农村人力资本投资及外溢与城乡差距实证研究

文章以人力资本溢出效应城乡两区域模型为基础,采用协整检验和误差修正模型,对中国农村人力资本投资及外溢与城乡差距的关系进行实证检验。结果表明,缩小中国城乡差距,必须加大对农村的人力资本投资。同时,要加强政府对农村的基础设施投资,为农村人力资本作用的充分发挥创造条件。     

The price relationship between organic and non-organic vegetables in the U.S.: evidence from Nielsen scanner data

This study investigates price relationships between organic and conventional carrots, tomatoes, and lettuce in the U.S. utilizing Nielsen scanner data from 2006–2015. We employ a threshold vector error correction model (TVECM), threshold vector autoregressive model (TVAR), and threshold cointegration test to test whether market integration exists between organic and conventional vegetables as well as the existence of asymmetric price transmission. The results find positive long-run relationships between organic and conventional prices of carrots and tomatoes and show the existence of asymmetric price transmission in price pairs of lettuce and tomatoes. Our findings suggest that the price relationship between organic and conventional vegetables varies by characteristics, such as shelf life, volatility in the price premium, and substitutability.     

Explaining Real Commercial Rents Using an Error Correction Model with Panel Data

This paper presents rent models for retail and office property in the United Kingdom. Panel data are used covering eleven regions for 29 years, enabling us to overcome the limitations of a relatively short time series. We use an error correction model (ECM) framework to estimate long-run equilibrium relationships and short-term dynamic corrections. The combination of panel data and an ECM is an innovative approach that is still being developed in economics. We construct new supply series that combine infrequent stock data with more frequent construction data. Separate regional models are estimated for retail and office properties. The regions are then combined into a number of panels on the basis of the income and price elasticities in the long-run and short-run models. Unlike previous studies, we find no evidence of a board north–south divide between low growth and high growth regions. Like these studies we do find a London effect: in London, demand elasticities for space with respect to both price (rent) and income are much lower in magnitude. We conclude that, while the economic drivers may vary, there is no evidence of differences in the operation of the regional property markets outside London. Elasticities for retail and office are similar. Our final models are parsimonious with single measures of economic activity and of supply and always support the use of an ECM.     

容积式流量计有级容差调整在二维坐标系内的认识

以二维坐标系的方式，直观地分析了容差调整过程中流量计误差曲线坐标变化的情况，进而说明了有级容差调整的实质，并结合各专业厂家生产技术的实际情况，说明了调整齿轮选择表的正确使用。     

Real estate return correlations: Real-world limitations on relationships inferred from NCREIF data

Correlation estimates for returns between individual properties are subject to large inherent uncertainties due to limits on the amount of data that is likely to be available for the foreseeable future. After allowance for correlation sampling error, it is impossible to distinguish on an ex ante basis between the risk-reduction capabilities of mean-variance portfolio selection models and naive diversification without regard to property type or geographical location. The naive portfolio diversification strategies of typical institutional real estate portfolio managers are rational responses to limitations on the informational content of statistical analyses of historical real estate data.     

我国股份制商业银行薪酬激励有效性研究

我国股份制商业银行薪酬激励存在一些不足，原因在于薪酬激励的自身因素和薪酬环境因素两方面。自身因素主要包括忽视长期行为激励、缺乏同业竞争优势、轻视普通员工激励；环境因素主要有银行治理结构不完善、市场非充分有效、法规制度不健全等。本文通过对商业银行高管人员及普通员工的薪酬与业绩相关性进行实证检验，认为我国商业银行薪酬激励基本上是有效的，但是其有效性并不十分理想。据此，本文提出了提升我国商业银行薪酬激励有效性的具体建议：从微观层面看，优化薪酬激励机制：从中观层面看，强化商业银行治理结构；从宏观层面看，改善外部相关环境。     

利用管道模拟软件提升技术管理水平

通过分析管道模拟软件的特点、功能和应用,并结合目前天然气长输管道运营模式中存在的问题,阐述了引入天然气管道模拟软件对于提升技术管理水平的重要性和必要性.     

Inference with Dependent Data in Accounting and Finance Applications

We review developments in conducting inference for model parameters in the presence of intertemporal and cross‐sectional dependence with an emphasis on panel data applications. We review the use of heteroskedasticity and autocorrelation consistent (HAC) standard error estimators, which include the standard clustered and multiway clustered estimators, and discuss alternative sample‐splitting inference procedures, such as the Fama–Macbeth procedure, within this context. We outline pros and cons of the different procedures. We then illustrate the properties of the discussed procedures within a simulation experiment designed to mimic the type of firm‐level panel data that might be encountered in accounting and finance applications. Our conclusion, based on theoretical properties and simulation performance, is that sample‐splitting procedures with suitably chosen splits are the most likely to deliver robust inferential statements with approximately correct coverage properties in the types of large, heterogeneous panels many researchers are likely to face.     

Industry Costs of Equity: Incorporating Prior Information

I examine whether incorporating economically motivated prior information yields more accurate forecasts of industry costs of equity. I find that incorporating the long‐run mean of the Capital Asset Pricing Model (CAPM) parameters and the industry characteristics in the cross section produces more accurate parameter estimates, which subsequently translate into more accurate out‐of‐sample forecasts of industry costs of equity. The outperformance of this method over rolling‐window estimates becomes larger as the forecast horizon extends into the future. These findings provide evidence that the CAPM parameters have a long‐run mean‐reversion property and correlate with the industry characteristics in a systematic way.     

ETF Premiums and Liquidity Segmentation

Exchange traded funds (ETFs) provide a means for investors to access assets indirectly that may be accessible at a high cost otherwise. I show that liquidity segmentation can explain the tendency for ETFs to trade at a premium to net asset value (NAV) as well as the life‐cycle pattern in premiums. ETFs with larger NAV tracking error standard deviations (TESDs) tend to trade at higher premiums and the liquidity benefits offered by foreign ETFs and fixed income ETFs are revealed to be the most valuable to investors. Further tests validate that TESD has the desirable properties of a liquidity segmentation measure.