Fixed costs and long-lived investments

Fixed costs models are difficult to analyze because they feature non-degenerate, time-varying distributions of capital across firms. If investments are sufficiently long-lived however then the cross-sectional distribution of capital holdings has virtually no bearing on the equilibrium and the aggregate behavior of fixed-cost models is essentially identical to neoclassical models. The findings are due to a near infinite elasticity of investment timing for long-lived investments – a feature shared by fixed-cost models and neoclassical models. “Irrelevance results” found in numerical studies of fixed-cost models are not parametric special cases but instead are fundamental properties of models with long-lived investment goods.     

The use of open source internet to analysis and predict stock market trading volume

The objective of this paper is to evaluate the impact of information demand and supply on stock market trading volume. Few studies have demonstrated the role of Google search data in analyzing trading volume activity. In this study, we employ a proxy for information demand which is derived from weekly internet search volume. The latest is from Google Trends database, for 25 of the largest stocks traded on CAC40 index, between April 2007 and March 2014. We use news headlines as a proxy for information supply. We use Garch model to analyze and predict trading volume.The empirical results present new evidences. First, information supply has an impact on trading volume but information demand's impact is much more important. Secondly, by applying MCA to results found, it could be concluded that the impact of public information on transaction volume is conditioned by two elements: the firm and market news disclosure and the second element relates to the characteristics of the market participants, more precisely their news interpretations and their risk aversion. Thirdly, we used Chow structural break test to verify the stability of our model. We found that for securities with structural changes, information demand is the responsible variable of the change in our model. Finally, we found that information variables have a predictive power on transaction volume.This paper contributes to existing literature by incorporating open source internet-based data into the analysis and prediction of transaction volume. Using internet information about the stock market, which has appeared recently as an interesting research for financial empiricists, computer scientists and practitioners, will have a very important utility because quantifying demand and supply of information becomes possible.     

Loan commitments and the management of uncertain credit demand

We provide an explanation for loan commitments unrelated to borrower creditworthiness. In our model, banks can use loan commitments to reduce uncertainty regarding their own future funding needs. Given a cost advantage to banks that can acquire such information, there exists an equilibrium demand for commitments by riskneutral firms. The purchase of the loan commitment and the choice of contract terms reveals the buyer's private information regarding future credit needs. In order to ensure the sorting of the a priori indistinguishable applicants according to their private information, we show that a usage fee applied to the commitment holder's unused credit line is necessary.     

股票市场、人民币汇率与中国货币需求

本文在开放经济条件下考察了1999年1月至2010年5月期间中国货币需求函数的特征。研究结果表明通胀预期、股票价格波动和人民币汇率是影响长期货币需求的重要因素。股票收益率和通胀预期都是衡量企业和居民持有货币的重要机会成本变量,但通胀预期占主导地位。人民币升值和升值预期通过货币替代效应和国际资本流动效应增加了长期实际货币余额需求。研究结果还表明在样本期间人民币汇率波动的短期国际资本流动效应是造成中国A股市场动荡加剧的重要原因之一。这意味着中国货币政策的制定与实施应该至少关注资产价格波动和考虑人民币汇率因素,尤其是当前应特别注重稳定人民币升值预期。     

淮安高等职业教育与区域经济发展的问题与建议

目前,淮安高职教育存在着的问题,主要体现在高职教育与区域经济发展不均衡、高职科研服务与区域经济发展不相适应,特别是科研领域未对推动区域经济增长发挥显著作用。加快实现高职教育与区域经济同步发展,应优化专业结构,提高高职教育服务区域经济发展的吻合度;深化科研兴教,提升为区域经济发展科技支撑服务水平,从而通过高职教育提高人力资本质量,加快人力资本积累,满足区域经济持续增长的人才、科技需求。     

我国中央、地方政府区域调控的利益博弈分析

地方政府与中央政府的区域经济利益博弈是市场化改革进程中的必然产物。在分权化改革与市场化改革交互作用的体制变革时期 ,以政策调整为主要手段的中央与地方之间的利益关系有其必然性及制度性缺陷。中央与地方之间的非合作利益博弈还会持续较长时间 ,要从根本制度上减少和解决二者之间的非合作博弈行为 ,就必须进行体制创新 ,加快市场经济体制建设的步伐。     

高职“小吃”教育兴起与“走出去”路径的研究与实践——以兰州牛肉拉面为例

当前,高职"小吃"教育方兴未艾,本文探索了这一特色教育兴起的必然性,分析了它所蕴含的国际化属性,以兰州牛肉拉面为例,在实践的基础上,以当前国际形势为背景,阐述了"小吃"实体如何以教育为载体实施"走出去"战略,助力中国餐饮和优秀传统文化的海外输出,最后总结了兰州牛肉拉面的国际化育人的主要做法。     

关于金融市场化减少消费流动性约束的实证分析

本文根据扩展的生命周期-永久收入假说以及Euler方程建立模型,对中国大陆31个省市自治区1979-2004年的整体情况和东、中、西部的区域情况进行GLS面板数据分析,结果表明,金融市场化通过各种渠道降低了消费者面临的流动性约束,释放了消费需求。从国际比较上看,金融市场化还能进一步释放消费需求。从地区比较上看,金融市场化减少消费流动性约束的作用在经济相对发达的东部和中部地区更为显著。     

高职院校开展音乐教育的思考

音乐教育是马克思关于人的全面发展教育的必要组成部分,更是提高高职学生综合素质的重要手段.了解国外对音乐教育重视的程度,可以看到我国高职音乐教育的不足,因此,有必要探讨我国高职院校开展音乐教育的途径.     

黑龙江的产业结构演进与城市化

城市化发展是以产业结构演进为依托,没有产业的发展就没有城市化的发展。黑龙江省产业结构演进中存在着基础设施不完备,支柱产业转换尚没完成,主导产业不明晰,城镇居民收入过低,社会保障不健全等问题。主导产业应以产业结构演进为依托,加快改造老工业基地,搞好城市基础设施建设与城市布局,推进城市化的发展,大力创造需求,拉动产业发展。