Assessing response styles across modes of data collection

Cross-mode surveys are on the rise. The current study compares levels of response styles across three modes of data collection: paper-and-pencil questionnaires, telephone interviews, and online questionnaires. The authors make the comparison in terms of acquiescence, disacquiescence, and extreme and midpoint response styles. To do this, they propose a new method, namely, the representative indicators response style means and covariance structure (RIRSMACS) method. This method contributes to the literature in important ways. First, it offers a simultaneous operationalization of multiple response styles. The model accounts for dependencies among response style indicators due to their reliance on common item sets. Second, it accounts for random error in the response style measures. As a consequence, random error in response style measures is not passed on to corrected measures. The method can detect and correct cross-mode response style differences in cases where measurement invariance testing and multitrait multimethod designs are inadequate. The authors demonstrate and discuss the practical and theoretical advantages of the RIRSMACS approach over traditional methods. Electronic supplementary material  The online version of this article (doi:) contains supplementary material, which is available to authorized users.

中国金融资产收益率与宏观经济相关性研究

基于Lamont设立的经济跟踪指标组合体系,选择1997年5月至2006年11月的数据构建了股市各项资产收益率与宏观经济指标之间的多元OLS回归模型(ETP)、向量自回归模型(VAR)、协整检验和向量误差修正模型(VEC),全面考察了我国股市资产收益率与宏观经济变量之间的互动关系。研究发现,OLS模型与VAR模型中资产收益率的回归系数大多不显著,虽然宏观变量和金融资产收益率存在长期均衡关系,但是这种均衡关系非常松散和不明朗。     

区域形象测量内容的研究综述

本文将区域形象理解为区域客观状况的存在方式,并从实体形象、投射形象与感知形象三个层面对区域形象的测量内容进行综述。区域实体形象的测量内容大多围绕区域的客观属性展开,从区域规划设计角度强调区域现实资源的竞争力;区域投射形象测量通过对信息源及信息的内容分析,将样本内容中出现的高频特征词作为测量内容,以体现区域在媒体世界中的形象;区域感知形象测量则从目标受众的认知与情感两个方面进行,明确目标受众对区域现状、特征的主观看法与态度倾向。     

城市轨道交通合理站间距的研究

城市轨道交通作为城市综合交通体系的重要组成部分,其站间距的设置与客流吸引能力、旅客出行时间、列车运行效率等因素密切相关。通过分析城市轨道交通站间距设置的影响因素,提出合理站间距的设置方法及优化模型,结合实例计算并综合考虑各方面因素,推荐城市中心区车站的合理站间距以1050～1 150 m为最优,郊区车站的合理站间距以1 800 m左右为优。     

A dynamic demand analysis of the United States air-passenger service

This study examines the short- and long-run effects of various determinants on the demand for US air passenger-services using the Johansen cointegration analysis and a vector error-correction (VEC) model. Results show that, in the long-run, airfare, disposable income and NASDAQ have significant effects on US air travel demand. The combined short-run dynamic effects of disposable income, NASDAQ, population and airfare jointly explain changes in air passenger-miles. Finally, we find that the 9/11 terrorist attacks drop air passenger demand by 5% during 2001:Q3-2002:Q2, which in turn pushes down the seat capacity by 4%. However, it has little impact on airfare.     

Approachability with bounded memory

We study Blackwell's approachability in repeated games with vector payoffs when the approaching player is restricted to use strategies with bounded memory: either strategies with bounded recall, or strategies that can be implemented by finite automata. Our main finding is that the following three statements are equivalent for closed sets. (i) The set is approachable with bounded recall strategies. (ii) The set is approachable with strategies that can be implemented with finite automata. (iii) The set contains a convex approachable set. Using our results we show that (i) there are almost-regret-free strategies with bounded memory, (ii) there is a strategy with bounded memory to choose the best among several experts, and (iii) Hart and Mas-Colell's adaptive learning procedure can be achieved using strategies with bounded memory.     

