The Effect of House Price on Stock Market Participation in China: Evidence from the CHFS Microdata

This is an empirical study on the effect of house price on stock market participation and its depths based on unique China Household Finance Survey (CHFS) data in 2011 and 2013 including 36,213 sample households. We mainly found that, with an increase of one thousand RMB per square meter in macrohouse price, the probability to participate in the stock market will increase by 5.4% before controlling for wealth effect and 2.84% afterwards, indicating the existence of wealth effect. The participation depths of the stock-total asset ratio are expected to decrease by 0.23%, and absolute stock asset is observed to decrease by 5.8 thousand RMB in response to one thousand RMB increase of per square meter house price. The effect of house price on participation decision is also related to housing area, and the negative effect of house price on stock market participation depths gets more intense with the increase of the stock-total asset ratio.     

Pro-poor birth coverage and child health in Africa

This paper explores which African countries had relatively low rates of underweight children and relatively high birth coverage (percentage of births with a skilled attendant) in the poorest quintile. Swaziland and Rwanda emerged as relatively ‘pro-poor’ in that both measures were more than one standard deviation better than predicted by GDP per capita. Unlike Swaziland, Rwanda’s status as an outlier was eliminated in regressions controlling also for urbanisation, medical professionals per 1000 people and health spending, suggesting that its pro-poor outcomes were related to these factors. AIDS funding may have helped Swaziland provide primary health care to the poor, but its high birth coverage preceded the HIV epidemic. Although relatively pro-poor in international terms, Swaziland and Rwanda emerged as relatively unequal by the CIX measure of health inequality with regard to percentage of underweight children across quintiles. It is important not to conflate relatively equal with relatively pro-poor health outcomes.     

基于物联网技术的智能购物车设计

为了有效解决超市中出现的排队等待结账难、手推购物车不方便、寻找目标商品难等问题,设计了基于超高频率射频识别技术和超宽带室内定位技术,并辅以手机网页和云端大数据库完成的智能购物车系统,在车载自助结账系统、购物车智能跟随系统、云端大数据库自主导航系统3个方面做了突破。首先,顾客进入到超市之后,只需要扫码领取一辆智能购物车,然后便可以在手机上完成对购物车的操控,同时手机的网页也会实时显示顾客的购物信息,最后,顾客不再需要排队等待结账,只需要在手机网页上完成支付即可。设计结果表明,智能购物车可以有效解决超市中存在的问题,实现购物过程的全自助。设计方案可应用于智能超市,取代传统超市的人工结账和导购,可以有效缓解超市人员的工作压力。     

Do Firms Use M&A Business to Pay for Analyst Coverage?

We find that acquirers in merger and acquisition (M&A) transactions are more likely to hire as advisors investment banks that provided analyst coverage for the acquirer prior to the transaction. We also find that compared to a matched control group of banks, the advisor banks are less likely to terminate and more likely to initiate analyst coverage of the acquirer after the transaction. Finally, the advisor banks that initiate coverage after the transaction collect higher fees. These findings suggest that firms value analyst coverage and use M&A advisor appointments and advisor fees to compensate for it.     

一种基于能耗均衡的ZigBee网络高效混合路由算法

针对目前ZigBee网络混合路由算法寻找开销偏大、能耗不均的问题,提出一种高效混合路由算法（EHCA）。通过采用跨层泛听与优先使用深度大、剩余能量多的节点进行路由的方式,减少部分泛洪寻路分组的转发,均衡节点能耗。仿真结果表明,EHCA的节点能耗均衡、路由开销和网络寿命等性能均优于混合路由算法和树路由算法。     

乡村振兴政策落实跟踪审计四维审计模式构建——以公共政策评估标准为视角

乡村振兴政策落实跟踪审计是国家审计发挥监督保障治理效应、服务乡村振兴重要而有效的监督方式,是实现乡村治理现代化的重要组成部分。但政策落实跟踪审计在实践中未能做到对乡村振兴审计监督的完全覆盖。针对这一局限,本文首先对借鉴公共政策评估标准构建乡村振兴政策落实跟踪审计四维审计模式的可行性进行分析,然后以公共政策评估标准的形式、事实和价值维度为基础并加以拓展,构建基于公共政策评估标准的乡村振兴政策落实跟踪审计的形式(事前)、事实(事中)、价值和受众(事后)四维审计模式,提出一种涵盖乡村振兴政策落实事前、事中和事后全流程的全覆盖跟踪审计观,以实现乡村振兴政策落实跟踪审计全覆盖,最大限度地促进和保障乡村振兴战略应然目标的生成与显现。研究旨在为审计机关大力推进乡村振兴政策落实跟踪审计全覆盖提供理论基础、实践启示与参考借鉴。     

一种超宽带与惯导融合的LSTM室内定位算法

针对复杂环境下的室内高精度定位需求,提出了一种超宽带和惯导融合定位方案。结合位置估计过程可被划分为时间序列预测问题的特点,提出了一种基于长短时记忆(Long Short Term Memory,LSTM) 网络的联合定位算法,并对其总体架构设计、数据预处理方法、网络结构设计、模型训练方法进行了研究。在此基础上,通过仿真和实测实验对联合定位算法进行验证,实验结果表明,该LSTM神经网络联合定位算法的定位精度优于传统TOA(Time of Arrival)、UKF(Unscented Kalman Filter)联合定位算法,适用复杂室内定位。     

Evaluating the accuracy of value-at-risk forecasts: New multilevel tests

We propose independence and conditional coverage tests which are aimed at evaluating the accuracy of Value-at-Risk (VaR) forecasts from the same model at different confidence levels. The proposed procedures are multilevel tests, i.e., joint tests of several quantiles corresponding to different confidence levels. In a comprehensive Monte Carlo exercise, we document the superiority of the proposed tests with respect to existing multilevel tests. In an empirical application, we illustrate the implementation of the tests using several VaR models and daily data for 15 MSCI world indices.     

Analyst coverage and stock return synchronicity: evidence from regulation changes in China’s IPO market

This article investigates the relation between analyst coverage and stock return synchronicity in the IPO market. Using a unique data set in China from 2005 to 2012, we find a significantly different effect of analyst coverage on synchronicity before and after the implementation of important 2009 IPO regulation changes in China. Specifically, we document that analyst coverage reduces synchronicity but that this effect is significant only after 2009. In addition, we extend this research to further distinguish the information production role of underwriter and independent analysts. We find that prior to 2009, underwriter analysts’ coverage decreases synchronicity but independent analysts’ coverage does not. However, in the post-2009 period, both types of analyst coverage are significantly and inversely associated with synchronicity. Overall, our results support analysts’ role as producers of firm-specific information in an emerging IPO market and shows that this role depends on the institutional environment.