‘Asset Price Urbanism’ and Financialization after the Crisis: Ireland's National Asset Management Agency

The impact of the global financial crisis on cities is the subject of an important body of research. One aspect which has received surprisingly little attention is the urban dimension of government interventions in the financial sector, particularly given the integration of finance and real estate is widely understood as a key driver of the crisis. This article examines one such intervention, the National Asset Management Agency (NAMA), a ‘bad bank' established by the Irish government to acquire and manage ‘toxic' real estate loans from the banking sector. Although envisaged as an intervention in the financial sector, the relationship between finance and real estate is such that the agency has a significant impact on urban development and, at the same time, that the management of urban space plays a key role in resolving the financial crisis and restoring the flow of credit in the economy. The article develops the concept of ‘asset price urbanism' to capture the way in which urban space and its relationship to finance is managed to bolster the relationship between real estate and credit, and theorizes this as a significant aspect of contemporary accumulation. The article thus makes an empirically grounded conceptual contribution to literature on the urban dimension of financialization.     

Identification and Estimation of Online Price Competition With an Unknown Number of Firms

This paper considers identification and estimation of a general model for online price competition. We show that when the number of competing firms is unknown the underlying parameters of the model can still be identified and estimated employing recently developed results on measurement errors. We illustrate our methodology using UK data for personal digital assistants and employ the estimates to simulate competitive effects. Our results reveal that heightened competition has differential effects on the prices paid by different consumer segments. Copyright © 2015 John Wiley & Sons, Ltd.     

基于WebGIS的易燃易爆检测场所管理系统

为了使东莞气象防雷数据更好的为安全生产提供防雷减灾服务,对基于Google Maps进行二次开发的WebGIS易燃易爆检测场所管理系统进行研究。经过需求和可行性分析,本系统实现了东莞易燃易爆检测场所分布及查询、雷电预警分布及查询、雷电预警统计等功能。实际应用表明:该系统及时准确将雷电预警信息通过手机短信发送给易燃易爆检测场所的防雷安全负责人,防患于未然;可实时显示雷电预警信息、各种易燃易爆检测场所位置分布和防雷安全检测信息,极大便利了防雷所对这些场所的管理和防雷安全预警,提高气象部门的公共气象服务能力。     

Trend and Initial Condition in Stationarity Tests: The Asymptotic Analysis

In this article, we investigate the behaviour of stationarity tests proposed by Müller [Journal of Econometrics (2005) Vol. 128, pp. 195–213] and Harris et al. [Econometric Theory (2007) Vol. 23, pp. 355–363] with uncertainty over the trend and/or initial condition. As different tests are efficient for different magnitudes of local trend and initial condition, following Harvey et al. [Journal of Econometrics (2012) Vol. 169, pp. 188–195], we propose decision rule based on the rejection of null hypothesis for multiple tests. Additionally, we propose a modification of this decision rule, relying on additional information about the magnitudes of the local trend and/or the initial condition that is obtained through pre‐testing. The resulting modification has satisfactory size properties under both uncertainty types.     

货币政策对资产价格的影响分析——基于中国货币供给、房价和股价的实证研究

2000年以来股市风云变化,而房市步步高升,物价温和。货币供给在这十余年大幅增加,货币政策从多方面影响各类资产价格。本文重点从货币供给量角度研究我国货币政策对两种主要资产价格房价与股价的影响,以及这两大类资产价格互动关系。     

初始条件对LLC检验局部渐近势的影响研究

本文研究了DF类面板数据单位根LLC检验势受时序数据初始值的影响,推导了DF类面板单位根LLC检验统计量在局部备择假设下的极限分布和局部渐近势函数,发现了面板数据单位根LLC检验统计量局部渐近势在同质性局部备择假设下是初始条件的单调递增函数;小样本蒙特卡罗模拟结果表明,若假定初始条件为零,LLC统计量的检验势将被低估。     

Asset allocation with contagion and explicit bankruptcy procedures

In this paper, we consider the asset allocation problem of an investor allocating his funds between several corporate bonds and a money market account. In particular, we provide a realistic model of financial distress: firstly, we model Chapter 7 and Chapter 11 bankruptcies as different possible outcomes of financial distress. Secondly, we take into consideration that, in practice, “default” is not the end, but the beginning of financial distress, eventually leading to a reorganization or a liquidation of a distressed firm. Thirdly and most importantly, we are able to analyze the impact of contagion on an investor’s demand for corporate bonds. Contagion is an important phenomenon, as it reduces the investor’s ability to diversify his portfolio, and we show that the bond demand can change by more than 50%.     

