A Study on the Values and Strategies of English Picture Book Reading for Improving Pupils’ English Reading Literacy

Reading is one of the core skills in English learning.It is indispensable for EFL learners to develop good English reading literacy in primary schools.English picture books are consistent with pupils’cognitive and thinking modes,which is valuable to improve their English reading literacy.However,at present,most Chinese pupils have some problems in English reading.The paper aims at analyzing the current problems in Chinese pupils’English reading and digging out the values and strategies of English picture book reading,so as to stimulate their reading interests,cultivate their intercultural awareness,and improve their English reading literacy.

Research on Data Theory of Value

This paper explores the data theory of value along the line of reasoning epochal characteristics of data-theoretical innovation-paradigmatic transformation and,through a comparison of hard and soft factors and observation of data peculiar features,it draws the conclusion that data have the epochal characteristics of non-competitiveness and non-exclusivity,decreasing marginal cost and increasing marginal return,non-physical and intangible form,and non-finiteness and non-scarcity.It is the epochal characteristics of data that undermine the traditional theory of value and innovate the“production-exchange”theory,including data value generation,data value realization,data value rights determination and data value pricing.From the perspective of data value generation,the levels of data quality,processing,use and connectivity,data application scenarios and data openness will influence data value.From the perspective of data value realization,data,as independent factors of production,show value creation effect,create a value multiplier effect by empowering other factors of production,and substitute other factors of production to create a zero-price effect.From the perspective of data value rights determination,based on the theory of property,the tragedy of the private outweighs the comedy of the private with respect to data,and based on the theory of sharing economy,the comedy of the commons outweighs the tragedy of the commons with respect to data.From the perspective of data pricing,standardized data products can be priced according to the physical product attributes,and non-standardized data products can be priced according to the virtual product attributes.Based on the epochal characteristics of data and theoretical innovation,the“production-exchange”paradigm has undergone a transformation from“using tangible factors to produce tangible products and exchanging tangible products for tangible products”to“using intangible factors to produce tangible products and exchanging intangible products for tangible products”and ultimately to“using intangible factors to produce intangible products and exchanging intangible products for intangible products”.

Exploring the growth value equity valuation model with data visualization

The Growth Value Model(GVM)proposed theoretical closed form formulas consist-ing of Return on Equity(ROE)and the Price-to-Book value ratio(P/B)for fair stock prices and expected rates of return.Although regression analysis can be employed to verify these theoretical closed form formulas,they cannot be explored by classical quintile or decile sorting approaches with intuition due to the essence of multi-factors and dynamical processes.This article uses visualization techniques to help intuitively explore GVM.The discerning findings and contributions of this paper is that we put forward the concept of the smart frontier,which can be regarded as the reasonable lower limit of P/B at a specific ROE by exploring fair P/B with ROE-P/B 2D dynamical process visualization.The coefficients in the formula can be determined by the quantile regression analysis with market data.The moving paths of the ROE and P/B in the cur-rent quarter and the subsequent quarters show that the portfolios at the lower right of the curve approaches this curve and stagnates here after the portfolios are formed.Furthermore,exploring expected rates of return with ROE-P/B-Return 3D dynamical process visualization,the results show that the data outside of the lower right edge of the“smart frontier”has positive quarterly return rates not only in the t+1 quarter but also in the t+2 quarter.The farther away the data in the t quarter is from the“smart frontier”,the larger the return rates in the t+1 and t+2 quarter.

Production Chain Length and PPI-CPI Divergence:Analysis Based on the Global Input-output Price Model

Productivity and international energy price shocks are reflected in PPI and CPI via industrial chains.China’s in-depth participation into the global value chains has increasingly lengthened its industrial production chains.The question is how the changing length of production chains will affect CPI and PPI,as well as CPI-PPI correlation?By constructing a global input-output price model,this paper offers a theoretical discussion on the impact of production chain length on the CPI-PPI divergence.Our findings suggest that the price shock of international bulk commodities has a greater impact on China’s PPI than that on CPI.The effects on both China’s PPI and CPI estimated by using the single-country input-output model are higher than the results estimated with the global input-output model.However,the difference between CPI and PPI variations estimated with the global input-output model is greater than the result estimated with the single-country input-output model,which supports the view that the lengthening of production chains,especially international production chains,leads to a divergence between CPI and PPI.Empirical results based on cross-national panel data also suggest that the lengthening of production chains has reduced the CPI-PPI correlation for countries,i.e.the lengthening of production chains has increased the PPI-CPI divergence.That is to say,policymakers should target not just CPI in maintaining price stability,but instead focus on the stability of both PPI and CPI.Efforts can be made to proactively adjust the price index system,and formulate the industrial chain price index.

