A Conversation with John C. Gower

Editors' Note: This conversation covers the extensive contributions of John C. Gower to statistical methodology, computing and applications. It also touches on the pioneering development of statistical computing at Rothamsted Experimental Station and the relevant work of Frank Yates, John Nelder and others who were at Rothamsted. See also the accompanying paper by John Gower (1985) on developments in statistical computing at Rothamsted (see Note 1) and the epilogue from Roger Payne.     

静载弯曲试验在预应力混凝土筒支梁中的应用

预应力混凝土简支梁静栽弯曲抗裂试验（简称静栽试验）是混凝土结构性能试验的主要内容。是检验梁体性能的关键项点和综合指标的重要手段。目的是通过静栽试验客观地评价梁场的技术水平和生产水平。     

Does illiquidity matter in residential properties?

No, it does not, despite the general perception that illiquidity matters in real estate. As expected, our evidence shows that the illiquidity costs for the U.S. residential properties are large. The costs are equivalent to 12% of the total property returns on average, ranging from 9.5% to 29.5% of property prices depending on the illiquidity level and market conditions. However, when amortized by holding periods, monthly illiquidity costs are on average 0.08%, and illiquidity risk does not appear to be priced in residential properties; illiquid properties do not show higher returns than liquid properties. On the contrary, we find evidence of flight-to-quality in bull markets, that is, high-quality illiquid properties are preferred to low-quality liquid properties in buoyant markets. These results are in sharp contrast with those in equities and bonds where flight-to-liquidity has been reported when markets are in stress.     

Micro-behaviors and structural properties of knowledge networks: toward a ‘one size fits one’ cluster policy

The economic returns of cluster policies have been recently called into question. Based on a “one size fits all” approach consisting in boosting R&D collaborations and reinforcing network density, cluster policies are suspected to have failed in reaching their objectives. The paper proposes to go back to the micro foundations of clusters in order to disentangle the links between the long run performance of clusters and their structural properties. We use a simple agent-based model to shed light on how individual motives to build knowledge relationships can give rise to emerging structures with different properties, which imply different innovation and renewal capacities. The simulation results are discussed in a micro-macro perspective, and motivate suggestions to reorient cluster policy guidelines towards more targeted public-funded incentives for R&D collaboration.     

深水SBOP钻井系统小直径高压隔水管力学特性分析

海洋深水钻井中采用水上防喷器(SBOP)系统进行深水钻井可以在很大程度上降低作业成本,但在SBOP系统的应用中还有许多问题需要探讨。建立了深水SBOP系统小直径高压隔水管力学特性分析模型并进行了分析,利用C语言自行编制软件处理数据,并对其结果与传统大直径隔水管力学特性比较,得出了隔水管材料、钻井液密度、浮力块、平台漂移量等外界因素对海洋隔水管受力状态的影响规律。     

碳钢阀门外防腐涂层物理机械性能检验方法与仪器

外表面防腐涂层性能是非耐腐金属工业阀门的重要质量指标,本文从制造厂生产实际出发,着重介绍并推荐适合车间现场应用的碳钢阀门外防腐涂层干膜厚度、附着力、孔隙率等物理机械性能的检验方法以及相应的检测仪器。     

硬脂酸镁的性质、应用及市场前景综述

文章综述了硬脂酸镁的性质及其在医药、食品工业、化妆品、塑料等领域的广泛应用,并简要分析了硬脂酸镁作为一种用途广泛的硬脂酸盐,具有可观的市场前景。     

论代位物的确定规则——美国统一商法典的启示

物上代位性作为担保物权的重要特征已被广泛接受,但对于物上代位性的衍生品——代位物的范围以及确定的规则则鲜有人涉及。立法界定的范围仅限于保险金、赔偿金或补偿金形式的现金代位物显然过于窄浅;司法在适用法律规定的同时,也在进行突破性的探索：既以＂财产的特定性＂为标准裁判现金代位物灭失,也依据＂追踪原则＂确立了非现金代位物的法律地位。而借鉴美国统一商法典担保交易对代位物的界定及确定的相关规则,我国代位物的范围应相应扩展,同时应将＂追踪原则＂而非＂财产特定性＂作为确定代位物的标准。     

银行治理、股权结构与审计收费——基于A股上市公司的经验证据

本文利用我国上市公司2004—2009年的数据,从债权人治理的新视角,实证研究了贷款银行的治理作用对会计师事务所审计收费产生的影响。研究发现,贷款银行的治理作用会导致审计收费降低,但这种治理作用的发挥依赖于市场机制。在国有企业中,银行治理的作用并不明显;而在民营企业中,银行治理能通过约束控股股东的机会主义行为,导致审计收费水平下降。与不存在控股股东与中小股东代理问题的民营企业相比,在存在这类代理问题的民营企业中,银行的治理作用更加显著。     

Loss from the chasing of MAX stocks: Evidence from China

We evaluate the implications of the MAX effect in the Chinese financial market. First, the MAX effect prevails in China: A zero-cost MAX strategy, which goes long (short) stocks with the highest (lowest) maximum daily return in the prior month, generates significant losses over the full sample period. Second, further analysis on firm characteristics confirms that the MAX stocks exhibit lottery-like features, and the (negative) performance of the MAX strategy varies over time and is related to investor sentiment. Third, the MAX effect gets weaker after the introduction of short-selling in 2010. Finally, we document that there exists a reversed MAX effect among mutual funds, because a similarly implemented MAX strategy generates significant positive risk-adjusted returns among equity funds in China.