A mechanism for booms and busts in housing prices

The paper studies the dynamics of housing prices in a pure exchange overlapping generations framework a la Samuelson (1958) and Gale (1973), which is extended to include housing as a utility-yielding durable good and a credit sector. We completely characterize the equilibrium dynamics, which alternates between an expansive regime where leveraged borrowing increases housing prices, and a contractive regime where these variables decrease. Regime switches occur due to small but persistent income changes giving rise to boom-bust cycles in housing prices. Price deviations from fundamentals are caused by leveraged borrowing, and turn out to be fully welfare-neutral.     

提升物流仓储业净利润现金含量的途径

指出净利润现金含量低是制约物流仓储业发展的重要因素之一,提升物流仓储业的净利润现金含量可以通过增加仓储企业经营活动现金净流量和净利润、控制成本费用现金流出等方式得以实现。     

基于IC卡数据的城市轨道交通网络配流模型研究

应用Logit模型对城市轨道交通网络的客流分配问题进行了理论建模,并通过实际调查数据标定模型中未知参数。在路径搜索方面,提出了一种基于深度搜索优先和分支界定思想的有效路径搜索算法,以得出符合现实的有效路径集合。旨在提出一套通过地铁IC卡数据得到轨道交通网络站间OD矩阵后,在轨道交通网络上分配乘客流的模型和算法。通过北京市轨道交通网络实际调查数据的案例分析,对模型和算法的有效性进行了验证。     

产业结构对城市物流园区规模规划影响分析

从物流园区规模规划的依据——物流量入手,分析物流量发展的制约因素——产业结构,提出物流量的预测要结合产业结构的发展方式及发展方向,为物流园区规模规划提供理论指导。     

基于多元和岭回归分析的南昌市物流与经济关系研究

文中论述了南昌市经济发展与物流需求之间的内在关系,在定性分析的基础上,选取适当的物流指标与经济指标,采用回归分析法进行定量分析,结合实际,揭示经济发展过程中,进行固定资产投资、最大程度的满足市场扩大的需求之间的因果关系,以便进行相关经济预测及分析。     

地基加固振冲碎石桩施工技术工艺

新建铁路洛湛线龙田车站路堤软土地基加固采用振冲法碎石桩施工的技术工艺,不但能够满足设计要求,完好达到地基加固的目的,且工效高、工期短,不受季节限制,机械设备和施工工艺简单,节省劳力,在石料丰富的地区可就地取材,综合经济效益好,同时施工噪声低,社会效益显著。     

进口原油途耗分析

调研的3个油库15个月罐收累计量比提单量及油轮检验量损耗0．2％～0．3％。船检数据中标准密度的增大与含水量的降低减缓了对标准体积亏损的关注。油轮舱容表误差较大,检验机构干舱报告有待改进,样本代表性及货主平行样监护应予重视。     

Investor Attention and Global Stock Returns

The author constructs a direct measure of investor attention toward global benchmark indices using Google search volume and empirically examines its impact on stock returns. The author documents a significant decrease in index returns following an increase in investor attention. This result is consistent with the investor recognition hypothesis (Merton [1987 Merton, R. “A Simple Model of Capital Market Equilibrium with Incomplete Information.” Journal of Finance, 42, (1987), pp. 483–510.[Crossref], [Web of Science ®] , [Google Scholar]]) and the finding of no-media premium in the United States (Fang and Peress [2009 Fang, L., and J. Peress. “Media Coverage and the Cross-section of Stock Returns.” Journal of Finance 64, (2009), pp. 2023–2052.[Crossref], [Web of Science ®] , [Google Scholar]]). Additional tests suggest that the attention effect may be attributable to local and U.S. investors. Finally, such negative effect of attention is found to be strengthened (weaken) in the market with positive (negative) sentiments.     

Investor sentiment,trading behavior and stock returns

This article examines how investor sentiment and trading behaviour affect asset returns. By analysing the unique stock trading dataset of the Korean market, we find that high investor sentiment induces higher stock market returns. We also find that institutional (individual) trades are positively (negatively) associated with stock returns, suggesting the information superiority (inferiority) of institutional (individual) investors. Investor sentiment generally plays a more important role in explaining stock market returns than investor trading behaviour.     

基于佣金收入动机的机构投资者盈利预测偏离与股票交易量研究

本文基于信息反应模型研究了机构投资者盈利预测偏离与普通投资者交易需求之间的激励关系,并选取2006至2010年的相关盈利预测和股票交易数据进行实证分析。结果表明,机构投资者的盈利预测存在显著偏离前期市场平均预测值的倾向,而且这种偏离倾向会进一步诱发股票交易增量,从而增加机构投资者的佣金收入。这意味着普通投资者在参考机构投资者的盈利预测报告时,需要考虑其基于刺激交易量的自利因素。