A multivariate analysis of United States and global real estate investment trusts

Using daily data for the period February 2006 to July 2013 we examine the return and volatility linkages between the two main United States REIT sub-sectors and global linkages between the Americas, Europe and the Asia Pacific regions using the BEKK-GARCH and the DCC-GARCH models. We find that there is no evidence of any volatility spillovers between the US sub-sectors. By contrast, we find evidence of volatility spillovers between the Asia Pacific and the Americas, the Asia Pacific and Europe but no spillovers between the United States and Europe. Our results suggest that the REIT market is becoming increasingly globalized and that investors need to consider time varying volatility and correlations across different regions of the world when forming their optimal portfolio-allocations.     

The wilder vote and the New South phenomenon: A multivariate analysis

This study employed ordinary least-squares (OLS) regression to explore possible linkages between the election of L. Douglas Wilder to the governorship of the Commonwealth of Virginia and the New South phenomenon. Five selected aggregate level indicators reflective of the New South political terrain served as independent variables. The dependent variable of the analysis was the electoral support garnered by Wilder. Four of the independent variables were statistically significant (race, urbanization, income, and industrialization). However, the education variable did not achieve statistical significance. The model yielded and adjusted R²=.41. The results of our exploratory analysis suggest that the impact of the New South on the Wilder victory was limited, though crucial to his narrow victory. Thus, social and demographic change as suggested by the New South thesis, while important, do not necessarily portend African American statewide electoral success. Further systematic study of this historic contest at the individual level could shed light on political behavior among African American and white voters in the New South.     

我国货币需求决定因素的实证分析

一、理论回顾。货币需求真正作为一种专门的理论是上世纪30年代由凯恩斯建立的。凯恩斯在其《通论》中认为，货币需求数量就是指特定时期公众愿意而且能够持有的货币的数量。人们收入可以以现金的形式持有，也可以购买金融债券，现金具有流动性，金融债券可以获得利息。而人们普遍具有流动性的心理偏好，之所以有此偏好，是因为人们持币主要有3大动机：交易动机，预防动机和投机动机。     

建设园区经济与科学决策探析

园区经济,是在加快转变经济发展方式进程中出现的一种新经济现象。它既不同于区域经济也不同于高新技术开发区,是具有创新性、融合性、集聚性、开放性和可持续性特征的经济有机体。它以其突出的特征,相互结合,互联互动,形成加快转变经济发展方式的内生优势。建设园区经济对经济和社会发展关系极大、影响长远,因此,必须抓好科学决策。建设园区经济的定位要"高",决策要遵循客观经济规律,把决策转化成行动要落实保障措施。     

我国上市公司战略投资决策的博弈分析

现代资本市场中，由于竞争的存在，仅凭英明的筹资策略来创造财富存在很大的局限性。成功的金融创新相对于企业全部的筹资重量来说，只占极小一部分。企业高层管理者应专注于发掘并利用具有高盈利前景的投资机会，而不是想方设法地通过财务策略去“击败市场”。因为企业作为一个资产综合体，其价值由该综合体的整体获利能力所确定，企业的长期竞争优势来源于对最优投资策略的选取和使项目价值最大化的资产管理策略。     

Vote share and return rates: A comparison of two measures of election outcomes

This paper compares two measures of House election outcomes: return rates and vote share for presidential party incumbents. It is found that these election variables move independently from each other. The empirical work discovers that the relationship between return rates and vote share varies as vote share increases and as time progresses. It reports that economic variables explain movement in return rates independent of vote share, but economic variables cannot explain variation in vote share independent of return rates. These results suggest return rates are more sensitive to economic fluctuations than vote share. This paper also finds that the magnitude of the response to changes in economic variables differs across these two election result terms.     

An analysis of the location decision of young primary care physicians

The major objective of this study is to determine the factors influencing the first-time location decision of young primary care physicians. Employing a county-based data set that includes a host of health industry characteristics, demographic attributes, and economic factors, this study explores the factors that come into play when a young primary care physician decides where to practice medicine. In the demand side of the market, it was found that young physicians have an affinity for locating in moderately populated areas. Supply factors also come into play as young physicians appear most willing to locate in counties free of crime, poverty, and excessive taxes and where there is a strong academic presence. A moderate cost of living was also important.     

