黑龙江省城市公用事业发展现状分析

随着城市化水平不断提高,黑龙江省市政公用事业得到了长足发展。城市公用事业水平不断提高,使人民的日常生活得到了一定保障,但是由于城市公用设施改革起步晚,投资主体单一,造成了市政公用设施的严重落后,今后需要通过体制、投融资、监管各方面的改革促进黑龙江省市政公用事业的快速进步。     

Managerial strategies in canning industries: A case study of early twentieth century Portugal

The paper discusses entry barriers in the Portuguese canning industries in the early twentieth century. The most important challenge facing the canning industries was a dependence on unsteady supply of raw material. The available technology, branding trademarks, product differentiation and product quality, versus abundance or scarcity of resources to be used as inputs and international trade presented contradictory effects on entry barriers. Deterrence was inefficient, some foreign firms delocalised to Portugal, and the sector is an interesting case-study in the historical context of globalisation.     

公用事业民营化进程中的政府规制重构

民营化逐渐成为西方国家公用事业改革以及政府治理模式变革的基本潮流，并对后发展中国家的行政改革产生了巨大的示范作用。转型中国的公用事业民营化在约束条件、目的、绩效评估等方面与发达国家有所区别；对政府合理边界的确定是民营化改革成功的关键，要以破除行政性垄断为突破口、依法规制为核心、适当放松规制为原则、建立相对独立的规制机构为保障重构政府规制体系，促进公用事业的发展。     

Social Responsibility and the Utilities

This paper examines recent developments in U.K. utility regulation from a business ethics perspective. The regulatory framework that facilitated privatisation of the utility companies has foundations based upon free market principles involving a transfer from regulation to competitive markets wherever possible. Where competition is not feasible, continuing economic regulation is relied upon, designed to mirror the competitive market to induce, through comparative competition and the price capping mechanism, incentives for greater efficiency. The New Labour Government, having fundamentally reviewed this framework when it came to office, has surprisingly endorsed its basic tenets. However, it wishes to superimpose social responsibility regulations designed to achieve social policy rather than economic objectives. This interventionist approach is in itself in conflict with the free market inspired regulatory framework but additionally, the imposition of social policy objectives creates fundamental ambiguities within the framework for the key stakeholders. The paper concludes that the Government's policy, by eliciting stakeholder confusion and perverse behaviour, could be counter-productive but that ethical theories and frameworks can contribute to thinking in this vital area of the economy.     

我国城市公用事业政府监管绩效评价研究：综述和建议

政府对城市公用事业监管水平的高低关系到城市居民的生活质量,关系到城市社会的安全和稳定,关系到城市经济的持续健康发展。科学地评价城市公用事业政府监管绩效是提高监管水平的必要前提。文章分别从指标体系的构建、评价方法的选取以及评价角度三个方面对我国城市公用事业政府监管绩效评价的研究现状进行回顾,总结现阶段的研究特点,并针对现存问题提出相应的建议。     

Exploring public house employee's perceptions of their status: a UK case study

This paper suggests that employees' perceptions of their occupational status are important to researchers and managers concerned with the broader nature of service work. This ethnography of a single, medium-sized chain of English public houses demonstrates the complex nature of status, identifying four key influences on barworkers' views of their relative standing at work and in the wider community: the nature of the occupation and the employing organisation/environment (barwork in a ‘respectable’ pub chain); the nature of customer relationships (informal, egalitarian); perceived professionalism (personal responsibility at work); and the relative occupational opportunities available (with equivalent jobs offering considerably less status).     

Risk-neutral valuation of the non-recourse protection in reverse mortgages: A case study for Korea

Reverse mortgages are increasingly seen as an alternative source of retirement income among Koreans. All reverse mortgage loans in Korea are sold with a non-recourse protection, limiting the borrowers' exposure to house price appreciation risk. This paper performs risk-neutral valuation for the non-recourse protection in the Korean reverse mortgage market. Specifically, we adopt a multivariate DCC-GARCH model that incorporates different forms of correlations between the economic variables. Risk-neutralization is accomplished using the minimum relative entropy method. Our valuation results reveal several limitations of the fee structure currently used by reverse mortgage providers. Recommendations to improve the fee structure are provided.     

