Flood Risk and Salience: New Evidence from the Sunshine State

A growing literature finds evidence that flood risk salience varies over time, spiking directly following a flood and then falling off individuals' cognitive radar in the following years. In this article, we provide new evidence of salience exploiting a hurricane cluster impacting Florida that was preceded and followed by periods of unusual calm. Utilizing residential property sales across the state from 2002 through 2012, our main estimate finds a salience impact of ?8%, on average. The salience effect persists when we base estimation only on spatial variation in prices to limit confounding from other simultaneous changes due to shifting hedonic equilibria over time. These effects range from housing prices decreases of 5.4–12.3% depending on the year of sale. Understanding flood risk salience has important implications for flood insurance and disaster policy, the benefits transfer literature, and, more broadly, our understanding of natural disaster resilience. JEL Classification: Q51, Q54, R21     

中国现阶段的工业品市场营销模式初探

随着中国市场经济的快速发展、科技水平的提高以及中国加入WTO,工业品的市场竞争将更加激烈。对于中国现阶段的工业品来讲,由于行业、企业、产品特点及销售对象不同,各公司的营销策略各有不同,尤其对市场营销模式需要进一步探索。     

中国对世界经济的影响到底有多大?

2005年以来,西方舆论对中国经济的评论很多,有许多言论一反过去大谈中国威胁论的态度,为中国经济大唱赞歌。法国《回声报》副主编伊兹拉莱维奇2月份发表了一部《当中国改变世界的时候》的著作,立即上了畅销书排名榜,法国的主要报刊都刊登了这本书的摘要、书评和相关辩论。美国《新闻周刊》5月份发表了一组有关中国的文章,称21世纪为“中国世纪”。英国《经济学家》杂志8月份发表了几篇有关中国的文章,称中国掌握着世界经济的关键。中国经济真会决定世界经济的未来吗?这一片赞扬之声中有多少是中国经济的实际影响,有多少是夸张成份?中国经济…     

呼唤深圳房地产的平稳健康发展

深圳房地产市场经过一年的调整,房价已经下跌将近40%。与此同时,受国内外经济严峻形势的影响,深圳整体经济也呈现明显的放缓迹象。为了保持深圳经济的持续健康稳定发展,房地产业应该脱离目前那种“剑客”当道,怪论充斥的舆论氛围,下大力通过制度建设、市场疏导、产业改革等措施,尽快走出目前的低迷态势,特别是有效恢复合理的成交量,确保市民的正常住房需求和深圳经济整体上的良性发展。     

我国独资企业法律制度缺陷与完善设想

我国于1999年通过《个人独资企业法》，该法颁布后并未出现人们期待的个人独资企业迅猛发展的现象。虽然有诸多原因，但个人独资企业法律制度自身规定的不完善应是主要原因。因此完善该制度就成了一种现实的选择。     

The contribution of a satellite market to price discovery: Evidence from the Singapore exchange

The Singapore Exchange (SGX), a small satellite market, successfully competes with a large home market, the Osaka Securities Exchange (OSE), in trading the Nikkei 225 futures index. In this paper, we investigate the contribution of the SGX to price discovery and shed light on the reasons for its continued success. Evidence is provided from information revelation and price discovery of three competing but informationally linked markets of the Nikkei 225 index—domestic spot (Tokyo Stock Exchange), domestic futures (OSE), and foreign futures (SGX), which represents the satellite market. Overall, the futures market contributes 77% to price discovery, with the satellite market contributing 42% of the futures and 33% of the total price discovery. These figures, surprisingly, far exceed the satellite market's share of trading volume. Support is provided for the extended trading hours on the SGX for three of the four non‐overlapping trading sub‐periods. © 2004 Wiley Periodicals, Inc. Jrl Fut Mark 24:981–1004, 2004     

煤矸石的综合利用探讨

针对煤矸石化学组成的差异,讨论了煤矸石生产绿色建筑材料,制造保温材料,制取铝盐系列和硅系列化工产品的几种综合利用途径,达到废物无害化、减量化、资源化利用,保护生态环境,实现可持续发展的目标.     

台湾农业转型的主要历程、趋势与启示

本文分析了台湾农业转型发展三个阶段及其主要趋势，提出农业经济地位下降、农业相较于其他产业的弱势、农业人口减少是农业发展过程中的必然结果，而农业功能定位也必须多样化。     

China's regional income disparityAn alternative way to think of the sources and causes1

Using data on China's provincial economies for the period 1978–2005, we decomposed the causes and factors that have contributed to inter‐regional per capita income disparity. Variance in capital per employee and variance in capital elasticity are found to be the two main sources of income disparity while the employment–labour force ratio is shown to be an important factor in containing the rise of income disparity. An analysis on inter‐regional factor reallocation effects reveals their relatively small and insignificant contributions to overall growth performance. It is also discovered that capital has in most years flowed in the right direction to pursue higher marginal productivity across provincial economies. Inter‐provincial labour movement, on the other hand, had not displayed significant equilibrating effects until institutional reforms started to allow freer inter‐regional labour mobility in later years. Generally, we conclude that market‐oriented factor mobility has played a crucial role in equalizing factor returns as well as enhancing growth efficiency across regions.     

Bid‐ask spreads,volatility, quote revisions,and trades of thinly traded futures contracts

We investigate intraday bid‐ask spreads (BAS), volatility, and trading activity of thinly traded equity index futures contracts on the Singapore Exchange. Contrary to previous findings, we find a rather flat BAS pattern during the trading day. However, consistent with past findings, an increase in risk widens the spread and a higher trading activity reduces it. When trading occurs in a day, spreads are reduced. No significant difference in volatility between days with and without trades was detected. When trades occur, quote revisions increase, and it is positively related to the number of trades. An increase in the number of quote revisions increases the likelihood of a transaction, and when quotes are current, revisions that are accompanied by trades carry new information. We provide evidence that contracts that are thinly traded may possess liquidity attributes as long as their price quotes remain current. © 2003 Wiley Periodicals, Inc. Jrl Fut Mark 23:455–486, 2003