Sentiment-scaled CAPM and market mispricing

This study explores the conditional version of the capital asset pricing model on sentiment to provide a behavioural intuition behind the value premium and market mispricing. We find betas (β) and the market risk premium to vary over time across different sentiment indices and portfolios. More importantly, the state β derived from this sentiment-scaled model provides a behavioural explanation of the value premium and a set of anomalies driven by mispricing. Different from the static β–return relation that gives a flat security market line, we document upward security market lines when plotting portfolio returns against their state βs and portfolios with higher state βs earn higher returns.     

薪酬福利对中小企业人力资源的影响研究

为响应大众创业的号召,我国中小企业不断发展,为社会提供就业岗位也为经济发展添砖加瓦。然而,在市场竞争压力不断增强的当下,中小企业要重视推进人力资源管理质量提升。通过薪酬福利的有效应用来激发工作人员的工作积极性和创造力,以此为中小企业的发展贡献出更高水平的价值。本文在分析中小企业薪酬福利现状的同时,提出相关对策思考。     

新制度经济学视角下的中国农地制度变迁：回顾与展望

研究目的:分析总结中国农地制度变迁的路径特征、决定条件和影响因素,并展望进一步研究方向。研究方法:文献分析法。研究结果:(1)改革开放以来的中国农地制度变迁呈现出一个较清晰的路径,即改革始终沿着市场取向、明晰产权、稳定地权的方向演进;(2)农地使用权制度改革的成功源于诱致性变迁与强制性变迁的结合,即弹性的中央政策制定、渐进式的地方实施以及具有学习效应的农户认知三者的有机互动,并体现出制度变迁的"共生演化"特征及其蕴含的"适应性效率";(3)新制度经济学是解释中国经济改革和农地制度变迁的有效工具,然而由于经典的新制度经济学本质上的静态性以及国家理论的缺乏,难以对现实世界的各类制度变迁给出一般化的解释。研究结论:基于经典的新制度经济学,进一步整合行为经济学、机制设计理论、演化博弈论等理论工具,超越"强制性—诱致性变迁"二分法,构建一个真正动态的制度变迁模型是一个重要研究方向。     

Welfare Cost of Fluctuations When Labor Market Search Interacts with Financial Frictions

We study the welfare costs of business cycles in a search and matching model with financial frictions. The model replicates the volatility on labor and financial markets. Business cycle costs are sizable. Indeed, the interactions between labor market and financial frictions magnify the impact of shocks via (i) a credit multiplier effect and (ii) an endogenous wage rigidity inherent to financial frictions. In addition, in a nonlinear framework, large welfare costs of fluctuations are explained by the high average unemployment and the low job finding rates with respect to their deterministic steady‐state values.     

Chinese banking reforms in perspective: towards global alignment or national specificity?

The reforms of the banking sector in China conducted so far have been seeking to accomplish, simultaneously, two conflicting goals. On the one hand, the objective was to prepare Chinese banks for international competition and put them at the pace with the transformations observed in its overall economy. On the other, there is a social-driven agenda concerning employment and regional inequalities. Using principal component analysis, this article explores the impact of the ongoing reforms in the Chinese banking sector on the performance of individual banks. The results show that despite identical regulation, business practices can be dissimilar at the individual level. Taken collectively, the results also show the increasing influence of Western management standards in the Chinese banking sector.     

Food fraud: economic insights into the dark side of incentives

In this review, we contextualise the articles in this special issue, relating them to existing food fraud research, and identify food fraud research trends, challenges and priorities for the near term. We accomplish these aims through a comprehensive review of research by food scientists, economists, other social scientists, legal experts, government research groups and international trade organisations. Existing food fraud research is heavily weighted towards food science, packaging and labelling, and legal areas of knowledge discovery. Moving forward, research is needed pertaining to general economic welfare outcomes from food fraud incidences, economic incentives to deter frauds, economic spillovers from fraud incidences to other food products and markets (domestic and international) and further delineation of the effect of different types of food fraud on consumer and producer welfare. The articles in this special issue make significant contributions to understanding of the role of food fraud in consumer decisions, measuring consumer welfare losses from fraud, food fraud spillover effects to other markets and new frameworks for fraud analysis.     

War and economy. Rediscovering the eighteenth-century military entrepreneur

Abstract

The detrimental effects traditionally assigned to warfare in the development of pre-industrial economies have obscured the prominent role that military entrepreneurs played in economic development in this period. Historiography minimises the extent to which war and the concomitant strengthening of the central state provided a whole new range of opportunities for capital investment, a tendency that has been strengthened by the paradigm of Redlich’s ‘decline of the soldier-entrepreneur’ and the technological determinism of the debate on the Military Revolution among others. The aim of this introduction is to look into the background of this relative lack of interest and to reaffirm the mutual dependence of eighteenth-century state-formation and the business of war.     

The Impact of Sustainability Aspects in the Meat Sector: A Cluster Analysis Based on Consumer Attitudes and Store Format Choice

Several consumer studies have shown considerable market potential for sustainable meat products, however, their markets shares are still marginal. In Germany, the sustainable aspects “organic,” “local origin,” and “animal welfare” are of special interest. To obtain a precise overview of potential target groups for these meat categories and their choice of store format, 620 German consumers were surveyed on their attitudes toward sustainable meat production and their shopping behavior. First, target groups based on consumers’ attitudes were identified by cluster analysis, taking into account possible overlaps. Consumers were also clustered by their store format choice and their preferred type of meat packaging. A cross tabulation of the results then provided insights into which store format and type of meat packaging is preferred by the target groups for sustainable meat products. Due to overlaps found in the target groups, the existence of important subgroups was shown. Amongst the target groups, only a slight preference for unpackaged meat products was found. Basically, the offer of sustainable meat products appears of interest for all store formats, with particular emphasis on supermarkets. The results of this study can support producers and retailers developing new and tailored marketing strategies for sustainable meat products.     

改进高阶容积粒子滤波的系统状态估计算法

传统粒子滤波（PF）直接采用状态转移先验分布作为重要性密度函数来近似后验概率密度函数，使得后验概率密度函数未包含量测信息。针对此问题，提出了一种改进高阶容积粒子滤波(CPF)的系统状态估计算法。算法采用七阶正交容积卡尔曼滤波（7th-CQKF）对PF的粒子进行传递，使得先验分布更新阶段融入最新量测信息；通过7th-CQKF设计重要性密度函数，提高对状态后验概率密度的逼近程度；通过反比例函数计算粒子权重，突出大噪声粒子与小噪声粒子权重差别，提高粒子有效性。仿真结果表明，改进高阶容积粒子滤波的估计精度高于容积粒子滤波（CPF）。     

State‐Led Financial Regulation and Representations of Spatial Fixity: The Example of the Spanish Real Estate Sector

This article offers a bottom‐up contribution to the fixity–motion literature. It aims to unravel the apparent contradiction of real estate spatial fixity in Spain, which is portrayed both as a barrier to accumulation and as a unique source of investment by different capitalist actors. Empirically, it describes the shifts in real estate ownership and changes in profit‐making strategies that have taken place across the real estate sector during the crisis years, and the role of the state in these shifts. The article asserts that the idea of spatial fixity representing a spatial barrier for accumulation does not necessarily apply in the Spanish case. It further claims that the tensions in capital circulation through real estate are not only to be found in the action of time, but in different state strategies pursued by various actors. The opposing representations of fixity are the result of state regulation of interest rates, taxation and risk weighting. The state also increasingly promotes land rents as a source of liquidity creation.