30年“家”变

改革开放，让中国发生了翻天覆地的变化。三十年前，人们追求温饱；三十年后的今天，人们开始追求生活的品质。在这短暂而又漫长的三十年中，“家”，是一个历史缩影，向您讲述着人们正在经历的幸福生活。     

Exploring Metropolitan Housing Price Volatility

This paper uses GARCH models and a panel VAR model to analyze possible time variation of the volatility of single-family home value appreciation and the interactions between the volatility and the economy, using a large quarterly data set that covers 277 MSAs in the U.S. from 1990:1 to 2002:2. We find evidence of time varying volatility in about 17% of the MSAs. Using volatility series estimated with GARCH models, we find that the volatility is Granger-caused by the home appreciation rate and GMP growth rate. On the other hand, the volatility Granger-causes the personal income growth rate but the impact is not economically significant.     

The pecking order of cross-border investment

Is there a pecking order of cross-border investment in that countries become financially integrated through some types of investment rather than others? Using a novel database of bilateral capital stocks for all types of investment - FDI, portfolio equity securities, debt securities as well as loans - for a broad set of 77 countries, we show that such a pecking order indeed exists. The paper focuses on two key determinants of this pecking order: information frictions and the quality of host country institutions. Overall, we find that in particular FDI, and to some extent also loans, are substantially more sensitive to information frictions than investment in portfolio equity and debt securities. We also show that the share as well as the size of FDI that a country receive are largely insensitive to institutional factors in host countries, while portfolio investment is by far the most sensitive to the quality of institutions. This provides new evidence in favor of some hypotheses but contradicts others put forward in the literature on trade in financial assets.     

Malaysia's My Second Home (MM2H) Programme: An examination of Malaysia as a destination for international retirees

Malaysia was recently ranked fourth highest as a retirement destination by one established magazine. This warrants examination of the Malaysia My Second Home (MM2H) Programme which targets retirees, and more recently, high net worth foreigners. Data was collected using postal questionnaire survey and follow-up interviews. By virtue of the entry requirements, the retirees were well-to-do. The application process for the MM2H visa did not pose much difficulty. Malaysia was chosen because of fond memories from earlier trips. Satisfied MM2H stayers inadvertently promoted the MM2H Programme when they narrated their positive experiences in various media. If the various country-specific and locality-specific charms that drew foreigners to Malaysia altered deleteriously, even bona fide retirees who had made Malaysia their only home would migrate elsewhere. Malaysian policy makers need to adopt cogent actions to attract more fresh retirees while retain those already in the country.     

Portfolio concentration and performance of institutional investors worldwide

Using data on security holdings for 10,771 institutional investors from 72 countries, we test whether concentrated investment strategies result in excess risk-adjusted returns. We examine several measures of portfolio concentration with respect to countries and industries and find that portfolio concentration is directly related to risk-adjusted returns for institutional investors worldwide. Results suggest, in contrast to traditional asset pricing theory and in support of information advantage theory, that concentrated investment strategies in international markets can be optimal.     

Transnational migrant home visits as identity practice: The case of African migrants in South Africa

Focussing on the temporary journeys of transnational migrants in South Africa to their home countries on the continent, this paper explores the motivations, subjective experiences and perceived significance of these home visits for the migrants’ sense of identity and belonging. Based on a qualitative interpretive research approach, the study finds that memories and comparisons invariably underpin the experience of the home country, the encounter with the home and engagement with social relations. This induces new insights and sometimes ‘small epiphanies’ (Pearce, 2012), which can lead to self-reflection, self-transformative experiences and shifts in consciousness, affecting the migrant’s sense of belonging.     

Industry co-movement and cross-listing: Do home country factors matter?

This paper investigates the co-movement of American depositary receipts (ADRs) and the industry returns of home and U.S. markets with a focus on industry co-movement by applying time-varying and constant copulas model specifications. We also examine the impacts of country-specific factors on the industry co-movement in cross-listing issue. Co-movements are found in relation to the industry returns and economic asymmetry. The industry co-movement of ADR is higher with home country than that with the U.S., supporting the fundamental view. The results pertaining to the ADR-home pairs are as follows: (1) during economic recessions, the factors of influencing industry co-movement include import and the number of listed companies; (2) in contrast, during economic booms, industry co-movement is significantly influenced by energy import, export, import, the number of listed companies, and high-tech export. The factors that impact the industry co-movement of ADR-US contain foreign direct investment, reserve, cash surplus, energy import, and the number of listed companies.     

Loss severities on residential real estate debt during the Great Recession

This study develops estimates of expected loss severities on mortgage exposures using data from Florida during the Great Recession. This paper marks the first attempt at addressing sample selectivity in the context of loss models. We also construct measures of home equity that are more accurate than those employed in previous studies. We find that failing to address sample selection and the use of noisy equity measures in loss models can bias loss estimates significantly. We also find significantly higher loss severities and a greater sensitivity of loss severity to equity than what previous studies report.     

健康视角下“虚拟医养融合院”发挥政府服务职能作用的研究

随着我国人口老龄化基数不断增大,传统的养老保障模式已跟不上时代发展的需要。中国经济的高速发展和网络科技的广泛运用,尤其是5G时代的云数据,使智慧医疗、智慧社区、智慧养老结合起来变成可能。这将彻底改变传统的养老方式,可使有限的养老资源得到最大化利用,避免资源的浪费。"虚拟医养融合院"就是对传统社区居家养老的创新,它是"一座没有围墙的养老院",规模化运作方式将成为今后老年群体养老的一种新趋势。虚拟医养融合服务必须依靠政府全面统筹兼顾、大力引导、突出重点、协同推进;政府的顶层设计和整合职能是保证实施"虚拟医养融合院"的核心要素,也是引领其他各项要素实施的必要条件。要完善健康促进机制,加大资金投入保障,加强专业队伍建设,全方位、全生命周期保障人民身心健康。     

旅游符号与“长寿之乡”地区旅游发展——以广西巴马为例

旅游符号对旅游发展起着引导和推动的作用,"巴马"作为长寿之乡的旅游符号,巴马长寿所包含的"饮食、气候和生活习惯"等内涵,体现出其旅游品牌的独特性和唯一性。对于巴马地区的旅游发展、社会文化进步以及地区整体提升起到了积极的作用,对落后地区旅游发展具有一定的借鉴意义。