B股与H股及红筹股之间的溢出效应与信息流动

运用向量GARCH-M模型检验了B股与H股及红筹股之间的溢出效应与信息流动.实证结果表明:红筹股对沪深市B股、H股对沪市B股的收益和波动溢出效应均显著存在,而反向的溢出效应均不显著,表明信息是从红筹股向沪深市B股、从H股向沪市B股单向流动的;深市B股与H股之间相互的收益溢出效应均存在,而波动溢出效应均不存在,信息在H股和深市B股之间的流动情况不明显;在信息流动过程中,红筹股始终处于信息领先地位.     

我国A＋H股双重上市公司两地股票指数关系实证分析

本文通过对上海和香港双重上市A＋H公司两地连续150天（以2010年7月22日为结束日）股票指数样本进行分析研究,从而检验同一类股票在不同的两个市场上是否存在协整关系,并分析两指数之间是否有相互影响,通过格兰杰因果检验发现,这两个市场上的股票指数存在单向的格兰杰因果关系,即A＋H股中的H股指数（香港股市）会影响A股指数（上海股市）,而A股指数不会影响H股指数。     

中美股票市场联动关系研究

根据2005年到2008年之间中国资本市场的不同开放程度,利用协整检验和Granger因果检验,对样本区间内不同时间阶段以上证指数为代表的中国证券市场与以道琼斯指数为代表的美国股票市场的联动性进行了比较分析。研究发现,2005年到2008年中美股市的联动性增强了。从2007年开始,美国股市单方向影响中国股市。     

沪深股市股指波动的协整研究

以沪深A、B股指数的日收盘指数为研究对象,采用单位根检验、协整检验、因果检验等方法,发现上证A股指数与深证A股指数之间存在长期均衡关系,上证B股指数与深证B股指数不存在因果关系。     

中外股市收益率的非对称动态相关性研究

基于2002年1月1日至2012年7月31日美国道琼斯工业平均指数、香港恒生指数、上证综合指数的样本数据,构建AG-DCC-MVGARCH 模型,运用拟极大似然估计法和LR检验,实证研究中外股市收益率之间的相关性,探讨其是否具备动态特征和非对称性特征。研究结果表明,美国与香港股市收益率之间存在正向的动态条件相关关系,但在2007年以后这一相关性有所减弱;香港与中国内地股市收益率之间存在稳定的正向的动态条件相关关系,且在2005年之后这一相关性大大增强;美国与中国内地股市收益率之间的相关关系不显著。股市收益率的波动对美国、香港和中国内地股市收益率之间的动态相关性产生显著的非对称冲击效应,且负向冲击效应更大,美国股市收益率的波动对3个股市收益率之间的相关性影响最大,这意味着股市下跌时3个股市收益率之间的相关性增强,尤其是美国股市下跌会对其他股市产生较强的波动溢出和风险传染效应。     

金融发展与对外贸易关系的实证分析——以江苏省数据为例

本文在相关研究的基础上,探讨了金融发展与对外贸易的内在关联机制,并采用格兰杰因果关系检验、VAR模型与协整关系检验分析,就江苏省金融发展与对外贸易的因果关系进行实证检验。检验结果表明:江苏金融发展是江苏对外贸易结构优化的原因,但不是贸易规模扩张的原因;金融发展与贸易结构之间存在着协整关系,但金融发展与贸易增量之间不存在协整关系。因此金融的适度发展是实现江苏对外贸易可持续发展的必要条件。     

我国国民收入分配与经济增长的关系

本文根据库茨涅兹假说,运用1978年到2009年的数据,采用单位根检验、协整和格兰杰因果关系检验,来实证分析我国国民收入分配与经济增长之间的关系。     

证券市场间信息传递效应实证研究——兼论金融危机的影响

2007年在美国开始爆发的次贷危机至今已蔓延为全球性金融危机,世界各国和地区证券市场均受到了不同程度的影响.本文对近年来,特别是这一轮金融危机下中国内地、香港以及美国三地证券市场的信息传递效应进行了比较分析.研究结果表明,2003年以后三地证券市场的联动关系得到加强,它们之间存在长期协整关系;美国证券市场与中国内地和香港证券市场均存在Granger因果关系.同时,本文还通过事件研究法检验得出结论:中国内地证券市场对金融危机信息的反应能力和吸收信息的能力都不及香港和美国证券市场.究其原因,主要是中国内地证券市场发展尚不成熟,投资者自身素质还有待提升.     

交通运输需求与国民经济发展关系的实证分析

本文通过协整关系、Granger因果关系的检验,对交通运输业与国民经济的关系进行了实证分析.结果表明货运量和 GDP 之间存在长期均衡关系,且货物运输发展对整个国民经济有促进作用     

交叉上市股票价格发现及贡献差异的横截面分析

本文在非线性协整理论的基础上重新推导了Hasbrouck(1995)的信息份额模型,以A+H股上市公司为研究对象计算了每家样本公司A股与H股的信息份额,并对交叉上市股票价格发现能力的横截面特征和影响因素进行了实证研究。发现:(1)虽然交叉上市公司A、H股价格存在差异,但是两者的变动存在线性或非线性的协整关系且互为调整,平均来看A股比H股更具价格发现功能;(2)交叉上市公司间股票价格发现贡献存在较大差异;(3)流动性、市场稳定性及信息不对称对公司A、H股价格发现能力存在重要影响。     

Inventory Models with Continuous and Poisson Demands and Discounted and Average Costs

We develop a new, unified approach to treating continuous‐time stochastic inventory problems with both the average and discounted cost criteria. The approach involves the development of an adjusted discounted cycle cost formula, which has an appealing intuitive interpretation. We show for the first time that an (s, S) policy is optimal in the case of demand having a compound Poisson component as well as a constant rate component. Our demand structure simultaneously generalizes the classical EOQ model and the inventory models with Poisson demand, and we indicate the reasons why this task has been a difficult one. We do not require the surplus cost function to be convex or quasi‐convex as has been assumed in the literature. Finally, we show that the optimal s is unique, but we do not know if optimal S is unique.     

