武汉老橱窗特征解析

武汉老橱窗是当时社会生活的缩影：老橱窗是经济大潮起落的风向标,是政治风云变幻的晴雨表,是都市生活的流行时尚眼,是商店卖场的无声宣传员,是艺术空间的多彩百花园。     

Efficiency evaluation of the regional high-tech industry in China: A new framework based on meta-frontier dynamic DEA analysis

This paper proposes a new framework based on the combination of the dynamic DEA, meta-frontier analysis theory, and truncated regression model, and then focuses on the efficiency evaluation of regional high-tech industries in China. For all of the overall technical efficiency, technical efficiency, and scale efficiency scores, the east area is always in the lead, with the central and west areas obviously lagging behind. The eastern area has the highest technology level, whereas the west and central areas fall behind in turn. However, the meta-technology ratio of the west area has rapidly increased and presents a trend of catching up with the east. The variables of GRP per capital, total exports and imports, highway mileage per capita, and ratio of tertiary industry to GRP have positive relationships with technical efficiency, and the time trend exhibits a negative coefficient.     

The contribution of Western fast food to fast-growing body mass in China

The westernization of Asian countries has led to the rapid expansion of Western-style fast-food restaurants, which are believed to be fueling an unprecedented rise in body mass in these countries. This study tests this belief using longitudinal data from China. Exploiting the opening of a Western-style fast-food restaurant in a particular community, we conduct a transition analysis to make a more convincing causal interpretation than the standard cross-sectional or fixed-effects approach. Considering several measures of fatness, we find no robust evidence of Western fast food having a substantial effect overall, but there is some indication of effect heterogeneity.     

Good practices on cost – effective road infrastructure safety investments

The paper presents the findings of a research project aiming to quantify and subsequently classify several infrastructure-related road safety measures, based on the international experience attained through extensive and selected literature review and additionally on a full consultation process including questionnaire surveys addressed to experts and relevant workshops. Initially, a review of selected research reports was carried out and an exhaustive list of road safety infrastructure investments covering all types of infrastructure was compiled. Individual investments were classified according to the infrastructure investment area and the type of investment and were thereafter analysed on the basis of key safety components. These investments were subsequently ranked in relation to their safety effects and implementation costs and on the basis of this ranking, a set of five most promising investments was selected for an in-depth analysis. The results suggest that the overall cost effectiveness of a road safety infrastructure investment is not always in direct correlation with the safety effect and is recommended that cost–benefit ratios and safety effects are always examined in conjunction with each other in order to identify the optimum solution for a specific road safety problem in specific conditions and with specific objectives.     

A net stable funding ratio for Islamic banks and its impact on financial stability: An international investigation

The Islamic Financial Services Board (IFSB) is the standard setting body for the Islamic banking industry. The IFSB, while endorsing the Basel III accord, modified the criteria to calculate the Net Stable Funding Ratio (NSFR) to cater for the unique aspects of the Islamic banking industry. In this paper, we calculated the modified NSFR of 136 Islamic banks from 30 jurisdictions between 2000 and 2013 and explored the potential impact the requirements of this ratio has on the financial stability of Islamic banks after controlling for bank, country, and market-specific variables. The empirical findings suggest that the modified NSFR has a positive impact on the financial stability of Islamic banks during the sample period. However, the marginal impact of the NSFR on stability diminishes as the size of the bank increases. The results remained robust after applying an alternative measure of stability and using an alternative estimation model based on an instrumental variable approach. These results validate the use of the IFSB’s modified NSFR for Islamic banks as a regulatory measure.     

中国玉米芯资源量估算及其开发利用

文章首先采用文献考证法,确定玉米芯产量与玉米产量之比值;在此基础上,采用副产品比重法,结合玉米产量统计数据,对全国及各省(市、自治区)的玉米芯产量进行估算,并分析其区域分布;通过实地调查,结合文献综述,从原料化、饲料化、基料化、能源化的角度,系统阐述我国玉米芯资源综合利用途径。结果表明:玉米芯产量与玉米产量之比为0.21;2013年全国玉米芯资源总产量为4 590万t,相当于全国秸秆总产量的4.90%或玉米秸秆总产量的19.10%。主要分布于东北地区与黄淮海地区,产量分别为1 586.61万t与1 185.41万t,两地区合计占全国玉米芯产量的60.42%。玉米芯是我国各类秸秆资源中高值化利用率较高的种类,其原料化、基料化、饲料化及能源化利用总量达到800万t左右。食用菌基料化、新型能源化利用是提高我国玉米芯综合利用水平的基本途径。多产品联产可有效地促进我国玉米芯工业原料化利用水平的不断提升。积极开展玉米芯发酵饲料技术推广与应用可为我国玉米芯资源高值化利用开辟新途径。     