Single-valued neutrosophic relations and their application to factors affecting oil prices

The recent boom of economic activities has escalated the demand for oil that eventually will affect its prices.However,oil prices are difficult to predict because most of the factors affecting oil prices are vague and intangible.The challenges in predicting oil prices urgently require a novel approach where issues related to multiple-factors,uncertainty,and periodicity can be addressed.The authors propose the single-valued neutrosophic relations based decision-making method inspired by the three memberships of neutrosophic sets,and amplitude and periodicity of complex numbers.The proposed method is applied to the case of oil prices where six factors affecting oil prices and six benchmarks measuring oil prices are employed.This new method combines with complex neutrosophic numbers and algebraic relations,and can suggest the most influential factor that affects oil prices.Considering the periodicity of 24 months,computation results verify the‘global economic rate’as the most influential factor that affects the prices of oil.The main contribution of this study is the development of a neutrosophic relations-based decision-making method to suggest the most influential factor that affects oil prices.The result provides evidence on the feasibility of the proposed method in suggesting the influential factors that affect oil prices.

An Extreme Value Approach to Test the Effect of Price Limits on Volatility

Many stock exchanges around the world enforcing daily price limits on the amount asset prices can change to prevent the market from overreacting and to reduce volatility. Price limits are artificial boundaries set by market regulators who restrict price changes of a stock to a pre-specified range during a trading day or a single trading session. The primary aim of price limit rules is to stabilize the markets during panic trading, to moderate vitality by repressing excessive speculation, and to allow stocks to be traded at prices close to their fair value. However, their impact on the market is a somewhat unresolved issue （Harris, 1998）. Using a methodology of comparing volatility based on the extreme value technique, the authors empirically investigate the impact of price limits on the volatility of the Stock Exchange of Thailand. The empirical results support price limits advocates, suggesting that price limits rules moderate stock price volatility.

GIS SUPPORTED HEDONIC MODEL FOR ASSESSING PROPERTY VALUE IN WEST OAKLAND, CALIFORNIA

A hedonic linear regression model is constructed in this paper to estimate property value, In our model, the property value （sales price） is a function of several selected variables such as the property characteristics, social neighborhoods, level of neighborhood environmental contaminations, level of neighborhood crimes, and locational accessibility to jobs or services, Definitions and calculation of these variables are approached by using Geographic Information System tools, For improving estimation, gravity model is employed to measure both levels of neighborhood toxic sites and crimes; and a time-based method is used to measure the loeational accessibility rather than simple straight-line distance measurement. This study discovers that the relationship between house value and its nearby highway is nonlinear, The methodology could help policy makers assess the external effects of a property. Our model also could be used potentially to identify the current and historic trends of development caused by neighborhood or environments change in the study area.

Does the EVA valuation model explain the market value of equity better under changing required return than constant required return?

Through the Economic-Value-Added(EVA)valuation model,the expected market value of equity can be determined by adding the book value of equity with the present value of expected EVAs under the assumption of constant required return and constant return on equity.The equation of EVA valuation model has taken its shape under the assumption of constant required return and constant return on equity.However,a large body of empirical evidence indicates that required rate of return never remain constant.The EVA-valuation model formulated under constant required return cannot be implemented under the scenario of changing required return.In this study,we explored whether the EVA valuation model could be implemented under changing required return by making any changes in the model and found that it could be implemented under the scenario of changing required return by replacing the book value of the equity of the existing model with the present value of required earnings or normal market earnings.We further examined whether the explanatory ability of the EVA valuation model under the assumption of changing required return is better than that of the valuation model under the assumption of constant required return.Relative information content analyses were conducted by considering sample of the intrinsic value of equities determined by valuation models and the market value of equities of 69 large-cap,88 mid-cap,and 79 small-cap companies.The results showed that the EVA-based valuation model with changing normal market return outperformed the EVA-based valuation model with constant required return.

