财政赤字规模应把握社会承受力限度

平衡财政赤字有举债和银行透支两个途径，二者可兼用。举债要视当期财政收入状况为前提，银行透支超越社会承受力一定限度将致发通胀。因此，必须关注财政赤字规模的社会承受力。从全国看，财政赤字规模---一定限量银行透支应以一定限量社会闲置货币资金的存在---社会承受力为依托。财政赤字宜用积极手段平衡。     

Economies of traffic density and scale in the integrated air cargo industry: The cost structures of FedEx Express and UPS Airlines

This paper examines the cost structures of the leading integrated air cargo carriers, FedEx Express and UPS Airlines. A total cost model is estimated for the two carriers using quarterly data on domestic operations and costs over a nine-year period (2003–2011). The estimated model indicates that the integrated industry exhibits increasing returns to traffic density and constant returns to scale. Accounting for carrier-specific differences in cost structure and network size, FedEx Express is found to be more cost-efficient than UPS Airlines. Looking at the carriers individually, UPS Airlines exhibits substantial economies of traffic density and constant returns to scale while FedEx Express' cost structure is characterized by weak economies of density and constant returns to scale. The combined effect of returns to density and returns to scale on the cost structures of integrated carriers is captured by economies of size. Both FedEx Express and UPS Airlines exhibit economies of size, indicating that carriers in the integrated industry can be more cost efficient by making appropriate adjustments to their network size as their output grows. Moreover, the relative cost-efficiencies of the carriers are reversed when their network-size differences are not controlled.     

基于特征增量的新类识别方法研究

在分类应用的过程中,经常会出现新的类别,导致数据分布发生显著变化,使得原分类模型不再适用。如何识别新的类别使分类模型能适应其出现已经成为一个亟需解决的问题。本文提出基于特征增量的SVDD(支持向量数据描述)新类识别方法。该方法在SVDD算法的基础上,通过增加新特征,扩大特征空间维度从而提高模型对于新类的识别能力。在多个数据集上的实验结果表明,该方法能有效识别新类,使更新后的模型具有更高的准确度。     

Corporate Cash Holding in Asia

In this paper, we analyze the determinants of corporate saving in the form of changes in cash holdings for 11 Asian economies using firm‐level data from the Oriana Database for the 2002–2011 period. We find some evidence that cash flow has a positive impact on the change in cash holdings (i.e. that the cash flow sensitivity of cash is positive) and that the positive impact of cash flow on the change in cash holdings is larger and more significant in the case of smaller and presumably more constrained firms than in the case of larger and presumably less constrained firms in both developed and developing economies. Both of these findings corroborate the importance of financial constraints in Asian firms. In addition, we find that the cash flow sensitivity of cash declined after the global financial crisis and that Tobin's q has a positive impact on the change in cash holdings, especially in the case of larger and presumably unconstrained firms.     

Listen to their heart: Why does active listening enhance customer satisfaction after a service failure?

A service employee’s active listening plays a crucial role in restoring a damaged customer relationship. However, previous studies reveal little about how listening to customer complaints operates in recovering a service failure. The purpose of this research is to explore when and why the employee’s active listening has a positive influence on customer response. We define active listening as (1) listening to customers’ concerns before apologizing and (2) verbally acknowledging them. Using scenario-based experiments, we demonstrate that active listening improves customer satisfaction, which in turn increases tip size (Study 1). Moreover, we find that active listening fosters customers’ perceptions of preferential treatment, which lead to greater customer satisfaction (Study 2). Yet, such positive effects of active listening diminish when customers are unexpectedly offered a complimentary service such as a room upgrade. The implications for academic researchers and marketing managers are discussed.     

