The impact of opacity on bank valuation during the global financial crisis: A channel analysis

Prior literature suggests that opacity in the banking industry is mainly caused by a lack of informativeness in the assessment of the quality of bank assets. Examining a sample of bank holding companies in the United States, we find that there is a negative relationship between opacity and bank valuation during the 2007–2009 global financial crisis. We further attempt to identify two potential channels through which opacity negatively affects bank valuation during the financial crisis: a cash flow channel and an expected return channel. We show that one channel flows from bank profitability, measured by return on equity and return on assets, confirming a cash flow channel, whereas an expected return channel, proxied by the implied cost of capital, only works for small banks. Overall, this study sheds light on the relationship between in-transparency and bank value discount during a global recession.     

乡村振兴视角下商业养老保险对土地流转影响研究

基于世代交叠理论和劳动闲暇理论以及CFPS数据,从商业养老保险的投保情况与收入情况两个层面实证分析商业养老保险对土地流转的影响。结果显示：商业养老保险一方面通过提高家庭养老保障水平的方式影响家庭参与土地流转的意愿,另一方面通过增加转移收入的方式影响家庭土地流转规模。参保商业养老保险对于土地流转意愿的影响还存在地区差异。     

Altruism and the Economic Values of Environmental and Social Policies

Altruism is a type of non-use value which can have different definitions depending on the type of goods entering the utility function of the altruists and their expectations about the contributions of others. The purpose of this paper is to measure the trade-offs between different types of altruist values originating from social and environmental policies. Environmental policies are concerned with reducing health effects from a power plant while social policies involve both the attainment of public facilities for education and leisure and an increase in the income of the affected population. The empirical application utilizes a choice experiment technique which allows for valuation of multiple goods. Health effects are decomposed into the values of the risk of becoming ill, the duration of the episodes and the limitations imposed by illness. Altruist values are elicited from a population that is not affected by pollution. Results show that altruism is significant for policies directed to reducing health effects and improving the income level of the affected population, whereas there is egoism for a policy aimed at improving public facilities in the polluted suburb. The value of altruism is significantly influenced by the expectations of net benefits to be received by the affected population.     

地价杠杆在城市经营中的调控作用——以南京市为例

本文紧密结合经营城市这个热点问题，首次系统地阐述了地价杠杆在城市经营中的重要作用。并结合南京市1998－1999年的土地出让实际工作成果，运用文中提出的观点，设立不同的口径进行详细分析与对照。通过综合分析与尝试，一方面，说明地价杠杆在政府经营城市的过程中具有不可替代的地位；另一方面，城市政府完全可以运用地价杠杆的经济特性，趋利避害，更好地促进国民经济的健康有序发展。     

城市住宅用地空间扩张机制与调控对策

城市住宅用地空间扩张的必然性与土地资源的稀缺性这一对矛盾,在城市化进程迅速推进的今天显得尤为尖锐,如何实现城市居民居住质量的提高与城市土地资源的可持续利用成为迫切需要解决的问题。文章总结了我国当前城市住宅用地扩张的特点,从经济、制度、技术以及人为干预四个方面对我国当前城市住宅用地空间扩张机制进行了解析,并对城市住宅用地空间扩张过程所出现的问题提出了相关调控措施。     

A bioeconomic model for estimating the optimal level of deer and tag sales

This paper presents a dynamic model that determines the optimal number of deer hunting permit sales, subject to the objective of maximizing the discounted economic benefits stream from both the consumptive and nonconsumptive uses of deer. This bioeconomic model integrates economic benefits estimated using the dichotomous choice contingent valuation method with biological growth constraints on deer. Using a hunting zone in California as a case study, the model found that the optimal levels of buck hunting permits sold should change on a rotational basis over time and that the current practice of not selling doe hunting permits for that zone is non optimal.     

Preferences in the Future

Environmental economics has been much occupied with the discount rate, which is the value of future costs and benefits relative to present costsor benefits. But at least as important is the question of whatshould be discounted, that is, what the value of those future environmentalbenefits is to future generations. This paper analyzes the role for futurepreferences and discusses the state of knowledge. I argue that theappropriate discount rate is the market one, and that the real problemis determining future willingness-to-pay. This approach makes clearerthe connection between discounting and the valuation debate.This paper focuses on two features that have been prominent in that debate:existence value and reference dependence. I argue that thereis a vital connection between the two constructs and that this link yieldsimportant implications for future willingness-to-pay.     

Nonresponse in Contingent Valuation-reducing uncertainty in value inference

This paper focuses on problems associated with nonresponse in Contingent Valuation surveys. The results from a telephone follow-up survey show that value inference can be considerably improved by information on nonrespondents' attitudes.     

基于能值理论的整理区土地集约利用研究

土地作为不可替代的稀缺经济要素,其空间位置的不可移动性、使用的排他性,决定了我们在土地利用过程中,必须集约利用。本文利用能值理论,分析整理区农业生态系统的能值结构变化,进而反映土地整理的土地集约利用效果。研究结果是土地整理工作较大地改善了项目区农业生产条件,项目区总能值投入比整理前提高了25%,净能值产出率提高了11%,能值使用强度提高了25%,提高了土地生产力和土地资源的集约利用水平;暴露的主要问题是化肥的使用量较大,有机肥投入比例较低,建议应加大对农家肥的投入,提倡种植绿肥,以利于土壤有机质的保持,为农业持续发展提供物质基础。     

岩溶山地土地整理模式研究

西南岩溶山地是典型的脆弱生态环境,与经济发达地区相比,有其自身的土地资源特点、生态特点和社会特点。文章以此为基础,提出岩溶山地土地整理的原则、思路,认为岩溶山地的土地整理应从高标准基本农田建设、阶梯式还林退耕和辐射式生态重建、实行土地双轨制、直接对农户投资着手等,提出不同空间尺度如县市、乡镇、村组、农户土地整理的具体模式。非耕地资源开发是岩溶山地土地整理的重点。