Differences in digitalization levels: a multivariate analysis studying the global digital divide

This papers aims to identify and explain the differences in information and communications technologies (ICT) adoption for a sample of 142 developed and developing countries. In addition, we examine the relationships between specific combinations of technologies and the factors explaining them. Although income is a key factor for all country groups, its role is more significant for middle-digitalization countries. Using several multivariate techniques, we detect different patterns of digitalization. The patterns are explained to differing degrees by the type of country, by differences in economic development, and by socio-demographic and institutional variables. Factors such as quality of regulation and infrastructure explain ICT adoption in high-income countries. The ICT combination associated with specific income groups as well as the explanatory variables detected for each of them might be useful to implement the most appropriate policy actions to reduce the digital divide.     

Participatory multi-criteria decision analysis: a new tool for integrated development planning

This article proposes a new method for implementing integrated development planning as envisioned by the Local Government Municipal Systems Act of South Africa (2000). The method draws together stakeholders who fall into three broad groups: the communities who live in the municipal area, municipal officials and the elected local politicians. It is grounded in the principles of participatory action research, in which the participation of all interested and affected parties is valued. Within this participatory framework, tools of multicriteria decision analysis (MCDA) are used to support the decision-making process by structuring and quantifying difficult decisions that need to be addressed. Community development measurement scales are formulated by communities, and form the basis for evaluations of proposed projects and ongoing monitoring of these communities' progress.     

State trading organizations: A bias decision model and applications

This paper examines the role of public enterprises in international trade (State Trading Organizations - STOs). Section 2 contrasts motives given for STO creation with those given for public enterprises in general and with policy conclusions of international trade theorists. Section 3 explores sources of bias which at the time of the decision to create an STO lead to understatement of expected costs and overstatement of expected benefits. Section 4 provides a detailed examination of two recently-created Peruvian firms, ENCI and MINPECO, within this biased-decision framework. The concluding section suggests further research needed about STOs.     

An economic analysis of family size decision making with reference to the developing areas of South Africa

A neoclassical utility framework is used to analyze links between decisions about family size and socioeconomic variables using data for 175 women in KwaZulu, South Africa. The demand curve for children is specified within a simultaneous model of family decision-making. "Child education, women's opportunity cost of time and formal market participation were negatively related to fertility, reflecting substitution from numbers of children (time intensive) to fewer, more educated children (less time intensive) as opportunity costs rise. Child labour was positively related to fertility. Strategies to reduce population growth rates should therefore include improvements in women's education and employment opportunities to raise their time costs, and time-saving devices to reduce demand for child labour."     

双系统决策的实验证明与决策优化

双系统决策是建立在人们的情感、理念和经验基础上的思维活动,即系统1和系统2两个子系统代表了直觉和理性两种具有不同认知功能的思维模式.本文利用实验经济学的方法分别探究了系统1和系统2判断决策时的不同特点,以及在两个系统的相互影响下对人们决策的影响.针对双系统决策的特点,围绕公共物品实验对双系统如何优化决策提出了建议.最后针对系统1和系统2可以相互影响决策行为的猜想,介绍了山东大学经济研究院所做的一个实验研究.     

Cointegration and causality between fertility and female labor participation in Taiwan: A multivariate approach

Applying Hsiao's version of Granger causality, this paper uncovers no causality from fertility to female labor participation and fails to find the expected relationship that female labor participation negatively predicts fertility in Taiwan. This indicates that working women in Taiwan do not necessarily have fewer children. The finding of this study contradicts the results obtained when using the conventional regression method which finds bidirectional relationship between fertility and female labor participation. In addition, this study detects that education exerts a great influence on female labor participation but not on fertility.     

风险管理中的决策分析

风险管理不仅要进行风险的识别、衡量和分析,还要对掌握的数据进行分析决策,从而在不同的方案中选择最优的决策结果。本文论述如何结合实际情况,分别考虑不同因素进行的风险管理决策。