Liberty,equality, and impossibility: some general results in the space of ‘soft’ preferences

This paper is concerned with examining the mutual compatibility of the ethical principles of equity and liberty in a social choice framework of ordinally formulated vague preferences. With sufficiently weakened versions of the liberty and equity principles, one can secure an existence result in a ‘relation‐functional’ setting. However, difficulties tend to re‐appear in a ‘choice‐functional’ setting, when one subscribes to the notion that while preference may be vague, choice must perforce be exact.     

An information theoretic analysis of stock returns,volatility and trading volumes

Information theory is used to examine the dynamic relationships between stock returns, volatility and trading volumes for S&P500 stocks. This provides an alternative approach to traditional Granger causality tests when dealing with nonlinear relationships. The article highlights the dominant role played by trading volumes in all of these relationships – even in the return–volatility relation – and finds evidence of a market level feedback effect from index returns to the return–volatility relation at the stock level. The article also produces a number of stylized facts from an information theoretic perspective.     

中国公司债券交易量与价格波动的关系

使用中国沪深证券交易所的公司债数据,检验了债券交易量与价格波动的线性关系和非线性尾部相关性,分析了债券流动性水平对量价关系的影响,研究了债券量价关系的时变特征。结果表明:中国公司债市场中债券交易量与价格波动之间存在显著的线性关系;债券流动性水平对量价关系有显著影响,债券流动性水平越高(低),则量价关系越弱(强);债券交易量与价格波动存在非对称的下尾相关性;债券量价关系具有时变性,市场低风险时期量价关系较弱,市场高风险时期量价关系较强。     

现行审计关系的新发现：角色、思维与制度的扭曲

通过对现行审计市场上民间审计关系的分析，可以清楚地看到：三种审计关系人的现实角色与理想角色发生了不同程度的错位，审计关系的秩序出现了混乱；三种审计关系人各自沿着不同的思维逻辑看待审计关系中的其他两方，审计关系的协调遇到了巨大困难；其中，审计人承担了更多的社会责任。现行的为投资者服务的审计制度安排，在实际操作中可能流于形式，投资者的利益在一定程度上被忽视。     

以关系活动提升企业竞争优势

从对企业竞争优势的资源观中可以看到,作为企业竞争优势来源的资源必须具有价值性、特质性和持久性三个特点。关系现象及关系资源作为中国文化下的一种特殊现象,普遍存在于社会的各个角落,企业也不例外。研究与分析关系活动的管理特质,有助于企业构建持续的竞争优势。     

劳动关系发展趋势研究——基于概念演化视角的分析

目前学术界对劳动关系问题的探讨缺乏基础理论层面的研究,对劳动关系概念称谓、基本性质和演变规律缺乏卓有成效的系统研究.本文甄别了若干基础概念,认为劳动关系在不同时期、不同地域有着不同的表现形式,体现着不同的时代背景和内容特征,而劳动关系这一称谓更适合我国使用;总结了市场劳动关系的基本性质、分析了劳动关系现实冲击及其根由,提出了促进劳动关系趋向和谐发展的科学规制方法.     

Empirical studies on the relationship between public and private investment and GDP growth

This study performs empirical studies on the interaction between public and private investment and GDP growth for Japan and the USA. Since the data for each country used show features that are quite different from each other, empirical methods of GMM (Generalized Method of Moments) and OLS (Ordinary Least squares) are accordingly applied to Japan and the USA, respectively. The empirical results suggest that both public and private investment make great contributions to Japanese economic growth, while the US private investment seems to play a much more significant role than public investment.     

Efficiency First or Equity First? Two Principles and Rationality of Social Choice

This paper formalizes two different principles to socially rank allocations under efficiency-equity trade off. The efficiency-first social preference relation ranks an allocation x higher than an allocation y if and only if (i) x is Pareto-superior to y or (ii) x and y are Pareto-noncomparable and x is equity-superior to y. The equity-first social preference relation reverses the order of application of the two criteria. We show that the efficiency-first relation may have a cycle, whereas the equity-first relation is transitive. We also characterize and compare the sets of maximal elements for these social preference relations in the Edgeworth box and examine the nonemptiness of the sets. Journal of Economic Literature Classification Numbers: D71, D63, D61.     