软弱地基条件下桥梁病害检测与分析

针对运营过程中处于软弱地基条件下的桥梁检测,本文依托实际工程项目,通过地形地貌调查、地质勘探、外观病害、工程测量检测和历年病害情况对比,详细描述并分析了软弱地基条件造成的桥台不均匀沉降、开裂、偏位等相关病害成因.分析成果可对后续同类型软基桥梁的勘察设计、施工及养护加固等提供合理的参考.     

Asset price dynamics with heterogeneous beliefs and local network interactions

In this paper we investigate the effects of network topologies on asset price dynamics. We introduce network communications into a simple asset pricing model with heterogeneous beliefs. The agents may switch between several belief types according to their performance. The performance information is available to the agents only locally through their own experience and the experience of other agents directly connected to them. We model the communications with four commonly considered network topologies: a fully connected network, a regular lattice, a small world, and a random graph. The results show that the network topologies influence asset price dynamics in terms of the regions of stability, amplitudes of fluctuations and statistical properties.     

需求与价格相关条件下的收入共享契约——以XY水泥企业为例

供应链管理的效率已经成为众多现代化企业能否在市场竞争中取胜的关键。同时企业商品的销售价格可以成为影响供应链各成员企业的关键因素之一,文中假设一个两阶段的供应链由上游的XY水泥制造企业和下游的零售商所组成的。分析零售商如何制定合理的水泥销售价格既能保证供应链各成员的稳定收益,又能保证整条供应链效益的最优化。     

具有资产追踪定位系统三重防盗功能的室外机柜

基站室外一体化机柜以低成本、易选址、易施工等优点,现已成为解决机房建设投资和选址压力的最主要手段。具有资产追踪定位系统三重防盗功能的室外机柜采用外部使用防盗电子锁、设备增加物理防盗装置和设备内增智能追踪定位系统相结合技术方案,实现三重防盗功能,大大提高室外机柜防盗等级。本文主要对具有资产追踪定位系统三重防盗功能的室外机柜三种防盗关键技术要求进行了论述。     

Price and quality competition with quality positions

In this study, we investigate price and quality decisions in a duopoly in the presence of firms’ quality positions , which are determined by the quality levels of their existing core products. Into a standard model of vertical differentiation, we incorporate a “repositioning cost” that is proportional to the quality differences between firms’ current and new products. By varying the levels of quality positions, we analyze the impact of this cost on the equilibrium outcomes. Our results show that the presence of repositioning costs restricts firms’ abilities to improve profitability and differentiate themselves vertically. As a result, a high‐positioned firm does not necessarily have a competitive advantage over a low‐positioned firm, even if the former offers a superior new product in equilibrium. In addition, if a low‐positioned firm is significantly cost‐efficient compared with its rival with regard to repositioning, then that firm can earn higher profits than those of a high‐positioned firm by strategically offering its low‐end product. These results contrast sharply with those based on the standard vertical differentiation model.     

不同原料土的气泡轻质土制备与性能对比

选用多种原料土制备气泡轻质土,详细的研究其物理力学性能。对比了不同比例原料土掺入时湿重度、流动度、无侧限抗压强度和造价的差异。结果表明:以机制砂制备的气泡轻质土的强度总体上大于河砂、淡化海砂和黏土质砂;在保证水固比不变的前提下,增加黏土质砂的掺入比例流动度增加,而抗压强度会减少小;在满足一定抗压强度下,选用黏土质砂时的造价最低。     

