An N-dimensional generalization of the Amiti–Weinstein estimator

Amiti and Weinstein proposed an estimation framework to disentangle credit demand and supply shocks using matched bank-firm loan data. Here, we show that their estimator can be generalized to capture shocks arising in an arbitrary number of dimensions. Our algorithm permits empirical researchers to analyse multi-dimensional data sets using the Amiti–Weinstein framework. This may be beneficial both for studies on micro-level outcomes as well as for the literature on assessing the macroeconomic impact of idiosyncratic shocks. In an empirical application to a firm-product-country export data set, we highlight the usefulness of the generalized Amiti–Weinstein estimator, and we demonstrate the importance of considering additional dimensions when gauging the effect of granular shocks on aggregate fluctuations.     

Information in stock prices: the case of the 2016 U.S. presidential election

On the day before the 2016 U.S. presidential election, the odds of Hillary Clinton winning the presidency, according to political prediction markets, were above 90%. Surprisingly, Donald Trump won the Electoral College handily. In this study, we examine how movements in specific stock prices foreshadowed the eventual outcome. Specifically, we conduct a series of standard event-study tests focused on pharmaceutical companies, which became a focal point during the presidential campaign. Results show that while stocks of pharmaceutical companies significantly underperformed the market prior to the election, prices substantially increased beginning three days before the election outcome. This increase is both statistically significant and economically meaningful and robust to various event-study methodologies. These results suggest that some sectors of the stock market seemed to anticipate the election outcome.     

论Lab-Corder测量太阳电池伏安特性的实验技巧

在Lab-Corder测量太阳电池伏安特性实验中,只要改变二个可变电位器的负载大小,就可以完成本实验的数据测量.但Lab-Corder采集到的数据及图形往往不是很理想,达不到预期的结果.在实验过程中如何进行才能得到我们想要的实验结果呢？在本实验中实验的技巧是至关重要的一环,本文重点探讨其实验的技巧及方式方法对实验的结果影响.     

趋势因子与股票横截面收益

本文采用2005年至2016年A股上市公司为研究样本,通过归一化的均线指标,构造了个股趋势因子。实证结果发现：该因子对股票横截面收益具有显著的解释能力,经过CAPM模型和Fama French三因子模型风险调整后依然存在显著的超额收益。     

Market Reaction to Corporate Social Responsibility Announcements： Evidence from China

This study uses an event study methodology to examine how the Chinese market reacts to announcements of involvement in corporate social responsibilitY （CSR） by Southern Weekend （a Chinese newspaper）for Chinese firms from 2008 to 2012. Our results show significant and pcsitive market reactions, supporting the instrumental stakeholder theory. We attribute the positive market response to social capital development and real growth options related to the CSR involvement by the Chinese firms.     

Ergodic chaos for non‐expansive economic models**

Ergodic chaos is one of the most important concepts in the theory of nonlinear economics. Due to the lack of appropriate sufficient conditions, its reach has not been fully understood. In this paper a sufficient condition for ergodic chaos that covers non‐expansive dynamical systems is examined. By analyzing an endogenous growth model as an example, we discuss the breadth of models in which ergodic chaos can emerge.     

科学技术在自然界演化状态中的作用探析

阐明科学和技术的本质,是科学哲学和技术哲学的基本问题。本文根据自然界演化的过程对其进行梳理,在演化论的视域下,对科学技术本质进行了重新解读。根据马克思解放观的思想,对自然界的演化过程进行了分析,说明了对各种演化态引入的具体的科学和技术以及人类是如何利用科技把非常态引入到常态的。通过这些思考更加明确了科学技术是人类争取自由、获得解放的重要工具,认为科学技术的本质是人类从自然界的各种演化状态中解放出来,即把非常态引入到常态环境的中介和手段。通过对自然演化状态中的每一个状态加以分析,肯定了科学技术在人类社会发展中的重要作用。本文从自然界的演化过程出发,具体探讨了科学技术在自然演化态向人类生存环境引入中的作用以及人类从各种演化态中解放的具体形式,进一步丰富了人工过程论的科学技术观,深化了对科学技术本质及相关问题的认识。     

机构投资者持股特征对IPOs长期绩效影响的实证研究

文章从机构投资者持股规模、持股集中度、持股稳定性三个方面归纳不同类型机构投资者持股特征,采用Log-it回归检验机构投资者持股特征对上市后股票购买并持有异常回报率(BHAR),即IPOs长期绩效的影响。实证结果验证了机构投资者持股比例越高、持股稳定性越强,股票上市后的长期绩效越好;而持股比例低、持股集中度高、持股稳定性差的机构投资者也导致了股票长期表现较差。积极型机构投资者对股票长期绩效具有正面的影响。因此,引入积极型机构投资者符合当前我国股票市场深化改革的目标。     

Australian Capital Gains and Commodity Taxes in China： Impact on Investor Behavior and Revenue Earnings

Apart from examining whether an asset＇s qualification for discounted tax treatment is associated with positive abnormal trading volumes and negative abnormal returns, as would be predicted if investors modified their behaviour to reduce their tax liability, this paper analyses the behaviour of investors due to market sentiment which is measured with the stock prices or index. Analyzing the 152 IPOs that had their prices appreciated, the Capital Gains Tax （CGT） concession is expected to change the behavior of the investor; they might wait till the end of 12 months in order to avail the option and then sell their asset leading to an abnormal increase in the volume of trading and hence a price change. Apart from this, how commodity taxes influence revenue earnings is studied. As the Gross Domestic Product （GDP） of China grows rapidly, tax revenue as a proportion of GDP will not be a predictable relationship. It is ultimately investor behaviour that determined volume of investment and therefore revenue earnings. The reason that CGT is taken as a backdrop to show the fickle nature of K gains across national policy sets up, affected by investor behavior or otherwise.