A Reexamination of Housing Price and Household Consumption in China: The Dual Role of Housing Consumption and Housing Investment

It is important to investigate the correlation between housing price and household consumption to gain an understanding of the behavior of the economy and effectively handle the consequences of economic development. In the last two decades, the accumulation of housing wealth by Chinese households has not been effectively transmitted to their final consumption. We discovered that the sustained increase in household wealth and housing-ownership rate in China has been accompanied by a decrease in consumption rate. We also identified a negative correlation between housing price and household consumption for both the homeowners who own one housing unit and those who own two units of housing. We investigated this phenomenon in China both theoretically and empirically by capturing the dual nature of housing as a consumption good and an investment vehicle. We found that the demand for second housing units is motivated by increasing housing consumption demand rather than pure investment needs. To explain the mechanisms that drive household-consumption behavior, we also explored the effects on household consumption of China’s educational system, marriage market and ageing society, as well as future housing-market uncertainty. The implications of government intervention in the housing market are discussed.     

Competitive pricing strategies in social networks

We study pricing strategies of competing firms selling heterogeneous products to consumers. Goods are substitutes and there are network externalities between neighboring consumers. In equilibrium, firms price discriminate based on the network positions and charge lower prices to more central consumers. We also show that, under some conditions, firms' equilibrium profits decrease when either the network becomes denser or network effects increase. In contrast, consumers always benefit from being more connected to each other. We determine the optimal network structure and compare uniform pricing and discriminatory pricing from the perspectives of firms and consumers.     

A logistic regression point of view toward loss given default distribution estimation

We propose a new procedure to estimate the loss given default (LGD) distribution. Owing to the complicated shape of the LGD distribution, using a smooth density function as a driver to estimate it may result in a decline in model fit. To overcome this problem, we first apply the logistic regression to estimate the LGD cumulative distribution function. Then, we convert the result into the LGD distribution estimate. To implement the newly proposed estimation procedure, we collect a sample of 5269 defaulted debts from Moody’s Default and Recovery Database. A performance study is performed using 2000 pairs of in-sample and out-of-sample data-sets with different sizes that are randomly selected from the entire sample. Our results show that the newly proposed procedure has better and more robust performance than its alternatives, in the sense of yielding more accurate in-sample and out-of-sample LGD distribution estimates. Thus, it is useful for studying the LGD distribution.     

领导力在项目组合管理中的影响研究

项目组合是连接战略和项目的桥梁。区别于以往有关项目管理中领导力的研究,针对高管和项目经理两种层次的领导角色,界定了领导力的内涵,从战略视角出发构建了领导力对项目组合绩效的影响作用模型,并运用偏最小二乘法和实证方法对理论模型进行检验。研究结果表明,高管及项目经理的领导力均对项目绩效、组合绩效有积极的影响,但项目绩效对组合绩效的作用并不显著。结论强化了领导力在项目组合管理中的关键作用,为研究组合绩效的提升机制提供了新的思路和方法。     

27t轴重通用货车开行技术经济分析

在铁路运输的速度、密度、重量三种因素中,我国铁路货运的密度、速度发展均居世界前列,同时考虑到既有站场条件下对编组长度的限制,提高轴重已成为当前我国发展高效能铁路运输的最佳选择.针对27 t轴重货车开行,就既有线路钢轨、道岔、桥涵、驼峰、到发线、机车车辆的适应性展开技术可行性分析,并提出了强化改造建议.编组数量都为64辆时,27 t轴重的列车比23 t轴重的列车年均增加371万元利润.经济新常态下,既有线开行27 t轴重通用货车对于提高路网运输能力以及充分利用线路能力具有重要意义.     

创业激情:情绪视角的创业研究综述

认知角度的创业研究已相当成熟,而情绪视角的研究才刚刚起步,创业激情在创业中的作用备受关注。综述了创业激情的内涵、测量、影响结果、作用机制以及创业激情的来源,发现现有研究还存在以下问题:内涵模糊、测量工具不完善、影响和作用机制缺乏系统性、来源不明确。在此基础上构建了创业激情研究的整合模型,提出采用案例分析方法对个体、团队、组织层面的创业激情进行界定,从激情本质出发,开发新量表,对创业激情的负面效应给予关注,未来研究可探讨创业激情对创业结果中介机制间的交互作用,并根据不同创业类型对创业激情进行跨文化分析。     

Does telic/paratelic user mode matter on the effectiveness of interactive internet advertising? A reversal theory perspective

Drawing on reversal theory (Apter, 2007), the current research proposes that internet users' metamotivational state (telic vs. paratelic) determines advertising interactivity's effectiveness. An online field experiment involving 141 Facebook and Twitter users tests this proposition. Research findings support telic state consumers form more positive attitudes toward a low-level interactive ad, whereas paratelic state consumers form more positive attitudes toward a high-level interactive ad. Further, this research shows that an arousal seeking tendency mediates the metamotivational state's impact on ad attitude.     

Robust influence diagnostics for generalized linear models with continuous responses

This article introduces two parametric robust diagnostic methods for detecting influential observations in the setting of generalized linear models with continuous responses. The legitimacy of the two proposed methods requires no knowledge of the true underlying distributions so long as their second moments exist. The performance of the two proposed influence diagnostic tools is investigated through limited simulation studies and the analyses of an illustration.     

区块链技术在审计工作中的应用及改进路径研究

大数据的发展使得区块链技术应用在审计工作中的影响也逐渐显著.传统审计工作中存在效率低下、各部门之间缺乏信任机制以及审计运营成本高昂等问题.区块链技术是审计中的一大变革,未来的"区块链技术+审计"也须加强审计人才建设、跨组织协作、完善专利法律以及行业保护规则,加强构建基本网络平台等工作.