A COMPLETE CHARACTERIZATION OF THE INVERTED S‐SHAPED LABOR SUPPLY CURVE

Empirical evidence suggests that labor supply curves are downward sloping at low wage levels, i.e. ‘forward‐falling labor supply’. In contrast, the supply curve is only downward sloping at high wage levels in the canonical labor supply model, i.e. ‘backward‐bending’. This paper derives a labor supply curve with both forward‐falling and backward‐bending segments, or an ‘inverted S‐shape’ by incorporating two elements into a standard utility function: a subsistence level of consumption and a decreasing elasticity of substitution. It is also shown that the subsistence level of consumption plays a key role in determining the shape of the labor supply curve.     

Chinese consumer decision-making styles: A comparison between the coastal and inland regions

China is rapidly becoming an important market for consumer goods, but relatively little is known about variations in consumer shopping patterns in different regions of China. We employ a cultural materialism perspective in understanding decision-making styles of inland and coastal shoppers. Our findings reveal that consumers in the two regional markets do not differ in utilitarian shopping styles but they do in hedonic shopping styles. Marketers need to understand these differences to be able to market effectively to consumers in different regional markets within China.     

Moderators of the negativity effect: Commitment,identification, and consumer sensitivity to corporate social performance

Numerous studies have identified constructs such as commitment and brand familiarity as moderators of negativity effects. However, boundary conditions for this moderation have yet to be identified within a retailing context. This study tries to rectify this gap in the literature. This study finds that three factors (commitment, consumer–company identification, and consumer sensitivity to corporate social performance) moderate attitude change toward a retailer following exposure to moderately negative (vs. positive) publicity. However, given extremely negative information, the buffering effects of the moderating factors disappear, and attitude changes are significant for all consumers. © 2009 Wiley Periodicals, Inc.     

转化医学团队构建的经济学分析

加快转化医学发展,促进医学模式转变是医学研究发展的必然趋势。转化医学团队是联系基础医学和临床实践的纽带,根据转化医学的特点,从经济学的角度分析转化医学团队构建中的若干关系,据此提出有利于团队构建的建议,鼓励科研人员组建转化医学团队的积极性。     

试论2011年全国结核病医院效益分析

2011年全国结核病医院运营良好,资产规模扩张速度快,工作效率有待提高,应加强资产管理,提高资产利用率,加强成本核算,节约成本费用,控制成本支出,加强流动资金利用和外部资金的利用能力。     

REVERSE REGRESSIONS AND LONG‐HORIZON FORECASTING

Long‐horizon predictive regressions in finance pose formidable econometric problems when estimated using available sample sizes. Hodrick in 1992 proposed a remedy that is based on running a reverse regression of short‐horizon returns on the long‐run mean of the predictor. Unfortunately, this only allows the null of no predictability to be tested, and assumes stationary regressors. In this paper, we revisit long‐horizon forecasting from reverse regressions, and argue that reverse regression methods avoid serious size distortions in long‐horizon predictive regressions, even when there is some predictability and/or near unit roots. Meanwhile, the reverse regression methodology has the practical advantage of being easily applicable when there are many predictors. We apply these methods to forecasting excess bond returns using the term structure of forward rates, and find that there is indeed some return forecastability. However, confidence intervals for the coefficients of the predictive regressions are about twice as wide as those obtained with the conventional approach to inference. We also include an application to forecasting excess stock returns. Copyright © 2011 John Wiley & Sons, Ltd.     

后发展缘何困难重重？——一种发展层累构成说解释视角

后发展问题起始于二战后民族解放与独立运动，但长期以来多数亚非拉发展中国家并没有取得实质性的发展，这一事实引起了国际关系学界的广泛争论。不过，学界所给的解释在逻辑和经验上都存在着极大缺陷。本文从发展层累构成说入手，指出后发展存在一种层累构成性，技术创新的可获性、政治环境以及国际经济秩序等是影响后发展的三个核心要素，并使后发展的成本呈现层累递进的特征。其中，技术创新、政治环境分别是后发展的内生性与外生性因素，现行国际经济秩序对两者具有重大的阻碍作用。     

The RMB Appreciation in Predicament

After showing a moderate two-way fluctuation for nearly three months, the RMB exchange rate quickly surged in the middle of September, but the increasing rate of the exchange rate of RMB against the dollar remained slow. Will the RMB appreciation be rapid enough to meet the demand from the United States？ And if so, would the global trade balance be restored within a short period of time？     

电子技术教学创新

数字电子技术是电子信息类学生必修的专业基础课程,课程特点是理论性强、知识点多和更新速度快,是一门理论性争实践性都很强的课程.传统的教学模式和教学方法很难适应教学要求.人们提出了"课题研究式"课堂教学模式和问题式教学方法,在其基础上,文章又提出了项目驱动加小组合作教学模式.实践证明,阐述的教学模式和教学方法是行之有效的.     

The incremental value of a futures hedge using realized volatility

A number of prior studies have developed a variety of multivariate volatility models to describe the joint distribution of spot and futures, and have applied the results to form the optimal futures hedge. In this study, the authors propose a new class of multivariate volatility models encompassing realized volatility (RV) estimates to estimate the risk‐minimizing hedge ratio, and compare the hedging performance of the proposed models with those generated by return‐based models. In an out‐of‐sample context with a daily rebalancing approach, based on an extensive set of statistical and economic performance measures, the empirical results show that improvement can be substantial when switching from daily to intraday. This essentially comes from the advantage that the intraday‐based RV potentially can provide more accurate daily covariance matrix estimates than RV utilizing daily prices. Finally, this study also analyzes the effect of hedge horizon on hedge ratio and hedging effectiveness for both the in‐sample and the out‐of‐sample data. © 2009 Wiley Periodicals, Inc. Jrl Fut Mark 30:874–896, 2010