An analysis of some aspects of regulatory risk and the required rate of return for public utilities

This paper uses a modification of the continuous time asset pricing model of Cox, Ingersoll, and Ross to analyze the effect of regulatory risk on the cost of capital. Analysis shows that random errors in setting the allowed rate of return can either increase or decrease the cost of capital depending on other regulatory parameters. However, the analysis suggests that regulatory risk is not material.     

Building internal business scenarios based on real data from a performance measurement system

This paper presents a new methodology to build internal business scenarios from the data gathered by some key performance indicators (KPIs) defined within a performance measurement system. The application of the principal components analysis technique leads to the identification of latent relationships between KPIs that underlies some important business aspects. Further, this methodology allows to represent not only the temporal evolution of the organisation as a function of these business aspects but also the definition and determination of internal business scenarios, being therefore the source of meaningful managerial information. At the end of the paper, results of a practical application are presented and discussed, as well as their importance for the organisation from a decision making point of view.     

Multiplicity in general financial equilibrium with portfolio constraints

This paper explores the role of portfolio constraints in generating multiplicity of equilibrium. We present a simple financial market economy with two goods and two households, households who face constraints on their ability to take unbounded positions in risky stocks. Absent such constraints, equilibrium allocation is unique and is Pareto efficient. With one portfolio constraint in place, the efficient equilibrium is still possible; however, additional inefficient equilibria in which the constraint is binding may emerge. We show further that with portfolio constraints cum incomplete markets, there may be a continuum of equilibria; adding incomplete markets may lead to real indeterminacy.     

中国上市公司债权对公司绩效影响的实证研究

关于债权的治理效应，代理成本理论和控制权理论都认为，企业资本结构中一定的负债有利于公司治理效率的提高。本文以2002～2004年度沪市上市公司为样本（样本总量为2284组数据），对我国上市公司的债权治理效率进行了实证分析。结果表明，我国上市公司负债对其绩效有重要影响：债权比例与公司绩效在统计上呈显著的负相关关系，即上市公司的负债比例越大，其绩效也会越差，公司绩效与负债还存在着显著的二次关系，当资产负债率（DAR）为21．79％时，若其他条件不变时，债权对公司绩效促进作用最大，超过这一比例，债权与公司绩效呈负相关。本文对这一结果进行了原因分析，并提出了政策建议。     

多层级视角下京津冀科技创新政策府际关系研究

府际关系协调有利于实现创新资源、要素的有效汇聚与整合,进而提升政策有效性。以京津冀为例,构建中央-地方多层级府际关系模型,分析中央政策主体合作网络特征与政策扩散特征、地方政策主体合作网络特征与政策执行特征的相关性。研究发现,中央政府部门间形成了以科技部为核心的核心—边缘网络结构特征;北京市政府部门间呈现出以中关村科技管理委员会为核心的核心-边缘网络结构特征;天津市政府部门间呈现出以天津市科学技术委员会为核心的星型网络结构特征;河北省则没有形成稳定的网络关系。中央政策主体合作网络中的度中心性与政策扩散广度具有相关性;地方政策主体合作网络中介中心性、度中心性与政策执行强度具有相关性。     

企业技术创新模式影响因素分析论证

通过分析企业自身状况、引进技术状况、产业状况和社会环境因素,对企业技术创新模式的影响因素进行分析论证,以此对企业选择创新模式提供借鉴。     

Impact of state-dependent oil price on US stock returns using local projections

In this paper, we investigate the impact of oil prices on both aggregate and industry US real stock returns over the period 1973–2017. The empirical analysis contributes to the related literature introducing a state-dependent oil price (high and low) and the local projections approach. Our main finding is that, depending on the nature of the shock and industry, the negative effects of oil price shocks become exacerbated -and the positive effects get moderated- if oil prices are already high.     

基于知识权力和知识交互行为的产业集群多重知识网络演化分析

针对产业集群知识网络中客观存在但却未受关注的知识权力,结合自适应知识交互行为,采用多主体建模与仿真方法,分析知识权力的动态变化导致的产业集群多重知识网络演化。结果表明:知识权力差距及知识交互行为是促使产业集群多重知识网络形成及演化的基础,产业集群多重知识网络的演化过程具有典型的阶段性特征,其网络结构呈现出网络节点密集性与稀疏性相结合、强联结与弱联结并存、度分布高度异质性的特征。利用实际产业集群网络验证仿真结果,证明了该仿真模型的可信性。