,the buyer will weigh between the current known spot price(by procuring from the spot market) and a lower future price(by waiting while consuming the remaining commitment).An optimal dual ordering policy is characterized for each period,depending on the on-hand inventory level,the spot price,and the remaining commitment quantity.The optimal policy in each period is also shown to be independent of the contract price.Through a numerical study,the inventory cost is demonstrated to be(1) insensitive to the contract price when the total commitment quantity is lower than the total expected demand over the contract period and(2) non-increasing in the variability of spot prices.     

欠发达市场增值幻觉导致的羊群效应

介绍了基于羊群效应的经典理论及模型,并通过引入欠发达市场中经济快速增长造成的资产增值幻觉,从投资者不完全理性的角度,解释了羊群效应多发的原因,以说明欠发达市场与发达市场的不同之处。     

洛阳地区民间美术市场的发展历史与现状

在市场经济背景下,城市以及农村社会的经济、文化、风俗均发生了较大的变化。这种情况下,一部分民间美术转向了规模化产业化的发展道路,一部分则在市场化的浪潮中日趋衰落,面临继承和发展的困境。洛阳仿古唐三彩、青铜器、面塑等案例都反映了市场化后洛阳民间美术市场发展的历史及现实问题,根据这种历史与现状提出了有关的建议。     

对氯碱企业清洁生产审核的探讨

介绍了氯碱企业的概况,着重论述了清洁生产审核过程,找到了企业存在的主要问题并对其实施清洁生产方案,总结了清洁生产审核产生的绩效。     

存在论视域中的艺术生产——兼论存在论对马克思艺术生产理论的补充与发展

存在论指出艺术生产是一个存在论上的事件,并不是一个主体的事件,存在论在艺术生产的本质、艺术生产的动力及艺术价值等方面,全面深化、补充和发展了马克思艺术生产理论。艺术生产的本质是存在显现的过程,艺术生产的动力来自于由混沌向已在变化的精神能量,而艺术价值的产生来自于这一精神能量所形成对存在背景的领悟。     

从产学研结合谈高职院校品牌的创建

高职教育发展比较迅速,规模和结构日趋完善,但目前还没有形成一批象本科院校那样的品牌高职院校。从市场需求和竞争来看,实施高职院校品牌战略,关系到高职院校的自身生存和今后发展。作者从产学研结合角度就人才培养、科学研究和社会服务等方面探讨高职院校的品牌建设。     

基于新农村建设的农村旅游市场开发

新农村建设工作的落实,使农民生活水平日益提高,其旅游需求逐渐增强.但是,政府及旅游企业还没有给予重视,使农村居民外出旅游遇到种种障碍.在分析开发农村旅游市场重要性的基础上,针对其存在的人口众多、收入不稳定、出游时间自由及文化程度不高等特点,提出相应的开发策略.     

后股权分置时代我国公司控制权私有收益问题

后股权分置时代一改一股独大的局面,控制权市场的并购更加活跃,要约收购成为主流并购模式,企业规模逐渐增大,公司的控制权私有收益呈现出显性化的趋势。但后股权分置时代公司控制权私有收益还面临着一些问题,如中小股东法律保护机制还不够完善,偏高的控制权私有收益导致并购市场效率较低等。