Robust state-dependent mean–variance portfolio selection: a closed-loop approach

Finance and Stochastics - This paper studies a class of robust mean–variance portfolio selection problems with state-dependent risk aversion. Model uncertainty, in the sense of considering...     

经营风险与企业杠杆率

本文从理论和实证两方面考察企业经营风险将如何影响其杠杆率。其中,企业面临的经营风险被定义为在企业所属“年份×城市×二位行业”层面内除自身外其他所有企业资产收益率(ROA)的分布标准差。整体而言,当企业经营风险上升时,其投资和负债决策将更加保守,表现为资产负债表收缩和杠杆率下降。分债务期限来看,杠杆率的变化又可分为“规模效应”和“结构效应”,前者指向投资、负债决策的整体收缩,后者指向债务结构中短期负债占比的下降。经营风险上升时,杠杆率下降主要体现为短期债务的缩减;分所有制来看,非国有企业对经营风险的敏感度较强,国有企业对经营风险的敏感度较小,这与两类企业的融资难易程度相符。     

中国特色社会主义经济建设的历史渐进性、核心议题与物质基础

中国特色社会主义经济建设呈现为一个循序渐进的历史总过程,生动诠释了党在理论和实践两个方面将马克思主义不断中国化的过程.继续推进中国特色社会主义经济建设,应以解决新时代中国特色社会主义的主要矛盾为核心议题.生产力的高度发展根本上决定了社会主要矛盾的变化,但仍可在"生产力—生产关系"的框架内得到解释.将我国建成社会主义现代化强国,需要探索中国特色现代化强国之路,通过建立现代化经济体系,夯实中国特色社会主义经济建设的物质基础.     

The estimation of profit efficiency

This article discusses a way of solving the ‘Greene Problem’ that has been termed for a technical difficulty in estimating a profit system with technical and allocative inefficiencies. As the ‘Greene Problem’ is due to the existence of unobserved technical inefficiency interactive in a nonlinear form, the article proposes a use of homogeneity in technology to untangle the nonlinear form, enabling the estimation of a profit system as well as the identification of the source of inefficiencies.     

Changes in the productive efficiency of U.S. flour mills in the late nineteenth century: an input-distance-function approach

Journal of Productivity Analysis - The productive efficiency of the U.S. flour milling industry increased substantially between 1850 and 1880. Specifically, a typical flour mill in 1880 was able to...     

Does environmental labeling exacerbate heavily polluting firms’ financial constraints? Evidence from China

The Chinese Ministry of Environmental Protection has enacted an environmental policy that restricts the investment activities of heavily polluting firms by increasing their financial constraints. In this paper, we examine the impact of environmental labeling on firms’ financial constraints. We document that the financial constraints of heavily polluting firms increase more than those of other firms after the issuance of environmental labeling. The debt and equity financing channels of heavily polluting firms are restricted, with smaller bank loans and less equity issuance in the future. The effect is stronger in firms that make a smaller contribution to the local government’s gross domestic product, receive greater media coverage, and are located in heavily polluted provinces. The environmental regulation is effective in increasing the environmentally friendly practices and decreasing the performance growth of heavily polluting firms. Our findings not only contribute to the growing literature on the factors influencing financial constraints, identifying the effects of non-monetary factors on financial constraints, but also provide more evidence for the underlying mechanism of efficient environmental policy. Our results also provide practical suggestions for investors and institutions on evaluating firms and for regulatory authorities on further implementing environmental policy.     

土地新政! 央地关系巨变,这些城市被委以重任

3月12日国务院发布《关于授权和委托用地审批权的决定》,被媒体称之为"土地新政"。我认为,这个新政的核心可以归纳为一句话:土地审批权由国务院下放给省级政府。简单来说,以前农村土地如果要转变成建设用地,大多数情况需要国务院亲自审批,但新政明确,以后这些事项,可以直接在省内审批。不过,这个审批权分两种情况,一种是永久基本农田,另一种是除基本农田以外的其他农用地。关于非基本农田,相关表述是"授权省级政府批准",是惠及所有省份的,而关于基本农田,表述则是"委托部分省级政府批准",首批只惠及8个省级行政区。另外,"授权"和"委托"只有两字之差,内涵却有云泥之分。     

Does citizen participation affect municipal performance? Electoral competition and fiscal performance in Japan

Subnational fiscal performance has been receiving a lot of attention from researchers in various disciplines. However, there is very little published on the impact of citizen involvement on fiscal performance. This paper shows that a lack of citizen involvement in the electoral process was associated with fiscal performance in all 807 city-level Japanese municipalities from 2006 to 2012.     

Exploring managerial intentionality

To enable a better understanding of individual and, as a logical extension, organizational behavior, we set forth a theoretical framework of managerial intentionality. At its core are the concepts of desire and belief, which together form intentions. We argue that it is these intentions that may substantially affect strategic choices and, by that, organizational change. Exploring managerial intentionality, we acknowledge a central building block of cognitive science, which contrary to representations and computations has, by and large, been neglected in the management and organization literatures. We use the framework to explore the intrapersonal and interpersonal role of managerial intentionality as well as its effectiveness in an organizational context. We also clarify the differences to related concepts and discuss implications for future research. In doing so, we contribute to the overall objective of increasing our understanding of managerial action and organizational behavior.