从语用学的角度分析英语广告语言的特点

本文从大量的英语广告实例入手,探讨英语广告语言的词汇、句式和修辞等三大特点,并从语用学的角度对英语广告语言的语用基础进行分析。     

世界银行卡产业发展研究

随着全球经济的复苏和银行卡受理环境的改善,近年来世界银行卡产业保持着迅捷的增长势头,银行卡作为支付手段对现金和支票的替代作用也日益明显。本文从总量指标和人均指标两方面对当前世界主要国家和地区银行卡产业的交易状况进行了实证研究,分析了全球银行卡市场在区域和品牌上的分布结构,并对该产业近年来的发展趋势进行了总结与探讨。     

当代美国住宅的思考

美国2000年新建住宅投资4251亿美元，占固定资产投资的21．3％；住宅直接消费为9588亿美元，占GDP的9．71％；年存量住宅为1．16亿套(户)，空置率为5．9％。购买新房一般中值价为80美元／ft^2，一套住宅(2000ft^2)中值房价为16万美元；按中值计算贷款购房的支出与收入比为1：4．7；在美国仍有3500万户居民租用住宅。     

Discussion of “How Banks' Value-at-Risk Disclosures Predict their Total and Priced Risk: Effects of Bank Technical Sophistication and Learning over Time”

Liu et al. (2004, this issue) show that technical sophistication and learning over time help improve the ability of bank trading portfolios' value-at-risk (VaR) disclosures to predict future trading income risk, and that trading VaRs predict bank-wide total risk and systematic risk. While the results suggest that VaRs are a reliable measure of risk for the sample firms, the study's incremental contribution is limited because of the nature of the sample firms and problems in variable measurement.     

土地面积和地价单位换算的简便方法

由于历史原因,我国土地面积的计量单位在不少场合仍沿用"亩"这个单位.基准地价也往往用"万元/亩"作单位.但我国土地面积的法定计量单位是"平方米".土地面积单位在"亩"与"平方米"之间以及地价在"万元/亩"与"元/平方米"之间的换算,还是土地价值评估中经常要遇到的事情.     

区域一体化有利于减排吗？

将环境污染视作非期望产出,在一个拓展的增长收敛框架下讨论了区域一体化的环境效应及其理论机制。基于2003-2014年长三角城市群和珠三角城市群的数据,构建了一个测度区域一体化的新方法,运用工具变量法和双重差分法估计了跨省城市一体化和省内城市一体化对污染排放强度收敛的影响。实证结果显示:区域一体化显著促进了城市间污染排放强度的收敛并有利于减排,且近年来这种减排效应愈明显。污染排放强度呈现出条件收敛特征,经济增长收敛是污染排放收敛的重要原因。中国应利用好区域一体化促进地区协调发展和减排的双重政策红利,进一步促进区域一体化和同城化,大力发展城市群经济,构建城市间共生互利的发展格局,实现共同减排。     

Learning minimum variance discrete hedging directly from the market

Option hedging is a critical risk management problem in finance. In the Black–Scholes model, it has been recognized that computing a hedging position from the sensitivity of the calibrated model option value function is inadequate in minimizing variance of the option hedge risk, as it fails to capture the model parameter dependence on the underlying price (see e.g. Coleman et al., J. Risk, 2001, 5(6), 63–89; Hull and White, J. Bank. Finance, 2017, 82, 180–190). In this paper, we demonstrate that this issue can exist generally when determining hedging position from the sensitivity of the option function, either calibrated from a parametric model from current option prices or estimated nonparametricaly from historical option prices. Consequently, the sensitivity of the estimated model option function typically does not minimize variance of the hedge risk, even instantaneously. We propose a data-driven approach to directly learn a hedging function from the market data by minimizing variance of the local hedge risk. Using the S&P 500 index daily option data for more than a decade ending in August 2015, we show that the proposed method outperforms the parametric minimum variance hedging method proposed in Hull and White [J. Bank. Finance, 2017, 82, 180–190], as well as minimum variance hedging corrective techniques based on stochastic volatility or local volatility models. Furthermore, we show that the proposed approach achieves significant gain over the implied BS delta hedging for weekly and monthly hedging.     

Risk Awareness of Interpersonal Trust and Entrepreneurship in China: Evidence from Survey Data

This paper aims to build a theoretical framework for the influence of risk awareness of interpersonal trust (RAIT) on entrepreneurship, and explores the influence of RAIT on entrepreneurship with the micro survey data from the Chinese General Social Survey (CGSS) 2010–2013. The study found that, individuals with higher level of RAIT, their probability of starting new business will increase significantly, and with every increase of RAIT level, the probability of business venturing increase almost 4.0%. No mediation effects of information screening and cooperative mechanism are found in the relationship between RAIT and entrepreneurship. Moreover, during the venturing process, risks accompanying interpersonal trust cannot be reduced by social input; the reduction occurs only in eastern China where the economic system and the industrial development standards are more comprehensive and mature. This paper contributes to the literatures in the following two areas: it provides new evidence on how to deal with risks in the entrepreneurship process that accompanying interpersonal trust; meanwhile, it provides an explanatory mechanism on how the risk awareness affects business venturing.     

Do environmental regulations hamper small enterprises' market entry? Evidence from China

Due to the serious increase of environmental pollution in China, environmental regulations have become significantly stringent. Such regulations are playing an increasingly important role in the development of small enterprises (SEs) in China, especially in SEs' market entry. However, existing studies pay little attention to this issue. This paper investigates for the first time the effect of environmental regulations on SEs' market entry and the mechanism of environmental regulation effects in China. We consider two sets of panel data for the periods 2003–2010 and 2012–2015 in China. We also use the fixed effect model and the instrumental variable method to explore the role of environmental regulations in SEs' market entry. The results show that, overall, environmental regulations play a significantly positive and robust role in SEs' market entry. However, the mechanisms associated with the effect of environmental regulations on different innovative types of SEs differ. Environmental regulations promote the market entry of SEs with product innovation, but this impact is not significant for SEs with research and development (R&D) activities and R&D institutions. Our findings indicate that China's SEs prefer product innovation, which is a lower level innovative type, over R&D innovation, as a means to avoid the negative impact of stringent environmental regulations.