Historical market-to-book in a partial adjustment model of leverage

Historical market-to-book has been shown to explain current leverage. Prior studies attribute the evidence to market timing. This study shows that with the presence of time-varying targets and adjustment costs, historical market-to-book has a significant impact on leverage even when firms do not time the market. The historical values of alternative market timing proxies, such as insider sales and the market sentiment index, are shown to have no effects on leverage while the historical values of alternative growth-option proxies do have effects. Overall, the evidence is largely consistent with a partial adjustment model of leverage.     

Trade-off between photovoltaic systems installation and agricultural practices on arable lands: An environmental and socio-economic impact analysis for Italy

The paper introduces and discusses an open-source spatial-based model (called r.green.solar) able to quantify the energy production from solar photovoltaic (PV) ground-mounted panels. Socio-economic and environmental impacts can be evaluated by the model. The model starts from the theoretical quantity of solar PV potential energy and estimates a reduction of total amount of energy based on legal, technical, recommended and economic constraints. Model outputs were used for a trade-off analysis between energy production and traditional crops for food/feed cultivation on not irrigated arable land. The model was tested at regional level for a Mediterranean context (Italy). The results confirm that the economic profitability of PV systems follows a north-south gradient, but the main impacts are related to local peculiarities – such as the disposal of not irrigated arable land and the presence of constraints, in particular the landscape maintenance, the morphological variables and the specialization index – and crop yields.     

功率VMOS器件的参数最佳化折衷

改善功率VMCS器件设计的一个关键问题,是如何对耐压BV_(DSS)和导通电阻R_(on)进行合理的最佳化折衷。本文采用计算机辅助设计(CAD)的方法对各种可能的工艺和结构参数进行了大量计算,按照实际生产中的工艺条件进行筛选,得出了最佳化的设计参数。经与VN0906参照对比,证明设计是十分有效和准确的。     

企业-大学知识链冲突定义工具研究

结合TRIZ理论和故障树分析方法构建了企业-大学知识链冲突定义工具,详细阐述了企业-大学最终理想解障碍树的构建过程。结合实例说明了如何定义企业-大学知识链冲突,并把冲突表达为技术矛盾。     

中国场内期权市场研究——基于中美关于期权隐含方差的差异

本文对比了美国和中国关于期权隐含方差的两个典型理论规律所表现出的实证差异。首先,期权隐含方差作为公认的风险度量指标,应该与未来期间的股权溢价成正相关关系,在这一点上中美实证结果完全相反;其次,现代期权定价理论预测期权隐含方差应该高于标的资产实现方差,而中国市场期权隐含方差和实现方差的比值要显著低于美国。     

Reorienting paradoxical land use policies towards coherence: A self-adaptive ensemble learning geo-simulation of tea expansion under different scenarios in subtropical China

The expansion of cash crops has raised contradicting interests between two bureaucratic bodies (the economy-oriented one that advocates cash crop production and the conservation-oriented one that focuses on natural resources protection) in many places around the world. Recent past has saw growing efforts on the theoretical linkages between cash crop production and conservation, but the solutions to the cash cropping −related land use conflicts remain as violent controversy. Using a geo-simulation approach, this paper models the tea expansion under different policy scenarios and evaluates the effectiveness of these policies in Anji County (China), as a contribution to the scientific basis for formulating sustainable cash cropping practices and alternative land use policies. In particular, a new self-adaptive cellular automaton model based on ensemble learning (EL-CA) is developed and three policy scenarios (economy-over-conservation (EOC), conversion-over-economy (COE), and economy-balance-conservation (EBC)) are set to predict the tea expansion patterns in 2025. Results show that the EL-CA model significantly outperforms the traditional CA models based on empirical statistics. We find that the tea expansion under the EOC scenario is much more intensive than that under the COE and EBC scenarios. The most outstanding ecological consequence of tea expansion is the occupation of forests. Employing an equivalent coefficient approach, we further quantify the trade-offs between economic incomes (from tea expansion) and ecological loss (due to ecosystem service value (ESV) declines) under the three policy scenarios. In the EOC scenario, the loss in ESV far exceeds the benefit of tea expansion. Net change of ESV is higher than that of economic return under the COE. The economic benefit is approximately equal to the ecological loss in the EBC scenario. The EBC should be a socially preferred scenario, since it leads to sustainable tea expansion and minimal ecological impacts. Though the EBC scenario is a desirable choice, how to enforce these policies is an important consideration. Given the complexity in the Chinese policy context, we finally propose several possible measures to promote the coherence of paradoxical policies involving the allocation of land for cash crop cultivation.     

Disentangling Sentiment from Cyclicality in Firm Capital Structure

This study examines the relationship between capital structure choices and investor and managerial sentiment, finding that periods of positive sentiment are associated with reduced leverage within firms. We focus on the cyclicality of leverage using non-orthogonalized sentiment indices and find a strong negative relationship. Leverage, therefore, appears countercyclical, implying that the decision to take on debt is a consequence of either Admati et al.'s (2018) ratchet effect or a managerial attempt to time the market. Our findings lead us to question some fundamental capital structure theories, namely, trade-off (Kraus and Litzenberger, 1973), and Hackbarth's (2008) managerial traits theory. Instead, we favour the idea that leverage is a consequence of countercyclical market timing behaviour.     

Determinants of corporate cash-holding levels: An empirical examination of the restaurant industry

This study examines the determinants of cash-holding levels for restaurant firms. After examining a panel data set obtained from 125 publicly traded US restaurant firms between 1997 and 2008, the study provides evidence that restaurant firms with greater investment opportunities tend to hold more cash. At the same time, large restaurant firms, firms holding liquid assets other than cash, firms with higher capital expenditures, and firms paying dividends were shown to hold less cash. The results are generally supportive of the trade-off theory of cash holdings. In particular, both precautionary and transaction motives play important roles in explaining the determinants of cash holdings for restaurant firms.     

以公共风险的结构和强度重塑财政政策体系

随着我国社会、经济发展形态和发展目标的变化,财政政策体系目标和运行逻辑也需要超越建立在确定性思维基础上的凯恩斯主义分析框架,财政政策供给要根据风险权衡原理,视公共风险的结构和强度进行相机调整.在当前复杂的国内外发展环境下,财政须充分发挥作为国家治理的基础与重要支柱的作用,以应对各种不确定性作为财政政策体系运行的目标,与金融环境协调配合,在保证财政自身风险可控前提下,通过灵活多样的政策工具为经济社会注入确定性,降低风险、引导预期,使经济社会系统整体的公共风险最小化.     

多元化经营与现金持有水平——基于中国制造业上市公司的实证研究

本文采用2007～2009年446家A股制造业上市公司的平衡面板数据,基于静态权衡理论,利用两个维度的多元化经营指标分析了中国制造业上市公司多元化经营对现金持有水平的影响。研究结果显示,多元化与专业化上市公司的现金持有水平存在显著差异,多元化经营的上市公司现金持有水平更低,而且多元化经营水平越高的上市公司现金持有水平越低。