How does intellectual property protection in the host country affect outward foreign direct investment?

This paper empirically analyses the impact of a host country’s intellectual property (IP) protection on Chinese outward foreign direct investment (OFDI), employing panel data of 109 host countries’ FDI stocks and IP protection levels. Based on the regression results, it is concluded that the host country’s IP protection has a significant impact on Chinese OFDI. By including an interaction term into the regression, it can be seen that a host country’s trade openness enhances the influence of intellectual property protection on OFDI. Using subsample regressions, it was found that the positive effect of the protection of IP rights by the host country on China’s OFDI is stronger in the countries along China’s ‘Belt and Road’ initiative. For a subsample of countries with a lower degree of IP protection than China, the positive effect of IP protection is weaker than in ones with a higher IP protection level. The results obtained through a threshold regression, show that host countries can be divided into three categories, based on gross domestic product per capita, namely low, medium and high development levels. The higher the level of economic development of the host country, the greater the impact of IP protection on China’s OFDI. The host countries are also categorised into low-, medium- and high-level IP protection levels. As the level of a host country’s IP protection improves, it promotes OFDI from China.     

时变信道下ADF协作车载通信误码率分析

智能车载协作系统中车辆快速移动使得无线通信信道具有时变特性，为有效评估系统的误码性能，给出了符合车载时变信道的一阶自回归（AR1）模型，提出了一种基于AR1模型的自适应解码转发（ADF）协作误码率分析方法。该方法通过AR1模型的多普勒频偏相关系数来刻画时变信道特性,根据中继译码结果自适应选择是否协作转发，提升了智能交通系统的可靠性。此外，利用矩生成函数（MGF）推导出ADF协作下多进制正交幅度调制（M-QAM）信号误码率封闭表达式，并分析了车载移动速度和信道状态信息(CSI)估计精度对误码性能的影响。数值仿真结果表明，车载系统能通过增加CSI估计精度，有效地减少车载快速移动引起的误码平顶值。该方法相对于放大转发（AF）协作通信方式，平均误码性能提高约8.7 dB。     

External Brand Placement: The Effects on Game Players’ Processing of an In-Game Brand

Video games are now a venue for branded messages. Hence, game players may be exposed to brands in and outside game environments. This study focuses on the latter, that is, external brand placement. Drawing upon the literature on involvement and on the limited capacity model (LCM) of information processing, this study explores the mechanism by which external brand placement influences game players’ processing of a brand placed within a game, known as an in-game brand. The results show that players exposed to an external brand identical to an in-game brand showed greater in-game brand recall than those not so exposed. Players exposed to a competing external brand—whether congruent or not—showed lower in-game brand recall. When the brand was incongruent, however, they showed a preference for the in-game brand.     

基于BEER模型的人民币均衡汇率研究

自2005年7月我国汇率改革后,人民币持续升值。2014年2月到3月中旬,人民币兑美元汇率下跌创下5年内最大跌幅2.6%,引发国际上各方舆论。在当前形势下,科学合理地评估人民币均衡汇率水平,具有重要的现实意义。在分析总结均衡汇率理论的基础上,选择适合我国国情的行为均衡汇率理论（BEER）,采用1994—2014年的月度数据,通过协整检验建立了人民币均衡汇率模型和误差修正模型,测算出人民币实际有效汇率总失调程度,结果表明不存在大幅高估或低估。     

企业可持续发展报告研究述评--基于GRI《可持续发展报告指南》发布后的文献

随着全球报告倡议组织（GRI）的成立及其《可持续发展报告指南》的发布与改进,可持续发展报告在全球范围内得到广泛的推行。现有文献对企业可持续发展报告的研究主要集中在四个方面：可持续发展报告的发展历程、现状与趋势,可持续发展报告评价指标体系的构建与实证研究,GRI指南在我国的应用情况以及可持续发展报告带来的经济后果。现有研究大多是对可持续发展报告评价指标体系与影响公司行为的方式进行理论分析,未来研究方向将集中在企业可持续发展报告的评价以及运用实证方法检验公司行为与可持续发展报告的披露两者之间的关系上。     

