全球视角下的中国工业转型升级制约因素分析

国内外经济环境的变化迫使中国工业转型升级,然而在经济全球的时代,中国工业转型升级除了面临内需空间不足、创新收益不高、人才往行政部门流动和教育支撑不够等问题,还受到发达国家振兴制造业战略、技术封锁、迫使人民币升值和跨国公司在华市场竞争的制约。     

A phenomenographic study of Greek primary school students’ representations concerning technology in daily life

The present research investigated and studied students’ representations about daily life technologies, in a prospect of studying technology in Greek primary education. In the research participated 60 Greek primary school students aged 9 to 12 years old. Research data were collected through semi-structured, personal, clinical-type interviews. Each interview investigated student’s conceptions and views about the following thematic areas: the concept of technology, daily life technologies, technological change, and the impact of technology use in everyday life. Data analysis revealed that the majority of students equated technology with modern tools and appliances, especially with computers, TV, mobile phones, satellites and other micro- and macro-technologies, whereas experience based technologies (de Vries, Technology education: Beyond the “technology is applied science” paradigm. J. Technol. Edu. 8 (1996), 7) have been hardly recognized by them as technology. Also students’ representations can be categorized either as technology-oriented representations, which focus on a collection of technical means without reference to humans, or as human-oriented representations, focused on technical means with substantial reference to human needs and activities. Depending on these types of representations, students seem to conceive differently the nature of the problems, which they recognize that the wide use of technology causes mainly to the environment and the responsibility of the user for these problems. Moreover, it seems that the concept of technological change is a quite difficult one for the students. In order to help students form adequate representations about daily life technology and technological change an appropriate teaching approach was designed on the basis of these students’ representations.     

基于遗传算法的模糊控制器参数优化

针对非线性量化因子模糊控制器的参数对系统性能影响和参数间的相互制约,提出了一种基于遗传算法的参数整定与优化方法,并进行了仿真研究。仿真结果表明通过该方法寻优的系统具有更好的响应速度和控制精度；当对象结构或参数发生变化时,非线性量化因子模糊控制器可以重新整定参数,以保持良好的控制效果,具有很强的鲁棒性。     

IPO first‐day returns: Skewness preference,investor sentiment and uncertainty underlying factors

In this paper, we investigate the initial public offering (IPO) first-day returns. Our focus is to examine the irrational component of the agent behavior towards IPO lotteries. Based on 234 French IPOs performed between 2002 and 2012, we find that IPOs with high initial returns have higher idiosyncratic skewness, turnover and momentum. This finding provides empirical evidence for investors' preference for stocks with lottery-like features and investor sentiment. In addition, we show that the skewness preference and the investor sentiment effect are stronger during periods of favorable market conditions. Our results are robust to the integration of uncertainty underlying factors.     

Economic Risk Factors and Commercial Real Estate Returns

A great deal of research has focused on the links between stock and bond market returns and macroeconomic events such as fluctuations in interest rates, inflation rates, and industrial production. Although the comovements of real estate and other asset prices suggests that these same systematic risk factors are likely to be priced in real estate markets, no study has formally addressed this issue. This study identifies the growth rate in real per capita consumption, the real T-bill rate, the term structure of interest rates, and unexpected inflation as fundamental drivers or state variables that systematically affect real estate returns. The finding of a consistently significant risk premium on consumption has important ramifications for the vast literature that has examined the (risk-adjusted) performance of real estate, for it suggests that prior findings of significant abnormal returns (either positive or negative) that have ignored consumption are potentially biased by an omitted variables problem. The results also have important implications for dynamic asset allocation strategies that involve the predictability of real estate returns using economic data.     

The Role of Beta and Size in the Cross-Section of European Stock Returns

This paper examines the ability of beta and size to explain cross-sectional variation in average returns in 12 European countries. We find that average stock returns are positively related to beta and negatively related to firm size. The beta premium is in part due to the fact that high beta countries outperform low beta countries. Within countries high beta stocks outperform low beta stocks only in January, not in other months. We reject the hypothesis that differences in average returns on size- and beta-sorted portfolios can be explained by market risk and exposure to the excess return of small over large stocks (SMB). Consistent with recent US evidence, we find that after controlling for size, there is no association between average returns and exposure to SMB.     

The Original Maturity of Corporate Bonds: The Influence of Credit Rating,Asset Maturity,Security, and Macroeconomic Conditions

We examine the determinants of the new issue maturity of corporate bonds. As credit rating decreases, new bond issues have longer maturities, but substantial variation in maturity within each rating class remains. We seek to explain the variation of new issue maturity within credit classes. We find that asset maturity, security covenants, and macroeconomic conditions influence the new issue maturity of bonds within rating categories.     

提升中国企业所得税制竞争力的探讨

税制竞争力是指税制吸引经济资源和促进国内企业及产品参与国际竞争的能力。本文通过构造社会利益集团之间争夺税收优惠的委托代理模型,剖析了我国税制决策机制的缺陷,提出了以增强税制的立宪性、公平性、效率性为目标,通过统一税制、优化税收政策、强化税务管理的路径,提升中国企业所得税制竞争力的建议。     

我国反通货紧缩政策的成效与思考

论文回顾了我国近几年来反通货紧缩货币政策的成效 ,剖析了影响货币政策成效的制约因素 ,并提出了减税、扩大政府支出、降息等政策主张。     

Estimating Cointegrated Panels with Common Factors and the Forward Rate Unbiasedness Hypothesis

This article proposes a bias-adjusted estimator for use in cointegratedpanel regressions when the errors are cross-sectionally correlatedthrough an unknown common factor structure. The asymptotic distributionof the new estimator is derived and is examined in small samplesusing Monte Carlo simulations. For the estimation of the numberof factors, several information-based criteria are considered.The simulation results suggest that the new estimator performswell in comparison to existing ones. In our empirical application,we provide new evidence suggesting that the forward rate unbiasednesshypothesis cannot be rejected.