Estimation of Binary Response Models With Endogenous Regressors

This paper reviews six approaches to binary response (y₁) structural forms with an endogenous regressor y₂: (i) the two‐stage least squares estimator‐like substitution approach, (ii) the control function approach, (iii) the system reduced‐form approach, (iv) the artificial instrumental regressor approach, (v) the transformed‐response instrumental variable estimator approach and (vi) the classical maximum likelihood estimator approach. The applicability of the six methods differs greatly, depending on whether y₂ is a continuously distributed random variable or a discrete transformation of a latent . We conduct a real‐data‐based simulation study, and provide an empirical illustration. Our overall recommendation is using (i) and (ii), as the others have undesirable features such as analytic complexity in (iii), computational difficulty in (iv) and (vi), and poor finite‐sample performance in (v).     

Building Trust Between Consumers and Corporations: The Role of Consumer Perceptions of Transparency and Social Responsibility

Developing trust in a company is a significant part of building the company-consumer relationship. Previous studies have sought to identify the positive consequences of trust such as loyalty and repurchase, but the question of what builds trust remains largely unanswered. To answer the question, we developed a model that depicts the relationships among transparency, social responsibility, trust, attitude, word-of-mouth (WOM) intention, and purchase intention. An online survey was conducted with a US nationwide sample of 303 consumers, and the data were analyzed using the structural equation modeling method. The results indicated that consumers’ perceptions of a corporation’s efforts to be transparent in the production and labor conditions and to be socially responsible by giving back to the local community directly affected these consumers’ trust and attitudes toward the corporation, and indirectly affected their intentions to purchase from and spread positive WOM about the corporation. Theoretical and practical implications are discussed.     

机构投资对我国资本市场资产价格影响的实证研究

本文以1999年3月到2011年3月的沪深主板上市公司月收益率为样本,通过定义机构投资者的投资策略,对加入机构投资者影响后的CAPM扩展模型进行实证研究,发现扩展模型消除了经典CAPM中存在的异方差性,且不存在一阶自相关性;资产组合的收益率同市场组合收益率呈反比关系,与基准投资组合收益率呈正比关系;模型拟合度有了很大的改善。机构投资对我国资本市场资产价格产生了积极的影响。因此,我国资本市场应该大力发展机构投资者,机构投资者本身也应该朝着健康的方向发展。     

基于Ф-OTDR的管道光纤预警系统应用统计分析

基于 Ф-OTDR分布式光纤传感的管道光纤预警系统,利用同沟敷设的光缆作为分布式振动传感器,连续实时检测管道周围的振动信号进行提前预警与定位,通过长输油气管道测试与应用效果展示,系统具有较高的预警灵敏度、定位精度和有效预警准确率.结合应用实际,构建"技防+人防"管道安全防护体系.     

Corporate social responsibility and stakeholder value maximization: Evidence from mergers

Using a large sample of mergers in the US, we examine whether corporate social responsibility (CSR) creates value for acquiring firms' shareholders. We find that compared with low CSR acquirers, high CSR acquirers realize higher merger announcement returns, higher announcement returns on the value-weighted portfolio of the acquirer and the target, and larger increases in post-merger long-term operating performance. They also realize positive long-term stock returns, suggesting that the market does not fully value the benefits of CSR immediately. In addition, we find that mergers by high CSR acquirers take less time to complete and are less likely to fail than mergers by low CSR acquirers. These results suggest that acquirers' social performance is an important determinant of merger performance and the probability of its completion, and they support the stakeholder value maximization view of stakeholder theory.     

折旧政策：对企业会计信息的影响

折旧政策的选择将会直接影响企业的会计信息质量。本文主要通过对国内企业的折旧政策现状及折旧政策的阐述，结合我国企业固定资产的特点，对影响企业折旧政策选择的因素以及折旧政策对企业会计信息产生的不同影响进行了分析，进而提出了自己的基本观点。     

International Power and China's Shipping Pattern

Three years ago,we watched a blockbuster:2012 - "20" and "a half",an entangling symbol! Nobody knows whether the globe will be broken into two.However,the world economy is to restructure and the shipping market will undoubtedly collapse.Confronting such a great transformation,some say the winter is coming,feeling a chill,while some others are discussing W shape and L shape,predicting an impact wave.No matter it is a chill or an impact wave,great power is anyway contained,which is forming an international power,overthrowing outmoded systems and mechanisms and ushering in the advent of a fresh era master.     

宏观调控应强化理性的“供给管理”

当前我国宏观调控面临的形势，带有复杂性和不确定性特征。因为在宏观经济运行持续五年位于10％以上高速度区间、中央明确提出“两防”调控任务之后，又有了一系列客观上给经济降温、与“两防”目标同方向的“自然因素”已发生或有待观察：美国次贷危机引发的世界主要经济体景气低迷和全球经济增长减速；我国年初突发的冰雪灾害和“5·12”为害甚烈的汶川大地震；以及我国经济周期（经验性的）“节律”中高涨时段的临近期满，等等。     

中嘉8号杨树转Bt植株的分子检测

用分子生物学方法对中嘉8号杨树转BtCry1A基因株系进行了检测和鉴定。通过PCR、ELISA和SDS-PAGE等实验证实,BtCry1A基因不仅存在于中嘉8号杨树基因组中,而且获得了较高的表达。PCR阳性植株Bt毒蛋白含量平均为3.32 ppb,Bt毒素蛋白分子量约为130 kD。实验结果表明,课题组前期获得的中嘉8号杨树转Bt植株具有进行生物测定和大田释放试验的价值。     

从债法视角论倒签提单行为的法律性质

作为国际贸易实践中极为普遍的运输单据欺诈之一,倒签提单行为法律性质的认定在审判实践中往往引起诸多争议。倒签提单行为衍生自国际贸易合同和海上货物运输合同,其本身不能脱离合同而独立存在,因此从债法角度分析倒签提单的法律性质将更为清晰。倒签提单行为的通常情形是违约行为,构成特例侵权行为;倒签提单的行为人在整体上应当承担违约责任,在特例中才能构成违约责任和侵权责任的竞合。