基于DEA的上市科技型中小企业融资效率评价

为了解上市科技型中小企业的融资现状,运用数据包络分析方法,以深圳创业板2009年至2012年初次发行股票的38家上市科技型中小企业为研究对象,对其融资效率进行综合评价,评价结果为只有15.79%的上市科技型中小企业融资综合有效,55.26%的企业既未实现技术有效,也未实现规模有效。与以往研究结果相比,中国上市科技型中小企业的融资效率有所提升,但总体效率仍然偏低。从政府和科技型中小企业自身角度出发,针对性地给出了科技型中小企业提高融资效率的意见和建议。     

THE EXTENDED ECONOMETRIC INPUT–OUTPUT MODEL WITH HETEROGENEOUS HOUSEHOLD DEMAND SYSTEM

This paper proposes an extension to the regional econometric input–output model (REIM) [Conway, R.S. (1990) The Washington Projection and Simulation Model: A Regional Interindustry Econometric Model. International Regional Science Review, 13, 141–165; Israilevich, P.R., G.J.D. Hewings, M. Sonis and G.R. Schindler (1997) Forecasting Structural Change with a Regional Econometric Input–Output Model. Journal of Regional Science, 37, 565–590]. We integrate a demand system with age and income parameters into the REIM. The extended model thus addresses concerns about the effects of household heterogeneity. The initial testing is conducted with a model for the Chicago metropolitan area. First, using aggregate expenditure data by income and age groups, the almost ideal demand system with group fixed effects is constructed. Next, the estimated demand system is linked to the REIM to reflect long-term changes in the age and income distribution of households. The long-range simulation from the extended model takes into account structural changes in expenditure type stemming from changing demographic composition. The extended model further broadens the scope of impact analysis under various scenarios associated with age and income changes.     

采用广度优先搜索邻居聚类的通信信号调制识别

针对短波通信中无法避免的码间串扰问题,研究了聚类算法在信号调制识别中的作用,提出了一种利用广度优先搜索邻居(BFSN)聚类处理循环统计量特征的分类算法。该算法将循环统计量特征峰值作为聚类输入对象,通过BFSN聚类分析,剔除延时信号、噪声等造成的奇异类峰值,克服了多径效应产生的码间串扰影响,实现了2FSK、4FSK、BPSK、QPSK、16QAM、π/4-QPSK、π/4-DQPSK、8PSK等8种调制信号的自动识别。仿真表明,该算法聚类后提取的特征参数抗多径干扰能力强,同信道均衡方法相比识别正确率有5%的性能优势。低信噪比环境下的信号调制识别具有重要的工程应用意义。     

卖空约束下动量策略在牛市中的盈利性分析

众多实证研究发现,通过持有赢者组合多头和输者组合空头的动量套利策略可以获取显著的超额收益。考虑到我国A股市场卖空约束,选取沪深300样本股和中小板股票设置不同的对照组和投资期限,采用假设检验方法分析了2005年股改以来两次牛市行情中单一赢者组合及输者组合多头策略的盈利性特征,并检验了A股市场中是否存在动量套利交易的盈利模式。实证显示,即使不考虑交易成本,两种多头策略也都很难有显著的高于样本总体的收益率。     

A STOCHASTIC SETTING TO BANK FINANCIAL PERFORMANCE FOR REFINING EFFICIENCY ESTIMATES

This study contributes to develop a framework to measure the financial performance of banks in a stochastic setting. The framework comprises several steps, the first of which is the development of a financial performance measurement model to evaluate a bank's financial performance using a set of factors from the CAMEL (Capital adequacy, Assets, Management Capability, Earning and Liquidity) system. Second, the stochastic setting of the efficiency measurement is handled using the data collection budget allocation approach, whereby Monte Carlo simulations are used to analyse additional generated data and a genetic algorithm is used to refine the accuracy of the efficiency estimates. The results show that the accuracy of the model is greatly improved using the proposed approach. In contrast to the conventional deterministic model, the proposed framework is more useful to managers in determining the bank's future financial operations to improve the overall financial soundness of the bank. Copyright © 2014 John Wiley & Sons, Ltd.