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.     

严寒地区高速铁路混凝土基床聚氨酯保温特性试验研究

基于严寒区京沈客专朝阳试验段路基基床的温度监测资料分析,研究不同厚度聚氨酯保温板对高速铁路路基混凝土基床温度变化特性影响.测试结果表明:①铺设聚氨酯保温板能够有效阻断严寒区环境与路基基床间的热量传递,保温效果与板厚相关;②地温大多数时间呈阳高阴低现象,同时阴、阳坡路基温差波动幅度随埋深逐渐减小;③基床表层阴、阳面各测点的温度变化起始时间一致,而阴面的冻结时间比阳面晚一个月.由此表明,保温板能够有效降低环境与混凝土道床之间的热交换,但是对路基阴、阳坡的影响存在差异.建议在严寒地区高速铁路路基阳、阴坡可以采取不同厚度的聚氨酯保温板,减小阴阳坡地温差异,保持季冻土路基温度变化稳定.     

Pharmaceutical cost‐sharing systems and savings for healthcare systems from parallel trade

This paper studies the consequences of parallel trade in a two‐country model. It compares a coinsurance scheme (consumers pay a percentage of the drug price) and an indemnity insurance scheme (reimbursement is independent of the drug price) with respect to changes in copayments and public health expenditure. In the destination country, copayments for patients decrease to a larger extent under indemnity insurance, whereas reductions in public health expenditure occur only under coinsurance. In the source country, copayments increase less under coinsurance, whereas health expenditure is reduced more under indemnity insurance. In both countries, total expenditure under parallel trade is lower.     

Big data driven cycle time parallel prediction for production planning in wafer manufacturing

Cycle time forecasting (CTF) is one of the most crucial issues for production planning to keep high delivery reliability in semiconductor wafer fabrication systems (SWFS). This paper proposes a novel data-intensive cycle time (CT) prediction system with parallel computing to rapidly forecast the CT of wafer lots with large datasets. First, a density peak based radial basis function network (DP-RBFN) is designed to forecast the CT with the diverse and agglomerative CT data. Second, the network learning method based on a clustering technique is proposed to determine the density peak. Third, a parallel computing approach for network training is proposed in order to speed up the training process with large scaled CT data. Finally, an experiment with respect to SWFS is presented, which demonstrates that the proposed CTF system can not only speed up the training process of the model but also outperform the radial basis function network, the back-propagation-network and multivariate regression methodology based CTF methods in terms of the mean absolute deviation and standard deviation.     

基于耦合共生理论的田园综合体规划模式建构

[目的]随着城乡统筹发展,乡村振兴战略的实施已成为解决"三农"问题的关键。2017年中央一号文件在乡村的大背景下,首次提出了"田园综合体"的概念,旨在通过实现农业与其他产业的共生融合,来带动乡村的发展及振兴、农业的转型升级、农民生活质量的提高。通过构建多产业耦合共生的田园综合体规划模式,以期更好地实现农业转型升级以及乡村的发展振兴。[方法]引入物理学中的耦合理论以及生物学中的共生理论进行研究。[结果]从耦合共生单元、耦合共生环境、耦合共生界面三个方面提出集农旅合一、多产业联合、多方参与为一体的田园综合体模式规划理念框架。[结论]以农旅合一的耦合共生单元为基础,将文化作为农业与旅游耦合共生的介质,有助于实现文化内涵的提升以及农业与旅游的协同发展;以多产业联动的耦合共生环境为推手进行合理布局,使多产业联动发展,有助于实现资源的整合利用、农业产业附加值的增加、村落结构的完善、农村特色及文化的传承;以多方共同参与的耦合共生介质为保障,通过政府、市场和公众这三方的共同参与和合作,有助于解决三农问题,带动农村经济的发展,促进乡村统筹发展及乡村振兴战略的实施。     

Product line transformation,foreign sales,and firm value: Evidence from COVID-19 pandemic governance in urban China

Using a sample of Chinese firms, we examine stock market reaction to firms that announce a change in their product lines to those related to COVID-19 management (medical masks and ventilators, among others). We find the market reacts positively to the announcements. In addition, when a firm ordinarily has a large share of export sales, the stock market reaction is more salient, indicating that export sales provide a certification effect that positively signals investors. Additional analysis on moderating effects suggest that, conditional on foreign sales, prior experience with medical product lines or less uncertainty about supply availability enhances the cumulative announcement returns (CARs), while the adverse impact of firm size on CAR magnifies.     

