Shall One Sit “Longer” for a Free Lunch? Impact of Trading Durations on the Realized Variances and Volatility Spillovers

This study examines the effect of trading durations on the realized variance of rupee futures traded in national stock exchange (NSE), India and Dubai Gold & Commodities Exchange (DGCX), Dubai as there exists a difference in the trading durations at these exchanges, where DGCX has longer trading duration. The empirical results suggest that longer trading duration has significantly higher realized variance, and also non-trading durations at NSE account for higher overall realized variance of Rupee Futures. We model the impact of trading durations on intraday and overnight realized variance for rupee futures and estimate a reduced realized volatility of 40–70 bps due to shorter trading duration. We find that non-trading durations at National Stock Exchange account for 60–70% of the overall realized variance of rupee futures. Using MGARCH model with BEKK parameterization, we find evidence of bidirectional volatility spillover from Offshore to Onshore Rupee markets.

     

家庭消费碳排放影响因素及其变化趋势分析——以陕西省为例

以陕西省2003—2017年数据为样本,建立LMDI模型分析各因素对陕西省家庭消费碳排放的影响及其变化趋势。结果表明,家庭消费效应、住房面积效应和家庭规模效应是造成家庭碳排放上升的正向推动因素,而碳排放强度效应、消费抑制效应和居住密度效应对家庭碳排放具有负向影响;2003—2017年,碳排放强度效应呈“U”型变化趋势,家庭消费效应、家庭规模效应和住房面积效应呈上升趋势,消费抑制效应和居住密度效应呈下降趋势。政府制定碳减排政策时可从碳排放贡献率较大的家庭消费、住房面积和家庭规模等方面着手,有针对性地缓解日益增长的家庭消费碳排放。     

土地革命时期中国共产党的财政思想研究*

在中国共产党诞生百年之际，在中国社会经济转型升级的今天，在财政已经上升为国家治理基础和重要支柱的背景下，研究和总结中国共产党在土地革命战争时期的财政思想具有重要的现实指导意义。思想根源于现实也反映现实，土地革命时期特定的社会政治经济背景孕育了中国共产党早期的财政思想，具体包括财政收入、财政支出和财政管理三大方面。这三个方面的思想密切关联，初步形成了中国共产党新民主主义革命早期传统财政学的雏形，构成了新中国社会主义财政学的重要基础，对于我国当今财政工作和现代财政制度建设具有重要的现实指导意义。     

Fostering mutual gains: Explaining the influence of high‐performance work systems and leadership on psychological health and service performance

Despite the growing importance of sustainable management of human resources, human resource management and leadership research on mutuality in the employment relationship has proceeded in a parallel fashion. Drawing on self‐determination theory, this study proposes an integrative model of human growth by addressing two interrelated questions: (a) how and why experienced service‐oriented high‐performance work systems (HPWS) and unit service leadership relate to psychological health and service performance and (b) whether thriving at work and psychological health serially mediate the relationships between the two contextual antecedents and service performance. Our findings revealed that experienced service‐oriented HPWS and unit service leadership related to service performance but indirectly through thriving at work. However, experienced service‐oriented HPWS but not unit service leadership related to psychological health through thriving at work. Furthermore, thriving at work and psychological health serially mediated the relationship between experienced service‐oriented HPWS (but not unit service leadership) and service performance.     

Gender diversity and firm performance: evidence from India and Singapore

ABSTRACT

This study investigates if gender diversity on boards is an effective driver of financial performance. For this purpose, this study choses two countries, one of which has the soft law approach (Singapore) while the other has mandatory requirements (India) on corporate boards gender diversity. By doing so, it examines if there is a comparability between the listed firms of the two countries. Our results suggest that the gender diversity has a positive and significant effect on the financial performance of the firms of both the countries. Although, the gender diversity of the two countries does not seem to affect the growth opportunities of both the countries. Further, our results indicate that the board characteristics affect the performance positively and significantly when the sample is divided into five quantiles for the firms in these two countries. These findings have implications to the managerial decision making and relevance to stewardship theory and resource dependency theory.     

澳大利亚水敏城市设计(WSUD)演进及 对海绵城市建设的启示

海绵城市建设需要多层面、全方位综合推进，针对目前中国海绵城市建设中面临的问题，通过解析澳大利亚城市水管理目标的转型及水敏城市设计(WSUD)演进过程，将水敏城市设计演进分为萌芽、产生、示范及应用4个阶段，进而分析其演进中的成功经验与前沿趋势，为我国当前海绵城市建设与低影响开发景观规划设计以启示与借鉴。认为我国海绵城市建设需要从行政与制度建设、设计科学依据、项目监测与评价、项目示范推广，以及处置序列合理组织5个方面进行改进与突破，从而真正实现海绵城市的建设目标。     

Observational equivalence of the overlapping generations and the discounted dynamic programming frameworks for one-sector growth

Two alternative frameworks for one-sector growth are considered: an overlapping generations model with two-period lived, strictly selfish agents and a discounted dynamic programming model with infinitely lived agents. It is shown that under certain assumptions the two models are observationally equivalent, i.e., generate identical timepaths for all aggregate variables. One of the key assumptions is that the steady-state real interest rate in the overlapping generations model be strictly greater than the growth rate. The result is proved for the deterministic case and extension to a stochastic case is indicated.     

规制经济学理论研究综述

本文详细介绍了规制经济理论发展、演化的脉络。对传统的规制公共利益理论、规制俘虏理论、规制经济理论及其主要代表人物的观点予以评述 ;重点介绍了信息不对称和目标不一致情况下的激励规制理论及其经典模型。     

浅谈企业员工的电子商务培训

电子商务技术在国内企业的应用日益广泛,企业员工信息技术素质的普遍低下是阻碍电子商务技术应用的一大瓶颈,如何通过企业员工的电子商务技术的培训,创造出与企业信息管理设施相配套的电子商务的企业文化,是本文主要解决的问题。文章依据企业员工的电子商务培训的特点和类型,从投资、开发人力资本的角度提出了如何进行企业员工的电子商务技术的培训,并给出了一种对培训进行评估的量化测量方法。     

国外反补贴:案例、警示与对策

2004年加拿大曾连续三次对我国发起了反补贴调查,2006年11月美国也对外宣布对我国的出口产品发起首例的反补贴调查。对此,我们到底应该怎么来看?本文不避浅陋,仅就此谈一些我们的看法,以参与这方面问题的讨论。