Liquidity dynamics across public and private markets

In this paper we investigate cross-asset liquidity between equity markets and REITs and between REITs and private real estate markets. While many studies have investigated REIT liquidity, and there is an emerging interest in liquidity in the private real estate markets, there appears to be little knowledge of the dynamics of cross-market liquidity. We find lower levels of liquidity for REITs compared to a set of control firms matched on size and book-to-market ratios. Commonality in liquidity is also lower for REITs than the controls and the overall market. However, we do find an important difference in share turnover for REITs, which appears to have a higher level of commonality than found in other studies. We suggest that this may be due to the financial crisis. Additionally we find evidence of similar time-series variation in liquidity for public and private real estate markets. We also find significant directional causality for most liquidity proxies from the public to private real estate markets. Finally our results show that there is strong contemporaneous correlation between both public and private real estate market liquidity and the term spread and real investment and consumption spending. REIT liquidity measures based on intraday data also appear to contain important information not found in measures constructed from daily returns.     

基于企业社会责任理论的危机管理策略研究

面对日益复杂的市场竞争态势,有效的危机管理对于企业的生存和发展至关重要。实践与研究表明,企业社会责任是有效危机管理的核心。本文从企业社会责任的理论角度出发,探讨企业社会责任和危机管理之间的关系,并结合企业社会责任管理和危机管理,给出基于社会责任的危机管理策略。     

Structural Change of European Dairy Farms – A Cross‐Regional Analysis

Previous analyses of dairy farm structural change focus on the variation over time in one or a small number of regions. We present an EU‐15 cross‐regional analysis of the development of dairy farm numbers in different size classes over the period 1995–2005. Our purpose is to measure the explanatory relevance and effect of key factors suggested in the theoretical and empirical literature on structural change. Apart from the unprecedented scope, the underlying Markov chain analysis also contributes by combining observed transitions in micro (farm level) data with macro (sector level) data on farm numbers. Results show widely significant impacts of most considered explanatory variables, but also reflect and illuminate the complexity of the underlying processes.     

Welfare impacts of maize–pigeonpea intensification in Tanzania

This article examines the driving forces behind farmers’ decisions to adopt improved pigeonpea and maize and estimates the causal impact of technology adoption on household welfare using data obtained from a random cross‐section sample of 613 small‐scale farmers in Tanzania. We use seemingly unrelated and recursive bivariate probit regressions to test the endogeneity and joint decision making of pigeonpea–maize production. A double hurdle model is used to analyze the determinants of the intensity of technology adoption conditional on overcoming seed access constraints. To address the impact of adoption on welfare, the article employs both propensity score matching and switching regression techniques. Results from bivariate probit models show that unobservable factors cause both decisions to be correlated but the finding does not support the conjecture that both decisions are made jointly. Overall the analysis of the determinants of adoption identifies inadequate local supply of seed, access to information, human capital, and access to private productive asset as key constraints for pigeonpea technology adoption. The causal impact estimation from both the propensity score matching and switching regression suggests that maize/pigeonpea adoption has a positive and significant impact on income and consumption expenditure among sample households.     

The spatial organization of multinational firms

Abstract Using six years of firm‐level data covering 224 regions of the enlarged European Union, we evaluate the importance to a firm of locating its activities (production, headquarters, R&D, logistics and sales) close together. We find that, after controlling for regional characteristics, being closely located to a previous investment positively affects firm location choice. However, the impact of distance is dependent on the type of investment (production or service). The impact dies out faster for service activities. Finally, we show that a surprisingly positive effect comes from locating a new production plant close to an existing production investment, but in another country.     

The extent of the market and stages of agricultural specialization

Abstract This paper provides empirical evidence of an U‐shaped causal relationship between the extent of the market (size of the relevant urban market) and the pattern of crop specialization in a village economy. We use the recent two‐stage estimator developed by Lewbel (2012) and exploit heteroscedasticity for identification. The results suggest that the portfolio of crops in a village economy becomes more diversified initially as the extent of the market increases. However, after the market size reaches a threshold, the production structure starts to specialize again. This evidence on the stages of agricultural diversification is consistent with the stages of diversification identified in the recent literature for the economy as a whole and also for the manufacturing sector.     

A household level environmental Kuznets curve? Some recent evidence on transport emissions and income

This paper uses detailed survey data to show no evidence of an Environmental Kuznets Curve (EKC) for household transport emissions. The evidence shows that richer households still do not choose to internalize the social cost of polluting by vehicle emissions.     

W频段机场异物探测雷达收发前端

主要介绍了一种用于机场异物探测雷达的W频段调频连续波（FMCW）收发前端的研究工作。基于波导T形接头的等效计算公式,对W频段波导合成电路进行了集中参数的电路建模,通过优化设计波导合成电路的参数,提高了波导合成电路的容差特性,解决了W频段波导功率合成电路加工精度要求高的问题,实现了W频段4路功率合成;采用低损耗的石英基材设计开发了微带薄膜滤波器技术,实现了W频段FMCW雷达接收前端的一体化集成设计;通过对低噪声放大器芯片键和金丝的匹配设计,实现了W频段收发前端的低噪声接收。最终实现的W频段FMCW收发前端的发射功率优于360 mW,接收机噪声系数优于5 dB。研制的收发前端为W频段FMCW雷达提供了一种有效的射频前端的解决方案。     

研发人力资源投入、知识溢出和专利产出的空间面板数据模型

以地区周边的R&D人力资源投入作为空间知识溢出变量,基于推广的知识生产函数构建了R&D要素投入、空间知识溢出与专利产出的空间面板数据模型。利用2000—2007年我国31个省级区域的数据,分析了R&D人才集聚对空间知识溢出的作用,以及R&D人力资源投入、知识溢出对区域自主创新的影响。结果显示,地区及其临近地区的R&D人力资源投入均对本地区的专利产出有显著的正面影响。这说明R&D人才是自主创新的重要源泉,人才集聚促进空间知识溢出,空间知识溢出对地区的自主创新有明显贡献。     

China＇s Sustained Economic Growth： Do Direct R＆D Spillovers Matter？

Using data from 1986-2005, the present paper estimates the impact of direct knowledge spilled over from G-7 countries on China＇s economy. We use telephone line penetration rates andpersonnel flows to estimate the direct spillover effect. Our results show that direct knowledge spillovers through telecommunication networks and personnelflows are important components of international R＆D spillovers in China. These direct channels of spillover effectively accelerate China＇s economic growth. Therefore, China should invest more in human capital and in its telecommunication network to enhance the absorptive capacity of direct R＆D spillovers, and to increase communication with other nations, in particular the USA and Japan. More subsidies to domestic R＆D research and purchase of intermediate goods will help to raise China＇s R＆D intensity.