Localisation of Industry in Chile, 1895–1967: Mining Cycles and State Policy

Mining cycles have had an enormous impact in the evolution of the localisation of economic activity, in particular of industry, in Chile. The nitrate cycle was characterised by a labour‐intensive extraction process and activity which was geographically very concentrated. The copper cycle was geographically more dispersed and its activity more capital‐intensive. We stress the role played by the State in the latter de‐concentration due to the impact of regional development policies and assess the importance of factor endowments and agglomeration economies, in the localisation of the manufacture.     

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.     

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.     

“公司+农户”的交易效率与契约选择

运用交易费用经济学、博弈论的基本原理,以"公司+农户"这一组织形式中的契约关系为研究对象,根据抵押品模型,构建了一个"公司+农户"契约选择模型,来讨论"公司+农户"经营组织不同契约类型选择及其效率,并提出改进思路及政策含义。     

虚拟企业伙伴选择方法的研究

选择正确的合作伙伴是虚拟企业组建的关键步骤之一,也是虚拟企业成功运作的首要前提。针对某一具体案例,从目前虚拟企业伙伴选择的几种典型方法入手,运用系统研究方法,对各方法的具体思路作一总结,并提出了各方法的适用范围、优势与弊端,同时,找出了它们之间的差异所在。     

动态联盟若干问题的研究

动态联盟是 2 1世纪建立的组织模式 ,它是针对建立动态联盟的关键因素———合作伙伴的选择问题提出一种新的定量分析模型———灰色评价法。该方法在灰色系统思想的指导下建立指标体系 ,运用定权聚类法综合各指标对候选企业进行评价 ,帮助企业做出正确选择     

A proposed configurable approach for recommendation systems via data mining techniques

This study presents a configurable approach for recommendations which determines the suitable recommendation method for each field based on the characteristics of its data, the method includes determining the suitable technique for selecting a representative sample of the provided data. Then selecting the suitable feature weighting measure to provide a correct weight for each feature based on its effect on the recommendations. Finally, selecting the suitable algorithm to provide the required recommendations. The proposed configurable approach could be applied on different domains. The experiments have revealed that the approach is able to provide recommendations with only 0.89 error rate percentage.     

宗地规模、城市类型与土地出让溢价——基于70个大中城市住宅用地出让数据的实证分析

研究目的:确定住宅用地出让溢价率水平与宗地规模之间的关系,比较不同规模和区位城市中这一关系的差异。研究方法:理论分析,面板数据分析。研究结果:总体上宗地规模对土地溢价率的影响呈现"倒U"型变化关系,不同规模和区位城市中这一关系有差异。人口介于500万～1 000万之间的特大城市中土地溢价水平受宗地规模的影响较为强烈,东部和中部城市中宗地规模大小对土地溢价水平影响显著,西部城市不显著。研究结论:地方政府在总量既定条件下调整宗地投放规模可在一定程度上调控土地溢价率。     

Far from the madding crowd: collective wisdom in prediction markets

We investigate market selection and bet pricing in a repeated prediction market model. We derive the conditions for long-run survival of more than one agent (the crowd) and quantify the information content of prevailing prices in the case of fractional Kelly traders with heterogeneous beliefs. It turns out that, apart some non-generic situations, prices do not converge, neither almost surely nor on average, to true probabilities, nor are they always nearer to the truth than the beliefs of all surviving agents. This implies that, in general, prediction market prices are not maximum likelihood estimators of the true probabilities. However, when more than one agent survives, the average price emerging from a prediction market approximates the true probability with lower information loss than any individual belief.     

Jensen's alpha and the market‐timing puzzle

Theory predicts that market‐timing activities bias Jensen's alpha (JA). However, empirical studies have failed to find consistent evidence of this bias. We tackle this puzzle in a nested model analysis and show that the bias contains an exogenous market component that is unrelated to market‐timing skill. In a comprehensive empirical analysis of US mutual funds, we find that the timing‐induced bias in JA is mainly driven by this market component, which is uncorrelated with measured timing activities. Measures of total performance that allow for timing activities are virtually identical to JA, even if timing activities are present in the evaluated fund. Hence, we conclude that JA is a sufficient measure of total performance.