Union–firm bargaining: Order of play and efficiency

This paper shows that a modified alternating offers Rubinstein model can provide a Pareto superior outcome in the context of the right-to-manage union–firm bargaining. Two examples of bargaining protocols that yield a superior outcome are provided. In the first example, the parties engage in a game in which the order of play is determined as part of the bargaining. We show that the game has a unique subgame perfect equilibrium in which the firm always moves first in the wage bargaining game. The equilibrium wage is, therefore, unique. In the second example, we examine a two-part-tariff alternating offers bargaining protocol, where the parties bargain over the wage and transfer payments. We show that this bargaining protocol has a Pareto efficient, unique subgame perfect equilibrium. Thus, although the parties do not bargain over the level of employment, the outcome under this protocol is, nevertheless, socially optimal.     

Financial amplification of foreign exchange risk premia

Theories of financial frictions in international capital markets suggest that financial intermediaries' balance sheet constraints amplify fundamental shocks. We present empirical evidence for such theories by decomposing the U.S. dollar risk premium into components associated with macroeconomic fundamentals, and a component associated with financial intermediary balance sheets. Relative to the benchmark model with only macroeconomic state variables, balance sheets amplify the U.S. dollar risk premium. We discuss applications to financial stability monitoring.     

Link16数据链导航功能实现与改进

基于同步的相对导航与精确定位技术是Link16数据链运行的关键。针对国内文献对该 技术介绍较少的情况,分析了相对导航的基本原理,研究了利用往返计时报文实现精确同步 的方法和步骤,建立了相对导航解算方程以及相对栅格与地理栅格坐标之间的数据转换模型 ,最后提出了一种用GPS/IMU数据融合和卡尔曼滤波方法提高导航精度的方案。应用结果表 明,该方案能显著提高数据链的导航精度。     

基于展望理论的投资组合保险均衡研究

投资组合保险交易策略是在保证一定财富水平的情况下,又不失去从有利市场中获利的机会。投资组合保险者将最低要保金额作为赢得或损失的参照点,这与展望理论所描述的决策行为是一致的。文章引入展望理论的价值函数建立一般均衡模型,模型推广了Basak的一般均衡模型,使其成为一个特例;同时,模型表明投资组合保险的存在将有效地降低市场波动率,进而降低风险溢价。     

Willingness to pay for brands: a cross‐region,cross‐category analysis

Using survey data collected in multiple locations (California and Texas in the United States and Revohot in Israel), we quantify category‐ and location‐specific variations of consumers’ willingness to pay (WTP) for brand products after controlling for consumer characteristics. We find that consumers have a similar qualitative assessment of brand value in different product categories across different locations. That is, consumers have a stronger preference and higher WTP for brands in consumer electronics, followed by clothing and then processed food, and the lowest in fresh produce. Furthermore, we simulate price premiums and market shares of brands relative to generic products in different categories. Simulation results suggest that brands in fresh produce have the highest price premium but lowest market share. Despite the similarities, the magnitude of WTP for brands as well as the simulated price premium and the corresponding market share in the same product category are location variant. The similarities and dissimilarities suggest validity of having global brand strategies adapted to local conditions, that is, the so‐called “thinking globally and acting locally” strategy.     

一种改进的LTE系统下行同步算法

LTE（Long Term Evolution）系统中,作为小区搜索的第一步,符号定时算法需要具备很强的鲁棒性。为了进一步增强现有符号同步算法的抗频偏性能,提出了一种优化的符号同步算法。该算法一方面保持已有分段相关同步算法的优点,同时考虑结合预频偏处理来进行符号定时与粗频偏的联合估计,再将多个相关运算集做叠加处理。理论分析和仿真实验结果表明,在多径信道下,所提算法在完成符号定时和粗频偏估计的同时,大大提高了系统抗频偏性能。     

OFDM系统的多符号改进算法

针对OFDM训练符号同步算法中存在的大采样数据而导致捕获时间过长的问题。提出了一种多符号改进算法。该算法应用对多个符号等间隔取样并共轭相乘累加的方法，在采用小数目的采样数据时就可以取得较好的性能，同时缩短了定时捕获时间，克服了原来算法中存在的问题。最后，仿真表明该算法的有效性。     

森林保险保费补贴政策林业产出激励效应评估

基于开展森林保险保费补贴政策的23个省(市、自治区)2014—2018年面板数据,在分析正向激励效应与负向抑制效应下的森林保险保费补贴政策产出效应传导机制的基础上,运用柯布-道格拉斯生产函数与面板数据模型从林业产出视角分别对全国层面、东部地区和中西部地区的森林保险保费补贴政策实施效果进行评估。结果表明:森林保险保费补贴政策存在产出激励效应,且存在1期滞后;同时,森林保险保费补贴对林业产出的促进效果受影响于林业风险,风险水平的上升会抑制保费补贴政策对林业产出的促进作用;森林保险保费补贴政策产出激励效应及林业风险对补贴政策产出激励效应的影响均存在区域差异性。最后,提出实施保费补贴差异化、逐步提升保障水平等建议。     

频繁并购重组与异常审计收费

以2012—2017年A股上市公司为样本,采用异常审计费用衡量审计师对上市公司频繁并购重组的风险溢价,探究企业频繁并购重组与审计师风险溢价收费的关系,研究发现企业频繁并购重组会导致审计师风险溢价提高。从商誉和盈余管理角度探究其路径机制发现,商誉和真实盈余管理是频繁并购重组导致更高审计师风险溢价两个重要中介变量,而应计盈余管理并没有发挥中介作用,即频繁并购重组企业操纵利润的手段倾向于采用真实盈余管理,而非应计盈余管理。