Optimal investment with vintage capital: Equilibrium distributions

The paper concerns the study of equilibrium points, or steady states, of economic systems arising in modeling optimal investment with vintage capital, namely, systems where all key variables (capitals, investments, prices) are indexed not only by time but also by age. Capital accumulation is hence described as a partial differential equation (briefly, PDE), and equilibrium points are in fact equilibrium distributions in the variable of ages. A general method is developed to compute and study equilibrium points of a wide range of infinite dimensional, infinite horizon, optimal control problems. We apply the method to optimal investment with vintage capital, for a variety of data, deriving existence and uniqueness of equilibrium distribution, as well as analytic formulas for optimal controls and trajectories in the long run. The examples suggest that the same method can be applied to other economic problems displaying heterogeneity. This shows how effective the theoretical machinery of optimal control in infinite dimension is in computing explicitly equilibrium distributions. To this extent, the results of this work constitute a first crucial step towards a thorough understanding of the behavior of optimal paths in the long run.     

一般竞争战略理论论战、观点流派与研究展望——从割裂到融合

一般竞争战略理论对企业战略决策具有广泛而深远的影响。学者们对一般竞争战略的割裂观和融合观一直争执不休，众多研究呈现出多角度、多证据、结论矛盾和研究混乱的局面。文章通过对相关理论回顾和梳理，揭示出一般竞争战略理论割裂观存在的问题和困境，呈现融合观的理论与实证证据，提炼出混合战略的三个流派，并揭示混合战略研究的脉络和趋势。文章揭示出融合是竞争战略的趋势，实现不同战略类型的融合和竞争战略的多维体系构建，有助于厘清竞争战略研究的混乱和矛盾，打破根深蒂固的“骑墙战略”禁区思维，为企业的战略决策提供系统和多维的视角，并推动一般竞争战略从割裂化向融合化演进，特别是对现阶段的中国企业战略制定具有重要意义。     

新形势下高职后勤党建与社区党建共驻共建模式探讨

论文对高职后勤党建与社区党建共驻共建模式的背景及基础进行综述,分析加强社区党建的重要性以及社区党建工作的现状,论述高职后勤党建工作的基础、优势与促进社区共驻共建的重要性,提出高职后勤党建与社区党建共驻共建模式,并对这种共驻共建的模式提出优化思路,以期为现代党建工作提供思路,以供参考。     

Multidimensional brand equity and asymmetric risk

The authors investigate the extent to which central customer-based brand equity dimensions (Differentiation, Relevance, Esteem, Knowledge, and Energy) influence a firm’s systematic risk (i.e., beta) during both market upturns and downturns. The results demonstrate that aggregating upside and downside beta or different dimensions of brand equity masks the true associations which can be seen only in the disaggregate analyses. The authors find that Relevance and Knowledge play roles as stabilizers, showing negative relationships with both upside gains and downside risk, while Esteem plays the role of protector, showing a negative relationship with only downside losses and not influencing upside gains; Energy acts as a booster, being positively associated with a firm’s potential gains in a period of market growth without increasing the firm’s expected losses during a bad market. The positive relationship of Energy with aggregate risk could be misleading as it hides the beneficial effect of Energy as a booster. The authors also find that Relevance is the most important consideration when people make choices in bad market situations, while Energy becomes the most crucial deciding factor in good market situations. Taking advantage of the multidimensional constructs of brand equity while allowing for the asymmetrical characteristics of risk enables managers to capture the differential role of each brand equity dimension in influencing firm risks, which leads to more sophisticated strategic decisions regarding risk management. In addition to general brand strategy, the authors provide tailored brand strategies to firms from different industries or with different financial characteristics.     

