How to quantify the influence of correlations on investment diversification

When assets are correlated, benefits of investment diversification are reduced. To measure the influence of correlations on investment performance, a new quantity—the effective portfolio size—is proposed and investigated in both artificial and real situations. We show that in most cases, the effective portfolio size is much smaller than the actual number of assets in the portfolio and that it lowers even further during financial crises.     

Comparing leading theoretical models of behavioral predictions and post‐behavior evaluations

This study aimed at comparing the predictive power of the Theory of Planned Behavior (TPB), the Model of Goal‐Directed Behavior (MGB), and the Extended Model of Goal‐Directed Behavior (EMGB) for observed and self‐reported behaviors concerning consumer nondurables. More specifically, the three models were compared in terms of their predictive power for intention and for behavioral desire (only MGB and EMGB). Additionally, the validity of four different models for predicting post‐behavior evaluations was examined. Results showed that the EMGB is the most powerful in predicting both intention and behavioral desire. Moreover, results revealed that, as expected, all three models showed a better predictive power for SRB than for observed behavior. Finally, results demonstrated that post‐behavior evaluations are both online and memory‐based. ©2008 Wiley Periodicals, Inc.     

Estimating class‐specific parametric models under class uncertainty: local polynomial regression clustering in an hedonic analysis of wine markets

We introduce a method for estimating multiple class regression models when class membership is uncertain. The procedure—local polynomial regression clustering—first estimates a nonparametric model via local polynomial regression, and then identifies the underlying classes by aggregating sample observations into data clusters with similar estimates of the (local) functional relationships between dependent and independent variables. Finally, parametric functions specific to each class are estimated. The technique is applied to the estimation of a multiple‐class hedonic model for wine, resulting in the identification of four distinct wine classes based on differences in implicit prices of the attributes. Copyright © 2009 John Wiley & Sons, Ltd.     

政府转型与民间组织发展

目前,我国面临着全社会公共需求的深刻变化和快速增长与公共服务不到位、公共产品严重短缺的突出矛盾,构成经济转轨时期政府转型的现实压力,反映了社会转型时期发展民间组织的客观需求。应把政府的作用和民间组织的作用形成合力,把弱势群体的问题解决好,对落实以人为本的科学发展观、建设和谐社会都有着十分重要的意义。加快推进社会体制改革,是政府履行制度性公共服务的重要任务,也是民间组织发展的基本前提。     

我国产值结构变动对就业结构的影响

利用我国1990年～2009年的数据,分析了我国产值结构与就业结构的现状,通过比较三次产业间相对生产率、就业弹性的差异,探讨了产值结构变动对就业结构的影响,并通过国际比较分析了我国就业结构与产值结构之间的发展不平衡性。针对我国就业结构与产值结构在发展中存在的问题给出了相应的政策建议。     

Fiscal Consequences of Paying Interest on Reserves

We review the role of the central bank's balance sheet in a textbook monetary model and explore what changes if the central bank is allowed to pay interest on its liabilities. When the central bank (CB) cannot pay interest, away from the zero lower bound its (real) balance sheet is limited by the demand for money. Furthermore, if securities are not marked to market and the central bank holds its bonds to maturity, it is impossible for the CB to make losses, and it always obtains profits from being a monopoly provider of money. When the option of paying interest on liabilities is allowed, the limit on the CB's balance sheet is lifted. In this case, the CB is free to take on interest‐rate risk – for example, by buying long‐term securities and financing those purchases with short‐term debt that pays the market interest rate. This is a risky enterprise that can lead to additional profits but also to losses. To the extent that losses exceed the profits of the monopoly operations, the CB faces two options: either it is recapitalised by Treasury or it increases its monopoly profits by raising the inflation tax.     

我国西部灌木植被的生态经济价值

灌木具有防风固沙、保持水土、改良土壤及生物量大、饲用营养价值高等生态经济价值。众多灌木品种是西部干旱半干旱地区极其重要的植被恢复与重建的资源，应在西部大开发的生态保护与建设中得到足够的重视。     

The Role of Innovation in the Postentry Performance of New Small Firms: Evidence from Italy

The purpose of this paper is to relate the start-up decision to the postentry performance of new small firms. We use a database of 147 newly founded Italian firms that have spun-off from existing firms. The quantitative questionnaire analysis studied the relationship between the original factors shaping the decision to start a new firm, including learning in the “mother” firm, and the postentry performance of the new initiatives. The evidence suggests that innovative motivation, innovative learning, and a higher managerial position in the original mother firm tend to be related to a superior postentry performance.     

Environmental responsibility and policy in a two-country dynamic input–output model

Increased spatial dependency of economic activities, as well as spatial differentiation of production and consumption, has implications for environmental policy. One of the issues that has gained importance is the responsibility for the emissions from products that cross national boundaries during the environmental policy's lifetime. This paper discusses the different ethical views of environmental responsibility. Furthermore, the policy measures that are associated with the different viewpoints are analyzed in a novel dynamic two-country two-sector dynamic input–output model. A numerical example is modeled to assess taxing schemes that are based on these ethical viewpoints. The results show that a tax on the ‘embodied’ environmental pressure, which is generally viewed as ethically preferable, is less effective that the current policy of taxing consumers of products. Our discussion however shows that these results are very dependent on the model structure and initial parameters that are used. Nevertheless, the model illustrates that policies that are based on ethically superior standpoints may have detrimental distortionary effects in the dynamic setting.