The restructuring of the institutional real estate portfolio in the UK

Real estate investment portfolios of financial institutions have seen dramatic changes over the last three decades or more. Historically such property investment decisions have been seen within a portfolio diversification paradigm that has sought to balance risk and return. This paper considers the role of the supply of assets in the determining and constraining the UK institutional portfolio. The supply of real estate assets not only expands during property booms but has also been transformed by a long term urban development cycle as cities adapt to cars and the ICT revolution that has brought new property forms. The research examines long term trends in investment change by disaggregating into ten property forms rather than the usual three land use sectors. It then assesses to what extent investment patterns can be explained in terms of portfolio theory, short term net returns of individual sectors or driven by the supply of real estate assets. It concludes that the supply of real assets is an overlooked explanation.     

The Variegated Financialization of Housing

There is a small but growing literature on the financialization of housing that demonstrates how housing is a central aspect of financialization. Despite the varied analyses of the financialization of housing and the importance of housing to financialization, the relations between housing and financialization remain under‐researched and under‐theorized. The financialization of housing is not really a specific form of financialization, transcending as it does a number of different forms of financialization. Housing systems, in particular, vary widely across the globe, which implies that housing financialization will be inherently variegated, path‐dependent and uneven. In this introduction to the symposium, I will discuss how the articles to follow contribute to the literature on the financialization of housing. Housing has entered a post‐Fordist, neoliberal and financialized regime. Increasingly, both mortgaged homeownership and subsidized rental housing are there to keep financial markets going, rather than being facilitated by those markets. There is little evidence that the global financial crisis has resulted in any de‐financialization of housing. There are common trajectories within uneven and variegated financialization, rather than radically different and completely unrelated forms of housing financialization.     

Estimating the value of generic entry and intellectual property litigation in the pharmaceutical market

In this study, we examine the relationship between, and implications of, the market entry and intellectual property litigation of brand name and generic pharmaceuticals from 2003 to 2012 in Japan. We focus on the effects of a firm’s litigation behavior on market competition, including not only anticipated damage and injunction costs but also reputation and reliability costs. The results show that market entry of generic pharmaceuticals decreases market sales of brand name pharmaceuticals by 45%. However, in the case of intellectual property rights, litigation increases market sales of branded pharmaceuticals by 120%.     

知识产权壁垒研究综述

在国际贸易往来中,知识产权作为贸易保护主义的一种工具被发达国家越来越频繁地使用,形成了一种新型的贸易壁垒即知识产权壁垒,随着贸易摩擦的频率与次数逐渐增多,其对贸易国家尤其是发展中国家构成了较大的威胁与障碍。立足于我国实际,通过结合国内外学者最新研究成果对知识产权壁垒研究进行梳理与总结并得出启示,提出我国相关产业与企业应客观看待并积极应对知识产权壁垒,不断提高自主创新能力与国际竞争力。     

技术性贸易壁垒与中国高技术产品出口——基于扩展贸易引力模型的经验分析

本文基于扩展的贸易引力模型，使用2000~2015 年中国同22 个贸易伙伴国的面板数据，并引入和技术性贸易壁垒以及高技术产品密切相关的知识产权保护这一变量，实证考察进口国TBT 对中国高技术产品出口的影响。结果表明：（1）进口国实施 TBT 或进行知识产权保护均会抑制中国高技术产品的出口，但抑制作用并不显著；（2）若进口国将TBT 和知识产权保护相结合形成更为隐蔽的技术性贸易壁垒，将会显著抑制中国高技术产品的出口；（3）中国高技术产品出口呈现行业差异，其中医药制造业受到的抑制效应最大；（4）由于技术模仿和产品同质化现象的存在，中国高技术产品出口会在中高收入国家遭遇更为严重的TBT，对出口的抑制效应会更大。中国应将知识产权保护政策作为应对进口国TBT的一种补充，在保证高技术产品贸易健康发展的同时推动出口产业向中高端发展。     

菱角壳的化学成分和药理活性研究进展

近年来对菱角壳的研究主要分为化学成分和药理活性研究两个方面,其中化学成分方面的研究可以概括为生物碱、酚酸类、萜类和甾体、多糖类、黄酮类5个方面;药理活性方面的研究可以概括为抗癌活性、抗氧化活性、降低α-葡萄糖苷酶活性、保肝护肝活性、抗菌活性5个方面。目前在化学成分方面的研究较弱,从研究结果来看,没食子酸及其衍生物是菱角壳的主要药用成分。最后就菱角壳的开发利用提出了几点建议。     

乡土正当性与法律正当性在林权纠纷中的博弈——基于桂南两县一区的实地调查

通过背景梳析,在对林权纠纷中地方政府、国有林场、农户的调查后发现乡土正当性和法律正当性在当地林权纠纷中存在冲突,通过分析得出当前的林权纠纷问题具有普遍性和复杂性的基本特征;从制度经济学的产权角度和农户增收角度来看,农户的土地产权应得到维护。     

多渠道增加陕西省农村居民财产性收入研究

文章在分析陕西农民增加财产性收入渠道现状的基础上,具体分析了制约陕西农民多渠道增加财产性收入的因素,进而研究了多渠道增加农村居民财产性收入的措施:构建农民产权制度保障、健全市场机制、培养现代农村人力资本、发展农村集体经济、完善农村社会保障制度及充分发挥政府规范和引导作用。     

A network approach to modeling the multi-echelon spare-part inventory system with backorders and interval-valued demand

A multi-echelon inventory system implies the existence of a hierarchy of stocking locations, and the dependence and interaction between them. We consider a multi-echelon, spare-part inventory management problem with outsourcing and backordering. The problem is characterized by deterministic repair time/cost, and supply and demand that lie within prescribed intervals and that vary over time. The objective is to minimize the total inventory and transportation costs. We develop a network model for problem analysis and present a network flow algorithm for solving the problem. We prove that the Wagner-Whitin property, known for the lot-sizing problem, can be extended to the spare-part inventory management problem under study.     

花土沟油田化学防砂技术研究与应用

分析了花土沟油田油井出砂特征,并根据花土沟油田地层特点制定了合理的防治措施,采用GFY-DMP低聚物进行了化学防砂现场试验,其恢复产能效果明显,防砂有效期长。