Spillovers and diversification potential of bank equity returns from developed and emerging America

We examine the network spillovers, portfolio allocation characteristics and diversification potential of bank returns from developed and emerging America. We draw our results by applying a directional spillover index, the tail-event driven network (TENET) and nonlinear portfolio optimization methods on bank returns. We find that the spillovers and connectedness among banks from emerging America are noticeably smaller than those among banks from developed America. The largest emerging market spillover transmitters and receivers are the banks from Brazil, followed by the banks from Chile. The largest developed market spillover transmitter is JP Morgan Chase. The connectedness among banks from developed America is dominated by the banks from the USA, relative to those from Canada. The total connectedness of the emerging market banks is more intensified than that of the banks from developed America due to the effect of the COVID-19 pandemic. The portfolio optimization shows that in developed America, the largest banks from the USA are the largest risk contributors to total portfolio risk, whereas the banks from Canada contribute the least risk. In emerging America, the banks from Brazil contribute the most risk to total portfolio risk while the banks from Peru and one bank from Colombia contribute the least risk. The portfolio of banks from emerging America offers greater diversification potential and lower total portfolio allocation risk.     

外商直接投资在中国的空间外溢效应研究

本文的研究结果发现,除了国外直接投资对大型企业不存在空间外溢比邻优势外,国外直接投资对中、小型企业以及港澳台地区直接投资对所有规模的企业均存在一定的空间外溢比邻优势;外商直接投资拉大了东西部企业生产率的差距,其中港澳台地区直接投资对东西部大型企业的生产率外溢差异远大于国外直接投资,港澳台地区直接投资分布相对集中于东部以及其对大型企业表现出的比邻优势使其外溢效应出现明显的区域差异,这是导致东西部生产率差异的主要因素;外商直接投资对不同规模的企业具有不同的外溢效应,加剧了我国大、小企业之间的竞争地位差异。     

加快实现“七个转变”,提高建筑业企业可持续发展能力

建筑业规模高速增长,但发展模式粗放、资源耗费大、可持续发展能力不足的问题十分突出。企业必须加快从"占有市场"向"占优市场"、从"传统施工领域"向"现代施工领域"转变、从"施工总承包"向"工程总承包"、从"劳动密集型"向"技术密集型"转变、从"外延型"向"内涵型"、从"灰色施工"向"绿色施工"、从"国内化"向"国际化"转变,努力提高自身可持续发展能力。     

Little England's Missed Opportunity

Can Britain benefit from immigration from Hong Kong? William McGurn and Julian Simon, drawing on experience from America, argue that Britain has much to gain from migrants from Hong Kong.     

机床产品部件的优化设计与分析

随着科学技术的进步和社会需求的变化,机床的设计理念和制造技术也在不断地发展,改变了传统的经验设计方法,由静态分析向动态分析、定性设计向定量设计、线性分析向非线性分析、可行性设计向最佳设计、手工计算向自动化计算过渡。本文详细分析了机床部件的设计及优化设计方法,在短时间内进行多个方案的比较,合理选择有关参数,以获得一个技术经济指标最佳的设计方案,实现机床产品部件的优化设计。     

窄众媒体发展之路——《糖烟酒周刊》经营策略研究

成功源于方法、源于策略。本文联系《糖烟酒周刊》的发展轨迹,揭示了该刊从经营定位、经营体制、管理模式、经营策略等方面的转变,由简单的杂志到经营品牌,成功实现了从专业商务期刊向媒体运营平台的跨越发展的过程。     

World economy

We expect the solid and broad‐based world recovery to continue, and still see a slight pick‐up in global GDP growth from 2.9% this year (up from 2.8% in July) to 3.0% in 2018 (unchanged from three months ago). This points to the most sustained period of robust global growth since the initial recovery from the financial crisis.     

城市空间发展哲学思辩

通过对十多个城市空间发展的个案分析 ,作者指出 ,在城市空间拓展过程中 ,通过规划调控、行政区划调整等手段 ,可以使城市劣势空间变优势空间 ,使分割空间变整体空间 ,平淡空间变特色空间 ,变限制空间为超越限制空间     

全新范式方法在传统语言学研究中的应用

在对乔姆斯基的转换生成语法进行全面概述的基础上,指认出其对传统语言学研究范式所进行的三大转换,即从描述到解释,从表层到深层以及从解构到建构,而这种转换的实质则在于从经验到先验。     

The effect of entrant brand's ownership on national brands' positioning strategies

National brand manufacturers face the threat of new product entry from not only their traditional competitors (other national brand manufacturers) but also from their own customers (the retailer). We compare how national brands can limit the loss due to entry of these two types of entrants by positioning of their brands. Our results show that national brands position farther from one another when the new entrant is a store brand than when the entrant is another national brand. We also find that due to different positioning strategies of these two types of entrant brands—the entrant store brand positioning “in‐between” incumbent national brands whereas the entrant national brand positioning “away” from incumbent national brands—incumbent national brands may lose more from the entry of a weaker store brand than from the entry of a stronger national brand. Finally, we find that taking into consideration both pricing and product positioning decisions, consumer and social welfare are generally higher from store brand entry than from national brand entry.     

