能源碳排放与环境污染空间效应研究——基于能源强度与技术进步视角的空间杜宾计量模型

本文基于空间环境库兹涅茨曲线理论探讨经济发展约束下能源强度和技术进步对大气环境的空间效应作用机理，采用探索性空间分析工具、经典最小二乘估计（OLS）、空间滞后模型（SLM）、空间误差模型（SEM）和空间杜宾--可拓展随机性环境影响评估模型（Spatial Durbin-STIRPAT Models）探索能源碳排放与大气环境污染的空间格局和空间溢出效应。实证估计结果表明，能源碳排放与空气环境污染在空间分布上表现出空间正相关性和空间集聚效应；能源强度与技术进步对能源碳排放与大气环境的空间溢出效应显著。在此基础上提出了相应的政策建议。     

Business and cyber peace: We need you!

Rarely does a day seem to go by without another front page story about a firm being breached by cyber-attackers. Even experts in the field are far from immune from the unsustainable status quo. For example, Jim Lewis of the Center for Strategic and International Studies has said: “We have a faith-based approach [to cybersecurity], in that we pray every night nothing bad will happen.” This is a difficult starting point to consider an appropriate end game. Still, it is something that firms must do since infinite investment cannot breed infinite security. This article takes lessons from the burgeoning field of cyber peace studies and applies them to private sector cyber risk mitigation strategies. With members of the C-suite on down to mailroom clerks worrying about the next attack and looking over their shoulder after a breach occurs, who wouldn’t welcome some peace of mind?     

商业判断规则对中国公司法的启示

商业判断规则是美国法院对董事注意义务审查的一项重要准则，其内容是任何人要质疑董事的决策需推翻这样一个假定：董事在知悉的基础上，基于善意并相信是为公司的最大利益而做出的决策，否则法官会尊重董事的决策。商业判断规则的产生为公司的董事和他们的行为提供了在商业决策中回避风险的安全港。与之相比，我国公司法中关于董事勤勉义务的规定过于抽象，操作性不强，可以借鉴商业判断规则对其进行完善。     

Stabilizing the market with short sale constraint? New evidence from price jump activities

We re-examine the impact of short-sale constraints (SSC) on market stabilization via realized jump activities during 2002–2009 to circumvent the reverse causality in identifying the policy effects of SSC. We observed that the abnormal downturns under tighter short sale constraints are significantly larger whereas there is no difference for abnormal upturns. Our empirical results survive across a sequence of robustness examinations controlled for market illiquidity. The findings do not support the claims by regulators that restraining short-sales can stabilize prices; instead, SSC has led to a less efficient market with stronger extreme downward returns.     

雪中送炭还是过犹不及：政府补贴对企业研发的影响

基于2013—2018年沪深A股制造业民营企业上市公司的数据，实证探讨了政府补贴与企业研发的关系。研究发现政府补贴与研发强度之间并不是简单的线性关系，而是呈显著的倒U型关系。这意味着，适当的政府补贴能够激励企业进行研发投入，但过高的政府补贴反而对企业研发投入产生了挤出效应，是无效率的政府干预行为。研究结论有助于政府重新考虑对制造业民营企业的研发补贴支持力度，以期更有效地激发企业的创新积极性，加快建设创新型国家的步伐。     

Diversification and sophistication of livestock products: The case of African countries

This study assesses the level of sophistication of livestock products in Africa by evaluating technology intensity and economic complexity of each product. Using trade data from 1995 to 2012, livestock commodity exports are classified based on technology intensity. Employing a method of reflection in computing the economic complexity of export products, we find that one fifth of African livestock commodity exports are manufactured with low technology while the rest is composed of raw materials. The results also show that the ten most complex livestock commodities represent about a third of African livestock total exports while the world level is almost double this figure. Yet African countries spend a huge share of their wealth on importing complex products. The results imply that by exporting non-complex products Africa loses nearly a third of the total value of its livestock exports. To boost the value of livestock products, African countries should exploit their untapped potential while securing the domestic market to achieve import substitution. This can be done by integrating with global value chains or developing niche markets at the regional or international markets and improving productive capabilities.     

快速城镇化地区不同生计类型农户耕地利用集约度评价 ——以上海市青浦区为例

研究目的:针对快速城镇化地区农户生计分化现象,以上海市青浦区为例,对不同生计策略类型农户的耕地利用集约度进行评价,并分析其影响因素,以期为改善农户土地利用行为、实现土地资源合理高效利用与农户生计可持续发展提供政策参考。研究方法:运用价值形态测度方法核算各生计类型农户的耕地利用集约度,以两水平方差成分模型确定耕地利用集约度影响因素。研究结果:(1)不同生计策略类型农户耕地利用集约度存在差异性,大小顺序依次为专业农业型、传统农业型、农业兼业型、非农兼业型,劳动集约度与资本集约度排序与之基本一致;(2)同一生计策略类型农户的耕地利用集约度存在相似性,耕地利用集约度的总变异中有24.32%是由农户生计策略类型不同而引起的,水平一中农业收入比重、农业补贴、耕地面积、地块平均离家距离、农户离集镇距离与水平二中是否兼业等是影响农户耕地利用集约度的显著因素;(3)模型拟合效果评价表明该方法具有可行性。研究结论:耕地利用集约度不仅与农户自身禀赋有关,而且受生计类型影响,政府相关部门应结合当地实际情况引导农户对这两方面进行调整或完善。     

LIQUIDATION IN LIMIT ORDER BOOKS WITH CONTROLLED INTENSITY

We consider a framework for solving optimal liquidation problems in limit order books. In particular, order arrivals are modeled as a point process whose intensity depends on the liquidation price. We set up a stochastic control problem in which the goal is to maximize the expected revenue from liquidating the entire position held. We solve this optimal liquidation problem for power‐law and exponential‐decay order book models explicitly and discuss several extensions. We also consider the continuous selling (or fluid) limit when the trading units are ever smaller and the intensity is ever larger. This limit provides an analytical approximation to the value function and the optimal solution. Using techniques from viscosity solutions we show that the discrete state problem and its optimal solution converge to the corresponding quantities in the continuous selling limit uniformly on compacts.     

The role of inventories and capacity utilization as shock absorbers

We examine the role of inventories and capacity utilization (of both capital and labor) for the propagation of business cycle fluctuations. We document a new set of facts regarding the U.S. cyclical regularities of inventories and capacity utilization. First, we find that capital utilization and the flows of services from both capital and labor are procyclical, and comove with the holdings of inventories. Second, we find that labor utilization is procyclical as well, but is weakly negatively correlated with inventories. We build a model that accounts for these facts, and also accounts for the stylized inventory facts, i.e., inventory holdings are procyclical, while the inventory-to-sales ratio is countercyclical. The analysis is centered on the effects of two possible shocks: preference (demand) shocks and technology shocks. Our model shows that inventories and the rate of capital utilization are mostly complements, while inventories and the rate of labor utilization are mostly substitutes. It further shows that temporary demand shocks emphasize the role of inventories as being a “shock absorber,” whereas high-persistence demand shocks, as well as technology shocks of any persistence, emphasize the role of inventories as being a complement to consumption.