Modelling the joint dynamics of oil prices and investor fear gauge

This paper investigates the interdependent relationship between WTI returns and the newly published crude oil volatility index (OVX), combining a cross-correlation function approach, a time-varying parameter (TVP) GARCH model, and a multivariate regression analysis, by which the direction, dynamics, magnitude and asymmetry of their relationship are modelled. At the same time, the implied volatility indexes in the stock market and the gold market are considered for comparison. It is found that there is a significant unidirectional causality-in-mean from WTI returns to the OVX changes, while causality-in-variance from the OVX changes to WTI returns is also significant. The contemporaneous relationship between the OVX changes and WTI returns is significantly negative, and their asymmetric relationship implies that OVX has played a greater role as a gauge of investor fear than as risk preference. The time-varying results indicate that the relationship between the changes in OVX and WTI returns is not always negative.     

THE POTENTIAL FOR SHORT‐RUN SHIFTING OF A CORPORATE PROFITS TAX

Can the owners of a firm shift a corporate profits tax to consumers? Not in the short run if the tax is stated as a proportion of profits and the firm is a profit maximizer. But what if the firm wishes to pursue a strategy other than profit maximization, say revenue maximization subject to a profit constraint? Under such a condition the firm's reaction to a tax or tax increase might be a price rise that captures part of the foregone profits. We show that firms which operate at a point on their demand curve that differs from profit maximization have an incentive to raise price in response to the tax – and that high cost firms have a greater incentive to raise price than do low cost firms. Our empirical analysis of the US beer industry confirms this finding, and sheds light on the Krzyzaniak–Musgrave analysis of the 1960s which suggested that the corporation income tax produced significant short‐run shifting.     

置换Sb的M（=Bi,Te）掺杂β-Zn4Sb3对Seebeck系数的影响

研究了置换Sb的M（=Bi,Te）掺杂热电材料β-Zn4Sb3对其Seebeck系数随温度及参杂量变化的定量关系.通过非线性数值拟合,找到了满足这一关系的函数为高斯函数,并给出对应不同掺杂的具体函数.同时,给出一些新的、有意义的结论.通过数据比较发现,理论计算与实验数据之间的最小的相关系数为0.998 59,最大的平均相对误差仅为0.35％.     

Thresholds in the process of international financial integration

The financial crisis has re-ignited the fierce debate about the merits of financial globalization and its implications for growth, especially for developing countries. The empirical literature has not been able to conclusively establish the presumed growth benefits of financial integration. Indeed, a new literature proposes that the indirect benefits of financial integration may be more important than the traditional financing channel emphasized in previous analyses. A major complication, however, is that there seem to be certain “threshold” levels of financial and institutional development that an economy needs to attain before it can derive the indirect benefits and reduce the risks of financial openness. In this paper, we develop a unified empirical framework for characterizing such threshold conditions. We find that there are clearly identifiable thresholds in variables such as financial depth and institutional quality—the cost-benefit trade-off from financial openness improves significantly once these threshold conditions are satisfied. We also find that the thresholds are lower for foreign direct investment and portfolio equity liabilities compared to those for debt liabilities.     

Does Inflation Adjust Faster to Aggregate Technology Shocks than to Monetary Policy Shocks?

This paper studies U.S. inflation adjustment speed to aggregate technology shocks and to monetary policy shocks in a medium size Bayesian vector autoregression model. According to the model estimated on the 1959–2007 sample, inflation adjusts much faster to aggregate technology shocks than to monetary policy shocks. These results are robust to different identification assumptions and measures of aggregate prices. However, by separately estimating the model over the pre‐ and post‐1980 periods, this paper further shows that inflation adjusts much faster to technology shocks than to monetary policy shocks in the post‐1980 period, but not in the pre‐1980 period.     

Information and Liquidity

We study how recognizability affects assets’ acceptability, or liquidity. Some assets, like U.S. currency, are readily accepted because sellers can easily recognize their value, unlike stock certificates, bonds or foreign currency, say. This idea is common in monetary economics, but previous models deliver equilibria where less recognizable assets are always accepted with positive probability, never probability 0. This is inconvenient when prices are determined through bargaining, which is difficult with private information. We construct models where agents reject outright assets that they cannot recognize, at least for some parameters. Thus, information frictions generate liquidity differences without overly complicating the analysis.     

Managerial Incentives,Fraud, and Monitoring

In response to equity compensation contracts that encourage managers to commit fraud as well as provide productive effort, owners may choose to monitor the manager to limit the fraud. We examine the firm owners’ incentives to perform both ex ante monitoring, such as internal controls, and ex post monitoring, such as audits, in a model that includes the reputational damages caused when a fraud is discovered. We provide conditions under which the owner prefers either more or less monitoring, and examine the effect of additional monitoring on the optimal equity package and equilibrium level of fraud.     

废旧锌锰电池回收与利用研究

采用人工分选回收技术回收废旧锌锰电池的有用成分氯化锌、氯化铵及二氧化锰,并利用二氧化锰在熔融状态下与氢氧化钾和氯酸钾混合物反应制备锰酸钾,向锰酸钾溶液中通入二氧化碳最终制备出产品———高锰酸钾,探求了最佳反应物量（MnO2,KClO3,KOH的用量比为3.0∶2.5∶4.5）,且通过分光光度法测定了所得高锰酸钾的平均纯度为52.1%。     

从4P’s角度探析绿色食品企业品牌营销策略

品牌营销是企业通过市场营销构建顾客认知的过程,是企业不断获取和保持竞争优势的有效途径。当前中国绿色食品企业品牌定位不准确、价格制定不规范,在传统营销理念的指导下,企业忽视了品牌传播的作用,在营销实践中未能构建健全的渠道网络,增加了消费者选购的难度。绿色食品企业应通过控制产品质量、制定合理价格、构建营销网络、开展促销活动,提高品牌附加值,促进绿色食品企业健康、有序发展。     

基于DEA的汽车4S经销商绩效评价实证研究

基于现有经销商评价选择理论和方法,采用绩效管理中数据包络分析法(DEA)研究汽车4S经销商评估策略,探讨如何建立以满足企业需求、用户需求为导向的经销商评价指标体系。该评价体系不仅能准确评价汽车4S经销商在行业内目前的经营状况,而且可以对未来的预期进行准确预测,规避风险,促使汽车企业健康发展。