Bivariate semi-Pareto minification processes

Marshall-Olkin bivariate semi-Pareto distribution (MO-BSP) and Marshall-Olkin bivariate Pareto distribution (MO-BP) are introduced and studied. AR(1) and AR(k) time series models are developed with minification structure having MO-BSP stationary marginal distribution. Various characterizations are investigated.Acknowledgements. The authors thank the Editor and the referee for their valuable suggestions which led to an improved version of the original paper. The first author is grateful to the University Grants Commission of India for the support under Teacher Fellowship Scheme.     

Product Innovation,Process Innovation,and Size

We test the hypothesis that large firms devote a higher proportion of their research and development (R & D) expenditure on process innovation thansmaller firms. According to the estimates, process- and product R & D expenditure rise less than in proportion to size. The size effect is somewhat stronger for process R & D but the difference to product R & D is in no way dramatic. This difference with regard to size elasticity of process- and product R & D is somewhat more pronounced when accounting for possible interrelationships between expenditure on process- and product R & D but remains statistically non-significant.     

FINANCIAL DEVELOPMENT,ECONOMIC EFFICIENCY,AND PRODUCTIVITY GROWTH: EVIDENCE FROM CHINA

Financial development might lead to productivity improvement in developing countries. In the present study, based on the Data Envelopment Analysis approach, we use the Malmquist index to measure China's total factor productivity change and its two components (i.e., efficiency change and technical progress). We find that China has recorded an increase in total factor productivity from 1993 to 2001, and that productivity growth was mostly attributed to technical progress, rather than to improvement in efficiency. Moreover, using panel dataset covering 29 Chinese provinces over the period from 1993 to 2001 and applying the Generalized Method of Moment system estimation, we investigate the impact of financial development on productivity growth in China. Empirical results show that, during this period, financial development has significantly contributed to China's productivity growth, mainly through its favorable effect on efficiency.     

FOSTERING OR STRIPPING RURAL CHINA: MODERNIZING AGRICULTURE AND RURAL TO URBAN CAPITAL FLOWS

The present study focuses on the flow of fiscal and financial resources in China's rural economy during the first two decades of reform. Specifically, we seek to quantify the nature and direction of the capital flows between agriculture and the non‐agricultural sectors and between the rural and non‐rural sectors. We track identify the flows of three main sources of capital: fiscal flows, financial shifts through the formal banking system, and the implicit taxes that are moving through the grain system as a result of payment of in‐kind (e.g., delivery quotas by farmers). Through this analysis, we provide policy makers with a set of measures showing that although in recent years the agriculture‐to‐industry and rural‐to‐urban flows have appeared to reverse themselves, as late as 2000 it does not appear as if the government is not directing enough resources into the rural economy. Greater flows, however, are needed if rural China is to modernize.     

日本资产证券化的发展状况

资产证券是一种新的金融工具,对金融危机后日本金融体系的改革有着十分重要的推动作用。本文介绍了近年来资产证券化在日本取得迅速发展的背景,着重从资产证券化的种类,立法与监管,发展中存在的障碍等方面分析了日本资产证券化的发展状况。本文还总结了日本发展资产证券化的经验对我国的借鉴意义。     

货币政策与反倾销之关联性初探--我国应对反倾销调查的启示

对反倾销法律制度的研究,不可避免地会关注到影响价格波动或变化的外生力量,对该外生力量的研 究是一个复杂的过程。本文仅对这一过程中起重要作用的货币政策(主要是以美国为例)进行思考,以窥货币 政策的变化与反倾销调查案件数量之间的某种关联性,以扩大对反倾销法律制度研究的理论视野。     

国外过度包装相关法律法规

节能减排,循环利用是发展循环经济和建设节约型和环境友好型社会的关键点,在包装领域主要体现在倡导绿色包装和遵循3R1D的包装设计原则,然而由于种种原因,近年来过度包装有越演越烈之势.本文简单分析了过度包装的危害及产生过度包装的原因,对国外相关包装法律法规从立法现状、立法理念、立法原则三个角度进行了总结分析,为我国借鉴国外经验,制定适应我国国情的过度包装法律法规抛砖引玉.     

An empirical examination of the informational content of credit ratings in China

We examine the certification effect of initial rating announcements and the signaling effect of rating downgrade announcements in China using a pooled time-series cross-sectional issuer rating data of 170 companies listed on the Shanghai and Shenzhen Stock Exchanges from 2002 to July 2006. The empirical evidence supports our hypothesis of an asymmetric certification effect. Consistent with the literature, we also find some negative signaling effects in our rating downgrade sub-sample. Overall, although there are some qualitative arguments that credit ratings in China do not have information content, our empirical findings suggest otherwise. When a normally positively biased rating agency gives a low rating, it is valuable news to market participants.     

黑龙江省R＆D财力资源投入与经济增长的协整分析

根据黑龙江省1990～2005年的有关统计数据,本文运用协整分析方法,采用Ende—Granger两步法对黑龙江省R＆D财力资源投入与经济增长之间是否存在协整关系进行了实证研究。结果表明,二者之间存在着协整关系,通过建立模型得出R＆D财力资源投入对黑龙江省经济增长具有很强推动作用的实证性结论。     

Order and inventory variance amplification: The equivalence of discrete and continuous time analyses

The well-known “Bullwhip Effect” concerns the increasing variance of orders as they proceed through the supply chain. In the continuous time representation we solve the delay-differential equation for the inventory balance, which is coupled to the ordering policy. The time domain evolution of the system emerges. We calculate the Bullwhip Effect and compare it to known results for the discrete time representation. The discrete and continuous Bullwhip Effect expressions have similar structures. We show that the two domains are managerially equivalent so that in practice either domain can be used to study a supply chain.