Using principles of justice to assess the modal equity of regional transportation plans

While equity has been an important consideration for transportation planning agencies in the U.S. following the passage of Civil Rights Act of 1964 (Title VI specifically) and the subsequent Department of Transportation directives, there is little guidance on how to assess the distribution of benefits generated by transport investment programs. As a result, the distribution of these benefits has received relatively little attention in transportation planning, compared to transport-related burdens. Drawing on philosophies of social justice, we present an equity assessment of the distribution of accessibility in order to define the rate of “access poverty” among the population. We then apply this analysis to regional transportation plan scenarios from the San Francisco Bay Area, focusing on measures of differences between public transit and automobile access. The analysis shows that virtually all neighborhoods suffer from substantial gaps between car and public transport-based accessibility, but that the two proposed transportation investment programs reduce access poverty compared to the “no project” scenario. We also investigate how access and access poverty rates vary by demographic groups and map low-income communities within access impoverished areas, which could be the subject of further focused investments.     

融资渠道与中国区域技术创新

运用2011-2016年中国内地31个省份面板数据，通过固定效应模型检验不同融资渠道对全国以及东中西部地区技术创新的影响。结果表明：①债权融资在整体上对技术创新影响不显著，分地区看，其在东部地区发挥了促进作用，而在中西部地区则起到抑制作用；②从整体及中西部地区看，股权融资对技术创新的影响不显著，且抑制了东部地区技术创新；③对股市板块进行细分后，整体上股权融资中只有创业板股权融资显著促进了技术创新水平提升，主板和中小板的作用均不显著。     

A new approach to measuring riskiness in the equity market: Implications for the risk premium

We introduce a new approach to measuring riskiness in the equity market. We propose option implied and physical measures of riskiness and investigate their performance in predicting future market returns. The predictive regressions indicate a positive and significant relation between time-varying riskiness and expected market returns. The significantly positive link between aggregate riskiness and market risk premium remains intact after controlling for the S&P 500 index option implied volatility (VIX), aggregate idiosyncratic volatility, and a large set of macroeconomic variables. We also provide alternative explanations for the positive relation by showing that aggregate riskiness is higher during economic downturns characterized by high aggregate risk aversion and high expected returns.     

Resource-envy-free and efficient allocations: A new solution for production economies with dedicated factors

I consider the problem of determining an equitable and efficient allocation of resources in production economies with factors which must be dedicated to production and cannot be consumed directly. First, I show that in such economies envy-free and efficient allocations exist under standard assumptions. However, I argue this notion of fairness is unsuitable for the present context. I then introduce a new notion of fairness, which I call resource-envy-freeness. First, I associate with each consumption bundle its resource footprint consisting of the vector of factors used to produce it. I then show that preferences over consumption bundles can be extended to preferences over factor bundles. An allocation is resource-envy-free if no agent prefers another agent’s resource footprint to its own. The analysis of resource-envy-free allocations in production is exactly analogous to the analysis of envy-free allocations in exchange. I establish that resource-envy-free and efficient allocations exist under standard assumptions, and I demonstrate that such allocations are intuitively appealing.     

The long-run reversal in the long run: Insights from two centuries of international equity returns

We perform the most comprehensive test of long-term reversal in national equity indices ever done. Having examined data from 71 countries for the years 1830 through 2019, we demonstrate a strong reversal pattern: the past long-term return negatively predicts future performance. The phenomenon is not subsumed by other established cross-sectional return patterns, including the value effect. The long-term reversal is robust to many considerations but highly unstable through time. Finally, our findings support the overreaction explanation of this anomaly.     

Growth uncertainty,generalized disappointment aversion and production-based asset pricing

We study a production economy with regime switching in the conditional mean and volatility of productivity growth. The representative agent has generalized disappointment aversion (GDA) preferences. We show that volatility risk in productivity growth carries a positive and sizable risk premium in levered equity. Our model can endogenously generate long-run risks in the volatility of consumption growth observed in the data. We show that introducing leverage with a procyclical dividend process consistent with the data is critical for the GDA preferences to have a large impact on equity returns.     

Speculative bubbles in emerging stock markets and macroeconomic factors: A new empirical evidence for Asia and Latin America

The purpose of this study is firstly to test for the existence of periodically collapsing stock price bubbles in Asian and Latin American emerging stock markets for the period 1990–2009. We use the new non-cointegration test developed by Taylor and Peel (1998) with the Residuals-Augmented Least Squares (RALS) method of Im (1996) and Im and Schmidt (2008) for monthly data of price indexes and dividends. The results show that the hypothesis of formation of bubbles cannot be rejected for all of the studied emerging stock markets. This evidence implies that the co-integration relation between the prices and the dividends is not always supported, indicating that the stock prices do not reflect their fundamental values in the emerging stock markets. We then link speculative bubbles with macroeconomic and financial factors, which is an interesting contribution of this study. The degree of equity market openness is found to be the key factor, positively related to the formation of speculative bubbles in these markets.     

Theoretical foundations of equity based foreign market entry decisions: A review of the literature and recommendations for future research

This paper reviews the theoretical foundations of the equity based foreign market entry (FME) decisions literature. We analyse 1055 academic FME papers published over four decades (1970–2013). We identify and analyse the theories that informed and guided FME research over time. Our review indicates that scholars have recently started to challenge some of the core assumptions of established theories, draw on and integrate insights from multiple theoretical perspectives which, in turn, generated a multiplicity of approaches for studying FME decisions and their performance outcomes. The paper discusses the explanatory power of the different theories, assesses the relevance of the different theoretical perspectives to our understanding of current FME phenomena and recommends directions for further research.     

Grounded: Characterising the market exit of European low cost airlines

The aim of this paper is to undertake a comprehensive study of low cost carrier (LCC) market entry and exit in Europe between 1992 and 2012. In the 20 year period between 1992 and 2012, 43 LCCs have taken advantage of the progressive liberalisation of the European aviation market and commenced scheduled flight operations within the continent. Of these 43, only 10 remain operational, a failure rate of 77%. This paper contributes to extant literature on LCCs by examining the market entry, business practices, operating longevity and fate of failed operators to characterise European LCC market exit. Drawing on the findings of a detailed continental-wide study, the paper identifies that an airline's start-up date, the nature and size of its operation and the size and composition of its aircraft fleet are key factors which influence LCC success and failure. The implications for both European and emerging LCC markets are discussed.     

Models for relief routing: Equity, efficiency and efficacy

In humanitarian relief operations, vehicle routing and supply allocation decisions are critically important. Similar routing and allocation decisions are studied for commercial settings where efficiency, in terms of minimizing cost, is the primary objective. Humanitarian relief is complicated by the presence of multiple objectives beyond minimizing cost. Routing and allocation decisions should result in quick and sufficient distribution of relief supplies, with a focus on equitable service to all aid recipients. However, quantifying such goals can be challenging. In this paper, we define and formulate performance metrics in relief distribution. We focus on efficacy (i.e., the extent to which the goals of quick and sufficient distribution are met) and equity (i.e., the extent to which all recipients receive comparable service). We explore how efficiency, efficacy, and equity influence the structure of vehicle routes and the distribution of resources. We identify trends and routing principles for humanitarian relief based on the analytical properties of the resulting problems and a series of computational tests.