The effects of economic news on commodity prices

We assess how commodity prices respond to macroeconomic news and show that commodities have been relatively insensitive to such news over daily frequencies between 1997 and 2009 compared to other financial assets and major exchange rates. Where commodity prices are influenced by news, there is a pro-cyclical bias and these sensitivities have risen as commodities have become increasingly financialized. However, models based on news still do a relatively poor job of forecasting commodity prices at daily frequencies. We also find some asymmetries in how commodity prices respond to news, most notably for gold, which alone among commodities acts as a safe-haven when “bad” economic news emerges.     

The macroeconomic response to real and financial factors,commodity prices,and monetary policy: International evidence

This study estimates a variety of small dynamic factor macro models where the factors are time-varying. The sample consists of 20 economies from around the world. Using quarterly data since the late 1990s, I find that the focus of some policymakers on the negative spillovers from monetary shocks is exaggerated. Four separate types of shocks are identified, and these can easily offset each other with a neutral to positive overall economic impact in some economies investigated here. However, a few economies, namely Brazil, Chile and China, experience a net economic loss from spillovers.     

The possibility of positive rent gradients reconsidered

Despite empirical evidence to the contrary most residential location models are consistent only with a negative rent gradient. Richardson has suggested including average neighborhood plot size as an argument of the utility function; a positive rent gradient is not then a priori inconsistent with equilibrium. However, Richardson does not define the concept of equilibrium, and the purpose of this paper is to suggest a reasonable definition and to show that the rent gradient is negative if the utility function is strictly quasi-concave and if individual and average neighborhood plot size are substitutes.     

对天津大胡同商品市场物流模式的研究

现代物流是企业的第三利润源泉,它能降低企业的经营成本,提高社会的资源利用率。被誉为“小商品世界”的天津大胡同商品市场应抓住当前有利时机,加快发展现代物流业,提高整体运行效率和质量。文中研究了大胡同商品市场的总体情况,着重分析了大胡同现有的物流模式中存在的问题,并提出改进的方法。     

油价大赌局

涨价,涨价,还是涨价,从今年1月2日突破100美元以来,国际油价仅仅用了不到半年时间又击穿了140美元,石油价格的接连暴涨,让全世界所有国家面临通货膨胀的危险,让全球所有资本市场为之颤抖,在经历这场疯狂上涨的同时,越来越多的人在问--是谁制造了高油价,油价窜升的背后有什么资本运作的玄机,为了寻找答案,我们的记者展开一场跨越大洋的对话,揭开了一场油价大赌局的面纱。     

改善商品包装的若干思考

在现代市场经济的发展中,商品包装承担着保护商品、便利储运和宣传、美化商品的作用.它的重要性日益为生产厂家、商家和消费者所重视.我国传统的商品包装式样单调,只注重保护商品,忽视了它的宣传和美化商品的作用,现已逐步为注重美观大方,讲究经济实用、突出广告宣传之功能的现代意识所替代.     

松绑的价格

<正>编者按:近期,国家发展改革委印发通知,要求地方放开非保障性住房物业服务、住宅小区停车服务等9项商品和服务价格,鼓励市场通过竞争提供质优价廉的多样化服务。非保障性住房物业服务价格放开这一政策的落地实施,将会为行业带来哪些变化?物业管理各方主体,特别是物业服务企业,如何用好这一政策,推动物业管理实现质价相符,成为业界普遍关注的问题。本期杂志继续组织专题,邀请业界专家和相关人士进     

松绑的价格

<正>编者按:近日,国家发展改革委印发通知,要求地方放开非保障性住房物业服务、住宅小区停车服务等9项商品和服务价格,鼓励市场通过竞争提供质优价廉的多样化服务,拉动消费,促进相关行业健康发展。据了解,目前,湖北、陕西等多个地方的物价主管部门已经下发通知,将执行国家发改委的这一政策。非保障性住房物业服务价格放开这一政策的落地实施,将会为行业带来哪些变化?物业管理各方主体,特别是物业服务企业,如何用好这一     