工业建筑的现状与发展方向

工业建筑自19世纪兴起以来,随着工业产业的迅速发展,必然要求其随之发展并逐步完善。经济、工业产业崛起的同时,工业建筑从其设计理念到设计成果、从结构形式发展到建筑材料更新、从实现其基本功能到实现自动化控制,从满足采光通风的基本要求到实现节能设计,也无不发生着翻天覆地的变化。     

网络经济下企业组织环境的变化与经营模式的变革

网络经济是建立在信息的生产、分配和使用基础之上的经济形态。在网络经济环境下 ,企业经营的组织环境出现了新的变化 ,因而使企业的经营模式发生了从大规模生产到大规模定制 ,从产品经济到服务经济 ,从实体经营到虚拟经营 ,从互相竞争到双赢合作的根本性变革。把握这些新变化并改进我国企业经营的策略 ,有利于企业战略目标的实现。     

中外滚动轴承工业标准对比分析

文章从标准的发展概况、标准构成、采用国际标准等方面,比较了中国和德国、日本以及美国滚动轴承工业标准的异同,并指出中国轴承工业标准尚需由数量型向质量型转化,由微观操作型向宏观指导型转化,由生产型向贸易型转化,由被动采用型向主动创新型转化。     

天然斜发沸石对水中氨氮吸附影响因素研究

本实验研究了天然沸石对氨氮的吸附影响因素及机理,结果表明,沸石投加量为2g,粒径由20目增加到100目时,其qe从0.341上升到0.512mg/g;沸石投加量1g,初始氨氮浓度由10mg/L增大到100mg/L时,qe从0.112上升0.595mg/g;氨氮初始浓度为100mg/L,投加量由1g增大到15g时,qe从0.595mg/g下降到0.268mg/g,沸石吸附氨氮更适合用Langmuir吸附等温线和准二级反应动力学进行描述,其R2分别为0.997和0.998。     

Network VAR models to measure financial contagion

Financial contagion among countries can arise from different channels, the most important of which are financial markets and bank lending. The paper aims to build an econometric network approach to understand the extent to which contagion spillovers (from one country to another) aris from financial markets, from bank lending, or from both. To achieve this aim we consider a model specification strategy which combines Vector Autoregressive models with network models. The paper contributes to the contagion literature with a model that can consider bank exposures and financial market prices, jointly and not only separately. From an empirical viewpoint, our results show that both bilateral exposures and market prices act as contagion channels in the transmission of shocks arising from a country to other countries.     

Equity block transfers in transition economies: Evidence from Poland

This paper investigates valuation effects of share block transfers and employs agency theory to explain the determinants of equity block premia. A sample of transactions from Poland is used to measure benefits and costs of ownership concentration. Block premia are found to be remarkably low and comparable with those for the most developed economies. Shareholders expect to benefit from intensified monitoring and from corporate restructuring resulting from block acquisitions. Still, shareholders are wary of expropriation stemming from the extraction of private benefits of control by block holders. The opportunities to extract such benefits depend on relative power of investors.     

试论人力资源与人力资本的判别标准

针对目前人力资本与人力资源混用较普遍的现象,从马克思对资本本质的认识及西方经济学家对资本本质的探讨出发,对人力资本和人力资源从本质上进行认识,提出以"人的体力和能力是否处于生产过程中"作为人力资源与人力资本的判别标准,并进一步强调人力资源培育及向人力资本转化的重要现实意义。     

How interethnic marriages affect the educational attainment of children: Evidence from a natural experiment

The allocation of Moluccan immigrants across towns and villages at arrival in the Netherlands and the subsequent formation of interethnic marriages resemble a natural experiment. The exogenous variation in marriage formation allows us to estimate the causal effect of interethnic marriages on the educational attainment of children from such marriages. We find that children from Moluccan fathers and native mothers have a higher educational attainment than children from ethnic homogeneous Moluccan couples or children from a Moluccan mother and a native father.     

Did small or large US banks transmit more risk during the Subprime crisis?

This paper investigates bank size as a factor of risk transmission in the US banking sector during the Subprime crisis. Risk transmission is examined in two directions: from large to small banks and from small to large banks. To do this, we estimated a Spatial Autoregressive model using information on all US commercial banks from 2005 to 2010. Our results show that risk transmission from small to large banks appeared during early stages of the Subprime Crisis and transmission from large to small banks appeared later but was more long lasting.     

欧盟促进可再生能源使用指令2009／28／EC概述

文章介绍了欧盟可再生能源政策的概况，以及促进可再生能源使用指令2009／28／EC。指令规定到2020年，整个欧盟的能源消耗中至少有20％来自可再生能源，且每个成员国运输领域的能源消耗中至少有10％来自生物燃料。