Weekday seasonality of stock returns: The contrary case of China

We document that Chinese stock returns exhibit early-in-the-week effects opposite-signed to those observed worldwide. The period of analysis is 2001–2016. Dominated by individual investors, Chinese stock markets offer unique out-of-sample insight regarding the source of weekday seasonality, ascribed elsewhere to institutional investors’ trading patterns. High returns to the market and to small, speculative stocks early-in-the-week pose a refuter to the mood explanation for the conventional (negative) Monday effect. A battery of tests suggests that the patterns in the Market, SMB, and RMW factors are jointly associated with Chinese individual investors whose demand is tilted towards small, speculative stocks. Our findings point to a potential role of dominant investor type in driving weekday patterns and the RMW premium.     

Applying the counseling-learning approach to a tourism-related massive open online course

ABSTRACT

This study discusses how to apply counseling-learning (CL) principles to a particular e-learning solution for teaching a tourism-related subject via a massive open online course (MOOC). Several effective caring patterns in achieving learning-related goals and being part of a community according to the CL principles are presented and discussed using the MOOC “eTourism: Communication Perspectives” as a case study. The study underlines how the MOOC platform can act as a place for contents enjoinment and active learning. Moreover, the active role of social media for increasing the engagement of learners in the proposed activities and for developing a sense of the community is identified. In particular, Facebook and Twitter can act as places for community building and informal social interactions among learners that last beyond the completion of the course, which in turn can be a valid aid for continuing the relationships among instructors/learners and learners/learners, and for reaching new ones.     

体外孵化项目的合法会计信息失真研究——以爱尔眼科为例

新经济、新业态的发展,新商业模式不断涌现,会计信息生产者按已有的会计准则和职业判断进行确认、计量、记录和报告,路径依赖下的会计处理程序可能会形成合法性信息失真。体外孵化成为企业扩张的加速器,也是隐藏风险的“雷”,目前的会计处理程序展现了一份资产、利润都高速增长的财务报表,而交易的风险可能被隐匿。本文以运用并购基金实现体外孵化的典型案例爱尔眼科作为研究对象,通过阐述体外孵化项目投资逻辑,分析复杂的商业交易造成控制权的模糊,致使其会计信息未反映经济实质以及内含的风险,以此提示信息使用者以及为监管层提供政策建议,当前会计准则和规范滞后商业模式发展,相关部门应该更关注市场的新商业模式以及其会计处理程序和信息披露监管。     

Microdata analysis of the consequences of free trade port policy: the case of Iran free zones

ABSTRACT

Creating free trade zones as a policy to motivate new investment and improve the local economic indicators might be of some benefits. Following of this policy in Iranian major port, however, resulted vice versa by aggravating the current account balance that is higher imports and the same horizon diminished export sums. We derive the micro data of trade for the Iranian major Imam port according to code arrangements of harmonic system (HS), which permits the clustering of different goods categories. Then we extracted the sums of survey data for the years before and after Imam port became free trade zone and applied fixed effect difference in difference (DID) method to capture the heterogeneity of unobserved variables. Our control port of analysis was Rajaee port the policy did not implemented. Results show that just as Imam free port’s Current Account Balance deteriorated by increasing import and dampening of export sums.     

Does algorithmic trading harm liquidity? Evidence from Brazil

This paper provides the first evidence of algorithmic trading (AT) reducing liquidity in the Brazilian equities market. Our results are contrary to the majority of work which finds a positive relationship between AT and liquidity. Using the adoption of a new data center for the B3 exchange as an exogenous shock, we report evidence that AT increased realized spreads in both firm fixed-effects and vector autoregression estimates for 26 stocks between 2017 and 2018 using high-frequency data. We also provide evidence that AT increases commonality in liquidity, evidencing correlated transactions between automated traders.     

Death spiral PIPEs: a reconsideration of the evidence

We challenge the view that PIPEs lead to unfavourable outcomes for issuing firms. We show that structured PIPEs do not have significant negative CARs when a matched firm benchmark is used for computing CARs and when sample selection bias is taken into account. Indeed, structured PIPEs have significantly higher positive skewness, indicating superior optionality, consistent with the real option argument. We also show that the 2002 intervention by the Securities and Exchange Corporation (SEC) has led to unintended consequences, with the substitution of ‘mom and pop’ investors for hedge fund investors in the structured PIPE market.