香港金融体系对大陆金融体系的重要性(英文)

本文由上海要建立国际化的金融中心开始,讨论了香港金融市场现在的优势,以及香港金融市场对中国金融体系改革的重要性,在本文的最后,作者给出了结论。     

The role of family decision makers in festival tourism

This study assessed the role of family decision makers in participating in a festival according to five stages of festival participation. A survey process was conducted using two sampling groups: the sample for families with children and the sample for families without children. According to the results of the study, a number of marketing implications were generated. For example, the husband was revealed to more actively join transportation-related activities including driving, deciding travel routes, automobile safety checks, and filling up with gasoline. The wife was a strong decision maker in selecting restaurants or menus in the festival tourism management process. Likewise, the role of the wife is very significant, from suggesting the festival participation at the first stage to determining a revisit to the festival at the last stage. However, the children or joint decision-making patterns were not distinctive as they are said to be in other tourism literature. Findings of the study are expected to offer valuable insights for all festival stakeholders including festival vendors, local government, local residents, and festival organizers.     

农村金融发展:现状、问题及对策——以吉林省辽源市为例

本文以辽源市农村金融体系建设现状为基础,通过对农村金融发展新特点的研究,深入挖掘目前农村金融体系建设的新问题,进而借鉴国际的先进经验,探讨中国在后危机背景下,如何发展农村金融,进一步提出促进农村金融发展的相关建议。     

Inducing Downstream Selling Effort with Market Share Discounts

Loyalty discounts and rebates are pricing schemes that offer incentives to buyers for reaching or exceeding certain sales thresholds. In the case of market share discounts, thresholds are expressed as a percentage of the buyer’s total purchase requirements. Although market share discounts may have exclusionary effects under certain circumstances when a seller has significant market power, there are plausible non‐exclusionary reasons for offering them as well. Two such reasons – rent extraction and inducing downstream selling effort – are explored in this paper. The paper considers the case of a manufacturer who sells a differentiated good through a network of heterogeneous, non‐exclusive retailers. The manufacturer offers market share discounts to induce non‐contractible selling effort such as brand‐specific information or customer service from those retailers who possess certain unobservable characteristics. In some instances, market share discounts induce increased selling effort and improve market performance as compared to linear pricing. In other instances, they have no effect on aggregate benefits, but merely shift the rents created by induced selling effort upstream to the manufacturer. In no instance, as long as the producers of substitute goods retain sufficient sales to remain viable, do market share discounts impair market performance.     

Sustainability and the reconstruction of academic finance

It is now widely acknowledged that tackling the ongoing global economic, social and ecological crisis will require to redefine simultaneously the existing criteria for the allocation of capital, the modalities of corporate governance, and the mission of organizations. The present special issue hence attempts to discuss new practices, remove existing epistemological obstacles to a paradigmatic diversification in finance, and carve out innovative paths for financial research.     

基于矿业监管博弈的激励约束机制研究

资源型城市地方政府在执行矿业监管权时，通常由于信息不对称及矿业政策执行力度范围限定与中央政府博弈。基于由此导致的矿业生产外部性，通过分析中央政府与地方政府各自的目标偏好和效益函数，利用经济博弈论和矩阵对策，试图寻求矿业监管存在问题的原因。文章尝试在利用行为经济学“前景理论”建模的基础上，借助贝叶斯理论分析，提出贝叶斯风险成本诱导机制，进而得出在该机制的激励约束下矿业监管倾向于帕累托有效。文章最后结合研究结论给出政策建议，为制定我国的能源资源开采政策提供了重要的理论参考。     

2008全球金融市场状况及预期

金融创新在全球经济一体化的背景下把全球金融联系在了一起是美国金融危机升级为全球金融危机的重要原因,这次金融危机给各国经济和金融市场造成了巨大损失,其负面影响在短时间内不会消除,并会不断向实体经济蔓延.由于当今全球经济一体化,中国不会成为金融危机中的安全岛,一系列的经济发展问题将会受到影响.     

Kalecki on money and finance

It is argued that Kalecki had a greater appreciation of the role of the monetary sector than has been generally recognized, and that Kalecki presented ideas which can be seen as now embedded in the structuralist post Keynesian analysis of endogenous money and in the circuitist approach. Six key features of Kalecki's monetary analysis are identified. The paper outlines Kalecki's dismissal of the ‘Pigou effect’ and the ‘Keynes effect’, and then discussion the relationship between the ‘principle of increasing risk’ and the nature of the supply of credit. It discusses interest determination in Kalecki's writings and the manner in which he distinguished different types of money.     

Simple formulas for standard errors that cluster by both firm and time

When estimating finance panel regressions, it is common practice to adjust standard errors for correlation either across firms or across time. These procedures are valid only if the residuals are correlated either across time or across firms, but not across both. This paper shows that it is very easy to calculate standard errors that are robust to simultaneous correlation along two dimensions, such as firms and time. The covariance estimator is equal to the estimator that clusters by firm, plus the estimator that clusters by time, minus the usual heteroskedasticity-robust ordinary least squares (OLS) covariance matrix. Any statistical package with a clustering command can be used to easily calculate these standard errors.     

Application of the Theory of Planned Behavior to green hotel choice: Testing the effect of environmental friendly activities

The present study proposed and tested Ajzen's Theory of Planned Behavior (TPB) model to explain the formation of hotel customers' intentions to visit a green hotel. The findings showed the TPB model has a good fit to the data and better predictive power for intention than the Theory of a Reasoned Action model. Based on theoretical support and suggested modification indices, a refined TPB model was developed. Consistent with the theory, the results of a structural equation analysis revealed that attitude, subjective norm, and perceived behavioral control positively affected intention to stay at a green hotel. Further investigation indicated the paths between these predictors and intention did not statistically differ between customers who actively practice ecofriendly activities and those who are not often engaged in environmentally conscious behaviors in their everyday lives. Implications and suggestions for future research are discussed.