The predictability of stock market volatility in emerging economies: Relative roles of local,regional, and global business cycles

This paper explores the role of business cycle proxies, measured by the output gap at the global, regional, and local levels, as potential predictors of stock market volatility in the emerging BRICS nations. We observe that the emerging BRICS nations display a rather heterogeneous pattern when it comes to the relative role of idiosyncratic factors as a predictor of stock market volatility. While domestic output gap is found to capture significant predictive information for India and China particularly, the business cycles associated with emerging economies and the world in general are strongly important for the BRIC countries and weakly for South Africa, especially in the postglobal financial crisis era. The findings suggest that despite the increase in the financial integration of world capital markets, emerging economies can still bear significant exposures to idiosyncratic risk factors, an issue of high importance for the profitability of global diversification strategies.     

浅谈创新在典当业管理中的重要作用

伴随典当业的不断发展,业内人士也在不断创新,典当业存在很大的发展空间。文章就典当模式、内容及管理3方面的创新进行了分析及思考。     

论集中和分散哲学范畴与篮球战术分析

采用文献资料法，推理分析集中和分散的基本哲学原理在篮球战术的运用，利用集中与分散的辩证关系指导篮球战术思想。     

The Information Content of Equity Block Trades on the Warsaw Stock Exchange: Conventional and Bootstrap Approaches

This paper focuses on the Polish stock market by analysing the information content of 95 equity block trade transactions executed on shares of companies constituting the WIG20 index. A normalized conventional approach and a bootstrap approach are used to draw inferences. These approaches make use of a multivariate regression model with two explanatory variables: a market return and a dummy variable for the event. Resampling allows construction of an empirical distribution of the normalized test statistic. The outcomes obtained from the application of a normalized conventional approach as well as a bootstrap approach are in line and confirm that equity block trade transactions carry an important signal to investors. Significant abnormal positive (negative) returns are associated with the execution of the equity block trades, the prices of which are higher (lower) than the closing prices 2 days before the execution of the equity block trade transactions. Copyright © 2015 John Wiley & Sons, Ltd.     

灰色理论在股市预测中的应用

灰色理论是上世纪八十年代发展起来的一门新学科,已经被成功地应用到经济、控制、工程等领域中。本文将灰色GM(1,1)模型应用于对股市的预测,并将所得值与由RBF网络预测的值进行线性组合以提高预测的精度。     

利用Vb2005制作硕士学位信息采集系统

本文讨论了利用Visual Basic 2005开发简易实用的基于B／S的学历教育硕士研究生学位授予信息采集系统。     

应计质量的资本市场定价——来自中国A股市场的证据

通过运用Panel Data(固定效应)以及时间序列OLS回归计量方法,系统分析影响应计质量的内在因素,在将总应计质量分离成内在应计质量与可操控应计质量的基础上,探讨它们与权益成本的相关性,实证表明:可操控应计质量与醛益成本成显著负相关,而内在应计质量与权益成本成显著正相关;可操控应计质量对权益成本影响比内在应计质量更为显著。这表明,在中国A股市场,投资者不能全面有效识别公司应计盈余质量的好坏,应计质量没有得到客观定价。同时,在对应计质量进行资产定价检验时发现,由于超常报告盈余引起的盈余大幅度波动(高AQ值)导致盈余质量的不稳定,并不能给投资者带来稳定的超常回报率。     

简述路基路面压实质量检测技术及方法

路基及路面的压实度是工地实际迭到的干密度与实试验所得的最大干密度的比值，它是测量路基路面质量的主要指标。本文主要介绍了目前现场压实度测试普遍采用的方法；环刀法、挖坑灌砂法、核子湿度密度仪法；并对该方法的适用范围、测定仪器、测试方法与步骤等做了详细介绍。     

对我国股票市场投机行为的探讨

根据有关数据表明，我国股票市场存在着明显的投机行为。众所周知，股票市场存在着大量的投机者。从理论上讲，这些投机者本来应该是市场的稳定剂和润滑剂。但是在我国的股票市场中，现实情况与理论上所得出的结论恰恰是相反的。这些投机者不但不能成为股票市场的稳定因素，抑制股价的剧烈波动，反而加剧这一市场的波动。其原因在于，理论上得出投机者成为市场稳定因素的两个条件在我国都不具备。     

裂化催化剂再生过程中密相床出口处CO_2与CO比值的测定

本文提出了测定流化催化裂化(FCC)催化剂再生过程中的CO_2/CO值的一种新方法。利用双热导池同时连续检测再生烟气中CO_2和CO的瞬时浓度,得到了CO_2/CO值与含碳量、氧浓度(5.63％～21.65％)、催化剂类型及温度(600～720℃)的相互关系。并且利用已测得的裂化催化剂存在下CO的氧化数据,对密相床出口处CO_2/CO值进行了扣除计算,得到了本征的CO_2/CO,并同Arthur的结果进行了比较。在测定CO_2/CO值的同时,还测得了一批消碳动力学数据,与前人的工作进行了比较,证明了该实验数据的可靠性。