碳排放权交易市场的信息流动关系——基于EUA市场和CER市场的实证研究

基于Granger因果关系检验方法和MGARCH-BEKK模型,从报酬溢出和波动溢出的角度,研究国际碳排放权交易市场中的主要商品———EUAs和sCERs各自的期货价格与现货价格之间以及两者的期货价格之间的信息流动关系。结果表明:两个市场的现货市场始终都处于价格信息中心,期货市场的价格发现功能较弱甚至未体现;信息波动溢出方面,EUA市场中期货市场处于波动信息中心,而CER市场中现货市场处于波动信息中心;EUA的期货市场与CER的期货市场之间存在相互的价格溢出效应与波动溢出效应,但EUA市场的期货价格对CER市场具有更大的波动溢出效应。     

R&D Spillovers for Public R&D Productivity

ABSTRACT

This paper empirically investigates whether the productivity of a public (government-funded) R&D project improves when the aggregate R&D investment in the same technology field increases. Based on the unique project level data that cover almost entire public R&D projects in Korea, this paper shows that aggregate investment in other public R&D projects in the same technology field increases a public R&D project’s outputs both independent of its project expenditure (additive spillover effects) and interactive with its project expenditure (multiplicative spillover effects). The spillover effects from the aggregate private R&D investment in the same technology field also exist, but to a much lesser extent.     

收益波动与随机冲击的非对称性影响：中国与美国股票市场的对比

通过讨论股票收益与随机;中击之间的关系,对中国股票市场和美国股票市场进行了对比研究。研究中使用了中国上海和深圳股票市场1990年12月31日至2005年12月30日的两市A股算术平均周指,以及美国股票市场1973年1月2日至2004年月12月30日的标准普尔500周指。在进行经验研究的过程中,分别使用了线性GARCH模型和GJR—GARCH模型计量股票收益的条件波动——即模型中的条件方差。研究发现,中国股票市场自1990年——1995年波动剧烈,之后波动趋于平缓,而美国股票市场在研究期间内收益波动一直处于一定范围内。同时还发现,美国股票市场的随机冲击对股票收益产生非对称性影响,即负冲击使股票收益产生的波动大于正冲击。而在中国股票市场却找不到相似的证据。鉴于对中国股票市场收益波动的研究结果,在剔除1996年以前的数据之后又进行了扩展研究,但是似然比率检验结果表明,正冲击对股票收益的影响还要略强于负冲击。     

浅谈如何做好新时期的德育工作

本文通过分析新时期青年学生思想道德状况的新特点,转变观念,创新方法,采取多种措施切实提高德育工作的实效性。     

论抵押物登记的作用及效力

抵押物登记具有广泛的作用,它不仅在特定情况下是抵押合同生效、抵押权成立的必要条件,而且在一般情况下也能强化抵押权的效力,促进抵押权的实现。因此,在担保活动中人们应当重视抵押物登记,即使法律不要求强制登记的抵押行为,债权人也应为了降低抵押风险、保障交易安全,尽可能采取登记措施。     

FDI技术溢出对我国创新能力影响的分析

随着经济全球化的发展,国家间的经济竞争日益激烈,自主创新能力越来越被认定为一国竞争力的主要标志。文章利用1991-2012年中国技术创新方面的数据,建立计量模型,研究了FDI对我国创新能力的影响。结果表明,我国自主RD投入是提高创新能力的最重要因素,而外商直接投资在整体上对我国研发和创新能力无非常明显的溢出效应。我国必须努力促进FDI的技术溢出效应,同时注重培育内资企业的自主创新能力。     

