安徽农村居民住房消费实证分析

农村居民的住房建设是建设社会主义新农村的一个重要方面。通过分析农村居民的住房消费能力、住房消费支出状况,发现安徽农村居民对住房有较强的消费能力、住房负担呈加重趋势应引导农民合理进行改善型住房。提高农民收入水平,增强住房消费能力;发展农村住房金融市场;加强农村住房保障体系建设。     

Effects of location on Airbnb apartment pricing in Málaga

The relatively recent social movement known as the “sharing economy” is becoming increasingly visible in online peer-to-peer platforms. One such platform is Airbnb; an accommodation marketplace which provides access to tourist accommodation. These platforms are having an important social and economic impact on tourist destinations such as Málaga, Spain. This paper presents a spatial econometric hedonic model that explains the pricing strategy of Airbnb tourist apartments in Málaga using factors such as host, guest, structural characteristics, and location. In relation to locational factors, the model in this study confirms the impact of spatial spillover effects, accessibility to certain amenities, traffic noise, walkability, and the ethnicity of residents in the neighborhood where the listing is located.     

Data revisions to German national accounts: Are initial releases good nowcasts?

Data revisions to national accounts pose a serious challenge to policy decision making. Well-behaved revisions should be unbiased, small, and unpredictable. This article shows that revisions to German national accounts are biased, large, and predictable. Moreover, with use of filtering techniques designed to process data subject to revisions, the real-time forecasting performance of initial releases can be increased by up to 23%. For total real GDP growth, however, the initial release is an optimal forecast. Yet, given the results for disaggregated variables, the averaging out of biases and inefficiencies at the aggregate GDP level appears to be good luck rather than good forecasting.     

政府研发补贴促进企业创新了吗

政府补贴能否促进企业创新一直存在争议。与以往从资源视角探讨政府补贴与企业创新关系的研究不同,基于信号理论视角,以2012—2016年沪深A股非金融类上市公司为研究样本,通过剔除非研发补贴的噪音并控制样本自选择偏误,实证检验中国转型经济背景下,政府研发补贴对企业创新的微观政策效应,以及企业层面制度因素（产权性质）和区域层面制度因素（制度环境）对该效应的调节作用。研究发现,政府研发补贴释放的积极信号能够帮助企业获取外部创新资源,有效促进企业创新;相比于国有企业,政府研发补贴对非国有企业创新的激励效应更强;制度环境越好,政府研发补贴对企业创新的激励效应越强。研究理论丰富了科技创新政策有效性和信号理论相关研究。同时,研究发现,政府应继续加大对企业创新活动的补贴额度,不断深化所有制改革,为企业创新营造良好的外部制度环境;另外,企业还应充分发挥政府研发补贴信号的杠杆效应,拓宽外部创新资源获取渠道。     

货币政策与异质性企业杠杆率——基于纵向产业结构的视角

当前,高杠杆已成为我国金融风险的重要源头,围绕结构性去杠杆来防范化解金融风险的基本思路,各方提出了一系列去杠杆措施。在此背景下,本文建立了一个包含“金融摩擦”与“资产负债表衰退”双重机制的动态随机一般均衡(DSGE)模型,探讨了中央银行紧缩性货币政策对国有企业与民营企业杠杆率的影响机制。本文研究认为,第一,中央银行提高政策利率会降低国有企业杠杆率,但会以民营企业杠杆率上升与总产出略微下降为代价;第二,伴随着政策利率上升,纵向产业联结度下降将会扩大国有企业与非金融企业整体杠杆率下降幅度,并减小民营企业杠杆率上升幅度;第三,货币政策对非金融企业杠杆率进行响应有助于提高社会福利,但效果并不显著。由此,本文研究认为,推动经济去杠杆需要在管住“货币”的同时,深入研究财政政策、宏观审慎等其他政策选项的可行性。在推动去杠杆的总过程中,货币政策要管住货币“总闸门”,宏观审慎政策要把住风险“总关口”。     

