Optimal Emissions Taxation under Imperfect Competition in a Durable Good Industry

This paper investigates optimal emissions taxation under imperfect competition in a durable good industry where products are sold (instead of rented). As a benchmark, attention is paid to the special case of monopoly with exogenously given product durability. In line with previous literature, the optimal emission tax in this benchmark model falls short of marginal damage (underinternalization). Extending the benchmark model either to the case of an oligopolistic market structure and/or to the case of endogenous product durability then provides two cases in which the optimal emission tax overinternalizes marginal damage.     

How Issue Size, Risk, and Complexity are Influencing External Financing Costs: German IPOs Analyzed from an Economies of Scale Perspective

This paper is focused on the cost of raising capital in Germany. A cross-sectional analysis of flotation cost data for 117 IPOs over the years 1993–1998 is presented. We find average flotation costs to be 7.77 percent of gross proceeds, while underwriting fees average 5.01 percent. Our results extend the literature in two important directions. First, contrary to the conventional economies of scale view we find marginal spreads to be rather constant in gross proceeds and to be higher for more risky and more complex offerings. Fixed costs amount to 5 to 9 percent of underwriting fees. Second, by applying a principal component analysis we find issue size, an issuer risk factor, and an offering method complexity factor to have an economicaly meaningful impact on underwriting fees.     

Symmetry and order in the portfolio allocation problem

Summary. This research studies the role of multivariate distribution structures on random asset returns in determining the optimal allocation vector for an expected utility maximizer. All our conclusions pertain for the set of risk averters. By carefully disturbing symmetry in the distribution of the, possibly covarying, returns, we ascertain the ordinal structure of the optimized allocation vector. Rank order of allocations is also established when a permutation symmetric random vector is mapped into the returns vector through location and scale shifts. It is shown that increased dispersion in the vectors of location and scale parameters benefit, ex-ante, investors as does a decrease in the rank correlation coefficient between the location and scale parameter vectors. Revealed preference comparative static results are identified for the location and scale vectors of asset returns. For most issues addressed, we arrive at much stronger inferences when a safe asset is available. Received: August 8, 2000; revised version: January 8, 2001     

风险资本规模与最优投资组合

对于任何一个风险投资基金来说,都涉及到投资组合规模问题。由于在投资策略中奉行积极干预的策略,风险投资家耗费了大量的精力和时间。因此,风险资本规模的扩大对风险投资家的投资结构可能会产生影响。这就引致出风险投资最优投资组合的问题,并涉及对风险投资收益率的影响。     

基于地块单元的冬小麦遥感估产方法研究

[目的]以高分时序遥感影像为基础数据源,结合土地承包经营权地块数据,对冬小麦遥感估产方法及其精度进行研究和分析。[方法]文章以河南省兰考县为研究区,采用2019年4―5月份的GF-1C和GF-6 2 m PMS遥感影像提取了研究区冬小麦种植空间分布,并在地块单元控制下对冬小麦种植面积进行了修正和精度验证。其最优提取结果的修正阈值为0.93,地块单元内冬小麦总体分类精度为95.66%,Kappa系数为0.89。利用3月7日至5月20日6期GF-1 WFV遥感影像序列NDVI和RVI与冬小麦种植地块单元数据进行空间统计,得出各冬小麦种植地块单元内NDVI和RVI均值,通过分析冬小麦测产地块单元内均值植被指数与产量间的敏感性,提出一种组合均值植被指数的冬小麦遥感估产模型构建方法,通过交叉验证法对不同的估产线性回归模型进行精度评价。[结果]由4个均值植被指数组合变量的多元线性回归模型为最佳,决定系数为0.922 0,预测误差为40.96 g/m~2,预测精度为93.13%。通过该模型得出兰考县冬小麦平均产量为6 047.25 kg/hm~2,较2017年河南省统计年鉴研究区冬小麦平均单产6 001 kg/hm~2有所提高,土地承包经营权地块内和地块外冬小麦总产量分别为2.76亿kg和4 650万kg。[结论]该方法实现了冬小麦估产结果以像元为单位向以地块单元为单位的转变,解决了模型构建时光谱信息与实测产量间对应问题,为利用国产高分卫星进行县域地块尺度遥感单产精准化估算提供了方法支撑。     

基于低峰均比最优导频序列的MIMO-OFDM信道估计

信道估计是多输入多输出-正交频分复用（MIMO-OFDM）系统接收机进行信号相干解调的关键。针对最优导频序列（OPS）在进行信道估计时存在峰均比（PAPR）较高这一问题,设计了一种低PAPR的OPS用于对MIMO-OFDM系统进行信道估计。在建立系统模型基础上,对MIMO-OFDM系统的OPS进行了设计,并利用部分传输序列（PTS）思想设计出低峰均比最优导频序列（EOPS）;将设计的EOPS用于对MIMO-OFDM系统进行信道估计,并对复杂度较高的步骤进行了算法简化,在此基础上分别对各发射天线上信号PAPR的互补累积分布函数（CCDF）和OPS改进前后的均方误差（MSE）、误码率（BER）性能进行了仿真分析。结果表明,分布在多个OFDM符号上的EOPS能够有效降低系统PAPR;同时,与原来的OPS相比,保持了MSE和BER的最优性能。