Urban Residential Land Value Analysis： Case Danyang, China

The research attempts to find out how the location of the CBD(central business district), the dis- tance to the main roads, the distribution of the public facilities, and the urban land-use pattern influence the urban residential land value variations. The study begins by identifying the influences into two categories: general circumstance and micro/neighboring circumstances. Benchmark price and market land value are tested to be the results influenced by general circumstance and both the influential range and the influential force of individual land-use are investigated and compared. At last explicit case comparisons are also taken for testing the result. The finding of the research is not only useful for understanding the spatial patterns of land values, but also beneficial for the policy-makers concerning land administration and urban planning.

Value-relevance of accounting numbers for valuation

Recent empirical work suggested that the ability of accounting numbers to explain the relationship between accounting numbers and stock prices has deteriorated over the past four decades. The findings of this study suggest that the accounting earnings and book value are capturing most of the information that is relevant to assess the values of firms. At the same time, it also suggests that earnings and book value as well as non-accounting beta are more valued during the financial crisis as compared to after the financial crisis. Overall, the accounting estimate of the value of the firm is not deviating from the markets＇ estimate, which suggests that accounting numbers play an important role in the valuation of firms in Malaysia.

Value investing or investing in illiquidity?The profitability of contrarian investment strategies, revisited

Background:We investigate whether the success of contrarian investment strategies can be attributed to differences in the relative illiquidity of stocks categorized as value investments versus those categorized as glamour portfolios.Methods:Following Lakonishok et al.(J Financ 49:1541–1578,1994),we assess the illiquidity characteristics of portfolios that underlie contrarian investment strategies that are based on the level of stock’s book to market.Results:We find strong evidence that those portfolios characterized as value investments are associated with dramatically greater levels of illiquidity than glamour portfolios.We further demonstrate that strategies based on the illiquidity in the year prior to portfolio formation result in return characteristic of ostensibly contrarian strategies.Conclusions:These results suggest that the higher returns associated with contrarian investment strategies are the result of the higher illiquidity associated with value portfolios and represent compensation that the investor receives for accepting illiquidity.They also suggest that researchers should be cautious before attributing apparent anomalies to behavior-driven expectational errors rather than to other attributes unrelated to behavior,such as illiquidity.

IFRS Adoption and the Value Relevance of Accounting Information in Nigeria： An Empirical Study

The objective of this article is to determine the effect of International Financial Reporting Standards （IFRS） adoption on value relevance of accounting information in Nigeria. The study therefore empirically analyzed the effect of IFRS adoption on value relevance of book value, earnings per share, and cash flow from operations in Nigerian firms - evidence from consumer fLrms sector. Three hypotheses guided the study. The ex-post facto research design was used. The population is made up of 25 consumer firms listed in Nigerian Stock Exchange. A sample size of 12 firms selected on the basis of availability of data among other considerations was used. The study covers a period of eight years （2008-2015）. Secondary data collected from annual reports of finns and database of Capital Assets （http：//www.capitalassets.com.ng/） were used. Multiple regression analysis was used in analyzing the data with the aid of Statistical Package for Social Sciences （SPSS） Version 22. The findings revealed that IFRS adoption has an incremental effect on the value relevance of book value, earnings per share, and cash flow from operations, with earnings per share showing the highest increment. Based on the findings, the researchers recommended that investors should consider the values of earnings, book values of equity, and cash flow from operations in the annual reports of firms prepared in accordance with IFRS before making any investment decision. However, more emphasis should be laid on earnings.

An Analysis of the Impact of Zoning Policies on Residential Property Values in Abuja

Zoning policies are measures used to enforce compliance and control the development of an area.These measures have been used in different countries to achieve a well-planned and habitable residential environment.Enforcement of these measures has tended to increase or decrease property values in some jurisdictions.Thus,the objective of this study was to measure the influence of zoning policies on rental values in Abuja,Nigeria.Due to the dearth of data related to the subject matter of this research,residents,property developers and personnel responsible for enforcement of these policies were targeted and used for data gathering.The hedonic price modeling(HPM)was used to assess the contribution of zoning policies to rental values in this analysis.The results,however,revealed that zoning is negatively correlated to rental values,while other zoning policies used in the study area are positively correlated to rental values.The result extends the debate that the impact of zoning could either be positively or negatively correlated to price relative to the underlying measures adopted within a jurisdiction.This result suggests that it is imperative to undertake a study in a jurisdiction before decisions could be made.Again,zoning policies should be extended to other suburbs of Abuja so that population pressure within Abuja and its immediate suburbs could be mitigated.

