Hedging,Financing and Investment Decisions: A Simultaneous Equations Framework

We empirically investigate the interactions among hedging, financing, and investment decisions. We argue that the way in which hedging affects a firm's financing and investing decisions differs for firms with different growth opportunities. We find that high growth firms increase their investment, but not leverage, by hedging. However, we also find that firms with few investment opportunities use derivatives to increase their leverage.     

Assessing the growth-inducing impact of the Appalachian Development Highway System in southern Ohio: Did policy promote change?

The concept of “inducing growth” is typically considered an adverse consequence of a project on the land use system. In certain instances, however, the desire to induce growth and foster land use change is a focus of land use policy. Such is the example of the Appalachian Highway Development System (AHDS) program initiated by the Appalachian Regional Commission (ARC) during the late 1960s. With the goal of providing highway infrastructure to improve assess to a geographically isolated and historically impoverished region, the ADHS has added nearly 3000 miles of highway to the Appalachian landscape. The degree to which highway investment has contributed to regional growth remains a controversial point and tractable methods to quickly assess landscape change given a project of this magnitude are elusive. In this paper a portion of the AHDS trending through southern Ohio is examined using data acquired from the Landsat series of satellites. Beginning with a pre-highway condition in 1976, a 26 year time horizon, concluding in 2002, was analyzed based on a post-classification change detection methodology. Results of this investigation revealed slight, yet significant, levels of urban expansion within a 10 km corridor along the path of AHDS Corridor D/State Route 32. Beyond this buffer zone the land use system evidenced more stability, suggesting that as distance increased from Corridor D/State Route 32, reduced accessibility also reduced the attractiveness of land for urban uses. Relating these results back to the infrastructure investment policies of the ARC demonstrates that growth did result from the construction of Corridor D and supports previous findings that land development based on highway construction is extremely time-sensitive.     

中国商业银行市场结构分析——基于Panzar-Rosse模型

运用Panzar--Rosse模型这一国际上前沿的市场结构判定方法，分析中国商业银行的市场结构，发现其目前正处于垄断竞争状态，垄断性较强。在此基础上本文提出了降低市场准入门槛、改善市场竞争环境的政策措施。     

武威市凉州区农业种植结构调整的双目标优化

该文分别从经济效益最大化和生态效益最大化的目标出发,以土地资源、农作物用水量、区域各类农作物需求量和农业生产直接投入为约束条件,基于线性规划方法建立武威市凉州区农业种植业结构优化的经济效益模型和生态效益模型,并对两个模型的优化结果进行对比分析,认为以草地生态农业为生产模式的生态效益模型是凉州区实现农业可持续发展较为理想的模型。     

Accounting for Option–based Compensation: The Economic Cost Approach

The intrinsic value approach amortizes over the life of the option, the difference between the stock price on the date of the grant and the exercise price of the option. The fair market value approach amortizes over the life of the option, the market value of stock options on the date of the grant. These approaches do not reflect the changes in the option–based compensation cost after the grant date. This paper proposes an economic cost approach that not only adjusts for the changes in the value of the options during its life but also records the issuance of the stock at fair market value on the exercise date.     

江苏省耕地保护区划研究

文章以江苏省58个县级行政区为区划单元,应用主成分析法得出影响耕地保护的4个主成分,在此基础上应用聚类分析法初步得出耕地保护区,再结合定性分析最后确定六大耕地保护区。从区划结果看,与江苏省综合农业区划相一致,与客观实际能很好地吻合,说明应用综合数值分析模型研究耕地保护区划是成功的。最后,对得出的六大耕地保护区进行了简要的分析,为有计划分区制定耕地保护政策、措施提供了理论基础。     

Labour use efficiency in the Indian and Pakistani commercial banks

The Indian and Pakistani banking industry is said to have an excessive use of labour due to the significant market share of government owned banks. Both countries have undertaken a process of regulatory reform to bring about market discipline in the usage of inputs and to increase the labour use efficiency and productivity. The focus of this paper is the estimation of productivity and efficiency of labour use in the banking sectors of the Indian sub-continent. The results show that the efficiency of labour use across the Indian sub-continent is improving over time and that foreign banks are more efficient compared to domestically owned banks in their usage of labour.     

Relative Guarantees

Many real-world financial contracts have some sort of minimum rate of return guarantee included. One class of these guarantees is so-called relative guarantees, i.e., guarantees where the minimum guaranteed rate of return is given as a function of the stochastic return on a reference portfolio. These guarantees are the topic of this paper. We analyse a wide range of different functional specifications for the minimum guaranteed rate of return, hereunder both so-called maturity and multi-period guarantees. Several closed form solutions are presented.     

Issues in the estimation and application of latent structure models of choice

Our paper provides a brief review and summary of issues and advances in the use of latent structure and other finite mixture models in the analysis of choice data. Focus is directed to three primary areas: (1) estimation and computational issues, (2) specification and interpretation issues, and (3) future research issues. We comment on what latent structure models have promised, what has been, to date, delivered, and what we should look forward to in the future.     

论生态经济系统稳态

本文论述了生态经济系统非平衡稳定态的概念、特性及其实现的途径。指出生态经济系统稳态,是非平衡的,对外全面开放、激烈竞争、充分利用涨落作用,对内协同、有序、自组织、自适应、自催化、且有非线性作用和支配性、良性运转、进展演替的耗散结构状态。生态经济系统平衡的提法应被生态经济系统稳态的概念所取代。