Optimal rebalance rules for the constant proportion portfolio insurance strategy – Evidence from China

The constant proportion portfolio insurance (CPPI) strategy is one of the most popular asset allocation strategies employed by guaranteed-return financial products investors. Rebalance disciplines play an important role in determining the CPPI performance in practice. This paper examines whether the selection of rebalance rules affects CPPI strategy performance in the context of Chinese equity markets and, if so, in what pattern, and whether an optimal parameter of rebalance exists. We find that, (1) the three alternative rebalance disciplines – time discipline, market move discipline and lag discipline – are indifferent in affecting the performance of CPPI strategy; (2) in terms of optimal parameters of each rebalance rule, the optimal rebalancing period for the time discipline is 3 trading days, the optimal trading threshold of the market move discipline 4%, and the optimal lag factor of the lag discipline 6%. These optimal parameters are not influenced by the length of investment.     

Value of hedge and expected returns

We demonstrate how it is possible to generate value for an investor with a hedge attached to the buy-and-hold strategy of an S&P 500 index fund. We study the S&P 500 index portfolio (not including dividends) and the value-weighted S&P 500 index portfolio (including dividends) of the Center for Research in Securities Prices for 1967:01–2011:12, using the capacity utilization and the unemployment rates in real time to determine if a hedge position should be initiated or closed. A hedge is initiated if the capacity utilization, the unemployment rate or a combination of the two signals a contraction in the real economy. The hedge position is closed if it signals otherwise an expansion. We use utility gains (Campbell and Thompson 2008), the manipulation-proof performance measure (MPPM) statistics (Ingersoll et al. 2007) and the P-Sharpe ratio (Bailey and López de Prado 2012) to evaluate the performance of a particular hedge strategy. The empirical results show that there are infinitely many hedges that can generate positive utility gains, higher MPPM statistics and higher P-Sharpe ratios.     

1000MW机组塔式锅炉水冷壁垂直段组合安装方案浅析

本文以某电厂1000MW机组塔式锅炉水冷壁垂直段组合、安装为例,介绍塔式锅炉水冷壁垂直段组合、安装方案的确定过程,以其成功安装经验,对于同类型锅炉水冷壁安装具有一定借鉴意义。     

中国棉花种植成本收益的演变

棉花是国家重要战略储备物资,历年棉花的播种面积、产量及价格,对棉花市场造成巨大影响,也影响着棉花产业的健康发展。研究棉花种植成本的变动,直接关系到棉农的经济收益。为对我国棉花种植收益的演变进行探析,文章基于1990~2013年中国棉花种植成本收益数据,运用趋势分析与比较分析法,对我国棉花种植成本收益的变化趋势进行研究。研究发现:(1)我国棉花种植成本由1990年265.63元/667m~2,增加到2013年2 177.5元/667m~2,增加了1 911.87元/667m~2,增长了7.2倍,年均增长率9.58%;(2)成本利润率由1990年的最大值102.87%,下降到2013年-9.87%的最低值,未来提高棉花成本利润率压力较大;(3)棉花出售价格变量与棉花种植的长期平均成本变量对棉花成本利润率影响显著,未来我国棉花种植是否能够获利,价格将成为关键影响因素。研究结论:(1)我国棉花种植成本收益正处于"高投入,低产出",规模报酬递减阶段;(2)棉花出售价格变量与棉花种植的长期平均成本变量,是影响我国棉花成本利润率关键变量,且棉花出售价格变量的影响更显著。研究建议:(1)完善我国棉花价格市场形成机制,避免棉花市场价格出现剧烈波动;(2)通过优化棉花生产环节,降低棉花生产成本;(3)贯彻落实国家生产补贴政策,使补贴资金及时、足额发放到户。