Linking global economic dynamics to a South African-specific credit risk correlation model

In order to address practical questions in credit portfolio management it is necessary to link the cyclical or systematic components of firm credit risk with the firm's own idiosyncratic credit risk as well as the systematic credit risk component of every other exposure in the portfolio. This paper builds on the methodology proposed by Pesaran, Schuermann, and Weiner [Pesaran, M.H., Schuermann, T., and Weiner, S.M., (2004), Modeling regional interdependencies using a global error correcting macroeconometric model, Journal of Business and Economic Statistics, 22, 2, 129–169.] and supplemented by Pesaran, Schuermann, Treutler and Weiner [Pesaran, M.H., Schuermann, T., Treutler, B., and Weiner, S.M., (2006), Macroeconomic dynamics and credit risk: a global perspective, Journal of Money, Credit, and Banking, Volume 38, Number 5, August 2006, 1211–1261.] which has made a significant advance in credit risk modelling in that it avoids the use of proprietary balance sheet and distance-to-default data, focusing on credit ratings which are more freely available.In this paper a country-specific macroeconometric risk-driver engine which is compatible with and could feed into the GVAR model and framework of PSW (2004) is constructed, using vector error-correcting (VECM) techniques. This allows conditional loss estimation of a South African-specific credit portfolio but also opens the door for credit portfolio modelling on a global scale, as such a model can easily be linked to the GVAR model. The set of domestic factors is extended beyond those used in PSW (2004) in such a way that the risk-driver model is applicable for both retail and corporate credit risk. As such, the model can be applied to a total bank balance sheet, incorporating the correlation and diversification between both retail and corporate credit exposures.Assuming statistical over-identification restrictions, the results indicate that it is possible to construct a South African component for the GVAR model that can easily be integrated into the global component. From a practical application perspective the framework and model is particularly appealing since it can be used as a theoretically consistent correlation model within a South African-specific credit portfolio management tool.     

我国东西部地区技术相似度测度与差异分析

采用标准的技术相似度测量方法,定量测度了我国东西部各省份间的技术相似度,发现西部与东部省份之间存在技术结构差异,与北京和上海的差距尤其显著。分别以与北京、上海的技术相似度为基准,对东西部省份进行排序,证实了我国各省份之间的技术结构和地理分布、经济水平类似,东西部也是具有明显差异的。并通过分析东部省份之间、西部省份之间以及东西部省份之间的技术相似度水平,以找出西部各省潜在的技术转移来源地。     

THE YEN‐DOLLAR EXCHANGE RATE AND MALAYSIAN MACROECONOMIC DYNAMICS

This paper empirically assesses the effect of the yen‐dollar exchange rate on selected macroeconomic variables, namely, real output, price level, and money supply, for Malaysia. The results, which are based on a vector autoregressive framework, suggest that variations in the yen‐dollar rate can have significant influences on Malaysia's macroeconomic variables. More specifically, the yen‐dollar depreciation leads to contraction in real GDP and money supply. These results are fairly robust to alternative model specifications. We believe that, apart from providing important insights into the interactions between the yen‐dollar rate and domestic macroeconomic variables, our results contribute to the debate on choice of exchange rate regimes for Malaysia.     

Advancing formative measurement models

Formative measurement models were first introduced in the literature more than forty years ago and the discussion about their methodological contribution has been increasing since the 1990s. However, the use of formative indicators for construct measurement in empirical studies is still scarce. This paper seeks to encourage the thoughtful application of formative models by (a) highlighting the potential consequences of measurement model misspecification, and (b) providing a state-of-the art review of key issues in the formative measurement literature. For the former purpose, this paper summarizes findings of empirical studies investigating the effects of measurement misspecification. For the latter purpose, the article merges contributions in the psychology, management, and marketing literatures to examine a variety of issues concerning the conceptualization, estimation, and validation of formative measurement models. Finally, the article offers some suggestions for future research on formative measurement.