松绑的价格

<正>编者按:近日,国家发展改革委印发通知,要求地方放开非保障性住房物业服务、住宅小区停车服务等9项商品和服务价格,鼓励市场通过竞争提供质优价廉的多样化服务,拉动消费,促进相关行业健康发展。据了解,目前,湖北、陕西等多个地方的物价主管部门已经下发通知,将执行国家发改委的这一政策。     

The reaction of security prices to tracking stock announcements

This paper provides some empirical evidence on a relatively new and increasingly prevalent form of equity restructuring called tracking stock. We identify the effects associated with tracking stock announcements by excluding from our sample those announcement events that include other significant news announcements on the event date, such as announcements of acquisitions and earnings. For the 35 announcement events that fit this criteria, we find a mean abnormal return of over 3 percent in the two-day period surrounding the announced proposal to issue a tracking stock, with 30 of the 35 firms in the sample earning positive abnormal returns. The views expressed in this paper are that of the author(s) and do not reflect the views or opinions of Deutsche Bank Securities Inc. or any of its affiliates.     

“房价维权”,业主斗法开发商

房价调整,深圳、北京、上海等地连续发生业主要求开发商进行降价补偿的事件,业主因降价维权,成为房产纠纷中的新节目房价降幅越来越大,许多业主打起了维权的大旗。只是开发商因降价补偿或变相补偿仍然是个别行为,业主房价维权前景仍不明朗。     

脱缰之马--住房价格亟须控制

上海商品住房价格的过快上涨引起业内人士和社会各界的密切关注。如何有效控制房价涨幅,是当前维护房地产市场持续健康发展的重大关键问题。     

The coupon-induced tax clientele effect in bond prices

A pricing model for default-free bonds under differentia! taxation of coupon income and capital gains is presented which explicitly considers coupon-induced tax clienteles. Subsequent analysis provides indirect evidence in support of the existence of the coupon-induced tax clientele effect, while direct evidence is provided by analyzing differences in marginal tax rates estimated across different coupon levels for sets of US Treasury bonds with the same maturity date. The results are also generally consistent with the traditional notion that marginal tax rates are inversely related to coupon levels.     

2007年第一季度 城市地价动态监测报告

根据中国城市地价动态监测系统对全国重点地区和主要城市监测结果的分析，2007年第一季度我国主要城市地价状况如下——     

The universal pathway to commodity structure upgrading in global trade evolution

Some scholars have proposed that economies grow by upgrading the commodities they produce and export. Product space theory holds that the export structure is determined by a country’s factor endowment and technological level, proposing the revealed comparative advantage (RCA) to analyze the specialization on commodities for countries. With the development of global trade, the network of multilateral trade relations has become increasingly hierarchical and complex. It would, therefore, be valuable to identify general patterns across countries of upgrading the commodity structure in the evolution of their participation in global trade. This paper shows that a typical pattern of change in the dominant types of foreign trade occurs when an economy has grown to a certain scale. With economic development, the advantages of high-technology commodities in trade gradually become more prominent.

     

The effects of potential land development on agricultural land prices

We conduct a national-scale analysis of the determinants of agricultural land values. The theoretical basis for the study is a spatial city model with stochastic returns to future land development. The empirical model of agricultural land prices is estimated with a cross-section on approximately three thousand counties in the contiguous US. The results provide evidence that option values associated with irreversible and uncertain land development are capitalized into current farmland values. For each county, we decompose the current agricultural land value into components measuring rents from agricultural production and rents from future land development.     

商业零售企业的PB商品战略

PB(Private Brand)商品战略即商业零售企业的自发商品战略.实质商业零售企业通过收集、整理、分析消费者对某类商品的需求特性的信息,提出新产品的开发设计要求,进一步选择合适的生产企业进行开发生产或自行设厂进行生产制造,最终在本企业内以自有品牌进行销售的战略.PB商品是相对于使用生产企业商标、面向全国市场销售的NB(National Brand)商品而言的,它是随着西方国家商业零售企业在连锁经营过程中谋求事业扩张和商业成功而产生的.