A comparative study of production efficiency in coastal region and non-coastal region in Mainland China: An application of metafrontier model

This paper examines production efficiency of coastal region and non-coastal region in Mainland China between 2000 and 2010 using one-step stochastic frontier analysis and two-step metafrontier model. Unlike previous studies, this study not only discusses production efficiencies but also considers differences in production patterns. The empirical results indicate that coastal region has better production performance in metafrontier technology efficiency (MTE) and technology gap ratio (TGR). In addition, this study finds that the gap of MTE and TGR between coastal region and non-coastal region is increasing for the past years.     

Health services utilization and cost utility analysis of a walking program for residential community elderly

Promoting the health and improving the ability and confidence of the elderly to live independently can reduce health care expenditures and increase the health of society as a whole. However, the evidence to promote physical activity in order to promote health among the aged population is weak, especially in regards to the economic evaluation of a walking program. These researchers confirmed that the cost utility of a 12-week walking training program is acceptable. Therefore, an outpatient clinic-based walking program for older adults is worth promoting. Cost utility analysis is the critical evaluation method in exercise programs. Health professionals are encouraged to apply the integrated indicators such as the Health Utility Index and the Incremental Cost Utility Ratio to clarify the effects of health-promotion interventions.     

Convenience yield and real exchange rate dynamics: A present-value interpretation

In this paper, we empirically investigate the relationship between the convenience yield of government bonds and the real exchange rates using monthly data from 1999 to 2018. We extend the conventional models, based on the present-value relationship between the real exchange rate and economic fundamentals, while explicitly considering the role of the convenience yield. Empirical results suggest that our present-value models can capture the dynamic properties of the real exchange rate documented in the literature, including high persistence, excess volatility and excess co-movement compared with real interest rate differentials. We also find that the sum of expected convenience yields significantly drives real exchange rate movements. Moreover, we find that foreign exchange swap market friction also plays a role in explaining real exchange rates. Finally, we find that monetary policy at the zero lower bound may be essential in real exchange rate modelling.     

畜禽养殖废弃物市场化困境及破解对策*——基于四川邛崃的实践

[目的]畜禽养殖废弃物已成为我国农村环境的首要污染源,但其本身是一项较好的农业资源,环境污染与资源浪费并存,政府和学者们皆提出"市场运作"思想,而当前畜禽养殖废弃物市场化利用水平低、市场化进程慢。通过选取我国畜禽养殖废弃物市场化作为研究对象,探究畜禽养殖废弃物市场化困境,结合四川邛崃的成功实践,提出推进畜禽养殖废弃物市场化的政策建议,实现资源化利用,减少农业面源污染。[方法]文章主要采用规范与实证相结合的方法,以市场经济学理论内容为研究框架,剖析当前畜禽养殖废弃物市场化困境,结合四川邛崃的实证分析提供经验借鉴,并提出政策建议。[结果]畜禽养殖废弃物市场运作面临较大困境:市场主体缺位;相关产品的市场价值低、供求脱节、价格扭曲、市场制度匮乏等,严重制约畜禽养殖废弃物的市场化利用。[结论]面对环境污染与资源浪费的矛盾,畜禽养殖废弃物的市场化是行之有效的途径,但目前其市场化还处于萌芽、摸索阶段,应加强政府引导,科学界定相关环境产权,明确责权利;培育多元化市场参与主体,建立与完善畜禽养殖废弃物市场体系;积极探索多种市场运作模式等,实现畜禽废弃物资源化利用,加快推进面源污染的防治。     

Can Information Transparency Improve Earnings Quality Attributes? Evidence from an Enhanced Disclosure Regime in Taiwan

Investors demand timely and accurate corporate disclosures in order to comprehend the governance and performance of a firm; they also rely on quality earnings information to assess the intrinsic value of a company. This study links the two using a Taiwan sample because the government of Taiwan has just performed a market-wide corporate-transparency rating. We find significant improvement on four accounting-based earnings-quality attributes, including accrual quality, earnings persistence, predictability, and smoothness. Further, there is a statistically reliable association between the level of information transparency and each of these earnings attributes, implying that a disclosure mechanism design can enhance management accountability in financial reporting.