A convexity property of the two-by-two model of production

It is shown that the rental of the ith primary factor in terms of the jth product is a convex function of the relative price of the jth commodity if and only if the weighted elasticity of factor substitution is greater in whichever industry employs the ith factor relatively intensively the weights being the shares of the ith factor in the total costs of the two industries.     

Shipbuilding Makes Great Contributions for National Economy

1 1th July this year marks the 600th Anniversary of the first ocean voy age embarked by the great Chinese navigator Zheng He. 3rd June this year is the 140th Anniversary of the founding of Jiang Nan Shipyard, the pioneer of Chinese industries of recent history.     

Mutual Fund Performance and Persistence in Taiwan: A Non-Parametric Approach

This paper applies data envelopment analysis (DEA) to measure the performance of Taiwan domestic equity funds during the period 1999 to 2003. To test performance persistence, we first divide the sample funds into low efficiency (0–25th percentile), middle efficiency (26th–75th percentile), and high efficiency (76th–100th percentile) groups according to their rankings on technical efficiency (TE) and Sharpe ratios, respectively. Then, based on the previous one-, two-, and three-year performances of the sample funds, we employ iterative seemingly unrelated regressions to analyse the persistence of sample fund performance. The results show that there exists a significant ‘hot hands’ effect in Taiwan domestic equity funds under the TE measure, but not under the measure of Sharpe ratios. The paper concludes that the different results in performance persistence analyses between the above two measures is driven by the DEA taking transaction costs into consideration.     

英国工业革命以来低收入阶层的生存状况

英国在18世纪中叶进入工业革命时期后,社会经济快速发展,但是社会收入分配不均的情况不断恶化,城市病问题突出.虽然到19世纪下半叶,低收入阶层的物质生活有所改善,但直到20世纪初期,社会低收入阶层的物质和精神生活问题也没有得到彻底解决.二战后,政府采取了相应的政策措施,建立社会保障体系,推行保险制度,从制度层面保障低收入者的基本生活,解决了经济发展的顽疾,这对我国解决城乡低收入阶层的生存问题,建立一个可持续发展的社会,有一定的借鉴意义.     

The New Growth Enterprise Board

As a serious snowstorm hit most of southern China,some heart-warming news on the capital markets came from the National Work Conference on Securities and Futures Supervision held on January 16th and 17th.According to Shang Fulin,Chairman of the China Securities Regulatory Commission（CSRC）, securities regulators hope to open a new stock market in the first half of the year aimed at high-growth enterprises.＂The Growth Enterprise Board has a chance to be launched after China＇s first two sessions,＂ said Chen Siwei, Vice- Chairman of the Standing Committee of the National People＇s Congress （NPC） on January 19th, ＂Preparations for the Growth Enterprise Board have been completed, and we are just waiting for the go-ahead.＂     

Retailing in the 21st century: reflections and prologue to research

Retailing in the 21st century will no doubt be very different from retailing in the 20th century, just as retailing in the 20th century was very different from retailing in the 19th century. To understand and explain current retailing phenomena and retailing-related phenomena, and accurately predict such phenomena, it is necessary to have a coherent and consistent definition of retailing as well as comprehensive retailing theories based on this definition. This introduction to the special issue argues for such a definition and related comprehensive theories.     

The 99^th Canton Fair Closed With Ample Fruits

The half-month 99th Canton Fair ended on April 30. According to the relevant statistics, the participating purchasers had surpassed 190 thousand, for 10 thousand more than the 98th fair.     

Does Student Loan Debt Contribute to Racial Wealth Gaps? A Decomposition Analysis

There is evidence of a large and growing student debt burden over the last decade. Previous research has shown that the presence of student debt jeopardized the short‐term financial wealth of U.S. households during the Great Recession. We examine the effects of student loan use on the wealth of U.S. households post‐recession, using recent data from the 2013 and 2016 Survey of Consumer Finances. We find that mean 2016 wealth for households with no outstanding student debt is more than four times higher than households with student debt. We find that living in a household at the 15th, 30th, 50th, 70th, and 85th percentile of the wealth distribution with student debt is associated with an 80%, 49%, 37%, 35%, and 36% wealth loss compared with a similar household with no student debt. Our decomposition results suggest that student loan use can explain between 3% and 7% of the Black‐White wealth gap across the wealth distribution but is insignificant in explaining the Hispanic‐White wealth gap.     

The financing of the community after the Edinburgh European Council

At its Edinburgh meeting on 11th and 12th December 1992 the European Council came to a number of conclusions regarding the future financing of the Community. The following article examines the implications of the new financial perspective.     

Russia's China Year Embraces Chinese Auto to Russia——The 5th China Auto International Exhibition Tour

2007 was the Russia＇s China Year, and one of big events for the remarkable year was the 5th China Auto International （Russia） Exhibition Tour. The tour flamed up the Chinese heat in this Eastern European nation. In 2006, Russia ranked the first largest country that imported autos from China, an impressive leap from that of the 2005, which was only ranked 6th. Therefore, when the organizing committee decided that the 5th China Auto International Exhibition Tour would be held in Russia, many automakers showed great interests.     

