Product Switching Cost and Strategic Flexibility

This paper examines the equilibrium degree of flexibility adopted by firms competing in oligopolistic product markets in which the value of flexibility arises from the initial presence of uncertainty over consumer preferences and its eventual resolution. The equilibrium choice of flexible mode depends on the following factors: (1) the cost of switching product design in response to revealed consumer preferences, (2) the difference in the acquisition costs of the flexible and dedicated modes, and (3) the precision of the ex ante information held by the firms regarding consumer preferences. The relationship between these factors and the equilibrium choice of modes is fully characterized.     

中国各地区自主创新能力的间接融资支持研究

自主创新能力日益成为一国经济发展的核心动力,而自主创新能力的提高离不开金融支持。由于我国仍是一种以间接融资为主的银行主导型金融结构,因此本文选取中国31个省市1997-2009的面板数据,分析了间接融资对各地区自主创新能力的影响。结果表明间接融资对全国自主创新活力和创新效率都有显著正效应,尤其对东部地区自主创新的影响最强,政府的资金支持对中部地区的自主创新比较显著,西部地区的自主创新主要依赖于地区经济的发展水平。     

论我国国有企业的公有民营化改革

国有制并非公有制唯一的实现形式, 更不是公有制永恒的存在方式, 而只是国家存在时期内的公有制的一种存在形式。所以, 如何找到一种既能保持以公有制为主体, 又能体现民营化优点、吸收私有制长处、克服国有制的弊端的适合于国有大中型企业的公有制实现形式,乃是我国国有企业、特别是大中型国有企业改革的根本出路。正是从这一考虑出发, 笔者在肯定部分中小型国有企业民营化方向的同时, 提出了适合于大多数大中型国有企业的公有民营的概念, 并把它视为具有中国式社会主义特色的国有企业民营化。     

中国城市化水平的综合思考

本文针对近期中国城市进程中存在的部分急功近利趋势,通过综合分析土地、水资源、环境质量及国家社会、经济发展状况等国情,提出城市化应适度发展,目标不可过高,速度不可过快,并根据中国目前所处工业化初期的阶段性特征,提出推进中国城市化健康、稳步发展的几点战略性和政策性建议。     

下凹式立交桥内涝模型构建方法及原因分析

以北京市GQM下凹式立交桥区排水系统为研究对象,CAD文件数据为基础,应用InfoWorks ICM建模软件,模拟GQM下凹式立交桥排水系统。通过基础数据整理、一维管网模型、二维地面模型的建立以及旱天、雨天模型校核,建立GQM桥区InfoWorks ICM内涝模型,为其他下凹式立交桥数学建模提供参考。通过模型结果的分析以及桥区现况的勘察可知下凹式立交桥的积水原因主要有桥区雨水口数量不足、布局不合理,管道、泵站设计标准偏低等,为规划改造下凹式立交桥区排水系统提供了直观的依据。     

Estimation of Housing Price Jump Risks and Their Impact on the Valuation of Mortgage Insurance Contracts

Housing price jump risk and the subprime crisis have drawn more attention to the precise estimation of mortgage insurance premiums. This study derives the pricing formula for mortgage insurance premiums by assuming that the housing price process follows the jump diffusion process, capturing important characteristics of abnormal shock events. This assumption is consistent with the empirical observation of the U.S. monthly national average new home returns from 1986 to 2008. Furthermore, we investigate the impact of price jump risk on mortgage insurance premiums from shock frequency of the abnormal events, abnormal mean and volatility of jump size, and normal volatility. Empirical results indicate that the abnormal volatility of jump size has the most significant impact on mortgage insurance premiums.     

Information footholds: Isolating local presence as a factor in analyst performance and trading

I compare the performance of buy/hold/sell recommendations from foreign, local, and expatriate (foreigners with local operations) analysts in an emerging market. Location appears to be important: expatriate analysts significantly outperform foreign analysts. Expatriates also significantly outperform locals, implying that other factors such as global resources also play a role, and a variety of controls for the characteristics of the recommending firm does not alter findings. Trading based on expatriate recommendations generates significantly positive risk-adjusted returns. Furthermore, foreign and local institutional investors appear to trade on the superior information of expatriate analysts, even when it contradicts their own information.     

First Financial Restructuring and operating efficiency: Evidence from Taiwanese commercial banks

This paper investigates the effect of the “First Financial Restructuring” (FFR) on the operating efficiency of commercial banks in Taiwan. Applying data envelopment analysis (DEA) to operations data for 40 commercial banks over the 6-year period 2000–2005, we find that while the banks have lower operating efficiency on average during the reform period (2002–2003) compared to the pre-reform period (2000–2001), improved operating efficiency is reflected in the post-reform period (2004–2005). Our results remain unchanged even after controlling for the non-performing loan ratio, capital adequacy ratio, bank ownership, size, and GDP growth rate. These results suggest that the improved efficiency in the post-reform period is possibly due to enhanced banking and risk management practices and benefits obtained from compliance with the FFR.