基于资源环境约束下的休闲观光农业园游客满意度研究——以北戴河集发农业园为例

文章基于资源环境的约束,以北戴河集发休闲农业观光园为例,针对影响客户满意度的问题运用问卷调查法,即发放、搜集、收回和整理问卷,进行调查并数理统计。其中,高达95.8%问卷回收率,保障了问题研究所用数据的科学性、规范性和客观性。基于国、内外游客满意度的研究现状,在前人游客满意度分析模型研究基础上,根据实际所得数据建立了休闲农业观光园游客满意度分析模型——因子模型。因子模型是利用加权平均法计算权重函数的权重值,得到客户满意度的指标权重,对实际所得数据按照上述步骤处理,运用因子模型计算得到客户处于中等满意度的结论。该研究对因子模型进行了检验,证明了模型的有效性,提出了当前休闲农业发展的短板和需要提高的方面,为以后休闲农业的发展提供了侧重方向。     

Entrepreneurship and Risk Aversion

Evans and Jovanovic (1989, Journal of Political Economy 97(4), 808–827) find that wealth is an important determinant of business startups due to liquidity constraints. However, Cressy (2000, Economic Letters 66, 235–240) argues that if risk aversion is a negative function of wealth, Evans and Jovanovic’s empirical results could be spurious and the positive effect of wealth could be due to the omission of risk aversion in the regression equation. In other words, according to Cressy, one’s wealth does not have any effect on business startups once the degree of risk aversion is accounted for. This paper attempts to investigate the validity of Cressy’s conjecture. We empirically examine the effect of wealth on the transition into self-employment, while allowing for the effect of risk aversion. Our empirical findings show that Evans and Jovanovic’s (1989) results are robust, i.e., wealth has a positive effect on business startups even allowing for the confounding effects of risk aversion.     

Where Do Financial Constraints Originate from? An Empirical Analysis of Adverse Selection and Moral Hazard in Capital Markets

Despite the voluminous and growing literature on financial constraints, the origins of the constraints are hardly ever empirically analyzed. This paper offers such an analysis. We study, in particular, the empirical prevalence of adverse selection and moral hazard in capital markets using a unique survey data on Finnish small and medium-sized enterprises (SMEs). The survey data suggest that adverse selection is empirically more prevalent than moral hazard in the capital markets that the SMEs face. We also find that of the variables indicating the presence of adverse selection and moral hazard, the former has more explanatory power in regressions modeling the availability of external finance to the SMEs than the latter. Finally, we document that our proxies for adverse selection and moral hazard are inversely related to the age of firms, just like Peter Diamond’s (1989) model predicts.     

Small business survival and inheritance: evidence from Germany

This paper investigates whether small businesses face financial constraints that affect their survival. A model of moral hazard is developed in which financial constraints arise endogenously. The model predicts that higher private assets relax financial constraints and have a positive effect on the firm’s probability of survival. The empirical analysis confirms that the entrepreneur has a higher propensity to stay in business when she inherits capital. This effect is particularly strong for entrepreneurs who switch from self-employment into wage employment.

PORTFOLIO MANAGEMENT WITH CONSTRAINTS

The traditional portfolio selection problem concerns an agent whose objective is to maximize the expected utility of terminal wealth over some horizon. This basic problem can be modified by adding constraints. In this paper we investigate the portfolio selection problem for an investor who desires to outperform some benchmark index with a certain confidence level. The benchmark is chosen to reflect some particular investment objective and it can be either deterministic or stochastic. The optimal strategy for this class of problems can lead to nonconvex constraints raising issues of existence and uniqueness. We solve this optimal portfolio selection problem and investigate the procedure for both deterministic and stochastic benchmarks.     

Corporate investment and financing under asymmetric information

We develop a dynamic model of corporate investment and financing decisions in which corporate insiders have superior information about the firm's growth prospects. We show that firms with positive private information can credibly signal their type to outside investors using the timing of corporate actions and their debt-equity mix. Using this result, we show that asymmetric information induces firms with good prospects to speed up investment, leading to a significant erosion of the option value of waiting to invest. Additionally, we demonstrate that informational asymmetries may not translate into a financing hierarchy or pecking order over securities. Finally, we generate a rich set of testable implications relating firms’ investment and financing strategies, abnormal announcement returns, and external financing costs to a number of managerial, firm, and industry characteristics.     

论资本约束下商业银行如何实施战略转型

在国际金融形势的影响下,巴塞尔委员会提出了更高的资本监管要求,我国商业银行资本缺口在扩大,资本补充能力受到很多限制,对此,银行业要充分认识转型的必要性和紧迫性,加强核心竞争力,实现可持续发展。     

Failures to Deliver,Short Sale Constraints,and Stock Overvaluation

Studying a large sample of publicly available data on failures to deliver, we find that stocks reaching threshold levels of failures become significantly overvalued. Where short sale constraints are especially binding, we report extreme overpricing and subsequent reversals. These findings support the overvaluation hypothesis, although the mispricing is likely to be difficult to arbitrage because of extreme shorting costs. In addition, threshold stocks with low short interest become more overvalued than threshold stocks with high short interest. This suggests that the level of short interest reflects supply‐side effects when the examination conditions on the difficulty of borrowing shares.     

Financing obstacles and growth: an analysis for euro area non-financial firms

This paper investigates the determinants of financing obstacles (FOs) and their impact on firm growth. For this purpose, we rely on both balance sheet data and survey data for a sample of non-financial firms in the euro area. The latter allows us to devise a direct measure of the firms’ probability of facing FOs. First, our results indicate that FOs are linked to characteristics such as the age of the firm, its size, its sales level or the sector in which it operates. Second, we find that, though based on few variables, our measure of FOs appears to be relevant in explaining firm growth in four out of the five countries considered; likewise, growth is found to be positively linked to cash flow.     

粮食安全、收入约束与生物燃料替代--基于跨国面板数据的实证研究

根据2000_2010年跨国面板数据,利用随机效应tobit模型研究粮食、环境和能源对全球生物燃料替代化石燃料使用的影响。研究发现：粮食安全程度高的国家生物燃料替代程度较高,而生物燃料的过度发展有可能导致“与粮争地”和国际粮食市场价格上涨,从而危及粮食安全;碳排放强度能促进生物燃料替代水平的提高,但前提是该国具有较高的国民收入水平;能源安全考虑仅仅在发达国家内能影响生物燃料替代。相关结论为各国制定适合本国粮食安全状况和经济发展水平的生物燃料替代目标提供参考依据。