中国将迎来百年不遇的发展机遇——“十一五”回顾与“十二五”展望

从目前来看,"十一五"时期虽然遭遇了许多始料不及的多种困难,但成就辉煌。在举世受金融危机影响而陷入困顿境地的情况下中国将迎来百年不遇的发展机遇,盘点"十一五"时期的得失,有利于明确"十二五"时期的发展思路与方略。     

我国“三化”发展研究述评及对“四化”拓展研究的思考

党的十八大报告提出要促进工业化、信息化、城镇化、农业现代化同步发展,这是对中国共产党十七届五中全会提出的"在工业化、城镇化深入发展中同步推进农业现代化"的三化同步发展思路的扩展和延续。本文通过对以往"三化"同步发展研究的综合归纳思考,找出了以往研究的重点和争论焦点,在此基础上结合十八大精神,就未来城镇化发展及"四化"同步发展拓展研究提出建议。     

我国R&D税收激励程度的国际比较研究——基于B-Index模型

本文运用B-Index模型,计算出我国一般企业、中小企业、高新技术企业在新企业所得税法实施后的税收补贴值分别为0.1382、0.1036、0.0732,这一税收补贴值处于OECD公布的《2009年度科学、技术、产业记分榜》所考察的38个国家中第14位,中小企业R&D投资的税收补贴值处在第20位,高新技术企业税收补贴值处中小企业中第24位,处在大企业中第23位。按照免税条件下计算的税收补贴值来比较,中小企业处在第11位,一般企业处在第7位,高新技术企业处中小企业中第16位,处在大企业中第13位。研究表明,中国属于R&D税收激励强度较大国家,但在强度较大的19个国家中排名靠后。中国R&D税收激励政策的改革方向应当适当增加税额型优惠、完善税基式优惠。     

Integration of a Financial Literacy Curriculum in a High School Economics Class: Implications of Varying the Input Mix from an Experiment

We taught a mere seven‐period financial literacy curriculum to two 12th grade economics classes, where one treatment was Financial Fitness for Life^® (FFFL)‐intensive and the other was “stock market learning” (SML)‐intensive. Two control groups received no financial literacy treatment—an 11th grade group with no exposure to economics and a 12th grade economics class. The 12th grade economics classes, i.e., the two treatment groups and one control group, also worked on identical stock market portfolio assignments that their teachers required independently of our curriculum. In a test of overall financial knowledge, the FFFL‐intensive group outscored both control groups and the SML‐intensive groups, even on questions that were not taught in our curriculum. We conclude that an FFFL‐intensive input mix was beneficial in directly adding to financial knowledge and also in terms of leading to spillovers in such knowledge.     

Challenge and Opportunity Go Hand in Hand——What Global Economic Agitation Brings to the China''''s Economy?

Domino effects of the global finance agitation As the origin of the subprime crisis,US financial institutions lost USS45 billion last year,accounted for over half of the total US,EU & Japan loss.Since January 15th,Chtigroup released its financial statement of the 4th quarter,showing a net deficit of USS9.83 billion,which marked the hisoric high of its quarterly deficit.     

Retailing evolution research: Introduction to the special section on retailing research

This JBR Special Issue on Retailing includes several high quality research studies presented at the 10th and 11th Society for Marketing Advances Retail Strategy and Patronage Behavior Symposiums. The articles cover a wide range of interesting and important retailing topics including topics such as atmospherics, self-esteem and advertising. This introduction offers a few comments on the 2007 and 2008 Symposiums' content including a brief overview of each article.     

The 9^th Beijing Chitec,Platform for International High ＆ New Technology Communication

The 9th China Beijing International High-tech Expo The 9th Chitec, Co-organized by The Ministry of Science andTechnology, The Ministry of Commerce, The Ministry of Education, The Ministry of Information Industry, China Council for the Promotion of International Trade, State Intellectual Property office and Beijing Government, was held in Beiiing from May 22 to May 27.     

Trade Promotion System,Bridging Over the Government and Enterprises——2009 National Trade Promotion Conference

With the New Year＇s bell ready to ring, representatives from enterprises all over the country and overseas offices all over the world met in Beijing, to gather up the threads from 2008, and make plans for the future. The 2009 National Trade Promotion Conference was hold at the Jingxi Hotel from January 4th to the 5th, with over 300 people in attendance.     

China and South Korea,A Close Economic Connection Leading to Mutual Strategic Cooperation

2008 marks the 16th anniversary of this diplomatic bilateral relationship.In recent years,economic trade be- tween China and South Korea has increased greatly,with an improved complementary structure.Now,China is the largest importer of South Ko- rean products.In 1988,South Korea hosted the Olympic Games successfully,and after 20 years,another Asia country—China,hosted the 29th Olympic Games.Before the Beijing 2008 Olympic Games,China's Foreign Trade had the opportunity to interview H.E.Mr.Shin Jung- seu...     

瓦锡兰：双燃料发动机技术的行业领先者

2010年5月4日．瓦锡兰集团与巴西工业集团QUIP签定一项合约．为P一63浮式生产储油卸油船提供三个主动力模块。瓦锡兰公司表示．该合约具有突破性意义．该船是第一艘浮式生产储油卸油船．利用燃气发动机产生超过100MWe动力．合约包括调试、动车和运行监管。