International portfolio diversification and the home bias puzzle

We review the literature on equity home bias, a phenomenon stating that investors do not hold enough foreign equities for an optimally diversified portfolio. We begin by defining the home bias measurement and reviewing related evidence on the bias. Further, we consider four explanations for this puzzling phenomenon: barriers to foreign investment, country-specific risks, information asymmetry, and cultural and behavioral factors. We analyze the related theoretical arguments and empirical findings of prior studies within each explanation. Based on the discussion of previous studies, several avenues for future research are suggested. (JEL G11, G15, F41)     

新建园区水生态自净化生物修复技术研究——以熊猫基地扩建工程为例

由于新建城市生态园区内人工湖泊等水源水质达不到标准，需在建设过程中构建园区水生态自净化系统，为此，以成都熊猫基地扩建工程为例，通过分析熊猫生存场域环境内的地形数据，构建湖区水环境屏障系统。通过场域内地形汇水分析与汇水点模拟，分析湖体污染负荷，模拟野生大熊猫的水生态环境，构建自净化立体水生态体系。结果表明，自净化立体水生态系统构建后，TSS（总悬浮固体）、TN（总硝酸盐）、TP（总磷）大幅消减，生态园区内逐步实现了从地表Ⅲ类水体到Ⅱ类水体净化提升。