Nonparametric maximum likelihood estimation in a non locally compact setting

Maximum likelihood estimation is considered in the context of infinite dimensional parameter spaces. It is shown that in some locally convex parameter spaces sequential compactness of the bounded sets ensures the existence of minimizers of objective functions and the consistency of maximum likelihood estimators in an appropriate topology. The theory is applied to revisit some classical problems of nonparametric maximum likelihood estimation, to study location parameters in Banach spaces, and finally to obtain Varadarajan’s theorem on the convergence of empirical measures in the form of a consistency result for a sequence of maximum likelihood estimators. Several parameter spaces sharing the crucial compactness property are identified. This research was supported by grants from the National Sciences and Engineering Research Council of Canada and the Fonds FCAR de la Province de Québec.     

管理者个体行为与公司财务行为国外研究述评--基于行为一致性理论视角

行为一致性理论是心理学领域研究个体行为及行为风格跨情景一致性的重要假说.近期国外财务文献开始关注行为一致性理论视角的管理者特殊经历、个体行为与公司财务行为的关系问题,相关研究发现管理者特殊经历、个体行为的差异能够有效解释公司财务行为的选择.文章在回顾管理者与公司财务行为理论关系、行为一致性理论发展的基础上,构建了管理者特殊经历、个体行为对公司财务行为影响的分析框架,并从公司资本结构决策、投资行为、信息披露、避税行为等方面系统梳理了上述研究文献.最后对未来研究进行了展望,以期为国内相关研究提供借鉴.     

Paradoxical side effects of green advertising: how purchasing green products may instigate licensing effects for consumers with a weak environmental identity

Abstract

Research into green advertising has mainly investigated how green appeals can enhance product attitudes, sales, and brand image. But what happens after people have purchased a ‘green’ product advertised in a green ad? In two experiments, we show that purchasing a green product may have paradoxical post-purchase effects, such that it may lower intentions to engage in subsequent environmentally friendly behaviour (a so-called licensing effect). Importantly, our results show that these post-purchase effects are moderated by environmental identity: only people with a weak environmental identity show these paradoxical post-purchase licensing effects, people with a strong environmental identity are more likely to continue behaving in an environmentally friendly way.     

Pollution,mortality and time consistent abatement taxes

We study dynamically consistent policy in a neoclassical overlapping generations growth model where pollution externalities undermine health but are mitigated via tax-financed abatement. With arbitrarily constant taxation, two steady states arise: an unstable ‘poverty trap’ and a ‘neoclassical’ steady state near which the dynamics might either be monotonically convergent or oscillating. When the planner chooses a time consistent abatement path that maximizes a weighted intergenerational sum of expected utility, the optimal tax is zero at low levels of capital and then a weakly increasing function of the capital stock. The non-homogeneity of the tax function along with its feedback effect on savings induces additional steady states, stability reversals and oscillations.     

DYNAMIC COHERENT ACCEPTABILITY INDICES AND THEIR APPLICATIONS TO FINANCE

In this paper, we present a theoretical framework for studying coherent acceptability indices (CAIs) in a dynamic setup. We study dynamic CAIs (DCAIs) and dynamic coherent risk measures (DCRMs), and we establish a duality between them. We derive a representation theorem for DCRMs in terms of a so‐called dynamically consistent sequence of sets of probability measures. Based on these results, we give a specific construction of DCAIs. We also provide examples of DCAIs, both abstract and also some that generalize selected classical financial measures of portfolio performance.     

基金投资风格一致性及其对基金绩效的影响

以2004年2月27日之前上市的29只开放式股票型基金为样本,采用RSA风格分析方法,对投资风格进行静态分析和滚动分析,并设计投资风格一致性指标,考察中国开放式股票型基金的实际投资风格,以及投资风格一致性对基金绩效的影响。研究发现:中国证券投资基金实际投资风格与其所宣称的投资风格不匹配;在行情上升阶段,投资风格一致性高的基金绩效优于投资风格一致性低的基金,而在行情下降阶段则不存在显著差异。     

国外城乡统筹机制形成研究及对我国的借鉴

国外对城乡统筹机制形成的研究首先来源于对“二元经济”及其经济影响的深入探讨,正是“二元经济”条件下所存在的巨大配置损失导致理论界和实践界对“统筹”的强烈需求。统筹的关键和可行的突破口在于突破各类限制要素高效流动的效率壁垒,各国（地区）独具特色的统筹实践确有殊途同归之处：形成极具可操作性的统筹机制或法案以消除要素流动性壁垒,在结构转变中实现经济增长。所有这些方面对我国实现城乡统筹发展都具有重要的借鉴性。     

“张杂谷”系列谷子品种淀粉含量的分析与评价

对不同产地的"张杂谷"品种谷子的直链和支链淀粉含量、胶稠度、碱消值进行了分析,运用双波长法同时测定谷子中直链淀粉和支链淀粉的含量。结果显示,直链淀粉含量、胶稠度和碱消值均因品种和产地不同而有差异。不同产地的4个品种谷子直链淀粉含量平均为14.46%(质量分数,下同),总淀粉含量平均为71.73%,胶稠度为9.1%～16.3%,碱消值为2.8～3.4。结果初步表明,"张杂谷"系列谷子具有较好的食味品质。     

Measuring the Consistency of Cross‐Sectional and Longitudinal Income Information in EU‐SILC

The EU‐wide survey “Statistics on Income and Living Conditions” (EU‐SILC) is extremely important for international social science research and policy advice. It is therefore crucial to ensure that the data are of the highest quality and international comparability. This paper is aimed at identifying unexpected developments in income levels, income mobility, and inequality in the EU‐SILC data between 2005 and 2009. We examine the consistency of EU‐SILC by comparing cross‐sectional results with findings based on two‐year longitudinal samples. Although the data represent similar populations, for several countries the results of this comparison differ widely. One important outcome is the high degree of variability over time in countries that obtain their income information from register data. This suggests methodological challenges in the clear designation of new subsample members, in the reweighting of the data, in imputation of missing values, and in other areas.