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.     

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。     

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.     

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.     

部门分割视角下的收入差距代际传递变动趋势

利用1988—2013年CHIP数据，基于分位回归方法，考察了国有部门和非国有部门的收入差距代际传递变动趋势。结果显示：非国有部门的收入差距代际传递程度低于国有部门，但呈缓慢上升趋势；国有部门收入顶层的代际固化现象明显改善，两个部门收入底层的流动性却较低，容易陷入贫困代际传递陷阱。通过代际收入流动矩阵和Shorrocks指数的进一步分析发现，国有部门的流动质量更高，子辈更易实现收入向上的流动。     

Shipbuilding administration under the Spanish Habsburg and Bourbon regimes (1590‒1834): A comparative perspective

Abstract

This article aims at understanding the evolution of the administrative methods devised by the Spanish monarchy to interact with regional private initiative for the production of warships. It also aims at understanding the practice of financing naval shipbuilding in the royal shipyards of Spain and Spanish America by public contribution, in the form of both credit and voluntary donations. These processes were largely influenced by the need of both political systems to perform efficiently in war. This article addresses the relationship between the state and local entrepreneurs and examines the reach and objectives of the Habsburg and Bourbon naval administrations, seen as variants of the ‘contractor state’.     

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.     

State Capitalism Revisited: A Review of Emergent Forms and Developments

Even when the neoliberal ideology of the free market was more dominant than it now is, the state was involved in economic activities that could be undertaken by private firms. State capitalism takes increasingly diverse forms, including beyond direct, partial or even indirect ownership. This paper briefly reviews some of these forms without claiming to be exhaustive as the shape state capitalism takes differs widely across the institutionalized contexts of countries. We assess state capitalism using Polanyi’s double movement framework and argue that this framework needs adaptation to novel forms of state capitalism that include, e.g., state-owned multinationals and sovereign wealth funds.     

How Owners Matter? An Examination of Ownership Type in Corporate Disaster Relief Giving

Little research has investigated the effect of ownership identity (or type) and corporate philanthropy experience on giving. In this research, relying on legitimacy theory, we first assess the effect of ownership identity on corporate philanthropy (CP) in the context of the 2008 earthquake in China. Then we explore moderation effects of firms' prior CP experience and size as proxies for perceived legitimacy on owners' efforts at increasing giving and legitimacy. We find that state and CEO ownership are deterrents, while non‐SOE and institutional ownership enhances giving probability and amount. In addition, there is evidence that firm size and prior CP weaken the effects of institutional ownership on CP. This study provides a complete assessment of owner behaviour. Copyright © 2018 ASAC. Published by John Wiley & Sons, Ltd.