CEO自恋对创新绩效的影响研究 ——基于企业异质性的调节作用

从CEO心理特征视角出发,探究了CEO自恋与企业创新绩效之间的关系。以2011—2016年A股135家上市公司的纵向数据为样本,通过广义估计方程模型进行实证检验。研究发现:CEO自恋对企业创新绩效具有显著促进作用。进一步研究发现,CEO自恋对企业创新绩效的影响受到企业异质性的调节作用:相比小规模企业,大规模企业中CEO自恋对创新绩效的促进作用更显著;相比低财务杠杆企业,高财务杠杆企业中CEO自恋对创新绩效的促进作用更显著;相比非国有企业,国有企业中CEO自恋对创新绩效的促进作用更显著。     

Parking behaviour: The curious lack of cruising for parking in San Francisco

Cruising for parking has long been perceived as a major source of congestion and emissions in urban areas, but recent empirical work suggests that parking may not be as onerous as folklore suggests, and that the amount of vehicle travel attributable to cruising is minimal. In this paper, we reconcile these perspectives through a dynamic programming model of parking search, and empirical insights from a large-scale GPS dataset in San Francisco and the California Household Travel Survey. We first draw a conceptual distinction between parking search, the time between the driver’s decision to park and when a parking space is taken; and cruising, defined as excess vehicle travel due to parking search. In places with little or no through traffic, up to half of traffic can be searching for parking, but cruising can be zero. We then operationalize this distinction through a dynamic programming model. The model predicts that when parking is perceived to be scarce, drivers are more willing to take a convenient available space, even if it is some distance from their destination. Counter-intuitively, scarce parking can even suppress vehicle travel as perceived parking scarcity leads drivers to stop short of their destinations and accept a longer walk. Empirical data from California indicate that neighborhood density (a proxy for parking availability) has little impact on cruising for parking, but increases walk distances from parking locations to final destinations. We conclude that cruising for parking is self-regulating, and that in certain circumstances parking scarcity can even reduce vehicle travel.     

近百年拙政园平面测绘精度评估与研究

在江南私家园林的研究领域中，描绘园林的平面测绘图在不同历史时期呈现不同的精度，为获得更为精确和真实的平面测绘图，尝试以江南私家园林代表之一的拙政园为例，运用无人机摄影测量技术获取正射影像图，并收集不同历史文献中的拙政园平面图，提取其中水体、山石、建筑及植物4种园林要素，用周长、面积、形状指数等指标进行测绘精度分析，来探讨成图精度的差异以及误差来源，讨论该技术在古典园林测绘过程中存在的优势与不足，并提出进一步优化建议，以期为中国古典园林的保护与更新提供一种新的思路。     

着力推进生态文明国家治理体系和治理能力现代化

党的十九届四中全会在推进国家治理体系和治理能力现代化框架下,将生态文明制度体系建设作为完善中国特色社会主义制度的重要内容,明确了生态文明制度体系建设的总体要求和主要任务,涵盖丰富、系统完整。这是以习近平生态文明思想为根本遵循下,基于我国生态、资源和环境中存在问题的解决方案、马克思主义人与自然关系理论、贯彻落实"五位一体"国家战略的理论创新,是新时代加强生态文明建设的行动指南。     

改革开放四十年：中国金融的变革与发展*

改革开放40年，中国金融无论在规模、结构、业态，还是在功能、竞争力和国际影响力等方面都发生了重大而深刻的变革。准确、全面、客观地分析和了解中国金融的现状，总结中国金融40年改革、开放和发展的经验及利弊得失，是进一步推动中国金融的深度改革和全面开放的重要前提。本文从金融资产规模和结构、融资工具和融资机制、金融业态、金融功能和金融风险、金融开放以及金融监管模式等方面系统分析了改革开放40年中国金融的变革和发展，在此基础上提出，中国金融未来的发展方向是构建现代金融体系和与中国经济相匹配的大国金融。     

Analysis of U.S. theme park selection and international implications

ABSTRACT

Theme parks face stiff competition in local and international markets. Theme parks tend to create competitive advantages in the market by investing in different factors which influence visitors’ selection of a theme park. Theme parks attract visitors from all nationalities. The purpose of this study was to explore six influencing factors on U.S. theme park visitors’ choice that can be applicable in different geographic positioning parks. A choice-based conjoint (CBC) model was designed with respective levels for six considered influencing factors: type of park, price, distance from accommodation, children friendly, and online reviews. The findings revealed that online reviews were the most important relative factor followed closely by price and type of theme park. The other factors shared a lower relative importance. CBC analysis results generated the best and the worst profile for theme parks, which can serve as a guide theme park managers as they invest and plan strategically for success. Results of this study of U.S. parks but as theme parks are targeted toward similar populations the results could have implications internationally.     

Professor Ronald W. Jones and his influence on Asia Pacific economics

Professor Ronald W. Jones is one of the greatest general equilibrium theorists, who has illustrated the economic force underlying a general equilibrium adjustment in a very elegant manner. With his friendly personality, at the same time, he has made an enormous contribution to Asian Pacific economic research and the formation of a strong network of economists in our region. This essay intends to explain what I think of as the essence of his economics and his contributions to Asia Pacific economics.     

Central banks’ preferences and banking sector vulnerability

According to “Schwartz's conventional wisdom” and what has been called “divine coincidence”, price stability should imply macroeconomic and financial stability. However, in light of the global financial crisis, with monetary policy focused on price stability, scholars have held that banking and financial risks were largely unaddressed. According to this alternative view, the belief in divine coincidence turns out to be benign neglect. The objective of this paper is to test Schwartz's hypothesis against the benign neglect hypothesis. The priority assigned to the inflation goal is proxied by the central banks’ conservatism (CBC) index proposed by Levieuge and Lucotte (2014), here extended to a large sample of 73 countries from 1980 to 2012. Banking sector vulnerability is measured by six alternative indicators that are frequently employed in the literature on early warning systems. Our results indicate that differences in monetary policy preferences robustly explain cross-country differences in banking vulnerability and validate the benign neglect hypothesis, in that a higher level of CBC implies a more vulnerable banking sector.     

The determinants of China's lending rates and interest rates pass-through: A cointegration analysis

Based on quarterly data between Q4, 2008–Q4, 2017, this study examines the interest rates pass-through from policy rate to lending rates, and more broadly, the determinants of lending rates in China. The results show that while there is a certain level of pass-through from money market rates to lending rates, and the interest rates pass-through has improved after the interest rate liberalization completion on October 2015, this pass-through is also negatively affected by the asset quality of commercial banks and shadow banking activities as well. This study also finds that the macroeconomic condition also affects the lending rates.