环境侵权的经济学解读

对环境侵权进行经济学分析,可以导出我国环境侵权损害赔偿制度应将侵权人造成的外部成本全部内化,赔偿范围不仅应包括目前已有相关规定的财产、人身、精神损害赔偿,还应包括对环境资源经济价值损失、生态价值损害及环境污染后的恢复费用的补偿。     

深交所收盘集合竞价制度的实施效果研究

作为交易制度创新的收盘集合竞价制度于2006年7月在深交所主板实施,本文应用事件研究的方法和EGARCH模型,对沪深股价指数及个股在收盘集合竞价制度实施前后的相对成交量和波动性特征进行比较研究,考察该制度的实施对市场微观结构的影响,结果认为收盘集合竞价的实施基本达到预期政策目标。     

我国货币政策透明度的实践及问题研究

提高货币政策透明度有利于加强货币政策的可信性和有效传递,因而受到了各国的重视。我国货币政策透明度的实践及实证分析结果表明,提高货币政策透明度具有积极的效用。然而,当前总体上我国货币政策透明度还不高,还存在着目标不透明、信息披露不完全、决策不公开等一系列问题。因此,如何提高货币政策透明度成为当前央行亟待解决的问题。     

Managerial Altruism and Governance in Charitable Donations

We describe a double agency problem in firms' charitable donations. When managers have better knowledge about the effectiveness of donations and their altruistic preferences, it is difficult for shareholders to tell whether charitable donations are made for a strategic purpose or due to managerial altruism. We characterize the equilibrium donations in a heterogeneous competition model. We show that managerial altruism is a substitute for the effectiveness of donations, and excess donations cannot be prevented by a compensation scheme that reduces the interest conflicts between ownership and management. Under board authorization, the board will tolerate donations with high effectiveness and low altruism as well as donations corresponding to low effectiveness and high altruism. Under a penalty scheme, the altruistic manager will increase donations, in order to increase donation's strategic benefit to compensate for the loss from the penalty. Copyright © 2017 John Wiley & Sons, Ltd.     

案例教学法在C#教学实践中的应用研究

目前国内高等院校在进行计算机教学时,大多采用传统的讲授型教学方法。虽然讲授型教学能较好地保证所授知识的系统性,但在培养学生的应用能力和创新思维方面却暴露出许多弊端,学生较少积极参与教学互动,不能发挥他们的学习自主性。通过多年的教学实践,笔者近两年来采用案例教学法实施教学,经过实践初步证明案例教学法能有效克服这一弊端。从目前计算机教学的现状来看,教学中重灌输而不注重启发,重教师的教而不注重学生的学,重知识不重应用,严重影响了学生的学习兴趣,禁锢了学生的思维和智力的发展。因此,教师要更新教育观念,改变教学方法,把学习知识和能力培养相结合作为教学的目标,将学习知识为主的教学模式转到学会学习、掌握方法和培养能力上,注重培养学生的创新精神和实践能力。     

企业物流配送模式选择的TOPSIS多目标决策研究

介绍目前主要的物流配送模式，建立物流配送模式选择的评价指标体系，利用熵权法和AHP方法相结合，得出企业配送模式选择中的各个评价指标的权重，使评价结果更具有说服力。并且引入TOPSIS法有效解决配送模式选择的多目标决策问题，并对各备选模式进行了定量排序，为企业物流配送模式的决策提供依据。     

全球价值链视角下的中国产业供需匹配与升级研究

研究目标：更精确地反映全球价值链下中国产业供需不匹配和升级情况。研究方法：运用2016年WIOD投入产出表的数据,将中间品投入与吸收产业一一匹配以构造更微观的分类,计算出产业内贸易指数、出口技术复杂度等指数,并探讨了全球价值链嵌入对产业供需匹配的影响。研究发现：2001年以来中国产业供需不匹配程度高速增长,但增速不断降低,中国需求层面的技术复杂度水平普遍高于供给层面,而美国则正好相反;全球价值链地位、垂直专业化水平对供需不匹配程度的影响效果在不同收入水平国家间存在差异。研究创新：通过新产业分类从更微观的层面了解中国产业供需不匹配情况。研究价值：为中国未来的“供给侧结构性改革”和产业转型升级提供理论基础和政策建议。     

Bank Competition and Leverage Adjustments

We test whether bank competition affects firms’ leverage adjustment speeds. Using Chinese data where bank concentration varies across both years and provinces, we find that underlevered firms move to their target leverage faster when bank competition is high. Tests surrounding an exogenous shock to bank competition lead to the same conclusion. We also find that small firms and nonstate‐owned firms exhibit faster leverage adjustments when bank competition is high, which is consistent with the conjecture that bank risk taking increases with competition.     

Why Do Traders Split Orders?

We examine factors that influence decisions by U.S. equity traders to execute a string of orders, in the same stock, in the same direction, around the same time. Order splitting is more likely to occur when traders submit larger‐size orders and when market depth and trading activity are lower. Order splitters demand liquidity more and pay higher trading costs, but their overall performance is better. When controlling for execution time, split orders are more informative than single orders. Our results suggest that order splitting arises from a variety of factors, including informational differences, order and trader characteristics, and market conditions.     

Investors’ Fear and Herding Behavior: Evidence from the Taiwan Stock Market

This article analyzes the influence of investors’ fear on their investment behavior in the Taiwan stock market. This study used the volatility index (VIX) as a barometer of investors’ fear. Our results show that herding behavior increases with the VIX; that is, herding behavior is encouraged by an increase in investors’ fear. Moreover, our results demonstrate that investors react more quickly to bad news than to good news when their fear increases, supporting the hypothesis of the presence of an asymmetric reaction to news. However, investors react more quickly to good news when their fear decreases, indicating an inverse asymmetric reaction. In addition, our empirical results reveal that herding behavior tends to exist on days with a large trading volume.