Spatial and Temporal Diffusion of Housing Prices in the Presence of a Linguistic Border: Evidence from Belgium

This paper investigates the ripple effect hypothesis for Belgium and is especially interested in the existence of potential border effects arising from the language border that divides the country in two large linguistic regions, Flanders and Wallonia. We find that housing prices in districts located along the north-south axis are highly integrated, while those in more peripheral eastern and western districts converge almost exclusively with neighbouring districts in the same linguistic region. Where a similar model might only applied to a few multilingual countries, we provide some valuable insights on the mechanisms responsible for the observed ripple—and border effects.     

论信息处理在个人发展中的作用

当今社会可谓是一个信息社会,信息爆炸以及信息污染这两种现象就是对这一时代的有力诠释。生活在信息环绕之中的个体,如何处理信息,对于自身发展具有重要的影响作用。本文就信息处理的重要性、信息处理的差异性以及如何有效地进行信息处理以推动个人发展三个方面进行了简要论述。     

国际视角下我国个人理财市场发展探析

近年来随着人们生活水平的提高以及理财意识的增强,高质量的个人理财产品与服务将成为市场的必然选择。然而与个人理财业发达的国家相比,我国个人理财市场还存在着许多问题。本文从国际视角下,分析我国个人理财市场存在的问题,并提出发展个人理财市场的策略。     

Examining the Interaction between Saving and Contributions to Personal Pension Plans: Evidence from the BHPS*

This paper analyses the effects of social security reforms on saving in Britain. We use the British Household Panel Survey to investigate the interactions between voluntary additional contributions to personal pension plans (PPP) and saving in conventional forms. In particular, we test whether contributions to the PPP crowd out saving or constitute additional saving. Results suggest that not only have private pension schemes not crowded out private saving, but actually they have increased it too.     

制约电子商务在我国发展的因素分析

在信息化高度发达的21世纪，电子商务作为一种新型交易方式，正在改变着我国传统产业结构，并对提高我国企业竞争力产生了重大影响。然而，我国企业发展电子商务仍然受到诸多因素的制约，本文主要对网络安全问题、信用问题、支付问题、物流问题四大制约电子商务发展的主要因素加以分析，并提出相应的解决措施，以利于电子商务在我国快速健康的发展.     

New and Current Evidence on Determinants of Aggregate Federal Personal Income Tax Evasion in the United States

Using the most current data available, this study seeks to identify any new as well as traditional determinants of personal income tax evasion. A variety of empirical estimates find that income tax rates, the IRS audit rate and IRS penalty interest rates, and the unemployment rate all influence tax evasion. In addition, rarely investigated variables including the tax‐free interest rate, the public's job approval rating of the president, and the public's dissatisfaction with government, along with previously unstudied variables, namely, the real interest rate yield on Moody's Baa‐rated long‐term corporate bonds and the real interest rate yield on three‐year Treasury notes, also affect income tax evasion.     

Impacts of Second Home Development on Housing Prices in the Southern Appalachian Highlands

This study estimates the value of socioeconomic, spatial and environmental attributes on housing prices of both urban and rural communities in the primary and second home areas of the Southern Appalachian Highlands, using the hedonic property price model. Distance and environmental attributes are valued more heavily in the rural communities of the second home area than in the urban communities of the primary home area. The effect of second homes on housing prices is mainly evident in the rural communities. Second home development impacts a home's value by US$2,378, or 4.2% of $56,245, the average value of a rural home.     

Providing Managerial Accounting Information in the Presence of a Supplier

Abstract

This paper identifies a novel effect which is crucial for the design of a management accounting information system. In contrast to prior literature, we explicitly model the firm's relationship to a supplier. We show that in addition to the previously identified trade-off – benefits of more information versus indirect or direct (agency) costs of information acquisition – another effect occurs: the input price effect. This effect influences the optimal design of the management accounting information system and changes the regimes where information acquisition is optimal for the principal. Also, in case of endogenous input prices we demonstrate that – perhaps surprisingly – paying an information rent to the agent can be beneficial because it works as a commitment towards an over-charging supplier to exploit the input price effect.     

Towards a Personal Knowledge of Economic History

A bstract . Our intellectual heritage from the Polanyi Brother: Michael, the scientist-philosopher, and karl, the economic historian, is explicated. Michael Polanyi's Post-critical philosophy of personal Knowledge is explained and analyzed.
Michael Polanyi applied his philosophy to develop a powerful historical epistemology and methodology. The classic economic history. The Great Transformation , by Karl Polanyi is analyzed and interpreted as a prototypical example of a historical work which utilized and applied Michael Polanyi's historical epistemology and methodology. It is concluded that the Polanyi Brothers have developed a powerful historical epistemology and have applied their methodology to expand historical knowledge beyond the limits of the "new" economic history.     

