静静的红河静静地流：国家十大精品剧目民族舞剧《红河谷》观后

静静的红河静静地流……令人联想到因肖洛霍夫的笔触而举世闻名的《静静的顿河》。但据我的阅读经验，当一部艺术作品“静静地”向它的读者或观众敞开之时，它其实蕴藉着烈烈的悲情和深深的痛楚。作为一个充满着悲情和痛楚的故事，由无锡市歌舞团创作演出的民族舞剧《红河谷》并不是“原创”的。但事实上，要以舞台的有限空间和舞者的有限“语言”去复述电影《红河谷》的博大和邈远。无论从空间的营构还是从语言的叙述来说都绝不亚于“原创”的艰辛。     

白蜡生产的生态经济效益与持续发展对策

白蜡虫是重要的林业资源昆虫，我国白蜡生产有着悠久的历史。本文分析了白蜡生产的生态、经济和社会效益，并提出持续稳定发展白蜡生产的对策是重视科研，加强领导，增加投入，扩大产区，提高产量。     

在线购买信任模式的中国实证研究

信任的缺失是使消费者不愿在线购买的主要原因之一。为提供中国在线购买信任问题一个有效的解决方案,基于对Cheung and Lee(2000)和Kit Lui(2003)等在线购买信任模式实证研究结果和局限性的认识,本论文提出一个修正模式并在中国大陆的情境下开展实证研究。研究结果显示,在所有网上购买信任的前置变量中,网上商店的有用性和消费经历与在线购买信任表现出更为强烈的正相关。并且,消费经历与有用性不但通过在线购买信任变量积极影响在线购买意图,并且对在线购买意图的产生也有较强的、直接的积极作用。另外,在线信任等变量在人口统计学特征上和消费习惯上表现出一定的差异,男性、学历较高、上网时间长、网购次数多、每次花费金额多、预测未来两年在线消费比例上升的在线消费者群体,其对在线购买的信任更多地表现在有用性和安全控制的良好认知上。     

BQ分解在核心通货膨胀中的应用研究

文章对Blanchard and Quah趋势分解（BQ分解）在核心通货膨胀中的应用进行了深入的研究,并针对其在应用中所存在的问题提出相应的解决方案。 BQ分解是根据菲利普斯曲线理论发展而来的,主要用于对多维变量的趋势分解。研究表明,两维var模型的BQ分解通常是充分可解的。但是多维BQ分解由于自身的结构性原因,并不能保证一定可解出有意义的实数解。文章也证明了文献中所提出为了解决该问题的Cholesky分解,其与BQ分解相互矛盾而不可采用,所以文章推荐采用校准的方法。实证表明,由校准BQ分解所得到的核心通货膨胀完全满足理论和实践对它的要求,能够预测CPI指数的发展趋势,所以作为解决多维BQ分解无法正常求解时的备选方法,校准是一种便捷而有效的方法。     

Cross‐border mergers and acquisitions: The role of private equity firms

Research summary: We show that private equity ownership (“PE backing”) of the acquirer is a signal of deal quality in cross‐border takeovers. As such, PE‐backed acquirers experience higher announcement returns in cross‐border takeovers, but only if targets are in poor information environments. We show that PE backing is a positive market signal because of PE firms' experience and networks that result from prior deals in target countries. We document that the market correctly anticipates that operating performance of PE‐backed acquirers increases as a result of cross‐border mergers and acquisitions (M&A). Managerial summary: We study cross‐border acquisitions by acquirers that are partially owned by private equity firms (“PE backing”). Cross‐border acquisitions are challenging as acquirers often have little information about targets. We document that investors react positively to cross‐border deals of PE‐backed acquirers—their stock prices increase upon deal announcements. However, this is only the case if targets are in countries with poor information environments. This is because PE backing allows acquirers to access PE firms' deal experience and networks. This makes it easier to identify and evaluate good targets, making it more (less) likely that a deal eventually creates (destroys) value. Consistent with this, we find that earnings of PE‐backed acquirers increase after buying targets in poor information environments. Copyright © 2016 John Wiley & Sons, Ltd.     

Shareholder Value Maximisation,Stock Market and New Technology: Should the US Corporate Model be the Universal Standard? 1

In 1992 a blue‐ribbon group of US economists led by Michael Porter concluded that the US stock market‐based corporate model was misallocating resources and jeopardising US competitiveness. The faster growth of US economy since then and the supposed US lead in the spread of information technology has brought new legitimacy to the stock market and the corporate model, which is being hailed as the universal standard. Two main conclusions of the analysis presented here are: (a) there is no warrant for revising the blue‐ribbon group’s conclusion; and (b) even US corporations let alone developing country ones would be better off not having stock market valuation as a corporate goal.     

Is there Causal Relationship between Money Supply Growth and Inflation in China? Evidence from Quantity Theory of Money

This study examines the causal relationship between Chinese money supply growth and inflation, using the bootstrap Granger full‐sample causality test and sub‐sample rolling‐window estimation test to determine whether such a relationship in China supports the quantity theory of money. The result indicates that there is a unidirectional relationship from inflation to money supply growth. However, considering structural changes in two series, we find that short‐run relationships using full‐sample data are unstable, which suggests that full‐sample causality tests cannot be relied upon. Then, we use a time‐varying rolling‐window approach to revisit the dynamic causal relationship, and the results show that money supply growth has both positive and negative impacts on inflation in several sub‐periods, and in turn, inflation has the same effects on money supply growth for China. These findings are basically consistent with the modern quantity theory of money from the perspective of money supply and price level. When money supply growth does not outweigh output growth, inflation should not be curbed only by decreasing money supply. It notes that a stable money supply growth is critical to price level stability and economic development in China.     

HEALTH INSURANCE,FERTILITY, AND THE WANTEDNESS OF PREGNANCIES: EVIDENCE FROM MASSACHUSETTS

Health insurance reform in Massachusetts lowered the cost of both pregnancy (by increased coverage of pregnancy‐related medical events) and pregnancy prevention (by increasing access to reliable contraception). We empirically examine fertility responses and find no overall effect from increased coverage due to the Massachusetts reform. This finding, however, masks substantial heterogeneity. For married women aged 20 to 34—with high latent fertility and pregnancy wantedness—fertility increased by approximately 1%. For unmarried women in the same age range—for whom pregnancies are typically unwanted—fertility declined by 8%. (JEL I13, I18, J13)     

销售人员薪酬体系设计

针对销售人员的工作特征,从基本薪酬、可变薪酬和间接薪酬三个方面对销售人员的薪酬体系进行分析。重点设计了销售人员的可变薪酬体系,对可变薪酬的确定依据、支付水平和支付方式进行详细设计,通过短期绩效和长期绩效的平衡机制,来实现销售人员薪酬激励效应的最大化。     

Hong Kong Output Dynamics: An Empirical Analysis

Abstract. Advanced statistical techniques are used to analyze Hong Kong output dynamics. Hong Kong, Japan and the US are found to share some common long‐term and short‐term cyclical variations. While the Hong Kong economy is susceptible to external shocks and Granger‐caused by the other two economies, local factors account for a large proportion of output growth variability and uncertainty. On the transmission mechanism, the selected trade and financial variables have incremental explanatory power but do not lessen the ability of lagged output variables to explain Hong Kong growth dynamics. Interestingly, the US does not appear to exert undue influences on Hong Kong.