Efficiency in the Pricing of the FTSE 100 Futures Contract

This paper studies the pricing efficiency in the FTSE 100 futures contract by linking the predictable movements in futures returns to the time-varying risk and risk premia associated with prespecified factors. The results indicate that the predictability of the FTSE 100 futures returns is consistent with a conditional multifactor model with time-varying moments. The dynamics of the factor risk premia, combined with the variation in the betas, capture most of the predictable variance of returns, leaving little variation to be explained in terms of market inefficiency. Hence the predictive power of the instruments does not justify a rejection of market efficiency.     

绿色金融的发展机制与进程评价

从服务机制和作用机制两个维度构建绿色金融发展机制,并从金融机构和不同区 域两个视角对我国绿色金融的发展进程进行定量评价。研究结果表明：（1）绿色金融服务机 制由政策、市场、机构、人才等核心要素构成,作用机制则体现在转变经济发展方式、促进自 身绿色发展、推动企业技术创新和引领绿色消费需求等方面。（2）我国金融机构的绿色信贷 规模不断增加,但中、农、工、建四大银行的绿色信贷规模占比均不足10%,仍处于绿色金融 发展进程的初级阶段。（3）海南、青海、宁夏具有“低环境水平、低技术水平、低经济水平” 的特点,绿色金融发展水平较低;江苏、浙江、广东具有“中环境水平、高技术水平、高经济 水平”的特征,绿色金融发展水平较高。     

Assessing efficiency and innovation in the 3PL industry: an empirical analysis

ABSTRACT

The Third-party Logistics (3PL) industry is facing both important growth rates and increasing competitive pressure. 3PL providers are required to continuously sustain a more and more competitive cost structure (i.e. efficiency) and develop capabilities to improve their services (i.e. innovation); hence, the evaluation of these key success factors is considered a key issue. This paper develops a quantitative analysis of 71 Italian 3PL providers by using Data Envelopment Analysis to jointly assess efficiency and innovation. Furthermore, through a case study research, it corroborates the quantitative results by investigating the strategies of best-in-class companies. Results allowed identifying 13 3PL providers as efficiency leaders and 6 as leaders from both the efficiency and the innovation side. Their input composition indicates a diversification of the business models. A breakdown of the analysis by size and industry focus, along with empirical evidence on the strategies enhancing efficiency and innovation, is also provided.     

Effects of Schumpeterian and Kirznerian entrepreneurship on economic growth: panel data evidence

Abstract

The relevant literature recognises Schumpeterian and Kirznerian entrepreneurship as mechanisms that can impact economic growth. This article seeks to explore the effects of these two types of entrepreneurship on economic growth across the three GEM (Global Entrepreneurship Monitor) economic ecosystems (factor-driven economy, efficiency-driven economy, innovation-driven economy). Using different databases, we applied unbalanced panel data for 43 countries (2009–2013). By estimating the econometric models, we were able to calculate the effects of these two types of entrepreneurship on economic growth in the three different types of economy. In terms of the overall model for GEM economies, neither Schumpeterian nor Kirznerian entrepreneurship return any statistically significant effects on the Global Competitiveness Index or on GDP growth. However, the Total Early-Stage Entrepreneurial Activity variable generates a positive effect on the Global Competitiveness Index. The results presented in this paper provide insights into entrepreneurship and the GEM entrepreneurial economic ecosystems.     

服务业结构升级能够推动产业发展吗？——基于有效结构变化指数（ESC）的实证分析

推动服务业发展与产业结构升级是我国经济高质量发展的重要举措。本文创新性地将有效结构变化指数(ESC)应用于我国2008—2017年29个省份的服务业内部结构升级的影响效应分析,研究发现:ESC的影响效应主要通过延迟效应与加速效应传导,但两者在对服务业不同发展指标上的影响呈现差异;我国服务业ESC可推动服务业增加值与服务业就业人数的增长,但会抑制服务业劳动生产率与服务业平均工资的增长;生产性服务业与高端服务业ESC是驱动服务业增加值与服务业就业人数增长的重要来源,生产性服务业与非高端服务业ESC则会显著抑制服务业劳动生产率与服务业就业人数增长。与发达国家相比,我国在服务业内部结构升级上还有巨大空间与潜力,可通过结构持续优化来有效发挥结构配置效应,促进产业发展,并推动经济增长。     

中小企业信用评级体系的构建

融资难已成为现阶段制约中小企业发展的一个重要因素,而融资难的主要原因是中小企业的信用问题。目前,商业银现行还没有专门针对中小企业的信用评级指标体系,导致中小企业的信用等级被低估,从信用级别的角度造成了中小企业的融资困难。本文拟从研究中小企业的特点着手,构建一套适用于中小企业的信用评级体系,全面客观地评价中小企业的信用状况,解决中小企业在融资过程中遇到的不公正待遇问题,从信用评级的角度解决中小企业融资难的问题。     

Why elementary price index number formulas differ: Evidence on price dispersion

Most countries use either the Dutot or Jevons index number formula for the compilation of their consumer price index at the elementary level of aggregation. The difference between the formulas is shown to be accounted for by changes in price dispersion. In turn, some of this difference is shown to be explained by product heterogeneity. Scanner data on television sets (TVs) are used to calculate Dutot and Jevons indexes. The difference between them is successfully explained in terms of changes in price dispersion and much reduced using an hedonic, heterogeneity-controlled Dutot index.     

EXCEL层次分析法模型在平衡计分卡指标中的研究与应用

平衡计分卡指标体系由具有因果关系的财务、客户、内部流程和学习与成长等维度构成。由于指标体系构成的复杂性、评价指标及权重伴随战略调整而必然发生变动,都提高了指标权重合理分配的难度,是一直困扰理论界和实务界的一个难题。本文将引入层次分析法并通过EXCEL建立层次分析法模型确定平衡计分卡中各个指标的权重,为平衡计分卡评价指标权重的分配提供了一种新的思路,以期对已采用平衡计分卡的企业能有所帮助。     

区域旅游产业品牌竞争力评价指标体系构建研究

随着旅游产业的迅速发展,如何提升区域旅游产业品牌竞争力以促进区域旅游经济发展已日益引起学术界的关注,成为一个重要的研究领域.本文从区域旅游产业品牌竞争力的涵义出发,在对其影响因素分析的基础上,构建区域旅游产业品牌竞争力评价指标体系,旨在为旅游产业的进一步发展提供参考.     

Technical change in a bubble economy: Japanese manufacturing firms in the 1990s

An important economic policy issue is to ascertain when and if technical change (TC) is driving measured growth in productivity. Was this the case for Japan during the late 1980s when a massive financial bubble was being formed? This paper addresses this question, after first further developing methods needed for this purpose. The movement of firms’ TC is of particular policy interest to Japan whose economy has been suffering from a prolonged recession for more than a decade since the burst of the bubble in 1990. In the period of time immediately prior to the burst of the bubble, our estimation results show a significant drop in technical progress. What we believe these results reflect is that Japanese manufacturing firms made excessive investments in production inputs in the years when the bubble was being formed. This excessive investment in inputs did not contribute positively to TC and hence the measured productivity and economic growth of the bubble period in the late 1980s was unsustainable.