Stock returns and economic activity: the UK case

This paper investigates the relationships between real stock returns and a number of financial and economic variables for the UK economy for the period 1980 to 1994. We begin by discussing a theoretical model proposed by Balvers et al. and then re-estimate for the UK what may be regarded as an application of that model by Fama applied to the US market. This reproduces Fama's main results. For the UK we than suggest a slightly, different application of the Balvers model, the most important feature of which is the use of expectational macro-economic variables instead of Fama's use of leading values of industrial production. We then go on to investigate the unit root properties of the data and show that much of the data is indeed characterized by the presence of unit root non stationarity In the light of this, we propose an application of the Phillips-Loretan error-correction model and show that this provides a plausible relationship between real stock returns and most of the financial and economic variables.     

A Regional Analysis of Technical Change in Australian Manufacturing

Manufacturing is an important sector to many Australian regional areas. Technical change is important to the economic performance of manufacturing and improvements in competitive advantage. In this paper, technical change in manufacturing is estimated for each of the Australian States using a cointegration framework, for the period 1954–55 to 1995–96. Regional differences in technical change are identified.     

用Cyanex921-甲苯萃取分离Pt,Pd和Rh--一种用于从废催化剂中回收铂族金属的方法

图１铂族金属萃取率与HCl浓度的关系（有机相：７５mmol·L－１Cyanex９２１；水相：Rh（Ⅲ）、Pt（Ⅳ）和Pd（Ⅱ）浓度均为１mmol·L－１；振荡时间：１０min）１前言铂族金属广泛地应用于催化反应、电子器件、航空航天等领域，在汽车尾气净化催化剂中的应用也与日俱增。铂族金属价格高，需求量大，促使人们从低品位矿和废催化剂中回收它们。由于铂族金属在氯化物水溶液中的化学性质极其相似犤１犦，分离和提纯它们是十分困难的，有必要开发一种更为有效的分离与提取方法。关于铂族金属的提取分离，许多作者［２～７］早有研究，也有许…     

Does trade size restriction affect trading behavior? Evidence from Indian single stock futures market

Algorithmic traders use their advantage of speed to execute a large number of small-sized trades in a very short time. In the presence of a minimum trading unit (MTU) restriction, they are forced to trade at the smallest possible sizes, often restricted by the MTU. Using a novel data set of single stock futures market obtained from the National Stock Exchange of India, we show that the MTU restriction acts as a binding constraint for traders while optimizing trade sizes. Contrary to expectation, we find weak evidence that liquidity is positively impacted by the contract size revision.     

The distinct influence of power distance perception and power distance values on customer satisfaction in response to loyalty programs

In today's fiercely competitive environment, firms are increasingly relying on loyalty programs to influence customers' repeat purchase behavior. However, little is known about how customers' cultural values shape their satisfaction in response to loyalty programs. Such knowledge is important because it allows marketers to identify cultural segments that may be more or less likely to respond favorably to loyalty programs, and hence increase the effectiveness of such programs. In the current research, we propose that power distance perception — defined as the extent to which people observe power disparities in society — positively influences satisfaction of customers who hold loyalty status, but negatively influences satisfaction of customers who do not hold loyalty status with a firm. In contrast, power distance values — defined as the extent to which people endorse power disparities in society — negatively influences satisfaction of customers who hold loyalty status, but positively influences satisfaction of customers who do not hold loyalty status with a firm. A quasi-field study and several lab experiments support these propositions, shed light on the underlying mechanisms, and rule out alternative explanations. Our findings also uncover several distinct tools that marketers could use to influence non-loyalty status and loyalty status customers' satisfaction with businesses.     

Spectral analysis of public utility returns

This study tests the practicality of using the capital asset pricing model to evaluate public utility returns. To this end, utilities are grouped into portfolios, in accordance with their industry classification and their prime regulatory authority. Then their relationship to a market index of unregulated securities is analyzed vis-à-vis the relationship between this index and several control securities believed, a priori, to be of commensurate risk. These relationships are analyzed in two steps: the first step investigates the real trend movements over time; the second, the association of the wide-sense stationary components of these return processes. Bivariate spectral analysis is used in the second phase of this investigation. This enables us to analyze the time lags between return processes, and to break up our estimates by duration of cyclical movement and compare the long-term and short-term estimates.We conclude that ordinary least squares estimates of utility β's lack value to either investors or regulators. This is due to the highly unstable relationship between utility returns and the market index and to the existence of a lag between these processes. One explanation for this finding is regulatory lag and the uncertainty (as well as the actual content) surrounding regulatory authority decisions.     