Signaling for more money: The roles of founders' human capital and investor prominence in resource acquisition across different stages of firm development

We use signaling theory to explain how new ventures effectively signal future prospects to acquire external resources. Based on a sample of 235 new ventures drawn from a unique dataset combining multiple sources, we examine the signals of founders' human capital (i.e., education, industry experience, and founding experience) and investor prominence and their influence on the amount of external funding received across two stages of venture funding. We find that founders' founding experience and education have the greatest effects for acquiring first-round financing, but in later stages, only the signaling effect from education remains. Furthermore, we find important interactions between founders' human capital and investor prominence in the second round of funding. By utilizing lagged funding information, we show that different types of signals have a dynamic and temporal impact on new ventures' resource acquisition, including the persistence of some signals and the temporariness of others.     

When environmental indicators are not neutral: Assessing aircraft noise assessment in Europe

This paper brings the lessons of critical thinking of environmental indicators to transport studies. To demonstrate the extent to which these indicators are not neutral, the case study focuses on airport noise indicators imposed by both the European Union and Flanders, Belgium, as they are applied to Brussels Airport's operations. Three directions have been considered. First, we unveil the spatial mismatch between protests and official noise contours that are supposed to reflect overall annoyanceand sleep disturbance. Then we highlight the high sensitivity of the mandatory noise indicators (L_den, L_night and dose-effect function) to both their definition and the thresholds considered. Second, we review the legislative process at the time the EU and Flanders adopted their regulation on noise assessment. It appears both the nature of the indicators and thresholds have been the subject of debate by EU Ministers and MPs, while Flanders has imposed a dose-effect function that is arguably outdated and unusable in specific cases. Finally, we discuss the results through the lens of the authoritative power of official noise indicators and related maps, which many journalists and scholars take for granted. All this contributes to the construction of distorted knowledge of noise issues and calls for a re-evaluation of the EU's and Flanders' noise indicators.     

双反馈晶振和石英谐振器低噪声性能的进一步研究

本文进一步探讨了有关双反馈晶振低噪声性能的问题,着重分析了石英谐振器静电容C_0对双反馈晶振电路Q倍增固子、石英谐振器Q值及净噪特性的影响。为验证上述C_0的影响,也对不同C_0的石英谱振器的相噪特性进行了测量并得到了与分析一致的结果。     

无限冲击响应数字滤波器设计软件

<正> 经营机制必须转换企业活不活,关键在于企业经营机制好不好。当前,我国许多企业经济效益滑坡,主要就是因为旧的企业经营机制管理层次过多,人浮于事现象严重,市场应变力不强等因素造成。相反,从当前实际情况看,我国一些非国营企业,包括乡镇企业、“三资”企业、私营企业,因为其本身不但是自主经营、自负盈亏,而且生产经营活动基本上是由市场调节,同市场和市场经济在客观上已经结合在一起,特别在治理整顿期间,他们不但经受住经济紧缩的考验,而且通过自觉优化结构,提高技术质量档次,反而发展得更好了。究其原因,就是因为他们的企业经营机制已经基本解决了。由此可见,转换企业经营机制已经势在必行,早转晚转都要转,早转早主动,晚转要被动,不转要受穷。     

ARE LONG-HORIZON STOCK RETURNS PREDICTABLE? A BOOTSTRAP ANALYSIS

This paper examines empirical evidence of predictability of long-horizon real and excess stock returns in the UK using univariate as well as multivariate Variance Ratio tests. In order to estimate the sampling distribution of the test statistics, artificial histories ofstock returns are generated from their empirical distribution using the bootstrap method. This allows the construction of significance levels of the test statistic which are free from distributional assumptions. The empirical results indicate that there is no evidence of mean reversion in stock prices even if a wider information set to forecast stock returns is used and that the significance of historical Variance Ratio statistics has been overstated by previous studies.