REGULATION AND RISK: A CROSS‐COUNTRY SURVEY OF REGULATED COMPANIES

This paper tests empirically whether regulation characterized by high incentives implies more risk to firms than regulation characterized by low incentives. Using a worldwide panel of 170 regulated companies operating in electricity, gas, water, telecommunication and transportation sectors during the period 1995–2004, I find that different regulatory regimes do not result in different levels of risk to their regulated firms. This result could be driven by a higher level of development of financial markets combined with a sophisticated diversifying behaviour of regulated firms.     

Following the breadcrumbs: An analysis of online product review characteristics by online shoppers

Consumer-generated product reviews are a driving force behind online purchases; at the same time, unfavorable reviews can discourage interested online shoppers and eventually hurt the brand. The objective of this exploratory study was to analyze a diverse range of characteristics and the valence of online product reviews that would aid in responding to customer dissatisfaction. Product reviews (N = 1982) from Amazon.com were collected and content analyzed. Some of the key findings include the following: (a) price was the most commonly discussed product feature; (b) online shoppers found two-sided reviews to be most informative, contradicting the commonly held assumption that negative reviews were more informative and diagnostic in nature; and (c) ‘no action’ was the most common end action across two-sided and negative reviews, indicating that varying levels of dissatisfaction might not always lead to a negative end action. Implications for marketers are discussed.     

具有安全监管的智能矿灯充电器设计

设计了一种具有安全监管的智能矿灯充电器,该充电器可为与之配套的不同类型锂离子电池矿灯进行充电,通过线路复用技术在充电过程中与矿灯进行数据交换,读取矿灯的充电次数、生产日期以及使用记录等数据,再通过RS485总线将这些信息传到充电管理PC机上,以便于国家安全生产监督部门或矿灯生产厂家进行安全监管.     

莆田2#燃机试运缺陷分析处理与总结

莆田燃气电厂在2#机分部试运和总启动过程中,出现了天然气关断阀卡涩、燃机末级叶片温度过高跳机、燃机BPT温差过大造成跳机、IGV阀位偏差大等事故,严重影响了机组的正常调试和安全运行。本文将重点分析2#燃机在启动调试过程中发生问题的原因、处理方法及从中得到的经验教训与总结,希望能对以后同类型机组的安装起到一定得指导性作用。     

灰色-马尔可夫链模型在股市预测中的应用

用GM(1,1)预测具有良好的精确性和规律性,但对于随机波动性较大的股市行业,它的预测精度比较低,而马尔可夫模型可以克服波动性较大的局限性,弥补灰色模型的不足,因此将两者结合起来对股市进行预测将能提高预测的精度。本文依据上交所20个月末收盘指数预测后四个月的月末收盘指数范围,实证分析表明灰色马尔可夫链模型在股市预测中应用的可行性     

基于产品端的网络借贷风险控制研究

网贷平台监管备案正稳步推进，其关键在于把控风险体系。现有文献大多围绕“交易过程—事件类型”探讨网贷风险，本文则以“事件类型—产品端”为切入视角，从网贷平台产品端的资金来源、信贷资产、资金池、信息披露等方面解析风险逻辑，层层剖析产品端风险漏洞枢纽的风险传输渠道。针对这些风险漏洞，可以通过加强产品端初始资金配对监管、充分发挥行业协会专业优势、完善中间资金账户管理机制和建立关联信息强制披露制度等手段，调整网贷监管体系，有效治理网贷风险，引导互联网金融行业规范发展和监管政策的贯彻落实。     

How Long is a Piece of Cable? Equilibrium Determination of Local Telephone Areas

This paper studies the endogenous determination of telephone local calling areas. In many telephone systems, calls between users in the same calling area are local; calls to outside the calling area are long distance and priced differently. We allow the extension of this area to be treated as a strategic variable. We show the extension of the calling areas which maximizes the carrier's profit to be the same which a welfare maximizing regulator would choose. Under a price cap regime in which prices are required to meet an average price constraint, the firm manipulates strategically the extension of the local calling areas. We end the paper by considering the case of a competitive market. In this case, again, the owner of the local loop extends the local calling areas in response to decreased efficiency or increased competition of its competitors. Received April 25, 2002; revised version received September 9, 2002 Published online: April 30, 2003     

Entry Deterrence and Entry Accommodation Strategies of a Multiproduct Firm Regulated with Dynamic Price Cap

In this paper we study the way a multiproduct firm, regulated through a dynamic price cap, can develop a price strategy that uses the regulatory policy to deter entry. We consider a firm that initially operates as a monopolist in two markets but faces potential entry in one of the markets. We conclude that the regulated firm can have the incentive to block the entry. This strategy leads to the reduction of the price in both markets. However, the final effect of the entry deterrence strategy on total consumer surplus is not always positive.     

从有限增长、末端治理到循环经济——资源环境约束下的经济增长理论综述

人类对资源环境的关注几乎与工业革命同步，最初的研究集中在是否应该增长及增长的模式上，主要的理论成果有有限增长理论、有分化增长理论和无意外增长理论。随后的末端治理理论的主要思想是先污染后治理和边污染边治理。而随着知识经济时代的到来，在这一领域里的最新成果是循环经济理论，强调生产的减量化、再利用和资源化，以求实现经济增长的可持续性。国内理论界对这一问题的普遍关注始于20世纪90年代，研究的内容主要涉及基础理论、操作方法和政策法规。     

Are Euro Area Small Cap Stocks an Asset Class? Evidence from Mean‐Variance Spanning Tests

In this paper we perform regression‐based tests for mean‐variance spanning in order to detect the effect of investing in euro area small capitalisation stocks on the minimum variance frontier, and apply different measures to assess the extent of diversification gains. Empirical analysis shows that euro area small and mid cap stocks, as classified by size quartile and quintile rankings, arise as truly autonomous asset classes. This result is robust to different methodologies used to form size‐based portfolios, and holds relative to both euro area large cap stocks and other international asset classes, US small capitalisation stocks included.