Correspondence sales education in the early twentieth century: The case of The Sheldon School (1902–39)

Correspondence education has received very little attention from business historians. Therefore, the purpose of this paper is to draw attention to The Sheldon School and the work of its entrepreneurial founder, Arthur Frederick Sheldon. Sheldon's correspondence course was studied by thousands of students in the early twentieth century. His interests, as reflected in his correspondence course materials and related articles, range from a focus on facilitating exchange relationships through to concerns with distributive justice, sales ethics and the promotion of an American economic and political vision across the globe. As a key figure in the sales education industry, Sheldon had a major impact on the social environment of the twentieth century via his involvement with the Rotary Club. Courtesy of his influence at Rotary, his ideas continue to shape the way prominent scholars have reflected on the consumer and marketing concept.     

Improving volatility prediction and option valuation using VIX information: A volatility spillover GARCH model

We develop a new generalized autoregressive conditional heteroskedasticity (GARCH) model that accounts for the information spillover between two markets. This model is used to detect the usefulness of the CBOE volatility index (VIX) for improving the performance of volatility forecasting and option pricing. We find the significant ability of VIX to predict stock volatility both in-sample and out-of-sample. VIX information also helps to greatly reduce the option pricing error. The proposed volatility spillover GARCH model performs better than the related approaches proposed by Kanniainen et al. (2014, J Bank Finance, 43, pp. 200-211) and P. Christoffersen et al. (2014, J Financ Quant Anal, 49, pp. 663–697).     

Innovations in Dutch shipbuilding in the first half of the twentieth century

In this article, we focus on the Dutch shipbuilding sector in the first half of the twentieth century and address the question of how its innovative capacity evolved over time. Our attention to the importance of the whole constellation of actors in Dutch shipbuilding, their interrelations, interactions, and interdependence, as well as the institutional setting for innovation processes, contributes to gaining a better understanding of innovation in this sector. The article shows that the development of public knowledge institutes and the growth of scientific interest in Dutch shipbuilding was a slow process. Moreover, the developing knowledge infrastructure in the Netherlands did not lessen the dependence on foreign knowledge. The article illustrates that the relations between actors and the importance of specific knowledge sources changed over time. It also sheds light on an often neglected aspect in system of innovation studies, the importance of individuals. This personal aspect helps explain why the importance of national contexts can differ considerably.     

‘She possessed her own fortune’: Women investors from the late nineteenth century to the early twentieth century

There is a growing literature on the history of investment in Britain. However, the role played by women as investors has been almost wholly ignored. This paper argues that women were an important class of stock market investors and produces empirical evidence, most notably share registers, to show that women engaged in a number of different types of investment, and were important in both public and private companies as long-term holders of securities in the nineteenth and early twentieth centuries. The article concludes by suggesting the impact of these findings on our understanding of women's financial position and of their role in corporate governance.     

A martingale representation theorem and valuation of defaultable securities

We consider a financial framework with two levels of information: the public information generated by the financial assets, and a larger flow of information that contains additional knowledge about a random time. This random time can represent many economic and financial settings, such as the default time of a firm for credit risk, and the death time of an insured for life insurance. As the random time cannot be seen before its occurrence, the progressive enlargement of filtration seems tailor‐fit to model the larger flow of information that incorporates both the public flow and the information about the random time. In this context, our interest focuses on the following challenges: (a) How to single out the various risks coming from the financial assets, the random time, and their correlations? (b) How these risks interplay and lead to the formation of any risk in the larger flow of information? It is clear that understanding how risks build‐up and interact, when one enlarges the flow of information, is vital for an efficient risk management and derivatives' evaluation in those informational markets. Our answers to these challenges are full and complete no matter what the model for the random time is and no matter how the random time is related to the public flow. In fact, we introduce “pure default” risks, and quantify and classify these risks afterward. Then we elaborate our martingale representation results, which state that any martingale in the large filtration stopped at the random time can be decomposed into orthogonal local martingales (i.e., local martingales whose product remains a local martingale). This constitutes our first principal contribution, while our second contribution consists in evaluating various defaultable securities according to the recovery policy, within our financial setting that encompasses any default model, using a martingale “basis.” Our pricing formulas explain the impact of various recovery policies on securities and determine the types of pure default risk they entail.     

