论城市的系统机能

本文试用系统思想对城市中若干关系进行探讨,并借用人体的有机构成模拟城市的各个系统功能,从而印证城市复杂有序的系统机能.城市的决策者只有从城市整体出发,认识和调整各部分的功能,才可达到管理的最优选择.     

住房公积金制度改制为政策性住房金融机构的设想

住房公积金管理中心具有政策性住房金融机构的雏形。但住房公积金制度由于设计的制度性缺陷,无法承担政策性住房金融机构的功能。因此,住房公积金制度改制为政策性住房金融机构有其必要性。目前,构建政策性住房金融机构可以从以下几个方面入手:建立以政策性住房金融机构为主体的组织体系,形成完善的住房资金组织系统,构建完善的内外监管体系,发展多种金融工具,完善住房金融的风险分担与化解机制等。     

金融危机中的衍生工具——基于20世纪80年代以来金融危机视角的思考

本文从20世纪80年代以来金融危机的不同特性对比分析入手,对衍生工具在金融危机中作用的二重性进行了研究。指出衍生工具除了具有引导资金从发达资本市场向发展中经济流动过程中的建构性作用,同时在诱导金融危机的发生和加剧方面还具有助动性作用。从衍生工具的产生和发展,降低了经济运作的透明度、削弱了金融管理当局的监管、威胁到固定汇率体系的稳定性、提高了系统风险和感染风险、进而加速并深化危机等不同角度,对衍生工具在金融危机中的负面作用作了较为具体的论证。     

基于创新系统功能-结构耦合分析的系统性科技创新政策架构研究

系统失灵理论是科技创新政策制定的立足点。提出创新系统功能-结构耦合分析法作为创新政策分析的基础,把创新系统结构分析、创新系统功能分析、系统失灵和系统性政策工具整合起来,构造一个系统性科技创新政策架构。阐明政策制定者应用这个架构辨识系统失灵问题并找出解决已知问题的系统性科技创新政策工具的流程。系统性科技创新政策架构应被视为一种决策支持工具,供政策制定者应对复杂的系统性问题时使用。     

中国经济结构失衡:基本特征、深层原因与对策建议

经济结构失衡一直是困扰中国经济持续健康发展的突出问题。落实科学发展观,转变经济发展方式,必须稳妥解决好结构问题。本文结合经济发展理论与国际一般经验,指出了在目前经济发展新的历史阶段我国经济结构失衡的特征表现;从经济发展战略、市场经济体制建设、相关经济政策与制度建设等方面,对结构失衡的深层次原因进行了详细的剖析;结合落实科学发展观,立足体制改革与制度创新,对如何促进经济结构优化升级,提出了具体的对策建议。本文研究认为,我国经济结构长期失衡与矮化的根本原因在于经济发展的体制机制障碍,要从根本上解决结构失衡问题,需要创新完善促进科学发展的制度环境与体制保障。     

Mispricing and the cross-section of stock returns

This paper employs the Campbell-Shiller (Rev Financ Stud 1:195–228, 1988) VAR model to derive a model-based mispricing measure that captures investor overreaction to growth. Using this mispricing measure, we find that stocks with low levels of mispricing outperform otherwise similar stocks. The long–short mispricing strategy generates statistically and economically significant returns over the sample period of July 1981 to June 2006. Moreover, this mispricing strategy outperforms the contrarian strategy using various accounting-fundamental-to-price ratios. Our results cast doubt on the risk story in explaining the abnormal returns of the mispricing strategy. Rather, our evidence suggests that asset prices reflect both covariance risk and mispricing.

Corporate social responsibility and systematic risk of restaurant firms: The moderating role of geographical diversification

Despite growing attention to corporate social responsibility (CSR) in the tourism literature, the relationship between CSR activities and systematic risk, one of the critical components in evaluating shareholder value, has been a topic of scarce examination. Further, the moderating role of geographical diversification on the link between CSR and systematic risk in the restaurant context has not been studied. Therefore, the current study explores these issues in the restaurant context based on the organizational theory and stakeholder theory. In addition, this study dichotomizes CSR activities into two dimensions, socially responsible activities (i.e., positive CSR) and socially irresponsible activities (i.e., negative CSR), to examine the separate effects of the two dimensions. A two-way fixed-effects model that effectively accounts for unobserved effects in a panel data set has been employed to test the proposed hypotheses.     

THE THREAT EFFECT OF ACTIVE LABOR MARKET PROGRAMS: A SYSTEMATIC REVIEW

This paper is a systematic review of the threat effect of active labor market programs for unemployed individuals. The threat effect is the induced change in the hazard rate of leaving unemployment prior to program participation. Studies included in the review all estimated a threat effect, with the participants in all cases being unemployed individuals in receipt of benefit of some kind during their tenure of unemployment. Eight of these studies have been included in a meta-analysis: The meta-analysis, which has been carried out using a random effects model to account for heterogeneity, indicated a hazard ratio of 1.25 for the pooled estimate. We conclude that active labor market programs constitute a statistically significant threat effect, although it is modest.