土地整治功能分区及其整治方向研究

[目的]土地整治的目标开始由注重"新增耕地"向注重"区域功能"转变,土地整治内涵由此得到延伸。同时,也迫切需要推进以提升区域功能为导向的土地整治分区研究。[方法]文章针对我国土地整治分区管理的需求,基于我国地理环境的背景差异及地域功能的定位、土地整治内涵的演变,运用要素加权叠加法、空间聚类分析法和专家经验判断法与区划对比分析法等开展土地整治功能分区。[结果]该文构建并提出了以功能导向为核心的土地整治分区体系和方案,将我国土地整治按地域功能划分为:(1)以生态修复、保护和建设为主的生态功能保育区,(2)以基本农田建设、农地开发整理、提高区域耕地的生产能力为主的粮食安全保障功能区,(3)以城乡用地统筹整治、城市用地内部挖掘为主的经济发展支持功能区,(4)以划定保护区、保护性建设为主的景观文化维护功能区等4种类型区,进一步结合东北平原区、华北平原区、黄土高原区等12个地理空间单元,组合为61个土地整治功能一级分区。在此基础上,评价一级功能区内各县域单元土地整治功能,识别出景观文化维护功能、粮食安全保障功能、生态建设功能、生态保护功能、城镇发展优化功能和城镇发展集聚功能,续分土地整治功能二级分区即各县域的土地整治功能。[结论]基于功能导向的土地整治分区反映了区域功能及其关系对土地整治分区的引导作用,为分区管控和引导提供了科学依据,这对提升区域功能和加强土地利用功能的联系和互动起到重要的作用。     

Review: Chinese public administration and finance—a call for a new theory,research and dialogue

In implementing its national strategy to achieve global leadership, China needs a new public administration theory that integrates political administration, economic management and social regulation. Even so, China has already started to promote its brand of political and economic development abroad. Therefore new comparative research and dialogue is called to explore the universality of Chinese and Western public administration ideas.     

The Informational Role of Stock and Option Volume

This article analyzes the intraday interdependence of orderflows and price movements for actively traded NYSE stocks andtheir Chicago Board Options Exchange (CBOE)-traded options.Stock net trade volume (buyer-initiated volume minus seller-initiatedvolume) has strong predictive ability for stock and option quoterevisions, but option net trade volume has no incremental predictiveability. This suggests that informed investors initiate tradesin the stock market but not in the option market. On the otherhand, both stock and option quote revisions have predictiveability for each other. Thus, while information in the stockmarket is contained in both quote revisions and trades, informationin the option market is contained only in quote revisions.     

Stakelberg竞争条件下的药品专利许可问题研究——“医药分离”与“以药养医”两种医疗体制的微观福利比较

本文分析了在“医药分离”与“以药养医”两种医疗体制下,专利药企业和仿制药企业达成药品专利许可协议的条件,以及该许可对患者和医生的福利影响.研究发现:在特定条件下,与仿制药企业达成药品专利许可协议对专利药企业是有利的.在“医药分离”的体制下,该许可会改善患者的福利水平;在“以药养医”的体制下,该许可会改善医生的福利水平,但是如果专利药与仿制药的医疗保险报销百分比差距较大,并且两种药品的差异化程度较高,该许可会降低患者的福利水平.因此,监管部门应该仔细评估药品专利许可的福利影响,对某些会损害患者福利的许可,应该采取措施加以限制.     

On the asymptotic normality of some unbiased estimates

Abstract

Let X _m(n) =(X _j , n, ..., X _{j m,n} ) be a subset of observations of a sample X_n = (X_1n X _2n ... , X _nn ). Here the X_jn 'S in Xn are not necessarily independent or identically distributed, and m(n) mayor may not tend to infinity as n tends to infinity. Suppose the joint density function h_n =h_n (x _m (n); θ) of the X _jn 's in Xm(n) is completely specified except the values of the parameters in the parameter vector θ = (θ1 θ2, ... , θ _k ), where θ belongs to a non-degenerate open subset H of the k-dimensional Euclidean space Rk and k?m(n).     

ECONOMIC ANALYSIS IN THE MAINTENANCE,REPAIR, AND OVERHAUL INDUSTRY: AN OPTIONS APPROACH

This paper presents a practical case application of the real options framework to a multi-stage investment in the aerospace maintenance, repair, and overhaul (MRO) industry. With the deregulated commercial airline industry and military procurement reform, the $44 billion MRO sector must implement tools to remain strategically poised. In this case study, the MRO participant values a multi-stage irreversible expenditure in maintenance equipment and processes under air travel demand uncertainty using a real options analysis. The investment scenario is viewed from a delay, growth, and compound options framework, and an appropriate sensitivity analysis is performed. The main contribution of this paper is the detailed real option framing, valuation, and discussion that may be used as an illustration for industry practitioners or classroom instruction.     

TESTING THE NET BUYING PRESSURE HYPOTHESIS DURING THE ASIAN FINANCIAL CRISIS: EVIDENCE FROM HANG SENG INDEX OPTIONS

We investigate net buying pressure in the Hong Kong Hang Seng Index options market during the Asian financial crisis from July 1997 to August 1998. Our findings suggest that during this period, the dramatic changes in volatility overwhelmed the dynamics of supply and demand in the options market. The extremely high realized volatility drove market participants' expectations about future market volatility in the early months of the crisis. Findings during the late‐crisis, pre‐crisis, and post‐crisis periods are consistent with the net buying pressure hypothesis.     

Default risk and equity returns: Australian evidence

We test whether default risk is related to equity returns using the Fama and MacBeth [Fama, E.F., MacBeth, J., 1973. Risk, return, and equilibrium: empirical tests. Journal of Political Economy 81, 607–636.] regression framework. The proxy we use for default risk is the default probability obtained from option-based models. Our findings show that default probability is negatively related to returns. While we find that size and book-to-market are related to default risk, the ability of these variables to explain cross-sectional variation in returns is not because they are proxying default risk. Further, our evidence suggests that the negative relationship between default probability and returns is not due to a leverage, volatility or momentum effect.