区域电力市场的十大障碍及其对策

中国迄今已经在电力改革方面取得了很大进展.目前所处的行业重组阶段,旨在为建立竞争性电力市场奠定必要的基础.尽管最初的省级电力市场试点为提高行业的经济和技术水平创造了条件,但建立区域电力市场以优化资源配置和提高效率的潜力显然更大.但是,建立区域电力市场的难度远大于建立省级电力市场.本文讨论在中国建立区域电力市场的障碍因素及其可以采取的应对措施.     

Estimating Technical Efficiency and Production Risk under Contract Farming: A Bayesian Estimation and Stochastic Dominance Methodology

We investigate production risk, technical efficiency and risk attitudes amongst contract and independent farmers. We use a Bayesian parametric approach and stochastic dominance quantile regression methods to compare technical efficiency and risk attitude of smallholders in Nepal. Using farm‐level data, we find that contract farmers appear to show lower inefficiency and lower production risk. Additionally, contract and independent farmers can increase output by reducing the scale of operation. Regardless of the commodity produced and farming arrangement (contract or independent production), we find that labour, land and other inputs are risk‐augmenting, while the role of capital is mixed. We find a second order stochastic dominance (SSD) for lentils, and first order stochastic dominance (FSD) for tomatoes, ginger and HYV paddy seed commodities. Finally, contract farmers are more risk averse than independent farmers, regardless of the commodity produced.     

Off‐Farm Work,Intensity of Government Payments,and Farm Exits: Evidence from a National Survey in the United States

The last three decades have witnessed the continued exit of households from primary agriculture in the United States, where the average annual gross exit rate has averaged 10% per year. Understanding exit behavior is one key to future farm structure, management of abandoned land, depopulation of rural areas, and agricultural policy, including government program payments. This study empirically estimates the determinants of exit decisions of farm households. Particular attention is given to the roles of intensity of government payments and off‐farm work decisions of farm couples in the exit decision. Using a large farm‐level survey and controlling for endogeneity, results indicate that farm households with reduced intensity of government payments are more likely to exit farming. Households where the operator spouse works off the farm are more likely to exit farming. Additionally, households with older farmers, with the farm operator and spouse raised on a farm, and households operating farms located in Northern Great Plains are more likely to exit farming.     

Heterogeneity in Food Demand among Rural Indian Households: The Role of Demographics

Food expenditures, influenced by social, demographic, and economic factors, constitute a significant proportion of the typical rural Indian's household income. Based on cross‐sectional household data, this study employs the Quadratic Almost Ideal Demand System to estimate food demand among rural Indian households. Special attention is given to the rural household's two‐stage budgeting in total food expenditure and then to a demand for a specific food item. Conditional and unconditional expenditure and price elasticities for seven food groups are estimated. Results indicate that own‐price elasticities for each group are negative ranging from fairly inelastic to elastic range. Expenditure elasticities indicate that food items are a normal necessity to luxury goods. Additionally, socio‐demographic factors play a significant role in food consumption patterns. Based on our unconditional expenditure elasticities, we also project food demand from rural Indian households for next two decades. Les dépenses alimentaires, qui sont influencées par des facteurs socioéconomiques et démographiques, absorbent une partie considérable du revenu des ménages ruraux typiques en Inde. Dans la présente étude, nous avons utilisé le modèle de demande quasi idéal quadratique pour estimer, à l'aide de données transversales sur les ménages, la demande alimentaire des ménages ruraux en Inde. Nous avons accordé une attention spéciale à la budgétisation en deux étapes des dépenses alimentaires totales et à la demande d'un produit alimentaire particulier du ménage rural. Nous avons estimé les dépenses conditionnelles et inconditionnelles et l’élasticité‐prix de sept groupes alimentaires. Les résultats de notre étude indiquent que l’élasticité‐prix de chaque groupe est négative et qu'elle varie de plutôt inélastique à divers degrés d’élasticité. L’élasticité des dépenses indique que les produits alimentaires varient de nécessités de base à produits de luxe. Les facteurs sociodémographiques jouent également un rôle important dans les habitudes de consommation alimentaire. D'après les élasticités des dépenses établies dans notre étude, nous avons estimé la demande alimentaire des ménages ruraux en Inde pour les deux prochaines décennies.