社会主义过渡时期上海纱布市场的综合治理

1949年5月～1954年9月,从解放初期平息纱布市场恶性涨风,到棉纱统购令,棉花统购、棉布统购统销令的相继颁布,上海纱布市场完全纳入计划经济体制,中央和上海市政府采取了一系列政策措施,对上海纱布市场展开了深入、持续的综合治理,并获得巨大的成效.这场综合治理的特点表现为工商并举,既有如价格政策、行政管理等对市场直接治理措施,也有如纺织工业加工订货、控制货源对市场的深层治理措施,还有纱布统购统销,棉布计划供应对市场的彻底控制措施.本文即通过梳理、分析中央及上海市政府相关政策、措施的制定、施行情况,探讨此时期上海纱布市场综合治理的基本状况和成效.     

Market discipline by bank creditors during the 2008–2010 crisis

We investigate whether uninsured depositors, insured depositors, and general creditors exhibit evidence of quantity market discipline during the recent financial crisis. To establish which types of creditors expect to incur loss, we evaluate the FDIC's expectations about losses to creditors at banks that failed between 2008 and 2010. Our results show that quantity market discipline tends to begin far enough in advance to signal to both banks and supervisors that corrective actions can and should be taken. Furthermore, creditors are able to distinguish between banks of different risk levels. Our findings support several policy implications for encouraging market discipline.     

确定反倾销正常价值方法的研究

发达国家以“正常价值”为标准来确定进口产品是否存在倾销,如果存在倾销,就以此为依据确定倾销幅度和反倾销税税率。但是发达国家对市场经济国家和非市场经济国家确定其“正常价值”的方法是不一样的。绝大多数针对我国的反倾销都指控我国是一个非市场经济国家,因此对我国应采用非市场经济国家条件下确定正常价值的方法。这给我国带来了极大的负面影响,文章对此提出了若干解决的思路。     

The self-catering accommodation market: A review of electronic and other sources

This paper contributes to a better understanding the self-catering accommodation sector by considering its nature and scope within Scotland, the UK and the international context. It reviews the available literature search and also presents an exhaustive search of the Internet. The term “self catering accommodation” typically refers to cottages and holiday flats, but also may include larger premises as well as mobile units such as boats. Student accommodation comes into this category, as do serviced apartments for business use. Self-catered accommodation is widely used for activity holidays, and courses for outward-bound or country pursuits. The sector is considered in terms of economic impact, ownership, and mode of use, and an analysis of the market shows that it has grown and changed rapidly since the 1980s driven by changes in the economy and advances in technology. During the same period demand has increased due to demographic, economic and lifestyle changes, the predominant segments being older and middle-aged customers and young couples without children. The growth of short break holidays and a growing interest in country pursuits and activity holidays favour the self-catering sector.     

市场规模、利润侵蚀和争取多产品跨国企业的政策竞争

本文考虑两个国家(或者地区)的政府为争取一家外国跨国企业直接投资(FDI)而进行的政策竞争。两国拥有不同的市场规模,跨国公司生产两种水平差别化产品。文章证明:均衡时跨国企业的FDI选择取决于市场规模效应(marketsize effect)、两种产品间的利润侵蚀效应(cannibalization effect)和两国FDI补贴政策的共同作用。在此基础上,本文进一步得到了政府间FDI竞争的福利含义。特别地,本文还证明了:两国福利可能因参与FDI竞争而获得帕累托严格改进,或者发生帕累托严格损失。     

Betting on a buzz: Mispricing and inefficiency in online sportsbooks

Bookmakers sell claims to bettors that depend on the outcomes of professional sports events. Like other financial assets, the wisdom of crowds could help sellers to price these claims more efficiently. We use the Wikipedia profile page views of professional tennis players involved in over 10,000 singles matches to construct a buzz factor. This measures the difference between players in their pre-match page views relative to the usual number of views they received over the previous year. The buzz factor significantly predicts mispricing by bookmakers. Using this fact to forecast match outcomes, we demonstrate that a strategy of betting on players who received more pre-match buzz than their opponents can generate substantial profits. These results imply that sportsbooks could price outcomes more efficiently by listening to the buzz.     

How tournament incentives affect asset markets: A comparison between winner-take-all tournaments and elimination contests

We investigate the impact of investment managers׳ tournament incentives on investment strategies and market efficiency, distinguishing between winner-take-all tournaments (WTA), where a minority wins, and elimination contests (EC), where a majority wins. Theoretically, we show that investment managers play heterogeneous strategies in WTA and homogeneous strategies in EC, and markets are more prone to mispricing in WTA than in EC. Experimentally, we find that investment managers play more heterogeneous strategies in WTA than in EC, but this does not trigger significant differences in prices. Moreover, prices in WTA and EC do not differ significantly from markets composed of linearly incentivized subjects.     

From Smith to Schumpeter: A theory of take-off and convergence to sustained growth

This paper proposes a theory of the emergence of modern Schumpeterian growth that focuses on the within-industry forces that regulate the response of firms and entrepreneurs to Smithian market expansion and thus identifies an amplification mechanism that the literature has neglected. Because it solves the model in closed-form, the paper provides analytical insight on the forces that drive the economy׳s phase transition and the associated qualitative transformation of industrial activity. The resulting S-shaped path of GDP per capita replicates the key feature of the data: an accelerating phase followed by a deceleration with convergence to a stationary growth rate. The model also yields predictions for grand ratios like consumption/GDP, profits/GDP, and the distribution of income across factors of production.     

资产定价理论与有效市场假说：简单的历史线索

全球金融危机引发了人们对于主流金融理论体系,尤其是传统资产定价理论的反思。本文对20世纪50年代以来资产定价理论的发展进行回顾与评述,以期为理解上述争议提供一个历史线索。     

西方市场经济国家的国有企业:一个演化视角的分析

本文通过分析资本主义国家发展国有经济的原因以及西方市场经济国家国有企业演进的历史,得出了简短的结论.