Revisiting the ICAPM under the distortion of risk–return tradeoff in short-horizon stock returns

We suggest that the distortion of the positive risk–return relation in the ICAPM is a consequence of trading by informed investors to exploit mispricing. We hypothesize and demonstrate that a non-positive (strongly positive) risk–return relation following positive (negative) market returns is attributed to short-selling (purchasing) of overpriced (underpriced) stocks along with optimistic (pessimistic) expectations conditional on good (bad) market news. We verify this asymmetry in the risk–return relation through the indirect risk–return relation conditional on good (bad) market news. We also find that the attenuation (reinforcement) of the positive risk–return relation is more profound in high- (low-) sentiment periods.     

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.     

Industry risk transmission channels and the spillover effects of specific determinants in China’s stock market: A spatial econometrics approach

This paper uses a spatial econometrics approach to study the industry risks in China’s stock market. We comprehensively consider the real linkage and information risk transmission channels and analyze the risk spillovers of specific determinants. Our empirical results show the following: 1) The real linkage channel and information channel are both effective transmission channels for driving spillover effects, and the information channel is of the utmost importance. 2) The spillover effects of specific determinants exist and are persistent. The superposition of spillover effects may lead to extreme risk. 3) The transmission channels and spillover effects are asymmetric in different regimes.     

Past price ‘memory’ in the housing market: testing the performance of different spatio-temporal specifications

Recent methodological developments provide a way to incorporate the temporal dimension when accounting for spatial effects in hedonic pricing. Weight matrices should decompose the spatial effects into two distinct components: bidirectional contemporaneous spatial connections; and unidirectional spatio-temporal effects from past transactions. Our iterative estimation approach explicitly analyses the role of time in price determination. The results show that both spatio-temporal components should be included in model specification; past transaction information stops contributing to price determination after eight months; and limited temporal friction is exhibited within this period. These findings highlight the decidedly non-linear temporal patterns of such information effects.     

长三角港口腹地动态演变及耦合协调度研究

明确港口腹地演变趋势、分析港腹耦合协调度,对长三角地区港腹联动发展具有重要意义。量化港口系统—腹地系统综合指标评价体系,运用高斯烟羽模型在2006、2011、2016年3个时间节点上测算长三角地区主要港口影响强度,并对腹地范围进行划分,利用耦合协调模型定量分析港口系统和直接腹地经济系统耦合协调度。研究结果表明:长三角地区港口呈现"一超多强"的格局,以上海港为中心,各港口多极发展;港口腹地范围整体稳定,局部波动,上海港的边缘腹地不断缩减;港口与腹地的耦合协调度处于上升态势,宁波—舟山港腹耦合协调度最高。     

普惠金融与县域资金外流：减贫还是致贫*——基于中国592个国家级贫困县的研究

本文利用全国592个国家级贫困县的数据，采用空间计量模型实证分析了普惠金融对县域资金外流的影响，并验证了贫困县资金外流是否会产生致贫效应。本文研究发现：如果普惠金融只注重解决贫困地区对金融机构的接触性排斥，会进一步加剧资金外流，对减贫产生负向影响，即存在显著的致贫效应。这种致贫效应具有明显的空间外溢性，邻近县域的贫困状况在很大程度上会彼此“传染”，并具有空间衰减特征的地理边界。因而需要客观认识普惠金融的本质，有针对性地选择恰当有效的实施载体，解决好对信贷产品等关键金融服务的使用性排斥问题。     

Pricing used books on Amazon.com: a spatial approach to price dispersion

This paper estimates a spatial autoregressive (SAR) model of price dispersion using publicly available internet bookselling data. It uses a semiparametric adaptive estimator that does not require the usual Gaussian assumption of maximum likelihood (ML) estimators. The results suggest that both price competition and seller heterogeneity are key drivers of the observed price dispersion. The paper finds that sellers with large sales volume, newly established sellers and US mainland states-based sellers tend to price lower. The identified significant spatial interaction is evidence of spatial price competition. Controlling for everything else, a seller asks a lower price when large sellers charge relatively high prices, which is also evidence of price-based selling and undercutting.     

中国旅游景区功能演变与用地分类构想

研究目的:基于中国旅游景区功能演变、用地特征及问题分析,构建旅游景区用地分类体系,以期为旅游景区用地纳入区域土地利用提供理论基础,为旅游景区规划的深度编制提供实践依据。研究方法:通过调研和问卷厘清现状景区用地情况,对比借鉴相关用地分类体系,基于此构建旅游景区用地分类方案。研究结果:分析并阐明了旅游景区的功能演变、用地特征和现状问题,构建了2大类、9中类、28小类的景区用地分类体系,并与《土地利用现状分类》进行衔接。研究结论:建立可衔接且具可操作性的旅游景区用地分类体系,是实现旅游景区健康可持续发展与用地规范化管控的关键。     

黑龙江森工林区接替产业发展评价

运用熵权灰色关联分析法对黑龙江省森工林区所辖4个林业管理局2012—2017年养殖业、绿色食品等5个接替产业综合发展水平进行评价,并运用耦合协调度模型测算接替产业的均衡水平。结果表明:不同林业管理局的5个接替产业均呈波动发展状态;伊春林业管理局的优势接替产业是养殖业、绿色食品、北药开发和工业,牡丹江林业管理局的优势接替产业是绿色食品,合江林业管理局的优势接替产业是服务业,松花江林业管理局没有显著的优势接替产业;接替产业的综合发展水平偏低导致其均衡水平不高,总体上由初步协调向中度协调发展。因此,各林业管理局应继续发展具有优势的接替产业,同时扶持相对薄弱的接替产业,并开发与引进新的接替产业。     

一种基于SIR结构的三通带带通滤波器

应用双指耦合结构和枝节加载谐振器（Stub-loaded Resonator，SLR）实现了一款基于阶梯阻抗谐振器（Stepped Impedance Resonator，SIR）的滤波器。该滤波器具有3个通带，带外抑制较好，工作频段提高。通过调整阻抗比可调节第二、三通带的谐振频率；SLR结构能够增加通带数量；SLR结构和双指耦合结构均能改善滤波器的S参数。HFSS软件仿真表明，3个通带的中心频率分别为3.5 GHz、6.6 GHz、9.2 GHz，对应的分数带宽分别为5.7%、3%、2%，S11分别为-18 dB、-22 dB、-24 dB，通带内的S21分别为-1.8 dB、-1 dB、-1 dB。电路的测量结果与仿真结果较为吻合。该滤波器在5G通信的低频段具有应用前景。