THE INFORMATION CONTENT AND USEFULNESS OF THE TERM STRUCTURE OF THE NEW ZEALAND BANK BILL MARKET

This paper applies the rationality concept and expectations hypothesis to test the information efficiency of the term structure of the New Zealand bank bill market. Weekly data is collected from June 1986 to November 1988. The sample period is partitioned into two subperiods by the sharemarket crash in October 1987. The empirical results suggest the presence of a time varying risk premium. This is reflected by the significantly positive volatility measure in the first subperiod and the significant interest rate level variable in both subperiods. The forecast errors correlate significantly with the growth in money supply and overseas interest rate variables. Factors other than market information inefficiency could be responsible for the significant correlation; namely the impact of the sharemarket crash on market perceptions about inflation expectations and the non-simultaneous data problem in calculating the differential costs of borrowing. Despite the rejection of the joint hypothesis, forward rates are found to have information about future spot rates beyond that contained in past spot rates, and are able to predict interest rates at least 30 days ahead.     

An examination of the differences in retail service evaluation between domestic and tourist shoppers in Hong Kong

In recent years, the concept of customer perceived value has attracted increasing attention among practitioners and academics. Despite a growing body of literature, calls remain for more sophisticated measures of the construct. This paper investigates an expanded scale of customer perceived value among two shopper groups and its resulting impact on retail performance. Findings reveal distinct differences in the drivers of customer perceived value between local and tourist shoppers in Hong Kong. Results offer significant implications for retailers and future research in this strategically important area.     

The Ancient City of Pinqyao:Where the Time Stops

It is a common night in May, I found myself wandering in the Ancient City of Pingyao.If not those neon light, I would even doubt that I had gone back to the ancient times.Located on the eastern banks of the Fen River, and in the southwestern edge of the Taiyuan basin, Pingyao Ancient City is the outstanding example of Chinese Han nationality cities during Ming and Qing Dynasties.     

Costs of in-house genomic profiling and implications for economic evaluation: a case example of non-small cell lung cancer (NSCLC)

Abstract

Objectives

Genomic profiling in oncology is vital for determining eligible patients for mutation-specific targeted therapies. Use of commercial genomic testing has the potential to improve patient outcomes. Economic evaluations of in-house genomic profiling typically only include material costs while external commercial services include many other factors. Using non-small cell lung cancer (NSCLC) as an example, this study sought to characterize the unique challenges of costing testing services and their impact on results of economic evaluations.     

Voluntary climate action and credible regulatory threat: evidence from the carbon disclosure project

Journal of Regulatory Economics - This paper examines the role that the U.S. Environmental Protection Agency’s introduction of the Clean Power Plan played in voluntary carbon disclosure by...     

Foreign direct investment and wage differentials in Taiwan

Abstract

The ease of restrictions on foreign direct investment in China since 1990 has attracted a continuous and dramatic flow of outward investment from Taiwan to the mainland. At the same time, the relative wages for skilled workers in Taiwan have risen mildly despite a rapid increase in the share of educated workers in its labor market. The aim of this paper is to explore the linkage between capital outflows to China and the wage share of skilled workers in Taiwan over the period 1991 – 2001. We find that the pattern of changes in relative wages is consistent with shifts in the relative demand for skilled labor. For the most part, the increases in the relative demand for skilled workers could be attributable to within-industry factors. Findings also indicate that outward direct investment to China has a significantly positive impact on the skilled labor wage share.     

让"高鸟"与中国服装业一起展翅高飞--访上海高鸟机电科技有限公司总经理尹智勇

日前,由日本株式会社高乌和深圳盈宁科技有限公司合资组建的上海高乌机电科技有限公司在上海正式成立,这标志着自动高速裁床生产技术正式进入中国市场.而这一事件的意义远非如此,国家服装设计与工艺研究中心、国家服装行业生产力促进中心副主任闻力生教授指出:多年来,在中国生产自动高速裁剪机的计划一直搁浅的状况下,上海高鸟公司的成立及其产品在上海投产,填补了我国服装机械行业在自动裁床方面的空白.而带领这支创造历史的团队的领头人就是上海高乌机电科技有限公司总经理尹智勇.     