基于能量消耗分析的乳状液液滴粒径计算关系式

在油水混输管道中,存在着大量粒径大小不一的乳状液液滴,液滴粒径及分布对油水混合液的粘度有重要影响,从而在很大程度上影响管道的压降。因此,研究乳状液液滴粒径的计算关系式对于描述油水两相的流动特性以及准确计算管道压降具有重要意义。针对4种原油,通过油水体系的乳化实验,研究了搅拌转速、温度及含水率对乳状液液滴粒径的影响。研究发现,搅拌转速增大,乳状液液滴粒径减小;温度升高,乳状液液滴粒径增大,并且在低温下增大的趋势较显著;含水率增加,乳状液液滴粒径有减小趋势,但减小的幅度不大;以火用损率来表征剪切过程中的能量消耗,建立了基于剪切火用损率分析的乳状液液滴粒径计算关系式。     

职业技能培训对农民阶层地位获得影响的实证研究

我国在由计划经济向社会主义市场经济转型的过程中,个人自致性因素对阶层地位获得的影响日益突出。在众多的个人自致性因素中,职业技能培训是最重要的个人自致性因素之一,其对阶层地位获得发挥着举足轻重的作用。笔者通过实证研究证实：职业技能培训对农民阶层地位的获得存在显著影响。为了更好地推进农民的职业技能培训,一方面要充分发挥政府、企业、社会组织和农民个人等各个方面在农民职业技能培训中的作用,建立社会协同培训的格局;另一方面,在开展农民职业技能培训内容的设计和实施时,必须充分考虑到不同培训对象的不同需求,增加职业技能培训的针对性。     

On the role of Islamic and conventional banks in the monetary policy transmission in Malaysia: Do size and liquidity matter?

This paper empirically investigates the impact of monetary policy on the credit supply of Islamic versus conventional banks of Malaysia using an unbalanced panel dataset over the period 2005-2016. While estimating the effects of three alternative measures of monetary policy on banks' credit supply, we include several bank-specific and macroeconomic variables in the specification as control variables. We provide strong evidence on the existence of the credit channel of monetary policy transmission mechanism in Malaysia. Yet, we show that Islamic banks respond considerably less to changes in monetary policy instruments as compared to their conventional counterparts. We also find that the monetary policy measures affect small-sized banks and less-liquid banks more as compared to large-sized and more-liquid banks. Our findings suggest that for an effective monetary policy, there is a vital need to consider the nature of Islamic banking while devising any monetary policy instruments to manage credit supply in the economy.     

Tick Size and Financial Reporting Quality in Small-Cap Firms: Evidence from a Natural Experiment

Using a natural experiment (the SEC's 2016 Tick Size Pilot Program), we investigate the effects of an increase in tick size on financial reporting quality. The tick size pilot program reduces algorithmic trading (AT) and increases fundamental investors’ information acquisition and trading activities. This in turn increases the scrutiny of managers’ financial reporting choices and reduces their incentives to engage in misreporting. Using a difference-in-differences research design, we find a significant decrease in the magnitude of discretionary accruals, a significant reduction in the likelihood of just meeting or beating analysts’ forecasts, and a marginally significant decrease in restatements for the treated firms in the pilot program. Furthermore, we find that the change in financial reporting quality is concentrated in treated firms experiencing decreases in AT and increases in information acquisition activities. We also find that the mispricing of accruals is significantly lower for treated firms. Taken together, our results suggest that an increase in tick size has a causal effect on firms’ financial reporting quality.     

REGIONAL ANTI‐CORRUPTION EFFORT,POLITICAL CONNECTIONS AND FIRM INNOVATION EFFORT: EVIDENCE FROM CHINA

This paper examines how firm characteristics and local anti‐corruption effort moderate the influence of political connections on enterprises’ private R&D investment using data from 2,587 Chinese A‐share listed enterprises. Our results show that the local anti‐corruption institutional environment significantly moderates the strong relationship between political connections and enterprises’ private R&D investment. Firm characteristics (i.e., firm size and firm age) also show a moderating effect on the relationship between political connection and enterprises’ private R&D investment; larger and older enterprises are more likely to have innovative resources and business cooperation partners, and thus are able to reduce their degree of reliance on political connections and government funding. The results of our study suggest the importance of having a transparent and fair institutional environment for enterprise innovation activities.