区域旅游一体化进程中边界效应的定量化研究——以长江三角洲地区入境旅游为例

本文首先分析了边界效应的两种形式,即质的边界效应和量的边界效应,并构建了区域旅游一体化进程中对行政区边界效应的度量方法.以长江三角洲地区为例,以1991～2006年为样本区间,对其入境旅游发展做了实证研究,探讨江苏与浙江、上海与江苏、上海与浙江之间的边界效应.通过邹检验(Chow Test)发现,长江三角洲各城市间的经济水平存在结构性的差异,进一步的回归检验结果表明,长江三角洲各城市间存在一体化的趋势,但存在着量的边界效应.进而考察了长三角边界效应的演化情况,结果表明江苏和浙江之间的边界效应从有到无,上海与江苏的边界效应、上海和浙江之间的边界效应存在增大的趋势,并且上海与江苏的边界效应增大的速度明显地高于上海和浙江之间的边界效应增大的速度.最后.本文从旅游资源条件、经济条件、交通条件、直辖市作用、制度条件5个方面对演化的原因进行了解释.     

The contribution of social tourism to sustainable tourism: a case study of seasonally adjusted programmes in Spain

Recent policy from the European Union has attempted to justify social tourism initiatives on the basis that they lead to a more sustainable tourism industry. However, the majority of latest research in the field has been focused on the benefits for participants, with the addition of some evidence on the economic impacts of such programmes on destinations, which have pointed towards sustainability outcomes including: a longer tourism season, more even spread of demand, and longer periods of employment for tourism workers. Yet there is a lack of direct evidence linking such programme to these outcomes. This paper aimed to explore this important disconnect between policy assumptions and evidence-based outcomes through an analysis of the deseasonalising effects of the Spanish social tourism programme for older people. The research found that this programme does have an effect on the seasonal nature of employment and economic activity in most regions studied, but that the huge volume of demand from international tourists in the high seasons masks the quantitative effects in the regions with the highest seasonal concentration of international tourists. Recommendations for policy and practice in sustainable tourism are made that are transferable to many countries and regions that adopt social tourism programmes.     

A preliminary examination of the relationship between consumer attitude towards space travel and the development of innovative space tourism technology

With increasing global competition in service sectors, innovative technologies have radically changed the tourism industry, and to be successful innovative products/services must have clear, significant points of difference that are related to needs in the market place. Furthermore, changes in consumer perceptions that emanate from an innovation are central to its effective product and service design. Although for most of us space travel is still a faraway dream, it is in fact a future probability that will increasingly attract travellers who seek new vacation experiences, and as a result, sustain academic interest. Thus, in initiating space tourism for the purposes of recreation, leisure and knowledge enhancement, a preliminary estimation of potential global demand characteristics that are specific to consumer innovators for space travel needs to be undertaken prior to promotion of research and development. In this context, this paper investigates both consumer attitudes towards space travel by analysing the components of motivated consumer innovativeness and the interest that potential consumers have in developing space tourism technology innovations within Taiwan. Consumer innovativeness is complex and comprised four innovativeness types, namely, social, functional, hedonic and cognitive. As product/service innovation development has been relatively unexplored in the mature industry of tourism, many business managers would welcome an understanding of which vacation travellers are most likely to be the earliest buyers of such an exciting new product. With data collected from a sample of 354 Taiwanese, this research uses mediated regression to examine the influence of the four types of consumer innovativeness on consumer's attitudes and acceptance of a space tourism technology innovation, and the mediating role perceived novelty plays in the relationship. The findings indicate that only hedonic and social innovativeness are associated with improved consumer attitude and that novelty partially mediates the relationship for those two types of consumer innovativeness. The implications for theory and practice are discussed. Limitations and directions for future research are also addressed.     

From hotel career management to employees’ career satisfaction: The mediating effect of career competency

The purpose of this study is to explore the relationships between perceived hotel career management, career competency, and career satisfaction. It also aims to examine the mediating processes through which hotel career management contribute to employees’ career satisfaction. Results from structural equation modeling (SEM) show that career competency mediates the effects of three dimensions of hotel career management (career appraisal, career development, and career training) on career satisfaction. The article concludes with implications for theory development and management practice.