2008, Vol. 21 No.2
Publication date: 25 June 2008
Based on the high frequency data, we made an empirical study on the full-inform ation transaction costs in China's stock market. Compared with effective spread, the results show that full-information transaction costs include private infor mation and learning on the part of market participants. As an ideal measurement of market efficiency, transaction costs can be accurately estimated through full -information transaction costs.
Asymmetric volatility of return of financial asset has been studied by many scho lars by using GACH model, but less from the view of high frequent data and liqui dity difference. This paper attempts to analyse asymmetric volatility of Chinese stock market based on different liquidity using 5-minute data. Empirical resul ts show that good news can increase the volatility and bad news can reduce the v olatility for stocks with good liquidity, while good news can reduce the volatil ity and bad news can increase the volatility for stocks with bad liquidity.
In order to effectively manage the schedule and cost of complex construction pro jects, an algorithm is developed to optimize task flows. This algorithms uses De sign Structuring Matrix as the basic analysis tool, and optimizes the task flow through reorganizing the tasks execution sequence. As learning curve will play a n important role in the completion of complex project, this paper also takes thi s factor into consideration. The simulation results in the case study indicates that it is quite effective for projects with high task interactions, and the lea rning curve will pose a significant effect upon project cost and schedule.
The design of managers' incentive mechanism based on the theory of principle-ag ent is liable to make managers protect shareholders' interests at the cost of ot her stakeholders' interests. The article illustrates the importance and essence of stakeholder-based incentive mechanism of managers theoretically. Furthermore , the article establishes a stakeholder-based evaluation index of company perfo rmance, and then designs a managers' incentive mechanism model to benefit Chines e companies.
The study investigated the decision-making and value of people of different coh orts, by Ultimatum Game and Dictator Game. Results showed that older participant s offered significantly more than the younger groups as proposers, and they reje cted significantly less in UG as responders. As education of participants was co ntrolled in the study, we argued that older people are more in favor of equal al location and altruism than younger groups, due to their value of fairness instea d of cognitive ability.
A mode for organizing enterprise by using the methodologies of Service-Oriented Architecture (SOA) is presented in this study, which extends the management sco pe of Activity-Based Management (ABM) from the manufacture cells to the whole e nterprise, in which great prominences is given to show the core role of work cen ters and medium function of activities in ABC and gives a new way of applying th e ABC theory. A case of applying SOA based ABC theory to a fire-resistant mater ial factory is introduced in the end, in which the experiences of organization m anagement and costing techniques are shared.
In modern society, government credit is the core of social credit system and the base of social credit development, so it has great importance and significance. The definition of government credit is that public power organization, such as government and other agencies observe regulations and fulfill the promise. Build ing an honest government is in connection with building honesty and stabilizing our country. It plays an example and leading role in social credibility. Owing t o various reasons at present, there appears a shortage of government credit, whi ch puts a heavy impact on the normal operation of administrative power. This pap er, through analyzing the credit conception and evaluation model, has put forwar d questions and concrete counter measures. All in all, we should establish a gov ernment of good faith and enhance the development of local economy.
Based on an inter-temporal substitution model, this paper analyzes the effects of government spending shocks on private consumption in Beijing with the Cointeg ration and ECM model. The empirical study finds out some conclusions: First, the government spending may crowd in private consumption, which is more effective i n the short run than in the long run. Second, the disposable income is the most important factor that affects the gross private consumption. Finally, the rural residents' consumption is less sensitive to the government spending while more s ensitive to disposable income than urban residents'.
The Chang'E I Lunar detector orbiting the moon has strongly stimulated Chinese e nthusiasm for space traveling. Space traveling has turned from ancient myth to t oday's reality. The development of space traveling will certainly challenge Chin a's tourist market, tourist policies and relevant laws and systems. The serious problems at present are the lagging behind of the development of space tourist p roducts, the lack of international cooperation in space tourism and the lack of insurance, laws for space tourism. Therefore, the Chinese government and departm ents concerned should work every effort to readjust policies in the field of spa ce tourism. There are indeed a lot to do, such as perfecting the legislature, mo re international cooperation and coordination, and scientific standardization.