Italian Banking Sector and Value Creation

The finn value is the fundamental topic of corporate finance. The value creation is the aim of economic initiatives, strategies, corporate policies, and all business activities, including banking. It depends, among other things, on size, legal form, and business model. Therefore, this paper wants to demonstrate and explain the differences about the value created in the Italian banking sector, where there is much diversity regarding size, legal form, and business model. This paper estimated and compared the value of Italian listed companies from 2010 to 2012 and found the result： Banks create more value if they are big and operate in investment banking. Furthermore, it proved that legal form hasn＇t influenced performance and value of banks.

The value-added of industrial enterprises above designated size increases by 3.9%in April 2020

In April,the actual value added of the industrial enterprises above designated size increased by 3.9%yearon-year(the growth rate of the following value added is the actual growth rate after deducting price factors),and it decreased by 1.1%last month.

基于机器学习的成本法在专利价值评估中的应用研究--以“新能源汽车”为例

[目的/意义]构建基于机器学习的成本法专利价值评估方法,快速识别海量专利的实际成本,并预测其价值区间,在为专利价值评估提供新研究思路的同时,也为专利转移转化定价提供了参考借鉴。[方法/过程]通过Innography数据库与Incopat数据库下载“新能源汽车”领域多指标专利数据,提取专利成本影响因素与专利价值影响因素,并形成专利数据训练集与专利数据预测集;构建AutoGluon机器学习分类算法,将包含成本数据的Innography专利数据训练集导入模型进行训练,并将训练好的模型对Incopat专利数据预测集进行成本预测;最后使用成本法并结合本研究提出的专利价值指数对预测结果进行计算,估算其价格区间。[结果/结论]通过实证分析与结果验证可知,本研究构建的基于机器学习的成本法专利价值评估方法在预测专利价值区间中具备一定有效性,为促进专利价值评估研究深化及专利转移转化定价实践发展提供了参考。

中国医保药品价格谈判回顾和展望

目的:总结2018—2023年中国医保药品价格谈判的实践经验,对未来的工作提出建议。方法:通过文献回顾、收集官方公布的数据和网络报道资料,对当前医保药品价格谈判的政策和实践进行总结分析。结果:谈判药品平均降价50%~60%,但也存在有待解决的问题。未来医保药品价格谈判工作需要更加关注价值谈判组织体系、标准和方法的建立,重视价值谈判的立法和规制,使价格谈判工作更加公正、公平和透明化。结论:我国的药品价格谈判成绩斐然,充分发挥了政府主导和市场机制的作用,通过价值谈判保障了创新药物的可得性和可及性,在新药需求无限性和医保基金有限性之间找到了平衡点。

考虑负荷空间均衡和充电站合作博弈的快速充电定价机制

为了平衡快速充电负荷空间分布,提高电动汽车用户充电满意度,提出考虑负荷空间均衡和充电站合作博弈的快速充电动态定价机制。首先,通过实际订单数据逆地理编码得到出行概率转移矩阵,结合路网模型和速度-流量模型建立电动汽车充电负荷时空分布模型;然后,考虑用户主观意愿,建立计及用户偏好的充电站选择决策模型,模拟用户对于充电站选择的理性决策行为;最后,以充电站节点负荷均衡性为目标,建立区域内快速充电站合作模式下的动态定价博弈模型,通过迭代算法求解均衡值,并利用Shapley值法对合作联盟所得剩余收益进行分配。仿真实例表明,所提快速充电站动态定价策略能有效降低充电站节点的负荷方差,提高充电桩利用率和充电站收益,并减小用户排队时间,提高用户满意度。

数据要素价值释放研究进展

数字经济时代,数据成为重要生产要素,透过开放共享与市场化配置释放其价值。文章基于文献内容,详细探讨数据作为生产要素的特征,并深入阐述数据要素价值释放理论、路径与问题,分析目前数据要素确权、定价机制及价值释放过程,探讨政府数据、企业数据及个人数据等不同主体数据要素价值释放模式与路径,指出未来数据要素价值释放研究方向。