Catch Animal Spirits in Auction: Evidence from New Zealand Property Market

Following the animal spirits theory proposed by Akerlof and Shiller, this article contributes to behavior economics by investigating the possibility of using auction sales data to capture evidence of irrational exuberance in the housing market. Using the monthly percentages of residential property auction sales for Auckland, Wellington and Christchurch regions in New Zealand from 2006 to 2015, and the exuberance testing method proposed by Phillips, Shi and Yu, we find that animal spirits have been developing in the Auckland housing market since 2013, but not in other regions. When compared to the results based on price‐to‐rent ratios, auction sales provide more meaningful results for identifying market‐wide irrational exuberance at an early stage. The causality test on price‐to‐rent ratios and auction sales volume shows that asset prices and animal spirits influence each other in the short run. In the long run, prices have significant effect on animal spirits, but not vice versa.     

我国钢铁企业绿色营销的创新思考

随着全球资源短缺及环境恶化的日趋加剧,我国钢铁企业的生存环境日趋严峻。建立以循环经济理论为依托的绿色营销模式是我国钢铁企业应对市场挑战的必然途径,但目前我国钢铁企业的绿色环保意识较淡薄,缺乏绿色营销理念及理论体系的支持,远远落后于西方发达国家的同行,大大制约了其在国际市场上的竞争力。     

中国创造国家竞争优势的要素分析

波特、鲁格曼、克如兹、穆恩、鲁格曼、沃柏克和乔东逊等人分别解释美国、加拿大、韩国等国家竞争优势形成的要素.本文在参考上述等人文献的基础上,试图剖析形成中国国家竞争优势的主要元素.我们的结论是:政府、对外开放、生产力和市场需求四个因素及其关联共同创造了中国国家竞争优势.     

发展技术创新能力走出低层次技术引进误区

本文针对我国的技术引进已进入低层次技术引进误区的情况，分析了跌入技术落后陷阱的原因；并介绍了日本和印度发展自主创新能力技术引进的经验；最后重点指出了我国要大力发展技术创新能力的重要性并提出五条对策思路。     

汇率与股价波动研究——基于中国与日本高频数据的ARCH检验

次贷危机发生前,汇率与股指存在ARCH效应,且均有不对称信息的冲击,波动存在持续性的影响;次贷危机发生后,汇率与股价都不存在ARCH效应,系统性风险和非系统性风险暴露出来使得汇率对股市的波动影响降低,从而促进投资者风险得到有效对坤。     

我国外部均衡调节中的估值效应分析

世界金融一体化促进各国对外资产与负债迅速增长。资产价格的非预期变化使一国对外净资产更多地暴露于资本收益和损失风险中,因此,如何实现有利于一国外部均衡的估值效应就显得日益重要。本文对估值效应的理论模型和计量方法进行梳理,并对我国对外净资产变化中的估值效应进行实证分析,结果发现存在负的估值效应,表明我国通过经常项目盈余所聚积的大量资源正在不断地向国外无偿转移,这就要求对外资产管理水平稳步提高。     

试析西方经济学“经济人”假设的发展及其局限性——基于对马克思相关观点的理解

"经济人"假设关注个人的利益目标及实现目标的能力,而马克思在刻画个人时还特别强调了社会关系对个人行为选择的约束。笔者立足于对马克思相关观点的理解,探讨秉承斯密个人主义思想的西方经济学流派对"经济人"假设的继承和发展,试图揭示这一个人观念进一步发展遇到的困惑。遵循方法论个人主义原则,西方学者要从追逐自身利益的"经济人"出发,解释约束其实现自身利益的因素形成和变迁的原因,从而不得不面对引入另一种个人行为模式的尴尬。     

Oligopsonistic Intermediate Input and Patterns of Trade *

We examine the validities of traditional trade theorems and patterns of trade for an economy with an oligopsonistic intermediate input. Specifically, the model consists of two final goods. one intermediate good, and two primary factors. One final good and the intermediate good are produced using primary factors, capital and labor. The second final good is produced using the intermediate good and labor. All markets operate under perfect competition except the intermediate good market, which is oligopsonistic. This model reflects the real world phenomena of oligopsony power excerted by some industries (e.g., the food processing industry) in the intermediate good purchases. Our analysis shows that some of the traditional trade theorems and H.O trade pattern may be overturned if the factor intensity of the competitive sector lies between those of oligopsony and intermediate good sectors. [F12]     

数字化转型研究知识结构与热点趋势

随着信息通信技术的渗透扩散,数字化转型已成为重要研究方向之一,把握数字化转型研究热点和趋势,可为未来研究提供指引和参考。针对WOS数据库935篇文献,运用CiteSpaceV进行可视化分析,探索数字化转型领域的知识结构、热点和趋势。结果表明,数字化转型研究高产国家为美国、德国和英国,高产机构为哥本哈根商学院、瓦萨大学、麻省理工学院等,《TechnologicalForecastingandSocialChange》是发表文章最多的期刊,研究热点包括“信息技术、组织变革和绩效”、“工业4.0和数字化转型”与“商业模式创新”等。关键词突现分析表明,以客户为中心的商业模式创新和新的价值创造方式是新趋势。最后,从前因—过程—结果三方面提出数字化转型研究内容框架与未来展望。     

Value Relevance of Fair Values—Empirical Evidence of the Impact of Market Volatility

This study examines empirically the effects of market volatility on the value relevance of fair values. Using the modified Ohlson model ( 1995 ) and a sample of U.S. financial companies for the period of 2008 to 2013, this study shows that fair values are priced at a significant discount when market volatility is high. Song ( 2013 ) shows analytically that the effectiveness of fair value accounting is negatively affected by market volatility. Findings of the current study suggest that investors understand the effects of market volatility on fair values and price them accordingly. The study extends the research on the determinants of the usefulness of fair values by looking beyond factors associated with the reliability of estimated fair values (Level 2 and Level 3 fair values). This study has practical implications: current accounting standards for fair value measurement acknowledge the limitations of the market as a source of fair values by offering a three‐level fair value hierarchy with provisions for fair values to deviate from market prices. Findings of this study shed light on a previously little studied factor, that is, market volatility, on the usefulness of fair values.