The paper was researched effect of investor sentiment on China's stock market returns by using new data.Then,the paper was built a comprehensive substitution variable of investor sentiment by choosing turnover rate and closed-end fund discount as an indirect indicator of investor sentiment and using principal component analysis.Using method of regression analysis,the paper was researched impact of sentiment on stock returns: Current sentiment positively correlated with income,but no predictive power.Using method of vector auto-regression,the paper was researched mutual relations of investor sentiment and stock returns.By using Granger causality test,the paper was deeply researched the relations.Finally,the sample period was divided into before and after share-reform.The paper was found investor sentiment and stock returns in the share reform were significantly positively related to the share reform,after the share reform correlation does not reassert.

Investor sentiment has the remarkable impact on stock returns,but most of the existing researches only focus on market sentiment,lacking detailed description of investor sentiment.Based on the noise trader model of De Long et al.,this article constructs the indexes at the planes of market sentiment and industry sentiment in order to reflect investor sentiment,and thus to study their different effects on stock returns.The results show that,firstly,market sentiment has the positive impact on industry returns;secondly,the conditional expectation of volatility of market sentiment has the negative impact on industry returns;finally,the predictive ability of industry sentiment on stock returns has a unique advantage.These conclusions reveal the trading behavior of investors in China's security market to some degree.

This paper studies how the rotation regulation of CPA influences the accounting conservatism of reports China listed companies.It found that the affection is affected by the economic interdependence between certified public accountants and client companies.The extension of the tenure of CPA,in which the companies of lower level of economic importance would significantly reduce the accounting conservatism,and in the companies of higher level,the relationship is not clear.Meanwhile,even listed companies replace the CPA according to the "Regulation of Certified Public Accountants Regular Rotation of Securities Futures Commission",the accounting conservatism is not remarkable change.These shows that,even the implementation of Rotation Regulation is necessary in China,the rules for improving the accounting conservatism of listed companies are not perfect.This paper suggests the rotation regulation in the future could acquire the accounting firms provide more details on rotation,and then weak the long-term cooperation relationship between certified public accountants and client companies.

<正>听父辈说,上世纪五六十年代的老人们就说,现在过年不像过年了。到现今都市人过年,简化到只剩三件事,放鞭炮,看电视,吃饭,于是觉得"没意思","年味不浓"。这证实一个问题,当传统农耕社会转型过渡为工业社会时,一旦失去民俗文化的传承,中华民族四千多年历史形成的传统节日就不复存在了。没有民俗文化的支撑,传统节日就失去精神意义,缺乏生气,在剥落了民俗文

文章通过对家族企业与非家族企业的信息透明度进行比较,研究公司治理机制对两类公司信息披露水平的不同影响。研究结论表明家族企业的信息透明度要显著低于非家族企业,公司治理机制对于家族企业信息透明度的影响较小。

Studying the functional network during the interaction between emotion and cognition is an important way to reveal the underlying neural connections in the brain and nowadays, it has become a hot topic in cognitive neuroscience. Granger causality (GC), based on multivariate autoregressive (MVAR) model, and being able to be used to analyse causal characteristic of brain regions has been widely used in electroencephalography (EEG) in event-related paradigms research. In this study, we recorded the EEGs from 13 normal subjects (6 males and 7 females) during emotional face search task. We utilized Granger causality to establish a causal model of different brain areas under different rhythms at specific stages of cognition, and then convinced the brain dynamic network topological properties in the process of emotion and cognition. Therefore, we concluded that in the alpha band, (1) negative emotion face induced larger causal effects than positive ones; (2) 100-200ms emotional signal was the most prominent ones while 300-400ms and 700-800ms would take the second place; (3) The rear brain region modulated the front in the process of causal modulation; (4) The frontal and pillow area involved in the brain causal modulation as a key brain area; and (5) Negative partiality existed in the information processing, especially during 0-100ms after the negative expression stimulation.

近年来,越来越多的企业选择运用衍生金融工具进行套期保值,以保持企业财务和盈利状况的稳定性和可预测性。本文对套期会计的实质、基本问题以及确认、计量和披露进行分析,探讨了套期保值会计准则执行中存在的问题,并提出对策建议,旨在对企业应用套期会计、我国套期会计准则的实施以及会计监管的完善提出有价值的观点。

在中国的外语教学过程中,往往过多注重对于语法的学习与训练,而对于语音知识的研究与教学应用却很少。简单来讲,英语语音大体上是由三个最主要的部分组成,它们分别是:语调、连读和发音。语调、即说话的腔调,是一句话中声调高低抑扬轻重的配制和变化。Roger曾经说过,"语调是语言的灵魂(Roger1958)。"一句话除了具有词汇意义外,还有语调意义,语调意义是说话者运用语调所表示的态度或者口气。所以,一句话的词汇意义加上语调意义才能构成完整的意义。同样的句子,语调不同就会产生不同的意义,有时会相差甚远。语调作为语音的灵魂,地位非常重要,应该受到足够的关注与重视。美国英语发音非常具有感染力与表现力,本文将把美语语调特点作为对象进行研究与总结。

Characteristic database construction of academic library is important work of academic library.This article analyses characteristic databases of 120 academic libraries in 13 cities,pointes out the insufficiency of the present characteristic database construction and proposes the strategy of characteristic database construction.

The Long Tail Theory provides us with a new perspective in the study of digital library users ensurance.In this paper,we analyze the essence of digital library's "long tail",on that basis we probe into the "long tail" drive of digital library's users ensurance,and then propose some strategies of digital library's users ensurance based on the Long Tail Theory.

<正>镜头运动心理影响远景是视距最远的景别,是电影摄影机摄取远距离景物和人物的一种画面。这种画面可使观众在银幕上看到广阔深远的景象,以展示人物活动的空间背景或环境气氛,

<正>二维影视动画的艺术特性视觉效果强烈的二维手绘美术风格有其强大的艺术生命力。动画片在我国早年一直被称作"美术片",可见美术风格设计在动画艺术创作中的重要性。现今我们

DVD online rental problem was disscused.A classical probability model was built to solve the DVD quantity based on questionnaire.Then a 0-1 integer linear programming was given,aiming at maximum the satisfication of members.The mathematical software Lingo 8.0 was used to solve the model and the results of the former 30 members was listed.A multiple objects programming model is constructed to meet the needs of members as many as possible so that to get the maximum economic benefit with the least resources.