Impacts of Land Use Rights Reform on Urban Development in China

The opening of China's urban land market has seen a growing interest internally and internationally in land and real estate development. Due to the monopolized ownership of land, this interest brings in substantial income for the government. Because of this new source of income, governments at various levels are able to finance urban development to different extents. This paper examines the outcomes of the reform that created a market mechanism for urban land and real estate, and the correlation of urban developments with the land and real estate market.     

Spurious Rejections by Perron Tests in the Presence of a Break

In this paper, we concentrate on the case of an exogeneously chosen break date, but entertain the possibility that an incorrect choice is made. In fact, the Perron test statistics considered are invariant to any break in the generating process at the assumed break date. Our results therefore apply equally to the case of a generating process with two breaks, only one of which is specifically accounted for in the analysis. As in Leybourne et al . (1998), we find that a neglected relatively early break can lead to spurious rejections of the unit root null hypothesis. Moreover, for all but one of the tests analyzed, spurious rejections now also arise if a true break occurs relatively soon after the assumed break date.     

Sustainability Development and the Quality of Assurance Reports: Empirical Evidence

There is a rising trend among companies to publish their sustainability or corporate social responsibility (CSR) reports. Assurance of these reports is a valuable voluntary tool to provide them with higher credibility. Nonetheless, the quality of assurance reports differs in practice and the objective of this paper is to provide evidence in this new area of research. Indeed, we are pioneers in developing an index to measure the quality of assurance reports. We choose the Spanish setting because it is the worldwide leading country as regards CSR reporting (KPMG, 2011; Sierra et al., 2012). We have found evidence on the determinants for CSR reporting posited by existing literature that have an impact on (a) the decision of companies to publish their CSR reports, (b) the decision to assure the CSR report or not and (c) the decision to hire the assurance services from an auditor or a consultant and the subsequent quality of the assurance report. Last but not least, our results from a sample of 161 CSR assurance reports evidence that assurance reports are of fairly acceptable quality, according to the index proposed. Furthermore, the value of the quality index is significantly higher if the assurance services are provided by an auditor (as opposed to a consultant) and if the CSR reporting company is larger. Copyright © 2012 John Wiley & Sons, Ltd and ERP Environment.     

商业银行发展个人理财业务的思路研究

近年来,我国商业银行认识到个人理财业务的重要性和巨大的市场需求,在这一领域进行了探索和尝试,使得整个市场呈现繁荣景象。本文围绕银行如何加快理财业务的发展展开探讨,希望以此促进该项业务的发展。     

我国地区经济发展面临的形势与需要解决的问题

一、我国地区经济的发展现状、问题(一)我国地区经济发展现状近年来,我国各地区按照中央的统一部署,根据自身客观条件,采取有力措施加快发展,地区经济保持了持续、快速发展的良好态势,并在经济结构、地区结构、城乡结构调整方面取得了新成效。总体来看,当前我国地区经济发展具有四个鲜明特征:一是各地区经济总量显著增加,经济持续、稳定发展。据统计,1995年—2003年,即“九五”以来的8年间,东、中、西部地区的GDP分别增长了2.4倍、2.3倍和2.2倍,各地经济实力显著提高。实施西部大开发战略以来,西部地区的经济发展速度显著加快,2000年—200…     

Local Impacts of the Post-Mao Development Strategy: The Case of the Zhujiang Delta,Southern China

The spatial impacts of the post-Mao development strategy are examined at the local level from various perspectives using the Zhujiang Delta, southern China as a case. The findings of this article suggest that the overall growth performance during the period from 1978 to 1992 has been extremely strong, in spite of fluctuating and uneven development between industrial and agricultural sectors. As a result of economic reform and the open door policy, particularly of free market forces, the spatial economic pattern changed from one in which Guangzhou monopolized the development to one that became dominated by two core areas after 1985. Moreover, the spatial relationship between the industrial and agricultural sectors has evolved into a new, balanced sectoral development pattern from place to place. Finally, in keeping with Chinese classical socialist development objectives, regional disparity in the delta since 1978 has shown a tendency to decline. Les effets spatiaux de la stratégie de développement d’après Mao sont examinés au niveau local sous des angles divers, utilisant the delta Zhujiang en Chine du Sud comme cas d’étude. Les résultats suggèrent que la performance générale de croissance durant la période 1978–1992 a été extrêmement bonne en dépit de développements variables et inégaux entre les secteurs industriel et agricole. A la suite des réformes économiques et de la politique de portes ouvertes, particulièrement des forces du marché libre, le modèle spatial économique est passé après 1985 de Guangzhou monopolisant le développement à une domination par deux régions centrales. De plus, la relation spatiale entre les secteurs industriel et agricole a ici et làévolué vers un nouveau modèle équilibré de développement par secteurs. Enfin, en accord avec les objectifs du développement socialiste classique chinois, les disparités régionales dans le delta ont tendance àêtre en déclin depuis 1978.     

