Consumption,preferences, and the evolutionary agenda

The purpose of this paper is to provide a preliminary evolutionary account of preferences, consumption and demand. This is particularly relevant for the study of innovation which offers consumers the opportunity to develop new behaviours. The paper approaches this question in two stages. First it recognises the importance of time as well as income constraints on consumer behaviour. Secondly, it develops a behavioural approach to consumption routines in terms of Herrnstein's concept of meloriation. In this account the focus is upon activities for which commodities and time are inputs and, with innovation, time is rescheduled on many fronts. Consumer learning is related to a replicator dynamic process. It is shown how changes in wages, prices and the time required to consume influence the demand for activities.     

UK IPO underpricing and venture capitalists

We analyze the nature and causes of short-run underpricing for a unique sample of 591 Initial Public Offers (IPOs) issued on the London Stock Exchange for the period 1985–2003. We find significant differences between the 1998–2000 bubble years and the rest of the sample. Venture capitalists and reputable underwriters played a certification role in the latter period but not during the bubble years. These years featured significant increases in underpricing, money left on the table, and a decline in operating quality. The combination of venture capitalists and prestigious underwriters was increasingly associated with the highest underpricing witnessed during 1998–2000, which provides indirect support for the spinning hypothesis.     

Shifting to green chemistry: the need for innovations in sustainability marketing

This article analyzes how chemical manufacturers can develop stronger business advantages for green chemistry by rethinking sustainability marketing approaches. Green chemistry is a package of technologies, design principles and tools to reduce the toxicity, resource and energy use, and pollution of chemicals. Using research into US chemical industry efforts, this article introduces green chemistry, and discusses existing weak market signals, ways to market green chemistry and key obstacles to sustainability marketing. It concludes that companies need to generate more information internally, build new relations across supply chains and provide more information externally. Copyright © 2006 John Wiley & Sons, Ltd and ERP Environment.     

基于分形市场假说的全国试点碳交易市场有效性研究

碳交易试点市场运行至今已有数年,目前正处于由试点向全国过渡的关键时期.基于分形市场假说,通过计算Hurst指数发现,8个试点碳交易市场均未达到市场弱式有效的标准.各地区交易政策与现状表明其仍存在免费配额供给过剩、控排主体履约驱动力不强等问题.基于此提出要建立全国统一碳市场,必须处理好市场与政府关系,保持市场灵活性,同时完善交易制度,让更多有效投资者进入.     

假设检验的启发式教学方法研究

假设检验是概率论与数理统计课程教学中的重点和难点。针对以往教学中出现的弊端,本文通过启发式教学方法,使学生在掌握原理的同时树立主动思维与统计思想。     

我国城乡居民收入分配差距研究

本文利用我国1987-2009年的相关统计数据,以全国和东部、中部、西部地区为出发点,将区域教育发展、城市化水平、产业结构、经济开放度和政府经济行为等多个影响城乡居民收入分配差距的因素同时纳入到面板数据模型之中,实证研究了我国城乡居民收入分配差距与其影响因素之间是否存在Kuznets"倒U"关系。研究结果发现:在全国范围内,教育产出、城市化水平与城乡居民收入差距之间存在显著的"倒U"现象;东部地区的经济开放度与城乡居民收入差距之间存在显著的"倒U"现象;教育投入、政府经济行为、产业结构与城乡居民收入差距之间不存在"倒U"现象。针对以上研究结论,我们提出了一系列解决我国城乡居民收入分配差距的政策和建议,为政府制定相关政策提供有益的参考。     

威廉姆森经济组织理论述评

2009年威廉姆森因其在企业边界方面的分析而获得诺贝尔经济学奖。文章梳理了他在经济组织方面的理论,先阐述其分析的基础,包括对个人行为的假定、分析的基本单位及契约作用的渠道,再进行离散经济结构替代方案的分析。通过刻画不同经济组织的特质,找出与不同交易类型匹配的组织形式,从而决定经济组织的边界。文章认为,威廉姆森的理论有其独创性与实践意义,但是分析过程中没有始终贯彻有限理性的假定,也不能解决横向一体化及多元化经营的现象,其分析思路也是单向的,不能完全确定经济组织的边界。     

Parent–child co-residence and bequest motives in China

In this paper, I discuss the actual conditions and the determinants of co-residence between older parents and their children in China, especially the impact of bequest motives on parent–child co-residence, using micro data from the “Survey of Living Preferences and Satisfaction,” conducted at Osaka University. More specifically, I use three subsamples of older respondents (those who live in urban areas, those who live in rural areas, and the pooled sample of both) to analyze the impact of bequest motives and other factors on the probability of parent–child co-residence. The results are as follows: bequest motives are strong in China, with more than 60% of respondents having a bequest motive, and the parent–child co-residence rate is also high (about 60%). Turning to the determinants of parent–child co-residence, children of urban parents are more likely to live with their older parents if their parents have a bequest motive, own their own homes, and live in an area where housing prices are high, a result which is consistent with both the selfish life-cycle and altruism models. Children are more likely to live with their older parents if their parents have a bequest motive in both the rural and combined samples, which implies that children are selfishly motivated and that the selfish life-cycle model applies in China.     

On Testing the Random-Walk Hypothesis: A Model-Comparison Approach

The main intention of this paper is to investigate, with new daily data, whether prices in the two Chinese stock exchanges (Shanghai and Shenzhen) follow a random‐walk process as required by market efficiency. We use two different approaches, the standard variance‐ratio test of Lo and MacKinlay (1988) and a model‐comparison test that compares the ex post forecasts from a NAÏVE model with those obtained from several alternative models: ARIMA, GARCH and the Artificial Neural Network (ANN). To evaluate ex post forecasts, we utilize several procedures including RMSE, MAE, Theil's U, and encompassing tests. In contrast to the variance‐ratio test, results from the model‐comparison approach are quite decisive in rejecting the random‐walk hypothesis in both Chinese stock markets. Moreover, our results provide strong support for the ANN as a potentially useful device for predicting stock prices in emerging markets.     

Fixed income excess returns and time to maturity

The paper explores the relationship between fixed income excess returns and maturity differentials. In a quest to quantify this relationship, we go beyond testing the monotonicity of excess returns, by exploring the functional form of excess returns' dependence on the maturity differential. Essentially, the paper tests whether the monotonicity of excess returns is linked to maturity differential in a linear or nonlinear fashion. The findings suggest that a quadratic relationship fits the data adequately, and therefore imply that excess returns exhibit sensitivity both to maturity differential and also to their location on the yield curve. Thus, although excess returns increase monotonically with maturity they do so at a decreasing rate.