中小型侦察监视特种飞机系统的设计技术

分析了当前国内外典型中小型特种飞机的特点和应用方向，阐述了中小型特种飞机系统的技术发展趋势。通过分析典型的特种通用飞机的性能和平台构型特点，详细描述了基于典型中小型特种飞机平台的机载侦察监视应用系统的组成、原理、主要性能及技术难点，并结合实际工程应用，介绍了系统的应用成果。应用分析表明，基于中小型特种飞机平台的机载平台的应用系统有较大的应用范围和市场前景。     

Social Capital,Income Diversification and Climate Change Adaptation: Panel Data Evidence from Rural Ethiopia

The choice between specialisation and diversification of income is driven by multiple, interacting factors, such as economies of scale and scope, risk considerations, context, and household characteristics. Using panel data from Ethiopia, we investigate the role of social capital and the covariate risk of climate change and their interaction. We find that households with greater social capital tend to be more specialised, implying that diversification and informal insurance are substitutes in the mitigation of risk. We also find that this effect is significantly weaker in regions more prone to climate change, which is consistent with the average farmer being aware that informal insurance is not an effective protection against risks that affect the entire social network. We use instrumental variable random effects estimation to account for the plausible endogeneity of social capital and we also establish that our results do not depend on the poorest and most constrained individuals in our sample.     

A new approach to measuring universal banking

Noninterest income is widely used in the literature to account for the degree of the universal business model by banks. This paper proposes a novel measure of universal banking constructed using the relative contribution of each operating segment to total assets using an entropy approach. We here propose a novel dataset containing the Universal Banking Index (UBI) at both country and bank levels. Using a sample of international banks, we evaluate the extent to which our proposed metric affects banks’ profitability, stability, liquidity and capitalisation. Results suggest that a higher degree of diversification is associated with increased stability. In addition, banks that feature a more diversified business model, as proxied by the UBI, are also better capitalised, as opposed to banks with high noninterest income share. Our results suggest that regulatory-induced restriction on universal banking may indeed reduce the benefits of risk sharing across operating segments, exposing banks to heightened risks.     

The Brexit effect: the case of UK ADR performance one year later

In an unexpected outcome, UK voters decided that it was time to exit the European Union based on the results of a vote held on 23 June 2016. Studies of the affects and implication of Brexit include a study showing that the vote was met with a negative short-term wealth effect for UK American depository receipts (ADRs). This study examines the one-year anniversary holding period returns of these ADRs along with the British Pound and the FTSE 100 to discover any lingering effects from the historical vote. Results indicate that the one-year holding period returns for the ADRs averaged 5.8% for the year while the FTSE gained 4.8%, the S&P 500 gained 15.4% and the Pound lost 13.2% of its value.     

Network structure,portfolio diversification and systemic risk

We investigate the effect of portfolio diversification on banking systemic risk, where the network effect is incorporated. We analyze three kinds of interbank networks, namely, random networks, small-world networks and scale-free networks. We show that the effect of portfolio diversification on banking systemic risk depends on interbank network structures and shock types. First, systemic risk increases first and then reduces with the increase of the level of portfolio diversification in the case of the individual shock. Second, in the case of the systemic shock, systemic risk reduces with the increases of the level of portfolio diversification. Third, banking systems with scale-free network structures are the most stable, and those with small-world network structures are the most vulnerable.     

The impact of international diversification on credit scores: Evidence from the UK

Despite the great deal of previous research into international diversification, we know little about the impact of international diversification on firms’ credit scores. Drawing upon the resource-based view and transaction cost economics, we examine the relationship between international diversification and credit scores by using a large sample of 6,557 UK firms between 2016 and 2017. We find an inverted U-shaped relationship between international diversification and firms’ credit scores, indicating that the effect of international diversification on credit scores is initially positive but becomes negative with over-diversification. In addition, we find that R&D intensity positively moderates the relationship between international diversification and credit score, implying that the credit scores of highly diversified firms improve as they increase their investment in R&D. Further analysis suggests that a firm’s credit score becomes less dependent on international diversification for large firms, firms in concentrated industries, firms in the manufacturing sector, and firms distant from key metropolitan areas, such as London.     

Multilateral trade liberalisation helps promote export product diversification: Trade tensions damage the prospects of the poorest economies

Using a large panel dataset over a 20‐year period, this article explores the effect of multilateral trade liberalisation on export product diversification. Empirical results show that multilateral trade liberalisation is positively associated with export product diversification. However, less‐developed economies experience a greater positive effect than relatively advanced economies. This analysis suggests that if trade tensions reduce cooperation on trade matters among World Trade Organization members, it may hinder export product diversification in developing countries, and the poorest countries might be the most adversely affected.     

Foreign Investment in Emerging Markets: International Diversification or Familiarity Bias?

This study empirically tests whether foreign investors take advantage of international diversification when investing in emerging Asian markets. Using the 2007–2008 financial crisis as identification, we find that firms with higher foreign ownership had better stock returns during the financial crisis. Moreover, the diversification effect exists in five out of the eight emerging markets and is stronger in markets with a lower dynamic conditional correlation with the global market index. We also find that foreign investors prefer firms with a lower international sales ratio. In conclusion, the evidence consistently suggests that foreign investors take advantage of diversification effects.     

Bank diversification and monetary policy

Using bank-level data in Asia, we examine the relationship between the effectiveness of monetary policy and the business diversification of banks. We find that bank diversification enhances the effect of monetary policy.     

地方财政压力与投资多样性——基于所得税分享改革的研究

利用企业所得税分享改革构建强度倍差模型，使用1997—2012年全国地级市数据，检验了地方财政压力对于投资多样性的影响及相关传导机制。结果表明，地方财政压力不利于投资多样性的提高；在财政压力下，地方容易形成偏向房地产行业的投资倾向。然而，不同地区地方财政压力对投资结构的影响存在异质性。经济发展水平较低的地区在财政压力下更容易降低投资多样性；而经济发展水平高的地区应对财政压力时，更倾向于通过多元化投资的方式做大税基、减轻财政压力。优化分税制结构、建立地方性税种能缓解地方财政压力，对于改变地方“房地产集中型”投资结构有一定的积极作用。