浅谈城市道路设计

城市道路的建设发展将面临前所未有的机遇和挑战,方便快捷的交通能推动城市建设快步进入新纪元,因此城市道路规划、设计必须在可持续发展的战略原则。笔者叙述了城市道路的可持续设计要点,和城市道路相关可持续解决方案,及可持续设计理念在我国的应用现状及前景。     

A faster estimation method for the probability of informed trading using hierarchical agglomerative clustering

The probability of informed trading (PIN) is a commonly used market microstructure measure for detecting the level of information asymmetry. Estimating PIN can be problematic due to corner solutions, local maxima and floating point exceptions (FPE). Yan and Zhang [J. Bank. Finance, 2012, 36, 454–467] show that whilst factorization can solve FPE, boundary solutions appear frequently in maximum likelihood estimation for PIN. A grid search initial value algorithm is suggested to overcome this problem. We present a faster method for reducing the likelihood of boundary solutions and local maxima based on hierarchical agglomerative clustering (HAC). We show that HAC can be used to determine an accurate and fast starting value approximation for PIN. This assists the maximum likelihood estimation process in both speed and accuracy.     

Assessing Advertising Effectiveness: The Potential of Goal‐Directed Behavior

Advertising clutter and declining audience attention means advertisers need pretesting to ensure the effectiveness of their advertisements. This study uses, for the first time, a variable‐resolution display to measure viewers’ visual attention to advertising. The display features only the part of an ad that corresponds with the observer's eye gaze with high acuity, whereas the resolution of the other parts reflects the decline in spatial resolution of the human visual system. Participants keep the highest resolution area aligned with their foveal vision using manual cursor movements. In accordance with neuroscientific theory, recorded cursor movements parallel the eye gaze patterns observed in a control group. However, unlike tracking eye movements, the instrument offers a simple, unobtrusive, low‐cost, and time‐efficient way to measure the effectiveness of visual advertising. The results encourage the use of goal‐directed manual pointing movements to indicate attentional signals generated in the brain.     

Major league baseball’s Moneyball at age 15: a re-appraisal

In the 15 years since publication of the book Moneyball: The Art of Winning an Unfair Game in 2003, major-league baseball (MLB) has seen the embrace of analytics by both fans and teams. Using 45 seasons of MLB data, since the introduction of the designated-hitter in the American League in 1973, the present study validates the central premise in Moneyball regarding the importance of certain performance metrics, such as on-base percentage (OBP). The terms in our empirical model are constructed such that our results permit a straightforward comparison of the relative contribution of each factor towards MLB teams’ success in winning games. We also provide evidence indicating that MLB teams have moved to align their payrolls with Moneyball analytics in the years following the book’s publication.     

Changes in volatility of credit spread and market efficiency during rapid growth of credit-related securities

This paper investigates the changes in credit spread volatility during 1993–2001. We find that the credit spreads between junk-grade corporate bonds and Treasury bonds were significantly more volatile in the second half of this period when credit-related securities became popular. In contrast, investment-grade bonds exhibited no significant change in volatility. The junk bonds variance ratios changed from being less than one to greater than one. Using the GJR-Garch model, the conditional volatilities of junk bonds increased in the second half of the period and the mean reversion speeds slowed, suggesting a longer time for mean reversion to occur. Our analysis rules out treasury volatility, credit spread level, equity market return, T-bill rate, curvature of the Treasury curve, financial crisis, quantity of defaults and standard deviation of defaults as explanations for the increase in junk bond volatility. In contrast, volatility of equity returns provides a partial explanation of junk bond spread volatility in the later period.     

AN AXIOMATIZATION OF QUANTILES ON THE DOMAIN OF DISTRIBUTION FUNCTIONS

In an environment in which the primitive is the space of distribution functions, we characterize the quantile functions by the axioms ordinal covariance, monotonicity with respect to first-order stochastic dominance, and upper semicontinuity. We show how to characterize the VaR in a similar manner.     

University – industry collaboration in R&D: the role of labor market rigidity

We investigate how R&D university – industry collaboration (R&D UIC) is influenced by labor market rigidity. While it is well-established that an educated and skilled workforce will facilitate R&D UIC, another aspect of these alliances has been under-researched: the role of labor market rigidity, in particular the difficulties employers face in hiring and firing workers. We hypothesize that the size of the R&D labor pool in a country will encourage R&D UIC, and that the ease with which employers are legally allowed to hire and fire will directly and indirectly influence R&D UIC. Integrating data from various sources, we test our model on a sample of 73 countries for which information on the size of the R&D labor pool and labor market regulations are available. We also conduct a robustness test using a different proxy for R&D labor pool on a larger sample of 109 countries. Results confirm the strong link between a country's R&D labor pool and R&D UIC, as well as direct negative impacts of hiring and firing rigidity and an indirect negative impact of hiring rigidity. The findings have implications for managers, policy makers, and researchers of R&D collaboration between universities and industry.     

Introduction to the Special Issue on “The Intersection Between Industrial Organization and Healthcare Economics”

This article introduces the special issue on the intersection between industrial organization and healthcare economics. This intersection has received increasing research interest, growing from 2% of the industrial-organization literature in 1991 to 6% in 2016. We describe the nine included articles, which cover a range of healthcare markets that include hospital services, insurance, and pharmaceuticals.     

Time and process in business network research

This Special Issue of Industrial Marketing Management brings together a range of articles by authors who have undertaken the difficult task of researching time and process in business networks. Understanding interaction processes within a business relationship and network perspective requires the elaboration of time, the central construct by which humans grasp and comprehend change. As an introduction to the articles we present the concept of human time and delineate accordingly three methodological approaches available for the study of network processes. We also introduce the authors' contributions to the special issue that broadly divide into two groups: those that deal with methodological issues concerning the study of processes in business networks and those that consider the role of time and timing for studying business processes.     

Towards an Understanding of the Relationship between Mood,Emotions, Service Quality and Customer Loyalty Intentions

The purpose of this study was to explore the relationship between mood states, emotions, perceptions of service quality and consumer loyalty in an extended service context. A quantitative research design, using multivariate statistical techniques, facilitated the data analysis. The sample consisted of 220 students from a private university in Switzerland. The results indicated that all of the variables were significantly correlated and mood state was demonstrated to influence the way judgements were formed. The contribution of mood to explaining the variance in loyalty was however minimal.