Insulation properties of separating exchange markets

Insulation properties play an important role for countries in favour of separating rates for separating transactions. Such properties insulate the open economy from monetary and real shocks, of domestic and foreign origins. Through theoretical and numerical analyses, we find that in a unified flexible exchange rate system, portfolio holders' expectations drive the price adjustment, leading to expectations of exchange rate changes. In separating exchange markets, the financial rate reflects the instability of portfolio holders' expectations and capital flows; however, the real exchange rate and hence the macroeconomy is stable. Uncertainty of shocks ceases to affect the real sector of the economy.     

An Empirical Investigation of the Effect of CFO Power on Disclosure Quality

We examine the association between chief financial officer (CFO) power and disclosure quality, measured using financial statement disaggregation disclosure and analyst forecast disclosure. Empirically, we validate that CFO power, measured by multiple dimensions, is positively associated with firms’ disclosure quality. We also find that this positive association between CFO power and disclosure quality is stronger when firms exhibit higher governance monitoring and accounting quality. Further analysis shows that our main results hold across multiple disclosure quality tests. Our findings are robust to addressing endogeneity issues using two-stage least squares, Heckman selection bias, and propensity score matching analyses. The results highlight the importance of CFO power for the accounting reporting process and decision-making.     

What matters most? Stakeholders’ perceptions of river water quality

The need to integrate stakeholders’ views into environmental policy is increasingly gaining attention because this offers the opportunity to design sustainable and synergistic environmental strategies. Understanding and integrating the views of resource users into policy design and implementation could help address the most important challenges, gain community support, enhance project ownership, and avoid policies being rejected by local people. As a result, research in environmental management has focussed on stakeholders’ perceptions of river water quality and how to integrate such views into policy. While existing studies offer insights into the different ways in which stakeholders evaluate river water quality and potential factors influencing judgements, they appear to be limited in a number of ways. First, most of these studies focus on developed countries and may have limited contextual relevance to the developing world. Moreover, past studies focus on segments of society such as farmers and mainly on wastewater for agriculture. These shortcomings may limit our understanding of the topic and our ability to design effective policies to address water quality problems. Drawing on survey data from the Wenchi municipality in Ghana, we examine public perceptions of what constitute important measures of river water quality as well as factors influencing such judgements. Results suggest that while variables such as taste, colour, smell and litter are important, the presence of faecal matter in and/or around the river was rated the most important measure of river water quality while depth of river was the least important. Results further suggest that education, age, number of years a person had lived in a community, depth of river and the presence of aquatic vegetation influence water quality judgements. The findings of this research provide insights into what policymakers and regulators need to consider when attempting to influence behaviours in relation to water resources. We note, however, that while public perceptions of river water quality could guide water management policies, scientific measurements of water quality must not be replaced with stakeholder perceptions. This is because aspects such as ecological integrity may not be important to segments of the public but are an important aspect of water management. This is reinforced in the present study as there seems to be a lack of concern among the participants regarding river depth – an important factor for habitat provision and pollution dilution.     

外商直接投资对中国产业的二重性影响——以电子及通信设备制造业为例

基于对马克思主义经济学的解读，本文从理论和实证两方面分析了外商直接投资对中国工业的二重影响。理论分析指出，作为资本国际流动重要形式的外商直接投资具有生产力和生产关系的二重属性，其二重属性将对东道国产业发展产生二重性影响。本文以中国电子及通讯设备产业为例进行了相关实证研究，结果显示，从生产力属性方面考察，外商直接投资对中国电子及通信设备制造业的产业竞争力具有积极的促进作用；但从生产关系属性方面考察，外商直接投资对中国电子及通信设备制造业的产业控制及其引致的产业安全隐患也非常显著。基于该结论，本文进一步提出了合理利用外商直接投资的政策建议。     

On the convergence of moments of geometric and harmonic means

The moments of the geometric mean of n independent and identically distributed random variables are shown to converge as n→∞. Rates of convergence are determined for the first moment and the variance. The results relate to recent work on long term investment returns when yearly rates of return are randomly varying. Application is made to moments of the harmonic mean.     

我国住房公积金制度演化的回顾与展望

中国的住房公积金制度经过了20多年的发展历程,在这历史进程中,其对推进中国的住房体制改革、提升居民住房消费能力、改善居民居住条件、促进房地产业发展和繁荣起到了十分关键的作用。同时,住房公积金制度公平失衡、效率弱化、功能异化、监管疲软、风险加剧、服务滞后、矛盾突出等问题日渐显现,对住房公积金制度改革的呼声越来越高。文章对我国住房公积金制度进行系统的回顾,分析我国住房公积金制度产生的历史背景,归纳住房公积金制度演化发展的基本特征和阶段特性,阐明该制度以渐进的制度变迁方式进行演进变迁的内在逻辑。     

功能梯度材料的热应力分析及研究进展

功能梯度材料是一种集高强度与高耐热性于一体的新型复合材料。本文重点对组分分布模型和物性参数模型进行了分析比较,讨论了组分分布系数、物性参数、空隙率等因素对残余热应力的影响,对FGM热应力研究领域的发展趋势做了一些展望。     

人工砂在管桩混凝土中的应用

本文确定了C80F350人工砂混凝土配合比的基本参数,测试了其和易性、力学性能及耐久性能,并进行了人工砂混凝土管桩试生产,对桩体进行了抗弯试验,对桩体切块进行了抗压及抗冻试验。结果表明:(1)采用现有机制砂与天然细砂按一定比例混合而成的混合砂可以配制出与天然砂混凝土性能同样优异的C80F350人工砂混凝土;(2)C80F350人工砂混凝土与天然砂混凝土相比具有抗压及劈裂抗拉强度高、抗冻及抗渗性好、氯离子渗透系数低、弹模大等特点;(3)C80F350人工砂混凝土与现有管桩生产工艺相适应,管桩桩体抗弯性能、切块抗压强度及耐久性能均能满足相关要求。     

无穷远点留数的一个重要性质及应用

利用无穷远点留数的性质,给出了复变函数中一类周线积分∫C(fz)dz计算的简单方法。     

渠道属性对顾客感知价值的驱动研究——以茶油为例

在问卷调查基础上,探讨渠道属性对顾客感知价值的驱动。研究结果表明:渠道服务质量越好,顾客感知价值越高;渠道风险越小,顾客感知价值越高。据此,提出降低渠道风险、提高渠道服务质量、创新营销模式等建议。