Fixed endpoint optimal control

Summary. Properness has been introduced in the expected utility framework and it recently has been transfered to mean-variance utility functions. Here, we show that properness implies the slope of the mean-standard deviation indifference curve being convex in the standard deviation. This indifference curve property allows us to characterize the comparative static effects of changing the background risk and dependency structure in a simple portfolio choice model.Received: 8 December 2003, Revised: 16 February 2004, JEL Classification Numbers: D81.     

农户参与农地整理项目后期管护意愿与行为悖离——来自安徽省寿县的实证分析

研究目的：厘清农户参与农地整理项目后期管护意愿与行为悖离的显著影响因素、因素间层次关系及关联关系,为完善农地整理项目长效利用机制提供决策参考。研究方法：以安徽省寿县的334户农户为调查样本,基于“动机—机会—能力”理论分析框架,建立二元Logistic模型对悖离的影响因素进行检验,并借助解释结构模型识别系统关键因素及层次关系,依据奥尔森集体行动理论诠释因素间关联关系。研究结果：（1）农户3个维度13个因素是悖离的显著影响因素,其中,能力维度的显著因素总体影响最弱,机会维度的显著因素总体影响最强。（2）导致悖离的深层因素是农户年龄、受教育程度与非农业收入比例等禀赋异质性。（3）奥尔森集体行动理论进一步诠释了农户禀赋异质性从深层根源上影响了治理结构形式与激励措施的绩效,农业龙头企业与专业合作组织等“小组织”更能促成农地整理项目后期管护的集体行动。研究结论：不同层次关系因素导致了农户后期管护意愿与行为悖离。建议从增加农户就地非农就业机会与收入、提高政府后期管护角色地位、推进农地流转等入手,助推农户意愿转化为实际行动。     

Asymmetric quantile analysis of the Swedish mortgage price discovery process

Based on Swedish banking data we discover robust and significantly positive Asymmetric Price Transmission (APT) effects over all analysed regression quantiles of our mortgage interest rates, with even larger positive APT for the higher percentiles. The analysis was enabled through unique access to a Swedish bank's (SEB) own records of their true borrowing costs. Our central contribution is that there is a higher propensity for the bank to rapidly increase its mortgage interest rates for customers following an increase in its borrowing costs, compared with the propensity for the bank to decrease its customers’ mortgage rates subsequent to a corresponding borrowing cost decrease.     

The transmission of business cyclesImplications for EMU enlargement1

We show that countries characterized by large bilateral trade and financial flows tend to have more correlated business cycles. However, we also find that countries with divergent fiscal policies and highly regulated labour markets are subject to idiosyncratic cycles. Applying these results to the new member states of the EU weakens the optimistic view towards the monetary integration of these countries into the euro area, which is frequently found in the literature. Although our results suggest that extensive trade and financial linkages are likely to result in further increases in business cycle correlation, an increase in labour market regulation and the pursuit of national fiscal policies may result in a counteracting effect.     

The Signaling Effect of Independent Director Appointments

We examine the value relevance of voluntary versus mandatory independent director appointments based on market reaction. Our analytical model proposes that the market expects voluntary appointments to bring more positive value than mandatory appointments since voluntary appointments signal the integrity of the firm, and this signaling effect is more obvious for firms in which the market recognizes the existence of severe agency problems. Using a unique empirical setting in Taiwan, we find that voluntary appointments are associated with higher abnormal returns from appointment announcements, particularly for firms with severe agency problems, as indicated by the deviation between ownership and control.     

施工项目成本预测与管控

通过科学的经济评价方法,对公路施工项目成本进行预测,根据预测的数据对施工成本进行有效控制,达到工程施工项目获得更好利润的目的。     

经济发展中财源与财政收入背离问题研究

后发展地区在发展经济进程中出现了财源建设与财政收入相背离的现象。也就是说，地方经济发展壮大却没有带来对应的财政收入的增长。这种状况的存在一定程度上对推动地方经济的快速发展产生消极影响，制约了我国经济与社会和谐发展、区域经济协调发展的进程。文章通过对国内外解决财源与财政收入背离问题一些主要做法的分析，提出了进一步缓解财源与财政收入背离现象、实现区域经济协调发展的对策及建议。     

微型金融机构使命偏移研究

文章针对微型金融机构在商业化进程中出现的“使命偏移”现象,以及由此引发的关于商业化和减贫目标如何实现双赢的争论,试图回答使命偏移产生的原因；使命偏移判断的标准.运用扩展的信贷配给模型阐释交易费用在使命偏移现象中的作用,然后对世界其他地区以及中国云南的使命偏移现象进行分析,说明仅用平均贷款规模来判断使命偏移是不够的,还需要其他信息,最主要的是微型金融机构是否触及最贫困人口.     

AHP法在建设项目投资偏差致因分析中的应用

提出利用AHP法对建设项目投资偏差的致因进行分析,建立了建设项目投资偏差原因分析结构模型,对这些原因进行识别、分析,并对他们的重要性进行排序,得出了重要性依次为设计原因、业主原因、施工原因、客观原因的结论,最后提出了纠偏措施。     

国家治理视角下建设用地指标分配的执行偏差与机制研究

研究目的：整体解释中国建设用地指标分配与再分配的运作逻辑,提出面向国土空间规划的指标分配与传导机制优化策略。研究方法：访谈调查法、面板空间杜宾模型。研究结果：（1）中国建设用地指标分配的执行偏差是中央统辖权与地方治理权之间张力的体现,指标再分配是中央统辖权对这一“失控”行为采取的“干预”行动。（2）中国建设用地指标分配后的执行偏差行为受分配、执行和监督检查三个阶段权力配置与组织架设的综合影响。在分配阶段,自上而下的目标设定权表现为较大治理规模负荷背景下,采取刚性指标管控难以适应地方差异化与灵活性的指标使用需求;在执行阶段,逐级代理的“行政发包制”下,地方差异化土地出让方式及“竞次”行为对驱动地方突破规划目标有显著影响,且存在空间溢出效应;在监督检查阶段,土地督察机构的独立性不足与督察内容亟待创新。研究结论：建设用地指标公平分配与有效实施关乎国家空间治理体系和治理能力现代化建设,需要从目标设定权、检查验收权和激励分配权等多维控制权全过程优化予以推进。