Reparations for African‐Americans as a Transfer Problem: A Cautionary Tale

We examine how different methods of reparations payments to African‐Americans affect both the black and nonblack populations of the United States using the framework of the transfer‐problem from international trade theory as a theoretical foundation. We find that reparations payments that provide incentives for blacks to use the payment toward purchases of goods and services produced by nonblacks might expand the income gap. Also a reparations payment in the absence of productive capacity owned by blacks is found to have no final positive impact on black income. These results indicate that a reparations payment strategy must be carefully and cautiously conceived in order to achieve the desired effects.     

Networks and linkages among firms and organizations in the Ottawa-region technology cluster

This paper reports on a study of the networking and linkage practices of technology and non-technology firms within the Ottawa cluster. The work seeks to understand how and why particular patterns of networks and linkages evolve and it examines empirically the usage and value of networks and linkages. Previous work argues that technology firms need to be relatively more adept at developing external relationships in order to be successful than do non-technology based companies. This work, however, finds that technology firms exhibit fewer linkages than non-technology based companies do within the Ottawa cluster. The research suggests that the vitality of the Ottawa cluster could be further enhanced through the promotion of additional networking and linkages among regional firms. A key implication for management practice is that CEOs of technology-based firms should work towards establishing and maintaining additional valued relationships.     

Major league baseball’s Moneyball at age 15: a re-appraisal

In the 15 years since publication of the book Moneyball: The Art of Winning an Unfair Game in 2003, major-league baseball (MLB) has seen the embrace of analytics by both fans and teams. Using 45 seasons of MLB data, since the introduction of the designated-hitter in the American League in 1973, the present study validates the central premise in Moneyball regarding the importance of certain performance metrics, such as on-base percentage (OBP). The terms in our empirical model are constructed such that our results permit a straightforward comparison of the relative contribution of each factor towards MLB teams’ success in winning games. We also provide evidence indicating that MLB teams have moved to align their payrolls with Moneyball analytics in the years following the book’s publication.     

评估人生

二十年,在时间的长河中如沧海一粟,然而人生数十年,又有几个二十年？或许这二十年的光阴,正是人生最宝贵的青春年华。中国的评估行业,在经历了二十年的一路风雨后,已羽翼丰满渐渐长大。     

A Good Walk Foiled: Monopoly Power and Barriers to Entry into the PGA Tour

In order to explore whether the PGA Tour's 2013 qualifications amendments represent a meritocratic evolution or simply a monopolistic barrier to entry, this study compares the results of the 2014 PGA Tour to those of the Web.com Tour. Upon empirical examination of each tour's earnings, scoring characteristics, and course characteristics, we are able to predict the marginal skill differences between players on the two tours. In doing so, we illustrate that sufficiently talented Web.com Tour golfers are being excluded from participation in the PGA Tour. As such, the changes made by the PGA Tour regarding qualification perhaps run counter to welfare maximization in terms of tour participants and fans of professional golf. Copyright © 2015 John Wiley & Sons, Ltd.     

Who Plays the Key Role among Shanghai, Shenzhen and Hong Kong Stock Markets？

In this paper we examine the daily frequency stock market indices of Shanghai, Shenzhen and Hong Kong from January 2000 to June 2012, and use the Morlet wavelet coherence model to determine who is playing the most important role in the financial markets of China. We find that there are significant comovements between these stock markets in the medium and long run. This provides investors with opportunities to increase their capital gains. The Hong Kong stock market plays a leading role in the long run, but its leader position is threatened by fast‐growing Chinese mainland stock markets, especially the Shanghai Stock Exchange. Based on our analysis, the following suggestions apply to the Chinese stock markets: establish and improve international and regional finance centers in Chinese mainland; encourage more qualified institutional investors; reposition the market relations among Hong Kong, Shanghai and Shenzhen; and increase deregulation and internationalization to speed up the integration of financial resources.     

Did Hayek have a monetary theory of business cycles?

Joseph Schumpeter, a careful reader of Hayek, categorized Hayek??s theory of economic cycles as non-monetary. Almost every other source, including Hayek himself, categorized the theory as monetary. The issue turns on the concept of causality being used. The question of what causality concept to apply to complex phenomena has substantive implications for economic theory. A simple concept of causality, appropriate to the study of some physical phenomena, will mislead when applied to complex phenomena. We provide examples of errors in analysis that follow from the wrong choice of a causal paradigm.     

“等效电源定理”的教学设计

为了培养学生的认知能力、应用能力和创新能力,从教学目标、学情、教学方法、教学组织、教学效果等5个方面对《等效电源定理》这一课的教学设计进行说明。