Time-varying impact of monetary policy shocks on US stock returns: The role of investor sentiment

This paper investigates how monetary policy shock affects the stock market of the United States (US) conditional on states of investor sentiment. In this regard, we use a recently developed estimator that uses high-frequency surprises as a proxy for the structural monetary policy shocks, which in turn is achieved by integrating the current short-term rate surprises, which are least affected by an information effect, into a vector autoregressive (VAR) model as an exogenous variable. When allowing for time-varying model parameters, we find that, compared to the low investor sentiment regime, the negative reaction of stock returns to contractionary monetary policy shocks is stronger in the state associated with relatively higher investor sentiment. Our results are robust to alternative sample period (which excludes the zero lower bound) and model specification and also have important implications for academicians, investors, and policymakers.     

The role of information in plans for progressing in IWLRM

Developing new methodologies to advance in Integrated Water and Land Resources Management (IWLRM) should now be the main priority in the context of water and land resources. For over 20 years there have been debates about the need to integrate water and land management, but the results are not as good as expected. It is important to research new ways in which to progress and the level of planning appears to be appropriate for this. The article defines a framework for the plans that could help progress in IWLRM if the key water and land variables of the intervention area are included. Using the framework it is possible to define “model plans” for each scope and this allows us to propose a methodology to assess the current plans from the IWLRM perspective. The case of Eastern Almeria, Spain, provided the empirical focus.     

Designing hunting regulation under population uncertainty and self-reporting

A number of methods exist for estimating the size of animal populations. All methods generate an uncertain estimate of population size, and have different properties, which can be taken into account when designing regulation. We consider hunting regulation when the population size is uncertain and when the self-reported bag is used to estimate the population size. The properties of a population tax and a tax on self-reported bag are analyzed and we begin by considering a baseline situation with full certainty and no use of self-reporting for population size estimation. Here individual hunters self-report a bag on zero and a population tax alone can secure an optimum. Next we show that when facing uncertain population size, a risk-averse hunter will self-report part of the bag to reduce the uncertain population tax payment, making both tax instruments necessary for reaching an optimum. Finally, when self-reported bag is used to estimate population size, we also show that it is optimal for hunters to report a part of the bag and both instruments are again necessary for reaching an optimum.     

创新支出稳中有增,支持方式更加基础和精细化——2013—2014财年加拿大联邦创新预算解读

与加拿大联邦政府的科技战略调整相适应,近年来,加拿大联邦财政预算案越来越强调其创新导向,因而被称之为"创新预算"。从科技创新的视角解读2013-2014财年加拿大联邦财政预算案,该预算案除了有关于科技创新支出的专门部署外,还关注创新基础的夯实和创新渊源的培养。2013-2014财年加拿大联邦财政预算案仍然延续了上一财年"创新预算"的基调,科技创新的有关支出稳中有增,特别是上一财年提出的很多创新政策工具在本财年得到了比较精细化的设计,很多政策理念通过创新的政策工具设计而付诸实践。在这一背景下,加拿大用于支持创新投入的政策种类更加有新意和多样化。     

从本土代理商到国际竞争者:深圳迈瑞医疗的经验与启示

追赶企业通常面临技术和市场的双重壁垒,因此需要正确应对追赶战略选择和技术创新能力培养的挑战。深圳迈瑞医疗的成功为正在进行追赶的中国企业提供了三点启示:第一,企业的追赶已经进入了以国际市场和标准为初始起点的新阶段;第二,工业设计的创新可以成为中国企业走向国际化的新路径;第三,要以预先培养建设自身能力为核心,作为实现和提升技术引进效果的前提。     

Complementarity between water pricing, water rights and local water governance: A Bayesian analysis of choice behaviour of farmers in the Krishna river basin, India

To ensure efficient water allocation and use, policy designers have adopted various strategies, including price setting, decentralising irrigation water management or improving water rights. Most of these strategies have been applied individually, without considering the complementary relationships between them. This paper uses a discrete choice model to analyse the scope for combinations of tools for irrigation water demand management and farmers' acceptance of these. In terms of local irrigation water governance, the presence or absence of collective irrigation water management, in the form of a Water Users Association, is considered. Water rights are specified in terms of the duration and quality of the entitlement and its transferability. Finally, four types of water pricing methods (area, crop, block and volumetric pricing) are considered. Using a choice experiment, we elicit the most preferred water pricing method, under different water rights situations, at different price levels and under various contexts for local irrigation water governance. Our results indicated that under conditions of improved water rights, preference for volumetric pricing increases, whilst the presence of a Water Users Association reduces this preference. Furthermore, it was found that using an appropriate combination of water demand management tools considerably increases the willingness to pay for a change in scenario.     

Testing for allocation efficiencies in water quality tenders across catchments,industries and pollutants: a north Queensland case study*

The design of competitive tenders to purchase environmental services requires judgements to be made about the funding scale and tender scope, with the latter incorporating considerations of geographic area, industries involved and the types of environmental outputs required. Increasing the scale and scope of tenders increases the likelihood that a larger range of proposals will be proposed and cost‐effective ones selected. However, the use of larger and more broadly scoped tenders may reduce landholder participation and increase asking bids. In the study reported here, these issues have been tested with a single water quality tender run in north‐eastern Australia in 2007 and 2008. Post hoc tests and workshop exercises show that while larger‐scale and scope tenders can generate efficiency gains, care has to be taken to maintain participation and avoid higher bid levels.     

The primacy of human capital and social capital in influencing landholders’ participation in programmes designed to improve environmental outcomes*

Increasing landholder participation in environmental programmes is often essential for achieving desired levels of restoration and protection, as well as the economic goals of efficiency and equity. Previous literature has identified sociodemographic property and attitudinal variables that influence participation. Using qualitative research, we identify variables relating to human capital (business orientation and information seeking behaviour) and social capital (trust in those delivering programmes and connectedness with other landholders) that have been seldom or never identified as influencing participation. New scales are developed and existing scales refined for measuring these constructs, and their influence on past and future participation is examined together with a range of other constructs. The effect of these variables is examined using a survey of Australian landholders, and the results demonstrate the primacy of variables relating to human and social capital in influencing past and future participation.     

浅析票据抗辩事由的有效性

票据抗辩制度是从保护票据安全出发进行考虑的,从静态安全出发规定成立抗辨事由就得以抗辨;从动态安全出发对票据抗辨进行限制,以保护票据权利人的票据权利。票据抗辨事由的有效性是抗辩成功的关键,只有具备有效的抗辨事由,才具有抗辨的效力。有效的抗辩事由包括：对抗不特定债权人的法定事由、对抗特定债权人的法定事由、对抗特定债权人的约定事由、票据抗辨限制中对人抗辨事由因持票人的恶意而重新变为有效性抗辩事由。