The long-run reversal in the long run: Insights from two centuries of international equity returns

We perform the most comprehensive test of long-term reversal in national equity indices ever done. Having examined data from 71 countries for the years 1830 through 2019, we demonstrate a strong reversal pattern: the past long-term return negatively predicts future performance. The phenomenon is not subsumed by other established cross-sectional return patterns, including the value effect. The long-term reversal is robust to many considerations but highly unstable through time. Finally, our findings support the overreaction explanation of this anomaly.     

Political booms and currency crises

This paper shows evidence that political booms, defined as the rise in governments’ popularity, are associated with a higher likelihood of currency crises. The reasoning behind this finding is that prudent economic policies to address underlying weaknesses in the economy may be political costly for incumbent governments in the short-term. Hence, popularity-concerned governments may not have enough incentives to take such corrective actions in a timely manner. This approach, in turn, can deteriorate economic fundamentals and increase related risks in the economy which can eventually lead to crises. This paper sheds light on this phenomenon in the case of currency crises, suggesting that currency crises can be viewed as “political booms gone bust” events. Moreover, it finds that higher international reserves, higher exports, and a higher degree of financial openness alleviate the effect of political booms on currency crises.     

基于底线预警的国土空间生态修复规划实施监督体系研究

国土空间生态修复是推进生态文明建设的重大举措，构建基于底线预警的国土空间生态修复规划实施监督体系是完善国土空间规划“一张图”信息系统的重要组成部分和政策支撑。通过对生态修复规划实施监督体系建设的研究，把握底线控制与监测预警机制，对接国土空间生态修复业务管理各项需求，搭建“五梯度四体系”的生态修复规划动态监测实施监督信息系统，构建以“七个一”为主要内容的生态修复规划底线预警监测评估机制，并与各层级国土空间规划“一张图”实施监督信息系统进行衔接，实现对生态修复规划实施的动态监测和预警。     

盐城市水资源承载状态预警研究

在分析水资源承载状态预警概念的基础上,引入"三类六级"预警思想,采用可变模糊法和层次分析法的思想,构建盐城市水资源承载状态综合预警指标体系,评价盐城市2015年、2020年和2030年的水资源承载状态,并结合各年份承载状态变化趋势,对未来年份进行预警。结果表明:盐城市2015年水资源处于临界超载的状态,但随着"关于做好建立全国水资源承载能力监测预警机制工作的通知"等一系列措施的实施,2020年、2030年承载状态将逐步好转,到2030年将处于可载的状态。     

基于BP人工神经网络中国光伏产业贸易摩擦预警研究

建立有效的贸易摩擦预警系统有利于中国新兴产业的健康发展,有利于中国实施制造强国战略。将警兆信号法与人工神经网络相结合,从宏观经济形势、产业供给能力、双边贸易状况、市场需求水平等四个维度切入,构建了中国光伏产品出口贸易摩擦预警系统模型。预警分析表明,模型的预警效果与现实拟合较好,具有可行性。从模型的预警结果来看,2019年~2020年中国输美光伏产品贸易摩擦警情均低于轻警级别,仍面临一定的贸易摩擦风险。     

新冠肺炎疫情对供应链弹性管理的启示

新冠肺炎疫情将对中国产业供应链的持续竞争力形成挑战,使企业面临人力短缺、成本增加、现金流紧张和供应链不确定性增高等问题,在企业供应链的原材料供应、采购管理、生产复工、物流以及市场等方面均会产生一定的负面影响,这对供应链弹性管理提出了新的要求。在政府层面,应建立综合、协同性的产业供应链风险管理和沟通机制,构建基于事件的产业供应链预警体系,保障企业供应链运营的资源体系,推动产业平台和产业集群带动供应链参与者建立供应链弹性体系。在企业层面,应建立基于企业事件的供应链预警体系,根据供应链预警信息和状况,合理规划供应链运营方式,运用数字化能力建设企业供应链弹性体系,稳定供应链运营,提升供应链效率。     

互联网金融的信用风险评估与预警研究

随着互联网金融的蓬勃发展，用户对消费金融的需求也越来越丰富多样。满足用户的多样化需求与建立健全风险监管体系成为互联网金融发展的重中之重。如何实现数据驱动服务升级、技术辅助市场监管成为研究的热点问题。本文通过数据处理与特征工程实现用户认证信息、金融信息、行为信息的融合，利用深度森林算法建立模型进行信用风险评估。结果表明，该方法能有效挖掘数据潜在价值，提高信用风险评估与预警效果。最后，本文针对互联网金融的信用风险预警与市场监管提出了建议。     

叶尔羌河平原绿洲土地生态安全预警演变与时空格局分析

[目的]探索叶尔羌河平原绿洲土地生态安全预警问题及其时空格局变化,旨在为叶尔羌河平原绿洲土地生态安全及可持续利用提供科学的参考依据。[方法]文章运用PSR模型构建预警指标体系,采用熵值法测算各指标权重,对2000—2016年叶尔羌河平原绿洲土地生态安全警情格局进行综合分析,并利用GIS技术分析其2000年、2005年、2010年和2016年土地生态安全空间格局变化,最后运用障碍度模型探索其障碍因子。[结果](1)2000—2016年叶尔羌河平原绿洲土地生态安全综合预警指数总体呈上升态势,生态预警状态由"较不安全"转为"临界安全",警度亦由"重警"变为"中警"。(2)从空间格局来看,空间上各县域土地生态安全水平差异明显,研究初期西部地区土地生态安全状态优于东部地区, 2016年呈现出中部高、东北—西南部低的态势。(3)近17年叶尔羌河平原绿洲各县域土地生态环境状况有所改善,安全状态经历了"极不安全—临界安全—较安全"的发展历程。(4)影响土地生态安全的主要障碍因子包括单位面积耕地农药负荷、人口密度、单位面积耕地化肥负荷、土地垦殖率、人口自然增长率和单位面积耕地地膜负荷等。[结论]研究期间叶尔羌河平原绿洲土地生态安全得到明显的提升与改善,并在良好的方向发展。     

I (Could Have) Told You! Early warning indicators and crisis performance of the 12 “old” Euro-countries under the economic crisis 2008–09

The impact of the economic crisis 2008-09 was remarkably different in the 12 “old” member states in the Euro-zone. Five of them were hit especially badly; four of them even had to be bailed out by the rest in one way or another. This paper asks if one could have foretold, based solely on information available prior to 1999, which of the countries then about to enter the Euro-zone would run into economic trouble once a serious economic crisis occurred. The focus is on the (post)predictive power of three kinds of leading indicators: economic indicators, political indicators (indicating quality of governance), and indicators derived from the theory of optimal currency areas (OCA). Since there are more indicators than cases, PLS-regression is used to gauge the (post)predictive strength of the indicators examined. The results show that political indicators have quite some (post)predictive power in this case, whereas indicators derived from OCA-theory do not do too well. Economic indicators perform better than indicators derived from OCA-theory, but generally less well than the political indicators. Thus, the experience from the latest economic crisis in the Euro-zone suggests that more emphasis should be placed on the quality of governance record of a country when deciding if it should be deemed fit to become a member.