江苏省生态农业与生态旅游业耦合研究

[目的]目前我国正处于关键的经济转型期,生态农业和生态旅游业作为生态文明建设的重要产业之一,其耦合发展对于存进产业结构优化升级具有重要作用。[方法]通过构建生态农业与生态旅游业指标体系,采用灰色关联法计算江苏省生态农业与生态旅游业的关联度,进一步通过耦合协调度模型分析两者的协调程度。[结果]生态农业系统与生态旅游系统中的旅游经济、旅游资源和旅游价值的关联度分别为0.719,0.673和0.621,大小顺序分别为旅游经济旅游资源旅游价值,而生态旅游系统与生态农业系统中生态系统、经济系统和社会系统的关联度分别为0.687,0.700和0.626,大小顺序分别为经济系统生态系统社会系统,耦合作用均分别为较强、较强和中等。2012~2016年江苏省生态农业和生态旅游业耦合度处于磨合阶段,但一直在增加,同时耦合水平经历了初级协调发展水平到中级协调发展水平的过程。[结论]江苏省生态农业和生态旅游业的耦合发展仍有进步的空间,今后应加强耦合发展机制,推动两大耦合产业走向更深更广的发展领域,促进生态文明建设,同时保证生态产业的可持续健康发展。     

Effective HR implementation: the impact of supervisor support for policy use on employee perceptions and attitudes

Abstract

Effective implementation of human resource (HR) policies appears to depend on supervisors’ active involvement in the intervention process. Following recommendations of a recent intervention evaluation framework, we examine how perceived supervisor support during the implementation of a work-life intervention helps to change participants’ perceptions of organizational family supportiveness, and how this ultimately changes participants’ engagement and turnover intentions. A three-wave longitudinal study in a professional services firm (N = 434) that has formally involved supervisors in the process of a work-life intervention showed support for our study hypotheses. Supervisor support for policy use influenced employees’ positive work–home culture perceptions, which in turn strengthened employees’ work engagement and diminished their turnover intentions over time. We discuss practical implications and give recommendations on the future design of HR interventions and related policies.     

LT码新型度分布及其在电力线通信中的应用

Luby变换(Luby Transform,LT)码作为信道编码应用于电力线通信(Power Line Communication,PLC)，可实现电信号的可靠传输。度分布对LT码编译码性能的影响至关重要。为了得到更优的度分布，首先调整二进制指数分布(Binary Exponential Distribution,BED)中的度数比例，获得一种译码性能更优的改进的二进制指数分布(Improved BED,IBED)。然后，根据IBED在冗余度较小时译码成功率高，而冗余度增大后鲁棒孤子分布(Robust Soliton Distribution,RSD)的译码性能表现更佳的特点，通过求和归一化的方式将IBED与RSD两种度分布的优势进行有机结合，提出一种新型二进制鲁棒孤子分布(Binary RSD,BRSD)。仿真结果表明，与其他方法及传统的RSD相比，采用新度分布进行LT编码，可明显降低译码开销，并节约编译码耗时。将新型度分布应用于基于LT码的PLC系统中，能有效地抑制PLC信道中各种噪声对电信号的干扰，并提高通信效率。     

Can Direct Payments Facilitate Agricultural Commercialisation: Evidence from a Transition Country

We investigate the impact of direct payments on agricultural commercialisation in Kosovo. Kosovo is one of the poorest countries in Europe but, with European assistance, provides substantial funds to support agriculture, made up of many small and often semi‐subsistence farms. Thus, the effect of this support is a central policy issue. Identifying the effect of direct payments on market participation faces endogeneity issues arising from the possible simultaneous determination of participation in support programmes and market participation. In order to achieve proper identification of the endogenous direct payments, we use a strategy of targeted identification search that employs several different methodological approaches. We find that direct payments for fruit and vegetables, and those for cereals and oilseeds have a positive effect on market participation. However, we cannot identify any definite effect of livestock payments.