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.     

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。     

我国林业扶贫工作的主要问题及优化措施研究

林业扶贫是当前我国扶贫工作的重要内容。通过介绍开展林业扶贫工作的政策背景、理论背景以及经济背景,分析林业扶贫工作开展过程中存在的基础设施落后、针对性差等问题,提出了因地制宜,互联网+林业扶贫,鼓励社会资本进入扶贫工作、志智双扶等应对措施。     

Islamic and conventional portfolios optimization under investor sentiment states: Bayesian vs Markowitz portfolio analysis

This paper investigates the portfolio optimization under investor’s sentiment states of Hidden Markov model and over a different time horizon during the period 2004–2016. To compare the efficient portfolios of the Islamic and the conventional stock indexes, we have employed two approaches: the Bayesian and Markowitz mean-variance. Our findings reveal that the Bayesian efficient frontier of Islamic and conventional stock portfolios is affected by the investor’s sentiment state and the time horizon. Our findings also indicate that the investor’s sentiment regimes change the Islamic and the conventional optimal diversified portfolios.Moreover, the results show that the potential diversification benefits seem to be more important when using the Bayesian approach than when applying the Markowitz approach. This finding is valid for the bearish, depressed, bullish and calm states in Islamic stock markets. However, the diversification of potential portfolios is significant only for the bullish and the bubble states in the conventional financial markets.The findings of the study provided additional evidence for investors to exploit googling investor sentiment states to evaluate the portfolio performance and make an optimal portfolio allocation.     

Forecast of realized covariance matrix based on asymptotic distribution of the LU decomposition with an application for balancing minimum variance portfolio

We derive the asymptotic distribution for the LU decomposition, that is, the Cholesky decomposition, of realized covariance matrix. Distributional properties are combined with an existing generalized heterogeneous autoregressive (GHAR) method for forecasting realized covariance matrix, which will be referred to as a generalized HARQ (GHARQ) method. An out-of-sample forecast comparison of a real data set shows that the proposed GHARQ method outperforms other existing methods in terms of optimizing the variances of portfolios.     

国土空间用途的权衡决策方法研究

研究目的:探索国土空间用途冲突协调路径,为中国"多规合一"及国土空间规划提供理论与方法指导。研究方法:在分析冲突根源的基础上建立国土空间权衡决策模型,构建"战略理性+技术理性+沟通理性"的国土空间权衡决策模式,并以丰县为例开展实证研究。研究结果:(1)国土空间利用的冲突本质上是利益相关者之间的利益冲突,只有利益权衡,没有利益优化;(2)国土空间权衡决策准则、国土空间价值评估、价值权衡和沟通定权共同组成国土空间权衡决策模式;(3)实证研究表明:经济发展战略下丰县镇村、农业、生态空间占比分别为18.51%、74.20%、7.29%,粮食安全战略下占比分别为16.07%、76.66%、7.27%,生态文明战略下占比分别为17.88%、69.06%、13.06%,权衡结果较合理。研究结论:国土空间权衡决策受国家战略驱动、以沟通为基础、以技术为手段,可有效解决国土空间用途冲突问题。