森林碳生产的要素流动机理分析

分析了森林碳生产的劳动力、资本、土地等主要构成要素,从森林碳生产函数出发,从要素价格、要素之间的替代性、要素环境等3个方面研究了森林碳生产的要素流动机理,提出通过落实国家节能减排政策、提高森林经营者的碳生产认知、完善森林碳生产土地要素管理、保障森林碳生产资金投入、完善碳排放权交易市场等5个方面来保障要素合理有效流动。     

The efficiency of certain speculative markets and gambler behavior

This paper tests the efficiency of the football betting market and develops a model of the determinants of the closing spread. The empirical results suggest that the football betting market is not perfectly efficient. The evidence also suggests that, contrary to previous studies, gamblers that do bet the long shots are acting as rational individuals attempting to maximize their return for a given level of risk. Finally, at least six variables were found to be statistically significant factors in determining closing spreads in the football betting market.     

“二一制”下高职高专财会类专业实践教学模式的研究

当今社会对高职高专人才的应用能力要求不断增强，如何适应社会、提高学生应用能力，成为有关高校亟待解决的问题。其中，“二一制”模式的选择，纳入化解矛盾的宏观措施，在此背景下进行高职高校财会类专业实践教学模式研究。     

Internal and External R&D: A Sample Selection Approach*

This study underlines that the decision to enter into an external R&D relationship is related to an antecedent decision to carry out R&D. This calls for an empirical approach that permits the joint analysis of the determinants of the two decisions, correcting for sample selectivity. Based on a sample of Italian manufacturing firms, the results confirm the need to adopt this approach. Another contribution made by this study is the managerial implications that can be derived from its empirical model, which provide a better understanding of the factors associated with a firm's decision to engage in R&D both independently and with external partners.     

Optimal Number of Stock Holdings in Mutual Fund Portfolios Based on Market Performance

Among the decisions that most mutual fund portfolio managers make is the number of stocks to hold. We posit that there is an optimal number of stocks for each mutual fund, reflecting the trade‐off between diversification benefits versus transactions and monitoring costs. We find a significant quadratic relation between number of stock holdings and risk‐adjusted returns for U.S. equity mutual fund portfolios during 1992–2000. Moreover, we find that changes in the number of stocks held over time are more highly correlated with mutual fund flows than with funds' investment returns.     

Health care reform and reform for health: creating a health system for communities in the 21st century

If we are to improve the health of the population and reduce the inequalities in health that plague our communities and our planet, we will have to give greater attention to the determinants of health. The reform of the health care system, necessary though it is, will never be sufficient; we need to reform our whole society and in particular to focus on human rather than economic development. At the community level we need to create healthy communities that are “health-creating systems” of environmental, social and human development, as well as health care systems that focus first on improving and maintaining health. Such a “bottom-down” health care system would see the hospital become once again the place of last resort (but still a potentially important partner in creating healthier communities) and would focus instead on how to provide health promotion and health care from the household level up.     

基于不同分布假设下波动模型估计效果比较——以上海股票市场为例

本文基于不同分布假设,即正态分布、Student-t分布以及EGB2分布,使用2005年1月4日至2011年6月30日上证综指日收益率数据对GARCH模型和GJR GARCH模型估计效果进行实证比较。实证结果显示：（1）基于非对称EGB2分布的GJR GARCH模型更适合中国证券市场;（2）中国股票市场存在波动不对称性,且好消息引发的波动大于坏消息引发的波动,这可能与中国股票市场特有的市场结构和交易制度有关;（3）波动的不对称特性可能部分来自于对分布偏度特性考虑的欠缺,验证了合理的分布假设在波动行为分析过程中的重要性。     

气体膜分离在环境保护中的应用

气体膜分离作为新兴的分离技术,已广泛应用于石油化工、能源、电子、医药、食品等领域。着重介绍了气体膜分离技术在环境保护领域的应用研究,包括有机蒸气(VOCs)的分离及酸性气体的分离,同时展望了该技术的发展趋势。     

Takeover bids, unconditional offer price and investor protection

In this paper, we develop a contingent claim analysis on shareholders' right to sell unconditionally their shares at the acquisition bid price during a takeover bid procedure. Compared with a situation without any guarantee, this regulation brings about wealth transfer towards outside shareholders. Why, in an apparently irrational way, do outside shareholders, who may benefit from a price guarantee, not systematically sell their shares? That question emphasizes the outside shareholders' behavior. Using a real option valuation model to evaluate the price guarantee opportunity, we show that an equal treatment rule between controlling and outside shareholders may lead outside shareholders to sell their shares.     

The impact of bank consolidation on small business credit availability

This paper examines how banking consolidation has affected small businesses credit. Using the Survey of Small Business Finances, the empirical model examines how credit supply to small firms responds to larger banks, and whether the non-bank supply of credit has offset decreases in credit from banks. Using an empirical model to correct for sample selection, large banks are found to lower the probability of obtaining credit for small businesses, and this lower probability is not offset by increased total loans. Non-bank institutions are found to make up much, but not all, of the decrease.