Testing for a Change in Persistence in the Presence of a Volatility Shift*

We consider the impact of a break in the innovation volatility process on ratio‐based persistence change tests. We demonstrate that the ratio statistics used do not have pivotal limiting null distributions and that the associated tests display a considerable degree of size distortion with size approaching unity in some cases. In practice, therefore, on the basis of these tests the practitioner will face difficulty in discriminating between persistence change processes and processes which display a simple volatility break. A wild bootstrap‐based solution to the identified inference problem is proposed and is shown to work well in practice.     

Impacts of COVID-19 on global stock sectors: Evidence from time-varying connectedness and asymmetric nexus analysis

In this paper, we analyze the impact of the COVID-19 crisis on global stock sectors from two perspectives. First, to measure the effect of the COVID-19 on the volatility connectedness among global stock sectors in the time–frequency domain, we combine the time-varying connectedness and frequency connectedness method and focus on the total, directional, and net connectedness. The empirical results indicate a dramatic rise in the total connectedness among the global stock sectors following the outbreak of COVID-19. However, the high level of the total connectedness lasted only about two months, representing that the impact of COVID-19 is significant but not durable. Furthermore, we observe that the directional and net connectedness changes of different stock sectors during the COVID-19 pandemic are heterogeneous, and the diverse possible driving factors. In addition, the transmission of spillovers among sectors is driven mainly by the high-frequency component (short-term spillovers) during the full sample time. However, the effects of the COVID-19 outbreak also persisted in the long term. Second, we explore how the changing COVID-19 pandemic intensity (represented by the daily new COVID-19 confirmed cases and the daily new COVID-19 death cases worldwide) affect the daily returns of the global stock sectors by using the Quantile-on-Quantile Regression (QQR) methodology of Sim and Zhou (2015). The results indicate the different characteristics in responses of the stock sectors to the pandemic intensity. Specifically, most sectors are severely impacted by the COVID-19. In contrast, some sectors (Necessary Consume and Medical & Health) that are least affected by the COVID-19 pandemic (especially in the milder stage of the COVID-19 pandemic) are those that are related to the provision of goods and services which can be considered as necessities and substitutes. These results also hold after several robustness checks. Our findings may help understand the sectoral dynamics in the global stock market and provide significant implications for portfolio managers, investors, and government agencies in times of highly stressful events like the COVID-19 crisis.     

我国中部中等城市职住分离的空间差异及其影响因素——以漯河市为例

以河南省漯河市为实证研究对象,基于3937份居民出行调查数据,利用GIS和多元回归模型,系统分析了城市居民职住分离的空间分异特征及其影响因素.研究发现,漯河市居民的平均职住距离为5.9km,通勤距离在5.9km以上的样本比例高达47.32％,职住分离现象比较严重;同时,从居住地的角度可以发现,居民的职住分离现象在交通小区的尺度上存在着明显的空间分异:中心城区的职住分离情况明显好于郊区,就业主导型小区明显好于居住主导型小区;多元回归分析结果表明,年龄、职业、收入、家庭人口数等居民社会经济属性以及居住地的交通小区类型都是产生职住分离的影响因素,其中小区类型是非常显著的影响因子,居住主导型小区职住分离程度最大,就业主导型小区职住分离程度最小.     

为创业投资献计献策--创业投资:面临的问题与发展方向

我国创业投资,特别是创业投资基金问世以来的实践说明,创业投资是支持和培育新兴高新技术产业、促进科技成果产业化、发展中小企业、培育新的经济增长点的重要措施,同时成为解决就业问题及盘活存量资产、带动传统产业改造、加快产业结构优化升级的有效手段.为推动我国创业投资的健康发展,除了需要及时推出<创业投资基金试点管理办法>等法律法规、为创业投资发展扫除法律制度障碍外,还需重新审视创业投资的市场定位,活跃民间创业投资.