温哥华,陈胜:2004,把家搬回北京

陈胜从百盛肯德基门口进来的时候,实在不像个35岁的人.他穿着白色的运动T恤,背着一只网球拍,看上去和店里大多数20多岁的年轻人没太大区别,岁月仿佛没有在他脸上留下什么痕迹.……     

The marketing of diversity in the inner city: tourism and regulation in Harlem

This article brings regulation theory and the broader post‐Fordist debate together with an empirical study of the emergence and consequences of tourism in Harlem. It shows that the valorization of cultural diversity, as well as under‐served markets, has helped reposition this formerly unmarketable area in relation to city, state and capital markets. Moreover, as development occurs, the nature of regulation pertaining to Harlem begins to change. The author argues that the failure to disaggregate – to link the elements of the restructuring economy to outcomes for specific areas and residents, leads to an overly pessimistic view. Tourism‐based development may act as an equalizing force, helping to rebalance the uneven urban spatial development characteristic of Fordism and symbolized by the social isolation and concentrated poverty of the racial ghetto in the US. The role of cultural capital as the engine of growth in Harlem, has meant that revitalization promotes cultural differentiation along with standardization. Overall, cultural tourism requires substantial civic engagement. This gives the community control, but at the same time disciplines and stabilizes. Urban tourism thus incorporates a new mode of regulation, making for greater social/political and economic inclusion, but with the associated costs as well as benefits. Cet article allie la théorie de la régulation et le débat plus large du post‐Fordisme, à une étude empirique sur l'apparition et les conséquences du tourisme à Harlem. Il montre que la valorisation de la diversité culturelle, de mäme que les marchés sous‐approvisionnés, ont aidéà repositionner cette zone auparavant sans attrait commercial dans une relation avec les marchés de la ville, de l'État et des capitaux. En outre, avec l'expansion, la nature de la régulation propre à Harlem a commencéà changer. L'absence de désagrégation – qui associe les éléments de l'économie en restructuration aux résultats en faveur de zones et résidents particuliers – conduit à une vision des plus pessimiste. Toutefois, un essor basé sur le tourisme peut avoir une force compensatrice, aidant à rééquilibrer l'aménagement spatial urbain inégal, caractéristique fordienne symbolisée par l'isolement culturel et la pauvreté concentrée dans les ghettos raciaux aux Etats‐Unis. Le rôle du capital social en tant que moteur de croissance d'Harlem s'est traduit par une revitalisation favorisant à la fois différenciation culturelle et normalisation. Le tourisme culturel implique surtout un engagement civique réel, celui‐ci donnant la maä'trise à la communauté, tout en apportant discipline et stabilité. Le tourisme urbain amène donc un nouveau mode de régulation, créant une meilleure inclusion socio‐politique et économique, mais avec les coûts (et avantages) associés.     

Is Price in Hong Kong That Flexible? Evidence from the Export Sector

Using the Johansen procedure, this paper estimates and compares the adjustment speeds of Hong Kong's export volume and export price. Result of this will have profound implications on the debate of the appropriateness of Hong Kong's current exchange-rate system.
Two cointegrating vectors were found in our system, with one postulating the export volume equation and another postulating the export price equation. It was found that export volume will adjust relatively fast to shocks in the export volume equation, and that export price will adjust relatively slow to shocks in the export volume equation. On the other hand, export volume will be insensitive, and export price will adjust at moderate speed, to disequilibrium in the export price equation. Based on the estimated model, we also conducted simulation exercises to highlight the impacts of the appreciation of the US Dollar and the reduction in world demand on Hong Kong's export volume during the crisis and post-crisis periods.