均值方差偏好和下方风险控制下的动态投资组合决策模型

本文在均值方差框架下，研究了下方风险控制下的动态投资组合问题。在目标函数中考虑了投资组合的最坏结果，利用标准的期权定价理论，给出了最优投资策略的解析式。该投资策略等价于一个关于“资产”最小二阶矩组合的欧式看跌期权和无风险资产的组合，而且两基金分离定理仍然成立。     

Asset price and wealth dynamics in a financial market with heterogeneous agents

This paper considers a discrete-time model of a financial market with one risky asset and one risk-free asset, where the asset price and wealth dynamics are determined by the interaction of two groups of agents, fundamentalists and chartists. In each period each group allocates its wealth between the risky asset and the safe asset according to myopic expected utility maximization, but the two groups have heterogeneous beliefs about the price change over the next period: the chartists are trend extrapolators, while the fundamentalists expect that the price will return to the fundamental. We assume that investors’ optimal demand for the risky asset depends on wealth, as a result of CRRA utility. A market maker is assumed to adjust the market price at the end of each trading period, based on excess demand and on changes of the underlying reference price. The model results in a nonlinear discrete-time dynamical system, with growing price and wealth processes, but it is reduced to a stationary system in terms of asset returns and wealth shares of the two groups. It is shown that the long-run market dynamics are highly dependent on the parameters which characterize agents’ behaviour as well as on the initial condition. Moreover, for wide ranges of the parameters a (locally) stable fundamental steady state coexists with a stable ‘non-fundamental’ steady state, or with a stable closed orbit, where only chartists survive in the long run: such cases require the numerical and graphical investigation of the basins of attraction. Other dynamic scenarios include periodic orbits and more complex attractors, where in general both types of agents survive in the long run, with time-varying wealth fractions.     

Price and Nonprice Competition with Endogenous Market Structure

This paper examines the effect of the intensity of short-run price competition and other exogenous variables that affect gross profit margins—such as the degree of product differentiation and the consumers' responsiveness to quality—on market structure and on advertising and R&D expenditure. A key result is that more intense short-run competition can lead to lower concentration in industries with high advertising or R&D intensity, unlike exogenous-sunk-cost industries. Also, price competition has a negative effect on advertising or R&D expenditure. A case study is also presented, which is consistent with the theoretical results of the paper.     

Spatial Price Adjustment with and without Trade*

We investigate the possibility that price transmission between spatially distinct markets might vary during periods with and without physical trade flows. We test for differences between trade and non‐trade regimes by using generalized reduced rank regression (GRRR) techniques suggested by Hansen (2003) . We apply these techniques to semi‐weekly price and trade flow data for tomato markets in Zimbabwe and find that intermarket price adjustment occurs in both trade and non‐trade periods. Indeed, the adjustments are generally larger and more rapid in periods without physical trade flows. This finding underscores the importance of information flow for market performance.     

高校资产管理与预算管理的结合研究

随着我国经济水平的不断提高,我国经济发展不断加快。我国的教育也在良好的经济形式支持下得到了较大的发展。同时,国家为了促进教育,特别是高校教育的进一步发展,对于高校的教育经费投入也在逐渐增加。因此,高校在新形势下,如何管理和控制好国家发放的教育经费成了当前高校资产管理的重要工作内容。特别是国家经费到达学校后的优化使用是高校当前的财务管理重点关注内容,其中,将资产管理与预算管理结合起来能够有效解决这种问题。     

审计师高管的关联关系与股价同步性

公司聘请以前的审计师(CPA)出任高管,特别是聘请与会计师事务所存在关联关系的前任审计师,一直为实务界和学界所关注,这类CPA高管所起的作用也饱受争议。文章从股价同步性角度,验证了高管的CPA工作经验和事务所关联关系的作用。结果发现,高管的CPA工作经验,有助于公司的信息披露和高质量信息的生产,有利于公司异质性信息的产生,导致更低的股价同步性;相反,事务所关联降低了公司的信息质量,不利于异质性信息的产生,最终导致更高的股价同步性。在控制了审计师意见和应计盈余的中介效应后,两类审计师高管的作用减弱。横截面分析的结果显示,在分析师跟踪少、小所审计、管理层和机构投资者持股比例低的公司,两类高管的作用更为突出。