产业转型升级示范区高质量发展的大数据分析

2017、2019年,国家发展改革委、科技部、工业和信息化部、自然资源部、国家开发银行在全国分两批遴选创设了20个产业转型升级示范区。以第一批12个示范区为对象,通过社会媒体报道和地方政府工作报告大数据分析,研究其在探索传统产业改造、新兴产业发展、绿色发展、园区建设、产业集聚、以及优化营商环境、融入国家战略、加强区域协作等方面的建设成效和典型经验,可以发现,推动国家产业转型升级示范区高质量发展,应因地制宜谋划示范区发展定位,依据功能定位实施差异化产业战略,进一步完善示范区评估考核指标体系,充分发挥中央预算内投资激励导向作用。     

探讨基础设施PPP项目的全生命周期的动态项目管理

当前,PPP模式不仅在我国基础设施建设中发展前景良好,同时在很多国家得到了广泛应用。相比传统的工程项目建设模式,PPP项目具有风险因素复杂和风险较大的特征,因此,PPP项目的成功会在很大程度上受动态项目管理的有效性影响。对项目管理来说,尤其是动态项目风险管理,应贯穿于PPP项目的全生命周期,而只有实现全生命周期的动态风险管理,才能使PPP模式在我国基础设施建设领域中成功利用。     

The impact of dual network structure on firm performance: the moderating effect of innovation strategy

ABSTRACT

Firm innovation is embedded in a collaboration network among researchers and a knowledge network composed of knowledge elements; the two networks are decoupled. Guided by social network theory, this study puts forward the definition and the classification of firm dual network structure, probes into the influence of dual network structure on firm performance, and explores the alignment between innovation strategy and firm dual network structure. We conduct an empirical study of 183 listed companies in China from 2004 to 2018. It is found that the four types of dual network structure all have positive impacts on firm performance, and the impact of a collaboration network is slightly higher than that of a knowledge network. Besides, innovation strategy plays a positive moderating role in the relationship between dual network structure and firm performance. Our findings provide new ideas for firms to identify and optimise knowledge and collaboration network structures and match them with innovation strategy to improve performance.     

Household responsibility system and China's agricultural Growth revisited: Addressing endogenous institutional change

The rise of the Household Responsibility System has been widely viewed as a significant contribution to China's agricultural growth. However, this empirical conclusion is rested upon a convenient but doubtful presumption that the process of institutional change, also known as decollectivization, is exogenous. We contribute to this literature by explicitly recognizing the endogeneity of institutional changes, and exploit exogenous variations in lagged weather shocks and initial fixed assets for consistent estimation. With improved data on irrigation, mechanization, weather and institutional changes in a provincial panel data during 1970–1987, the results of panel instrumental estimations reveal that the Household Responsibility System had a significantly positive effect on China's agricultural growth, which was larger than indicated by OLS estimates that suffer from adverse selection and attenuation biases.     

Optimizing a portfolio of mean-reverting assets with transaction costs via a feedforward neural network

Optimizing a portfolio of mean-reverting assets under transaction costs and a finite horizon is severely constrained by the curse of high dimensionality. To overcome the exponential barrier, we develop an efficient, scalable algorithm by employing a feedforward neural network. A novel concept is to apply HJB equations as an advanced start for the neural network. Empirical tests with several practical examples, including a portfolio of 48 correlated pair trades over 50 time steps, show the advantages of the approach in a high-dimensional setting. We conjecture that other financial optimization problems are amenable to similar approaches.     

Security regulations,access to capital markets,and firm performance: Evidence from China

This study explores the cost of security regulations in China, where firms are required to meet a certain profitability benchmark before applying for permission to raise more equity via secondary equity offerings (SEOs). Using a difference-in-differences setting, we show that firms affected by the regulation (i.e., firms with high external financing demands (EFD) but profitability lower than the regulatory requirement) significantly underperform their counterparts, while unaffected firms do not. The affected firms’ performance decline increases (decreases) when the requirement of profitability is more (less) restricted. Consistently, the three-day cumulative abnormal return (CAR) of firms with high EFD is significantly negative (positive) when the regulation is tightened (loosened). Our study provides evidence on how the cost of regulation affects companies that have growth opportunities.     

Financial econometrics,mathematics, statistics,and financial technology: an overall view

Review of Quantitative Finance and Accounting - Based upon my experience in research, teaching, writing textbooks, and editing handbooks and journals, this review paper discusses how financial...     

NONRESIDENT POSTSECONDARY ENROLLMENT GROWTH AND THE OUTCOMES OF IN‐STATE STUDENTS

We study the effects of exposure to nonresident students on the outcomes of undergraduate in‐state students during a period of high nonresident enrollment growth at the University of Missouri‐Columbia. Our models leverage within‐major, cross‐time variation in nonresident exposure for identification. We find no evidence that increased exposure to domestic nonresidents affects in‐state student outcomes and our null results are precisely estimated. We find evidence of modest negative impacts on in‐state students when their exposure to foreign students increases using our preferred specification. However, the identifying variation in exposure to foreign students in our data is limited and this result is not robust in all of our models. (JEL I23, I28, R23)     

Does high‐speed rail connection really promote local economy? Evidence from China’s Yangtze River Delta

High‐speed rail (HSR) has led to a transportation revolution in China. This paper uses the county‐level panel data of China’s Yangtze River Delta to investigate the effect of HSR connection on local economy. To address the issue of endogenous HSR route placement, we use a straight‐line strategy to construct potential HSR connection variables as instrumental variables of the actual HSR connection. Both the difference‐in‐differences and instrumental variable methods show that HSR connection impedes local economy, especially in peripheral regions. The impediment effect is channeled through population reallocation from peripheral to core areas and the restructuring of industries.     

Perioperative inhaled corticosteroids treatment is associated with decreased length-of-stay and direct medical costs in high-respiratory-risk surgeries

Abstract

Aims: To examine the impact of perioperative inhaled corticosteroids (ICS) on length-of-stay (LOS) and costs among patients receiving high-respiratory-risk surgeries.

Methods: Adult patients who underwent high-respiratory-risk surgeries in 2015 were identified in the Tianjin Urban Employee Basic Medical Insurance database. Patients were grouped into ICS or non-ICS cohorts according to whether they received ICS during the perioperative period of the index hospitalization. Propensity Score Matching was performed to create matched pairs between two cohorts. The impact of perioperative ICS on LOS and direct medical costs was estimated by negative binomial model and generalized liner model.

Results: Eight hundred and twenty-one hospital stays with high-respiratory-risk were selected in the ICS cohort and another 821 stays in the non-ICS cohort were matched. The mean LOS was 13.0 (±0.3) days in the ICS cohort, which was significantly lower than the matched non-ICS cohort. Patients with thorax and ear-nose-throat surgeries had a significant decrease in LOS in the ICS cohort compared to the non-ICS cohort, with a mean decrease of 5.5 and 1.1?days, respectively. In adjusted analyses, perioperative ICS treatment was associated with shorter LOS, lower total, and respiratory-related costs (reductions of 10.1%, 7%, and 5.3%, respectively) after controlling for demographic, clinical, and hospital characteristics.

Limitations: Some respiratory risk factors such as living behavior and environment were unable to be captured and respiratory-related costs might be underestimated, limited by claim data. Lastly, caution should be taken when generalizing the results to other populations, as only patients with moderate-to-severe surgeries on the thorax and above were selected in this study.

Conclusions: Perioperative ICS treatment was associated with decreased LOS and lower costs for patients undergoing high-respiratory-risk surgeries in China.