基于投资者偏好的证券投资基金产品线选择研究

随着开放式基金品种的增加和基金公司规模的壮大,证券投资基金市场的竞争日趋激烈。为了实现经营目标,投资基金公司可以考虑通过合理的产品线设计,提升产品对基金投资者的吸引力。本文借助于产品线理论及设计方法,提出基金产品线选择的概念;通过收集目标投资者的偏好信息,建立一个基于投资者偏好的基金产品线选择模型;利用所建立的模型并结合混合联合分析法,给出基金产品线选择的一个实例。     

偏好反转对协同知识创新决策的影响

基于协同知识创新决策风险性,引入行为经济学偏好反转理论,从知识积累视角构建偏好反转影响下的知识创新模型。将协同知识创新决策从单纯的选择决策拓展为选择/放弃决策,在不同决策背景下对模型进行演算。结果发现,当协作方对创新资源投入分摊比例较低时,主体对未来收益的不确定性预期较低,而在偏好反转的影响下,放弃决策对预期收益的退出定价可能较高,从而使背离放弃决策相比进入选择决策更有利于协同创新。研究结论解释了当前较多的协同知识创新联盟尽管没有实现科技政策调整的预期效果,但未大规模解体且力趋稳定合作的现象。     

Group size and the (in)efficiency of pure public good provision

Are larger groups better at cooperation than smaller groups? This paper investigates, under controlled conditions, the presence and direction of a possible group size effect in pure public good provision by large heterogeneous groups. Employing subjects drawn from the general population and introducing Internet-based procedures to study this question, we collected experimental evidence from 1110 subjects playing a linear public goods game in groups of 10, 40, and 100 members. We find a positive and significant group size effect: Increasing group size by a factor of 10 (4) increased efficiency by 10 (6) percent. The effect arose at the intensive margin and with repetition. Those who contributed contributed more in larger groups. Larger and smaller groups had similar initial contribution levels, but cooperation rates declined more slowly in the larger groups. Free-riding was invariant to group size, despite subjects׳ persistent beliefs of a negative group size effect at the extensive margin. Further econometric examination of the data supports these findings and provides starting points for future theoretical and experimental research on the group size effect.     

谈我国如何运用普惠制原产地规则

原产地规则是衡量受惠国出口产品是否取得原产地资格、能否享受优惠的标准。其目的是确保发展中国家或地区的产品利用普惠制扩大出口，防止非受惠国的产品利用普惠制的优惠扰乱普惠制下的贸易秩序。我国应深入研究并灵活运用普惠制原产地规则，按照该标准调整产业结构，扩大出口产品的国产化程度，有效地保护国内市场。     

The (in)stability of farmer risk preferences

We test and quantify the (in)stability of farmer risk preferences, accounting for both the instability across elicitation methods and instability over time. We use repeated measurements (N = 1530) with Swiss fruit and grapevine producers over 3 years, using different risk preference elicitation methods (domain-specific self-assessment and incentivised lotteries). We find that farmers' risk preferences change considerably when measured using different methods. For example, self-reported risk preference and findings from a Holt and Laury lottery correlate only weakly (correlation coefficients range from 0.06 to 0.23). Moreover, we also find that risk preferences vary considerably over time, that is, applying the same elicitation method to the same farmer in a different point in time results in different risk preference estimates. Our results show self-reported risk preferences are moderately correlated (correlation coefficients range from 0.42 to 0.55) from one year to another. Finally, we find experiencing crop damages due to climate extremes and pests is associated with farmers becoming more risk tolerant over time in specific domains.     

社保基金持股后上市公司的股权筹资偏好与盈余管理

本文通过前期在我国资本市场做的大量实证研究发现,资本市场会提前获知社保基金持股信息,上市公司被社保基金持股后的短时间内,股价会产生超额收益;而从上市公司被社保基金持股后的较长时间看,公司的盈余管理行为明显减少.本文介绍了社保基金投资的基本情况,结合相关的理论和前期研究成果分析上市公司被持股后股权筹资偏好,重点对股权筹资偏好产生的原因及其对盈余管理的影响进行论述,提出相应的结论与对策.     

创业投资优先股研究

优先股是创业投资控制风险的有效手段,是创业投资的最佳投资工具。境外的法律制度允许创业投资大量使用优先股条款以保证自身利益。我国现行法律体系下,创业投资仅能通过条款设计实现优先股的部分权益。我国法律应该彻底贯彻意思自治的立法理念并修改具体规则以满足创业投资的需求。     

The Salient and Organic Images of Taiwan as Perceived by Mainland Chinese Tourists

This research investigates the salient and organic images of Taiwan as perceived by Mainland Chinese tourists. Using the method of free elicitation to ask respondents to describe freely their holistic, psychological and unique images of Taiwan, this research obtained abundant marketing information from 57 potential visitors and 59 actual visitors. The results show that Taiwan is perceived to be a beautiful island with attractive nature and culture. The results also reveal that cultural proximity makes Taiwan a sentimental destination for the Mainland Chinese. The above results provide evidence that free elicitation is an effective method of measuring destination image.     

Collage creation: unexplored potential in tourism research

This paper proposes collage creation as an elicitation tool of underexplored potential in tourism research. Collage creation was employed within an exploratory research investigating the destination image of Jordan. This work focuses on the process of the tool development, and reports the assessment of the tool-related trustworthiness in this specific application. Collage creation emerged to be a valuable tool; it proved efficacious in encouraging participants’ elaboration of thoughts, aiding self-expression, and disclosing preconceptions and stereotypes. Further tool development would benefit both tourism and hospitality research, while applications of the tool may be useful for destination marketing development and renewal.     

上证180指数流动性效应的实证研究

本文从实证的角度探讨了上证180指数创立事件对其成份股流动性的影响以及进一步改善的方法。上证180指数的成立事件一方面促进了成份股价差水平和交易信息对称程度的改善,另一方面又促使交易深度水平和交易活跃性的降低。这些流动性效应是由于机构投资者对180成份股偏好所造成的:机构投资者增加了180成份股的需求同时减少了供给,就导致了交易深度和活跃性的降低;机构投资者作为相对知情交易者,它们的偏好增加了市场的需求竞争程度,从而降低了交易者之间的信息不对称程度以及改善了市场价差水平。根据国外的经验,ETF可以有效地增强市场交易深度,因此本文建议创立上证180指数ETF弥补180指数对深度方面的负面影响。