Public system usability analysis for the valuation of cognitive burden and interface standardization: A case study of cross-ATM design

Humans are unable to effectively handle machines that have poor interface and interaction patterns. The Automated Teller Machine (ATM) is one of the machines that is most frequently operated by a wide spectrum of people. Hence, it is common to apply Human–Computer Interaction (HCI) technology in the design of ATMs. User–ATM interaction, however, has barriers such as a user’s working memory limit, lower literacy level, or lack of awareness and access. Moreover, the diversity of interfaces hurt user motivation, perception, and experience significantly. For example, each bank has its own ATM design targeting its customers only and, thus, when clients of other banks come across such a machine, they suffer from cognitive burden and commit many errors. To this end, we conduct an analytical survey of ATMs used in Pakistan through user analysis and heuristics analysis. We figure out the influence of design diversity and user perception on ATM users’ cognitive stress with the cognitive walkthrough analysis on the survey. We also uncover a realism-usability gap by reviewing the sampled ATM screens from the viewpoint of HCI heuristics. Finally, we suggest the guidelines on the cross-ATM design, characterized by the standardized fast-cash menu and the fail-safe mechanism for novices. This study demonstrates that users are reluctant to switch out of their comfort zones, due to learning costs and a lack of motivation. Therefore, we should design public systems in a very standardized way, which becomes more crucial for a user’s cognitive relief as interface and design patterns are becoming more diverse in our daily lives.     

Cost-Benefit Analysis: Regulatory Reform or Favoring the Regulated?

A look at OMB's proposal for cost-benefit analysis changes. JEL Classification D6,K2     

“一带一路”背景下人民币国际化的原油计价研究

在"一带一路"倡议下,人民币国际化的原油计价面临着重大机遇:中国与"一带一路"沿线能源出口国利益互补、亚洲缺少原油定价中心、全球出现"去美元化"的趋势以及人民币国际化具备强有力支撑等条件,但同时也面临着资本管制与原油期货市场流动性的冲突、较低开放度的中国金融市场无法为人民币提供畅通的回流路径以及"新特里芬难题"等挑战。借鉴相关发展经验,应积极推进人民币原油期货市场建设、推进金融市场开放构建人民币环流、扩大与"一带一路"沿线国家(地区)的贸易往来、借助基础设施建设强化人民币计价功能等,努力实现人民币国际化的原油计价。     

Estimates of the cost of equity for public utilities, 1961–1976

Using a simple version of the dividend cash flow (DCF) model of stock valuation, the cost of equity for public utilities is often inferred to be equal to the sum of the dividend yield and the expected rate of growth in dividends. Witnesses who employ this approach generally extrapolate past growth patterns into the future and then assume that investors expect these trends to continue; no effort is made to actually assess the expectations of investors. This approach to estimating the cost of equity for public utilities is criticized for the failure to develop testable hypotheses as an inferential basis for testing the statistical reliability of estimates of the cost of equity. This article demonstrates an alternative to the traditional approach, based on the premise that reliable estimates of the cost of equity are derived only within a methodological framework that produces testable hypotheses. The Gordon model of share valuation is formulated in such a way as to show that there is a systematic and predictable relationship between the ratio of market price to book value of common stock and a firm's normal or expected return on equity. This relationship suggests an econometric model that not only tests the Gordon model of share valuation but produces at the same time, inferences concerning the cost of equity. Using this approach, year-end estimates of the cost of equity for electric utilities are determined for the 16-yr period from 1961 to 1976.     

非金融资产管理公司价值增值与资本运作模式研究

做好资产管理工作、实现非金融资产管理公司的价值增值是资本运作的必由之路。资本运作是复杂的系统工程,需要各环节配合才能实现价值最大化。资产管理公司的运作在于利用比较先进、合理的价值评估理论和技术,对企业价值进行综合评估,对企业进行价值判断,确定是否收购或受托经营;按照企业战略管理相关理念和理论,分析判断企业在行业的定位,确定企业发展方向,进而进行资本经营,提升企业价值,使资产管理公司在处置企业股权或债权的过程中获得最大收益,提升资产管理公司自身价值。