Educational Landscapes and Urban Development. Contextual and Spatial Interfaces and Linkages

In the broad sociopolitical discussion on education quality within the last decade, it has become apparent that education is gaining importance for urban development, as well as space and the urban context are important dimensions of education. This becomes particularly evident in concepts for local educational landscapes (Ger. Bildungslandschaften). The young field of research on educational landscapes is currently lacking empirical research from spatial and planning sciences. In the paper, the current state of scientific research on educational landscapes in Germany and Europe and first insights to contextual and spatial interfaces and linkages between education and urban development in general are presented.     

CEO and Chairperson characteristics and firm performance

This paper focuses on the relationship between Chief Executive Officer (CEO) and Chairperson characteristics and firm performance. Specifically, the study examines the association between the characteristics of the CEO and the Chairperson of the board and firm performance. Using a sample of S&P 500 firms, the evidence found suggests that demographic and experience-related characteristics may be associated with the market valuation and financial performance of the firm. In particular, the reported results indicate a positive relationship between the presence of female CEOs or Chairs and firm performance, thus suggesting that gender-based differences may affect the CEO’s/Chairperson’s success. Moreover, the findings concerning the age of the CEO or Chair are mixed, while their experience and quality appear positively related to firm performance. Interestingly, a CEO or Chairperson holding multiple board seats is negatively associated with firm performance, whereas CEO duality has a positive relationship with Tobin’s Q and the return on assets (ROA) of the firm.     

E-governance and Corruption-developments and Issues in Ethiopia

This paper reports the results of a survey of 400 respondents in Ethiopia about factors generating corruption and the potential of e-Governance to mitigate corruption. It is suggested that e-Governance can help not only in weeding out corruption but also in the establishment of sounder government citizen relationships in Ethiopia. While e-Governance cannot cure all the structural factors that breed corruption in the society, strategic implementation of e-Governance can help improve the critical variable in combating corruption-government citizen relationships. It is argued that while e-Governance initiatives can make important contributions to improving public services they can best do so by helping improve overall relationships between governments and citizens.

David and Goliath: causes and effects of coopetition between start-ups and corporates

Coopetition (collaboration between competitors) among young firms (i.e. start-ups) and larger, more established firms (i.e. corporates) may be beneficial for both partners as each party typically has something to offer that is missing in the other. Start-ups often develop innovative ideas, are flexible and agile, willing to take risks, and aspire to achieve high growth, but they tend to lack the required resources, capabilities, and knowledge due to their newness and smallness. Corporates have resources, routines, and experience that enable them to work efficiently but lack a certain innovation capability. Research has suggested that coopetition represents an opportunity for start-ups facing restrictions in resources, while corporates benefit from start-ups’ innovative ideas. However, it is yet unknown whether start-ups and corporates engage in coopetition with each other and, if so, how and why they do this. This study seeks to fill this void by exploring the motives of coopeting start-ups and corporates, how they manage their coopetitive relationship, and what implications occur including potential benefits and risks. We present a multiple case study based on qualitative data collected through 70 interviews with Austrian-based start-ups and corporates representing 35 coopetitive partnerships. Discussing the findings based on our data, we propose relationships concerning coopetition and its role to enlarge resource- and technology-bases as well as its role in the development of dynamic capabilities.     

Career orientations and career success among research,and development and engineering professionals

Managing the careers of research, development and engineering (RD&E) professionals is important to the strategic use of RD&E in the economy. Appropriate mechanisms for motivating RD&E professionals will probably emerge as a critical success factor for organizations that want to compete in world markets. This study examines dimensions and levels of career orientation and their correlations with individual and work-related outcome variables among 78 RD&E professionals. The findings reveal a rich diversity of career orientation in RD&E professionals. The data strongly suggest that RD&E professionals are service, lifestyle and security oriented. However, they scored low on technical orientation and entrepreneurship. This paper suggests that the dual career ladder is not an effective device for managing RD&E professionals. Organizations must be careful to provide career paths that retain and motivate workers and, more importantly, find matches between organizational needs and individuals' needs, and restructure jobs accordingly. The authors offer suggestions for future research and identify implications for management.     

Chronic stress and chronic disease in life and work: Conceptual and methodological issues

This paper argues that the lack of strong prospective evidence linking occupational and social stress to chronic disease stems from the failure of research designs to attend sufficiently to the aetiological chronicity of such diseases. Studies of both supposedly acute stress (life events) and chronic stress in life or work must increasingly be designed to distinguish between stress which is sustained or chronic over a period of yean or even decades, and hence capable of causing a serious chronic disease, and brief or transient stress, which may produce transient or brief psychological or physiological disturbances but cannot generate major chronic disease. Prospective studies are needed which collect measures of both stress and health or disease at multiple points over an extended period of time. Measures of stress should focus more on affect (for example, feelings of pressure and tension) than on cognition (for example feelings of satisfaction). Limited existing evidence is consistent with these ideals.