Simulation-based inference in dynamic panel probit models: An application to health

This paper considers the determinants of a binary indicator for the existence of functional limitations using seven waves (1991–1997) of the British Household Panel Survey (BHPS). The focal point of our analysis is the contributions of state dependence, heterogeneity and serial correlation in explaining the dynamics of health. To investigate these issues we apply static and dynamic panel probit models with flexible error structures. To estimate the models we use maximum simulated likelihood (MSL) with antithetic acceleration and implement a recently proposed test for the existence of asymptotic bias. The dynamic models show strong positive state dependence. Data from the British Household Panel Survey (BHPS) were supplied by the ESRC Data Archive. Neither the original collectors of the data nor the Archive bear any responsibility for the analysis or interpretations presented here. Funding was provided by the ESRC award no: R000238169-Simulation-based econometric approaches to investigating the interaction of lifestyle and health. The authors would like to thank William Greene for valuable comments on an earlier draft of the paper, Roberto Leon Gonzalez for valuable programming advice, and participants at the iHEA Third International conference, York, 22–25 July 2001 and York Seminars in Health Econometrics (YSHE) for their comments.     

组织遗忘、双元学习与跨界创新关系研究——基于冗余资源的调节作用

本文探索性地构建了以双元学习(包括利用式学习和探索式学习)为中介变量,冗余资源为调节变量的组织遗忘对跨界创新影响的概念模型,运用结构方程模型、Bootstrap分析和多元回归分析模型对其验证,结果表明:组织遗忘对跨界创新具有显著正向影响;利用式学习和探索式学习在组织遗忘与跨界创新之间具有各别和连续中介作用;冗余资源在组织遗忘与跨界创新之间起正向调节作用.     

上市公司价值创造能力异质性 ——基于二元选择分位数回归模型的研究

为解释公司价值创造能力异质性表现,建立二元选择模型,分别采用均值回归与分位数回归两个分析方法,讨论了所有制性质、股权制衡度、公司规模等对上市公司价值创造能力的异质影响方式。一方面,通过分位回归系数,揭示其异质影响模式;另一方面,通过概率水平预测,揭示其异质影响程度。本文以中国A股上市公司2009-2011年三个年度数据作为研究对象进行实证研究,取得了稳健的实证结果。结果表明：这三类因素都显著影响公司价值创造能力,但影响方式呈现出异质性,表现为在价值创造能力的上尾部与下尾部都有较大的回归系数,意味着需要特别关注那些价值创造能力层次较高和较低的公司,可以采取“抓两头,促中间”的公司治理策略;各因素对公司价值创造为正的可能性影响程度表现为“折线型、台阶式”,意味着只有当各因素取值累积到一定程度时,该可能性才会发生变化,而这一变化对公司规模最为敏感,表明要想实现价值创造能力的提升,公司需要进行各因素的积累与准备。     

双重二元转型与结构调整:模型、命题与中国的经验结果

通过结构调整实现经济增长方式的转型是新时期中国经济实现可持续增长的关键。按照科学发展观的思想,转型成功的核心在于科学地认识我国经济结构演进的机制,而这必须基于对我国经济环境约束条件的清晰认识,以及以此为前提的科学逻辑分析。据此,文章从中国城乡和地区的经济双重二元性现实出发,通过构造一个跨部门和地区的一般均衡模型,对中国结构调整的市场实现机制进行了全面考察。文章认为,中国的结构调整可以通过城乡和地区在要素与产品等方面的结构性互动实现,而其具体的实现机制是地区与城乡非均衡所带来的套利机会,政府的作用在于在尊重这种规律的基础上,着力于解决市场失灵问题。     

动态能力关系质量与合作绩效实证研究

本文以上市制造企业为调查对象,对动态能力、关系质量、合作绩效之间关系进行了研究。研究结果表明,动态能力对关系质量有着显著的正向影响;动态能力对合作绩效有着显著的正向影响;关系质量对合作绩效有着显著的正向影响;动态能力不仅直接影响到合作绩效,而且通过关系质量间接地影响到合作绩效。本文研究结论可为我国制造企业制定和实施管理策略提供理论指导。     

企业理论的两种进路:在批判中超越

新制度学派企业理论和马克思企业理论各有不同的理论进路。前者的预设前提、论证过程和理论目的存在严重缺陷；后者虽提供了客观认识现实的方法论指导，但其论证有待深化，结论有待扬弃。资本与劳动间非对称的产权关系和产权结构的不同特点以及由此所决定的二者不同的市场权力地位，是当前资本逻辑形成的原因。构建和谐企业理论的关键是要在企业的双重属性前提下超越“雇佣”的认识局限，走出“剥削”的历史阴影。     

A micro data approach to the identification of credit crunches

This article presents a micro data approach to the identification of credit crunches. Using a survey among German firms which regularly queries the firms' assessment of the current willingness of banks to extend credit, we estimate the probability of a restrictive loan supply policy by time taking into account the creditworthiness of borrowers. Creditworthiness is approximated by firm-specific factors, e.g. the firms' assessment of their current business situation and their business expectations. After controlling for the return on the banks' risk-free investment alternative, which is also likely to affect the supply of loans, we derive a credit crunch indicator, which measures that part of the shift in the loan supply that is neither explained by firm-specific factors nor by the opportunity costs of providing risky loans.     

