川西北高原藏区农村贫困化分异机制探测

[目的]客观揭示农村贫困化地域分异机制,为科学推进川西北高原藏区精准扶贫创新途径、综合战略和认真贯彻落实中央治藏方略提供参考依据。[方法]应用地理探测器模型、GIS空间分析与地统计方法等方法,探测川西北高原藏区贫困村单位面积GDP分异的主导因素,揭示农村贫困化分异机制,提出不同贫困化地域类型的扶贫政策措施。[结果]影响川西北高原藏区农村贫困化分异的主导因素包括到主要交通道路距离、归一化植被指数(NDVI)、土地利用、年均温度和海拔高程等,各因素对贫困村经济发展分异的解释力分别为80. 76%、12. 82%、8. 82%、5. 45%和3. 96%;贫困村经济发展贫困化的分异机制存在明显差异,可归纳为交通区位约束型、自然环境约束型和经济区位约束型等三大类型;农村贫困化驱动机制下的贫困村精准扶贫政策措施亟需因地制宜、科学推进、讲求实效,有序推进精准扶贫战略。[结论]精准扶贫应分类指导、重点突破,尤其加强贫困村交通、水利、公共基础设施建设和特色农牧业产业培植,注重多种扶贫模式的综合集成。     

组织遗忘、组织即兴与环境动态性视角下企业原始性创新构建路径

原始性创新是企业获得核心竞争力的关键，但当前对企业如何获得原始性创新的研究严重不足。为此，以我国环渤海经济带179家高技术企业为样本，从组织遗忘和即兴角度研究原始性创新形成问题，并进一步分析环境动态性在组织遗忘和原始性创新间的作用。结果发现：组织遗忘和组织即兴对原始性创新具有积极效应；组织即兴在组织遗忘和原始性创新间发挥着部分中介作用；环境动态性对组织遗忘和原始性创新的关系具有正向调节效应。     

Contracting and Reporting Conservatism around a Change in Fiduciary Duties*

We exploit an influential 1991 Delaware court ruling to examine simultaneously two types of conservatism that play important roles in resolving creditor–owner agency conflicts: contracting conservatism and reporting conservatism. The ruling expanded managerial fiduciary duties in favor of creditors for Delaware-incorporated firms in the vicinity of insolvency. In those firms, following the ruling, debt contracts are less likely to include conservative adjustments to accounting numbers used for covenant compliance (i.e., contracting conservatism decreases), while public financial reporting becomes more conservative (i.e., reporting conservatism increases). The decrease in contracting conservatism is concentrated in firms that exhibit a greater increase in reporting conservatism, suggesting that reporting conservatism is more cost-effective in resolving agency conflicts. In addition, the substitution effect is more pronounced in firms facing greater business uncertainty and firms with greater board independence.     

Semistatic hedging and pricing American floating strike lookback options

We price an American floating strike lookback option under the Black–Scholes model with a hypothetic static hedging portfolio (HSHP) composed of nontradable European options. Our approach is more efficient than the tree methods because recalculating the option prices is much quicker. Applying put–call duality to an HSHP yields a tradable semistatic hedging portfolio (SSHP). Numerical results indicate that an SSHP has better hedging performance than a delta-hedged portfolio. Finally, we investigate the model risk for SSHP under a stochastic volatility assumption and find that the model risk is related to the correlation between asset price and volatility.     

Trade networks and economic fluctuations in Asian countries

The paper presents a new methodology, based on tensor decomposition, to map dynamic trade networks and to assess its strength in forecasting economic fluctuations at different periods of time in Asia. Using the monthly merchandise import and export data across 33 Asian economies, together with the US, EU and UK, we detect the community structure of the evolving network and we identify clusters and central nodes inside each of them. Our findings show that data are well represented by two communities, in which People's Republic of China and Japan play the major role. We then analyze the synchronisation between GDP growth and trade. Furthermore we apply our model to the prediction of economic fluctuations. Our findings show that the model leads to an increase in predictive accuracy, as higher order interactions between countries are taken into account.     

刑事涉财产执行中的案外人权益救济——以案外人权益救济程序的当事人构造为视角

刑事涉财产执行程序因采取移送执行模式而被误认为不存在申请执行人，使得刑事涉财产执行程序及其衍生的案外人权益救济程序过分依赖执行法院的职权主义。在刑事附带民事诉讼裁判、追缴或责令退赔违法所得并返还被害人判项、责令被免予刑事处罚的被告人赔偿被害人损失判项的执行程序中，案外人权益救济程序原则上应以被害人为申请执行人，并参照适用民事强制执行程序中的案外人权益救济制度。其他刑事涉财产执行程序应以检察机关为申请执行人。除非出现被执行人逃避执行或者案外人对执行标的提出排除执行请求等特殊情形，作为申请执行人的检察机关通常无须现实参加执行程序。     

R&D Investments and Tax Incentives: The Role of Intra-Firm Cross-Border Collaboration*

U.S. multinational corporations increasingly use intra-firm, cross-border research collaboration to disperse R&D across different countries. This paper investigates the implications of such collaboration on the abilities of firms to garner benefits from R&D tax incentives. We find that the association between R&D intensity and tax incentives is three to five times larger when firms have extensive cross-border collaboration connected to a country. We also find that the effect is stronger when local intellectual property protection is weaker and when local innovation resources are higher. Our results suggest that cross-border collaboration helps firms achieve more tax-efficient R&D investments both by reducing the nontax frictions posed by weak intellectual property protection and by increasing the nontax benefits of foreign R&D.     

VIX term structure and VIX futures pricing with realized volatility

Using an extended LHARG model proposed by Majewski et al. (2015, J Econ, 187, 521–531), we derive the closed-form pricing formulas for both the Chicago Board Options Exchange VIX term structure and VIX futures with different maturities. Our empirical results suggest that the quarterly and yearly components of lagged realized volatility should be added into the model to capture the long-term volatility dynamics. By using the realized volatility based on high-frequency data, the proposed model provides superior pricing performance compared with the classic Heston–Nandi GARCH model under a variance-dependent pricing kernel, both in-sample and out-of-sample. The improvement is more pronounced during high volatility periods.     

正视现状调整策略发展东盟贸易

中国—东盟贸易自由区将是“全球第三大市场”。随着双边贸易谈判进行，东盟贸易对中国经济影响越来越大。同时，东盟贸易也给中国企业带来无限商机。为此，我们应该积极进行应对，调整我们的策略，尽量在东盟贸易中赢得市场。     

生命周期评价方法及其应用

介绍了生命周期评价的目的、意义和基本方法，并运用该方法对燃煤发电、废纸造纸、废旧塑料气化发电等几种不同工业过程的环境影响进行了分析。