京津冀循环农业生态产业链的构建与思考

京津冀协同发展已成定局,严重的雾霾天气迫使京津冀产业转型升级,鉴于三地在农业发展上具有很强的互补性,培育和构建京津冀循环农业生态产业链将成为京津冀未来农业发展的方向。然而,目前产业链的构建中存在着区域层面的产业链尚未形成、顶层设计与协作机制严重缺失等突出问题,应加强从总体布局、工农循环相结合等五个方面的培育和引导。     

Critical issues in health and wellness tourism: an exploratory study of visitors to wellness centres on Gran Canaria

The growing commodification of health care and therapeutic landscape, as well as the recent growth in international demand for wellness services and treatments, has led to the proliferation of destinations and enterprises that have selected health and wellness tourism as part of their corporate strategy, including coastal tourism destinations such as the Spanish island of Gran Canaria. This study discusses the commodification of health care and landscape, the relationship between everyday life and going on holiday, as well as the motives for medical and wellness tourism. Wellness tourism development on Gran Canaria is also analysed as a case study that could prove useful for those working on diversification within coastal tourism. An exploratory study of European visitors to wellness centres on the island is also presented. Major findings and contributions relate to socio-demographic characteristics, motives for the visit to the island, the importance of the wellness offer, tourist and travel behaviour and wellness behaviour both at the destination and at the place of residence. Another contribution refers to differences in the use of wellness centres and treatments among visitors, based on their place of origin, gender, age, marital status and job situation. Management and marketing implications are also suggested.     

Cross-border leisure mobility styles in the Basque Eurocity

The constitution of Europe has fostered greater human and other mobilities across European borders, however it is not clear whether the border is still actually present in some places or inhibits cross-border mobilities. In this context, a leisure mobilities approach has been used to identify the mobility styles in the Basque Eurocity corridor – a cross-border area between Spain and France. The analysis focuses on leisure mobilities and identifies four different mobility styles based upon leisure orientation variables in terms of values, attitudes and lifestyles; nationality; and socio-demographic characteristics: (1) time-conscious workers, (2) French shoppers, (3) mobile youth and (4) older and less mobile. The results indicate that different leisure orientations and participation levels are highly significant in the constitution of mobility styles, which are usually correlated only with national demographic data. Furthermore, it was identified that a higher identification of mobility constraints was not related to lower levels of participation. Instead, the groups with higher mobility and participation rates raised more awareness of the constraints related to transport and information. Finally, intrapersonal constraints such as age and lack of health showed a greater impact on cross-border mobility, while, unexpectedly, a higher identification of cultural and linguistic constraints was not perceived by participants.     

外国人眼里的中国大学

去年9月,路透中文网博客频道曾发表两篇文章,分析前耶鲁大学校长抨击中国大学的假新闻事件.时隔半年,英国<卫报>发表较为可靠的报道说,耶鲁现任校长列文声称,中国的顶级高校可能很快能与牛津、剑桥和美国常青藤大学相提并论.     

Collateral in Monetary Policy Operations

We present a portfolio decision model for banks that permits us to estimate the costs associated with the need to collateralise loans from the central bank. This allows us to calibrate the difference between a restrictive collateral eligibility framework for open market operations, such as that applied by the FED, with a more flexible approach such as that of Eurosystem. We also document that there could potentially appear relevant cost differences between the various collateral mobilisation procedures (pooling and earmarking) that currently coexist in the eurozone.     

Displaying expected values in risk elicitation tasks: the effect of information in experimental risk research

We investigate the influence of providing expected lottery results to experiment participants in two common risk attitude elicitation tasks. In a between-subject design, either the Holt and Laury task or the Eckel and Grossman task is carried out by a sample of 208 students. We find no significant effect of shown expected values on the risk attitude measured by the tasks. This result even holds true if we divide the experiment participants into specific sub-groups, i.e. female and male, or lower numeracy and higher numeracy participants. Furthermore, comprehension and processing time are not significantly influenced by presented expected values. Therefore, we conclude that providing information on expected values does not influence decision-making in tasks involving risk. This result indicates the robustness of elicited risk attitudes to variation in common experimental methods, and demonstrates that more information could be provided without creating bias in the results.     

制度视角下保险市场秩序问题研究

本文从经济体制转轨背景下的主体行为冲突、"粗放"运作机制中的发展质与量冲突和制度体系中正式规则、非正式约束及其实施三方面对保险市场问题产生原因、机理进行了分析.以此为背景,讨论了制度冲突条件下影响监管效能的相关因素.针对问题成因和机理,提出规范市场的思路:一方面,逐步将法律法规、监管政策嵌入市场运行规则、公司内部制度,...     

How Do Investment,Fundamentals, and Stock Prices Relate Around the World?

We assemble a novel data set of industry panel data for the corporate sector and the entire economy across a number of countries to explore the connection between investment and stock prices. The link is present in all samples, in both the aggregate and industry dimensions, and increases with stock market development. Fundamentals are less related to prices in underdeveloped markets but are similarly related to investment everywhere. Thus, the active informant interpretation does not seem to be the main force behind the stock market–investment relationship. In addition, industries that are more dependent on equity finance, and where investors are strongest, exhibit higher sensitivity to prices, especially in developed markets.     

On the ‘Review of Structure and Effectiveness of the IFRS Foundation’: the EAA’s Financial Reporting Standards Committee’s View

In July 2015 the International Financial Reporting Standards (IFRS) Foundation launched its third five year review of its structure and effectiveness of the organisation. In a public call, the Trustees solicited stakeholders’ input on the relevance of IFRS Standards with respect to broadening the IFRS scope and to the impact of new technology, on the consistent application of IFRS and on the governance and funding of the International Accounting Standards Board and the IFRS Foundation. The European Accounting Association (EAA)’s Financial Reporting Standards Committee responded to this request for views by submitting a comment letter based on research-informed opinions. This article provides an overview of this Review of Structure and Effectiveness of the IFRS Foundation and the EAA’s opinions in response to this Review.     

The Return Performance of Cubic Market Model: An Application to Emerging Markets

This article studies the performance of the high-order moment capital asset pricing model (CAPM) market models in emerging markets. We apply the cubic market model (4-moment CAPM) to 16 emerging market stock indices ranging from January 2010 to September 2015. Performance of the model is evaluated through the Fama and MacBeth’s two-step regression and through different corrections proposed in the literature, as well as generalized method of moments (GMM) estimation. According to Fama–MacBeth’s procedure, CAPM, the quadratic and cubic market models seem to be insignificant for the analyzed sample; however, the GMM estimation shows that quadratic model is valid for Indian, Polish, and Thai country indices, whereas cubic market model is accurate for Indian country index.