The determinants of austerity in the European Union 2010–16

This paper aims at decteting what drove the adoption of austerity policies over the period 2010–16 in a panel of 28 European countries. Austerity is identified by year increases in the ratio between the structural primary balance and potential GDP. By means of principal component factor analysis we select the aggregate factors that might affect austerity, namely (i) fiscal consolidation (correction of high deficits and debts), (ii) market discipline (high sovereign spreads, low ratings), (iii) rule-based fiscal discipline (compliance with the Eurozone rules), and macroeconomic stabilisation (consideration for the cyclical position of the economy). Then we estimate a dynamic panel model with the system-GMM method. Results show that the most important contributions to austerity are provided by the market discipline and fiscal consolidation factors together with Excessive Deficit Procedures, with no significant role played by concomitant macroeconomic conditions. Overall, governments complied with orthodox fiscal principles and rules.     

European quanto option pricing in presence of liquidity risk

In this paper, we study the pricing problems of the European quanto options in which the underlying foreign asset is in imperfectly liquid markets. First, we assume that the dynamics of the underlying foreign asset price are affected by market liquidity and propose a liquidity-adjusted quanto model. This allows for the effects of market liquidity on European quanto option pricing. And then we derive the analytical pricing formulas for four different types of European quanto options. Finally, we empirically investigate the pricing performance of our proposed model with a European quanto construction involving the SSE 50 ETF, as the underlying asset, and the CNY/HKD exchange rate. Empirical results demonstrate that the pricing accuracy of the proposed model is markedly superior to that of the Black-Scholes quanto model. In other words, allowing for liquidity risk in the framework of European quanto option pricing can make markedly improvements in fitting the real market data. Particularly, the improvement rate is high for medium-term and out-of-the-money options. Moreover, these results are robust for different liquidity measures.     

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.     

重庆市农业科技创新资源配置效率及影响因素研究

[目的]通过分析重庆市农业科技资源配置效率及影响因素,以期对重庆市的农业科技资源的合理配置提出参考建议。[方法]构建评价指标体系,以农业科技创新资源配置环境、农业科技资源经费投入、农业科技人才储备和农业科技创新成果4个方面构成综合层,向下分16个具体指标,运用层次分析法和模糊评判综合评价重庆市农业科技资源配置效率及影响因素。[结果]重庆市农业科技创新资源的配置效率综合得分为81.08,为2级水平,其中农业科技人员流失比例较大,投入产出效率较低成为主要制约因素。[结论]重庆市农业科技创新资源的配置效率处于中等水平,合理配置农业科技人员和经费投入以及提高资源配置环境是提高重庆市农业科技协同创新资源的配置效率的关键;农业科技资金投入浪费严重和农业科技活动成果的转化率较低、农业科技人才结构和农业科技创新资源配置方式的不合理以及农业科技市场机制尚不完善是影响农业科技资源配置效率的主要因素。     

土质边坡分析中的极限平衡法与有限元强度折减法的研究

介绍边坡分析的极限平衡法与有限元强度折减法原理,比较两者优缺点。对均质土坡分别采用有限元强度折减法与极限平衡法进行计算,得到相应的安全系数和潜在破坏面,得到两种方法所得安全系数和破坏面一致的结论,应用有限元强度折减法计算是合理可行的。     

夏季车内存放时间对开封后瓶装饮用矿泉水中亚硝酸盐含量及菌落总数的影响

目的:探究夏季汽车内瓶装饮用矿泉水开封后的存放时间对水中亚硝酸盐含量及菌落总数的影响.方法:夏季将开封后的瓶装饮用矿泉水放置于汽车内,在第1 d、第3 d、第7 d和第14 d分别测定水中的NO2-含量及菌落总数.检验标准参考《食品安全国家标准饮用天然矿泉水检验方法》(GB 8538—2016)和《生活饮用水标准检验方法微生物指标》(GB/T 5750.12—2006).结果:开封后的瓶装饮用矿泉水在汽车内存放3 d后,菌落总数呈现轻微上升,其菌落总数平均值为7.5 CFU·mL-1、NO2-含量无明显变化;存放7 d后,其菌落总数、NO2-含量呈现急剧上升,其菌落总数平均值为95 CFU·mL-1,NO2-含量为0.125 mg·L-1;存放14 d后,其菌落总数、NO2-含量呈现大幅度上升,其菌落总数平均值为355 CFU·mL-1,NO2-含量为0.254 mg·L-1.结论:开封后的瓶装饮用矿泉水在夏季汽车内的存放时间为7 d时,其菌落数量仍符合《生活饮用水卫生标准》的限值(100 CFU·mL-1)要求,但接近临界值;NO2-含量不符合饮用天然矿泉水标准限值(0.005 mg·L-1),因此开封后的瓶装饮用矿泉水在夏季汽车内的存放时间接近或超过7 d时,不建议直接饮用.     

家族企业究竟是促进创新还是阻碍创新?——争论与整合

在学术界一直存在一个争论:家族涉入是促进了企业创新还是阻碍了企业创新?厘清上述争论的产生原因和影响因素,有助于解释家族企业创新研究的争论和拓展家族企业创新研究的视野。本文对近年来相关文献进行了系统地梳理,归纳出家族企业创新三个领域的研究成果:家族企业创新投入、家族企业创新产出、家族企业创新的影响因素(内部家族因素和外部环境因素),分析家族企业创新争论产生的原因,并针对现有研究存在的不足,对未来的研究提出展望。本文提出通过构建权变理论整合家族企业创新争论的研究方向,有助于丰富家族企业创新的理论研究。     

Local Government Debt,Factor Misallocation and Regional Economic Performance in China

This paper examines total factor efficiency and productivity performance by taking into account local government debt (LGD) in 31 Chinese provincial regions for the period 2000–2013. The results show that neglecting LGD may overstate economic performance in Chinese provinces. The eastern region shows better performance in single factor efficiency and total factor efficiency than the non‐eastern regions. The western region shows the worst total factor performance. The north‐eastern region is the only region that has experienced a decline in total factor performance. The state‐dominated, investment‐driven development model may help technological progress across Chinese regions but could lead to significant factor misallocation. We argue that biases towards more state‐dominated investment and land supply in less productive western, central and north‐eastern regions, at the expense of investment and land supply in more productive eastern regions, have contributed to the recent slowdown in economic growth in China. Therefore, further market‐oriented reforms in factor markets should be considered in the future.     

知识型人力资本、价值链低端生产与广西全要素生产率关系研究

对广西1996-2015年的知识型人力资本、价值链低端生产及全要素生产率进行测算,运用回归分析法研究知识型人力资本、价值链低端生产对全要素生产率的影响,结果发现：广西全要素生产率呈“两阶段”跃升特征。知识型人力资本呈 “两阶梯”增长态势,并对全要素生产率具有显著的正向效应。价值链低端生产呈 “U”型走势,且对全要素生产率的影响呈倒“U”型。进一步研究发现,中国-东盟自贸区对广西全要素生产率增长具有推动作用,但不显著。最后提出了相关对策建议。