Securing basic well-being for all

The purpose of this article is to examine the possibility of a social choice rule to implement a social policy for “securing basic well-being for all.” The article introduces a new scheme of social choice, called a social relation function (SRF), which associates a reflexive and transitive binary relation over a set of social policies to each profile of individual well-being appraisals and each profile of group evaluations. As part of the domains of SRFs, the available class of group evaluations is constrained by three conditions. Furthermore, the non-negative response (NR) and the weak Pareto condition (WP) are introduced. NR demands giving priority to group evaluation, while treating the groups as formally equal relative to each other. WP requires treating impartially the well-being appraisals of all individuals. In conclusion, this article shows that under some reasonable assumptions, there exists an SRF that satisfies NR and WP.     

Modeling probabilities of patent oppositions in a Bayesian semiparametric regression framework

Previous econometric analyses of patent data rely on regression methods using purely parametric forms of the predictor for modeling the dependence of the response. These approaches lack the capability of identifying potential non-linear relationships between dependent and independent variables. In this paper, we present a Bayesian semiparametric approach making use of Markov Chain Monte Carlo (MCMC) simulation techniques which is able to capture these non-linearities. Using this methodology we reanalyze the determinants of patent oppositions in Europe for biotechnology/pharmaceutical and semiconductor/computer software patents. Our semiparametric specification clearly finds considerable non-linearities in the effect of various metrical covariates which has been not been discussed previously. Further, a formal model validation based on ROC-methodology which splits the data in a training and a validation data set shows a significant improvement of the explanatory and the predictive power of our approach compared to purely parametric specifications.

从对外贸易定量分析看河南省的产业关联

本文利用投入产出数学模型测算分析河南省产品净出口对全省经济的影响情况。全省产品出口对省内经济的带动作用不是太大。在所有出口的行业中,纺织业和非金属矿物制品业与其他部门的产业关联度较强,而科技含量较高的出口产品与其他部门的产业关联度较弱。     

True versus spurious state dependence in firm performance

This paper analyzes the persistence of firms’ exporting behavior in a panel of German manufacturing firms using dynamic binary choice models. We distinguish between true and spurious state dependence in exports and apply fixed effects methods that allow us to verify the robustness of our results to critical assumptions on firms’ initial export status. We find robust evidence of state dependence in the current export status of firms. We also document an important role of unobserved permanent firm heterogeneity (spurious state dependence) and quantify the relative importance of different export determinants. Our results, which are consistent with the findings of previous studies on firms in developing countries and in the United States, show the presence of important sunk costs in export market entry and a depreciation of knowledge and experience in export markets. This paper benefitted substantially from three anonymous referees and Bernd Fitzenberger, one of the editors of this journal. The authors wish to thank the Centre for European Economic Research (ZEW), Mannheim, for its hospitality during the time this study was carried out. Both authors gratefully acknowledge helpful comments received at a workshop hosted by the Centre for Applied Microeconometrics, University of Copenhagen workshop, especially those from Bo Honoré. Useful discussions with Georg Licht also lead to improvements of this paper. We thank Ken Chay for sharing Gauss codes used in parts of the paper. Lastly, we would like to thank Bettina Peters, a member of the ZEW team that compiles the data set used in this study, for data guidance and numerous helpful comments. The activities of the Centre for Applied Microeconometrics are financed by a grant from the Danish National Research Foundation.     

基于非线性理论的生态旅游景区环境容量研究

如何平衡日益增长的游客数量与生态旅游景区环境容量之间的关系,已成为制约生态旅游可持续发展的瓶颈。基于非线性理论,建立游客数量与生态旅游景区环境容量的二元模式,获得对现实具有重要警示意义的平衡态。主要结论有:(1)生态旅游景区环境容量能否增加,开发与管理是否科学化与生态化是关键条件;(2)游客的生态意识对生态旅游景区的环境容量起到催化剂作用,将加速提高或减少景区的环境承载力;(3)平衡态景区环境容量与游客数量一致,表明合理控制游客数量,是决定生态旅游能否持续发展的前提;(4)只有同时采取控制游客数量与改善生态旅游景区的自然、社会、经济环境的措施,才能逐步实现生态旅游景区环境容量最终的稳定状态。