Warsaw Convention System is a successful model of applying international laws by the adoption of substantial rules. Warsaw Convention System constituted by Wars aw Convention 1929 and its subsequent amendment files endeavors to harmonize the conflicts arising from the international aviation transport and to build up a g lobally recognized files-system. The compensation under Warsaw Convention Syste m involves the divarication as to the causes of action in Common Law legislation , particularly in USA. The important bifurcation in both theory and judicial pra ctice connected to the mental compensation and punitive compensation becomes a c lue of the integration and modernization of the Warsaw Convention.
In recent years, China's aviation industry has gained visible progress. Meanwhil e, China's aviation law system has become more and more complete. However, many problems still exist in this system. There especially is a lack of a unified avi ation law, which limits the development of China's aviation industry, and genera l aviation in particular, and hinders the economic growth. This article attempts to put forward some basic concept and proposals for China's unified aviation la w system through analysis of the existing problems in our current aviation law s ystem.
Compared with the corresponding article in the 1979 criminal code, the provision of article 88 is a disadvantage for the defendant. This is also because the cri mes before the entry into force of the criminal code shall be subject to prosecu tion under the provisions of Section 8, Chapter IV of the general provisions of this law. Namely, this provision affirms retroaction of limitations of prosecuti on. If an act committed by a defendant under provision article 88, that has exce eded the period of limitations of the prosecution, it may inflict criminal respo nsibility. This provision violates the principle of ex post facto law prohibitio n, so, judicial construction adopted the dichotomy of explanation to confine app lying of this article.
The system of Right of Recession stipulated in the new Insolvency Law needs all -dimensional interpretation in theory , then it can be applied accurately. The system of Right of Recession in Insolvency Law includes misconduct and discharge of debt towards individual creditors. The charitable contributions conforming t o the situation of recession in Insolvency Law should be recognized as misconduc t and be rescinded. The discharge of debt towards individual creditors should be specified and we can use the American legislation for reference.
Jade Snow Wong, addressed by Maxing Hong Kingston as "Mother of Chinese America n literature" has discussed much about the issue of identity construction as ot her Asian American writers in her autobiography FIFTH CHINESE DAUGHTER. At the s ame time, many critics have found that the writer attached much importance to fo od in her work. This paper will make an exploration in the role of food in Jade Snow Wong's identity construction from the aspects of gender, ethnicity and cult ural exchange.
This paper opens out the trait and cause of the reverted-order words in Tang Xi an-zu's plays, offers some data to the exploration to the rule of Chinese gloss ary's complex-tone changes.
Reading has always been the most important aspect in College English. The flouri shing CALL and WALL provide a better environment in which students' reading can be improved. This article focuses on the advantages as well as the disadvantages of computer-and-web-assisted reading, which proves the feasibility of the ap plication of CALL to English reading teaching. Based upon this analysis, some pr inciples of computer-and-web-assisted reading are proposed.
Firstly, this paper analyses the possibility and necessity of aesthetics educati on on the bases of the connotation of aesthetics education and its educational v alue, as well as the psychological characteristics of college students and the c olorful teaching materials of college English. Then the infiltration of aestheti cs education is introduced with examples in two aspects: explicit infiltration a nd implicit infiltration. The aims are to motivate the learners’ interest in En glish learning, to encourage them to learn English willingly and to foster their abilities of aesthetic seeking, tasting, appreciating and creating as well.
This article presents the process of courseware making for "electromechanical t ransmission and control multimedia". The distribution of courseware content, se lection of material, demonstration of relative knowledge and techniques of cours eware making are all involved. Based on the teaching outline for "electromechan ical transmission and control", the courseware emphasizes the transmission char acteristic of dragging electromotor as well as the control circuits of relay and contactor.This courseware contains eight chapters, concerning transformer, AC e lectromotor, DC electromotor, synchronous electromotor and stepping electromotor , which can be applied to undergraduate course teaching for the major of mechani cal engineering.
Based on the compound and Practicing characteristics of Mechatronic Control Engi neering, an integrative teaching scheme based on project is proposed. Real proje ct, designing speed and position control system for the linear motion module, is set for the course and the integrative teaching scheme is also established. The practice in teaching innovation using the method has gained excellent result. T eaching task has been accomplished well. The method can inspire the students' in terests, enhance the students' control system designing ability and is worth con sulting for other similar course teachings.