分析师利益与投资建议的信息含量

 内容提要:本文分析了证券分析师的利益和我国证券分析师投资建议的信息含量。本文发现,证券分析师投资建议大多为“买入”或“中性”建议,而“卖出”建议却很少。通过对投资建议发布日附近股票超额回报率和超常交易量的研究,本文发现“买入”、“卖出”建议分别会引起股价的永久性上涨和下跌,而“中性”建议不会对股价产生显著影响。此外,被建议“买入”和“卖出”的股票的交易量也会明显地增加,特别是在建议发布的当日。这些现象说明,投资者认为分析师的建议包含了有价值的信息,因而相应地调整了对未来收益的预期以及当前最优的持股数量。股票交易的活跃给证券公司带来了佣金收入,作为对他们向市场传递有价值信息的回报。     

Communicating future water needs to an at-risk population: lessons learned following defeat of the Applewhite Dam and Reservoir Project in San Antonio,Texas

San Antonio, Texas, the seventh largest city in the United States, has experienced steady population growth, since the “boom” of the 1960s. Projected water shortages due to this growth were realized as early as the 1970s by city leaders and south-central Texas regional development decision makers. To reduce dependence on the already over-taxed, Edwards aquifer, a solution, the Applewhite Dam and Reservoir Project, was developed with wide acceptance by federal, state, and city leaders who regarded the project as a necessary measure for regional growth and development. However, opposition by taxpayer and environmental groups led to referendums of 1991 and 1994 in which voters blocked construction of the dam and reservoir leaving the city with limited options for water provision. This case study investigated the factors which led to a clear mismatch in communication between decision makers—those who were aware of the actual and quantifiable risk to the region in terms of reduced water supplies—and the general public, a population that did not have complete and/or adequate knowledge of their actual risk regarding future water shortages, nor, of solutions being developed, such as the Applewhite project. The findings from this case study indicate that when municipal leadership fails to adequately communicate risk regarding resource shortage to an affected public, as well as, openly planned solutions, that voters are likely to underestimate future impacts of water shortages, heed last-minute opposition, and reject long-standing, publicly proposed projects. The intent of this research is not to support either side in the Applewhite controversy, but to shed perspective on the process of adequately and effectively communicating future water needs to an at-risk population. Decision makers in cities across the United States who are faced with solving problems of limited resources needed by a large populace may be informed by the results of this research.     

信息化条件下流通商主导的供应链动态联盟

供应链动态联盟是信息技术发达、市场需求主导的条件下实现敏捷生产和流通的重要组织形式。是一种基于非正式契约的不完全市场交易方式。在消费者占据主导权、生产企业逐渐归核化（refkusing）的条件下,流通商在联盟中居于重要地位。文章论述了信息网络技术高度发达的条件下流通商主导的供应链动态联盟的运作机制,以期能够为建立和谐高效的产销关系提供理论支持。     

Some Cautions on the Measurement of User Information Satisfaction*

User information satisfaction (UIS) is important because of its potential effects on MIS department goals, quality of user work life, and extent of voluntary usage of systems. Reliable measurement of UIS is important for providing evaluative information for both researchers and practitioners. This study used 92 managers and executives as subjects to compare the test/retest reliability of a widely used, 13-scale UIS instrument together with four summary questions under experimental and control conditions. The summary questions behaved more reliably than the detailed questions for all groups, perhaps because of problems with scale units and origins and with item heterogeneity. This suggests that researchers need more reliable measures of UIS and that practitioners need to exercise caution when collecting and interpreting UIS scores.     

信息技术与高中数学课程整合探究

信息技术与数学课程整合已成为必然趋势,各种教学辅助软件的出现使教师应接不暇。数学软件Maple凭借其简单的操作和强大的功能等优势被越来越多的数学教师作为辅助教学软件。本文用数学实验的方法介绍了Maple在高中数学教学中的几个应用实例,并对信息技术与课程整合与传统教学法之间的优缺点进行了比较。     

面向未来的埃及教育改革

埃及实行免费教育体制,长期和持续的国家投入保证了教育在大众中间的普及,使埃及教育长期在阿拉伯国家和非洲地区处于领先地位。但随着全球化的日益深入以及埃及国内经济形势的变化,单纯依靠政府投入越来越不能满足人民群众对高质量教育服务的需求。埃及教育主管部门根据形势发展的迫切要求,一方面大力推进教育体制改革,力行非中央化的政策,在教育投入和管理上,加大社会力量参与的力度,加强了教育基础设施建设,提高了教师待遇;另一方面用先进的信息技术手段改造传统教育模式,并在教学过程中引入问责制度,保证教育质量不断提高,使其更好地服务于社会经济的发展。     

An examination of the role of online social media in journalists’ source mix

Using telephone surveys of business/financial journalists in the United States (n = 200), this research investigates the agenda-building role of social media content in journalists’ work. Understanding that more non-public relations content from user-generated and social network sites, like YouTube and Twitter, are fast becoming resources for journalists to get story ideas, break scandals, and find sources, we began this scholarly work to determine the frequency of such uses of social media. Overall, findings indicate very little use of social media by these business journalists. Results and implications for public relations practitioners are discussed in detail.     

The sensitivity of income polarization

This study looks at polarization and its components’ sensitivity to assumptions about equivalence scales, income definition, ethical income distribution parameters, and the income accounting period. A representative sample of Danish individual incomes from 1984 to 2002 is utilised. Results show that polarization has increased over time, regardless of the applied measure, when the last part of the period is compared to the first part of the period; primary causes being increased inequality (alienation) and faster income growth among high incomes relative to those in the middle of the distribution. Increasing the accounting period confirms the reduction in inequality found for shorter periods, but polarization is virtually unchanged, because income group identification increases. Applying different equivalence scales does not change polarization ranking for different years, but identification ranks are affected. The welfare state considerably reduces income polarization and inequality, but at the expense of some more identification.      

简论中国古代的环境伦理思想

中国古代环境伦理思想的哲学基础是天人统一观 ,尊重生命 ,兼爱万物是这一伦理思想的主题。寡欲节用是中国古代珍惜自然资源的传统美德。中国古代就已形成了渗透环境伦理意识的政法理念。不同于西方传统伦理学所奉行的人类中心主义 ,中国先哲主张保持人和自然关系的和谐统一。作为珍贵的文化遗产 ,中国古代环境伦理思想是保证和维护中华民族几千年生存繁衍和中华文明绵延不断的重要因素之一 ,它对现代环境伦理学的发展也具有重大的理论借鉴价值。在当前现代化建设中 ,有分析地借鉴我国古代的环境伦理思想 ,对创建适合我国国情的环境伦理学 ,解决社会可持续发展问题是极有意义的     

灾害哲学——环境哲学研究的一种新拓展

环境哲学缘起于对当代人类所面临的环境问题的哲学追问。灾害是环境问题的一种极端形态,并在当代社会中蜕变为人类生存环境的一种“常态”,因而有必要予以哲学考察。灾害哲学虽有可能从灾害学或环境哲学中产生,但迄今未戍为现实。而此二者之外的生态理性哲学则探究了世界的原初整体性,创构了生态化综合方法,因而为灾害哲学的探究提供了有益的启迪。不仅如此,生态理性哲学还以灾疫伦理为入口,为灾害哲学的研究作了奠基性的工作：