济南市古生物化石赋存特征及保护区划研究

为贯彻《古生物化石保护条例》,提高济南市古生物化石保护水平,在对区内古生物化石资源进行野外勘查和综合整理的基础上,依据古生物化石鉴定结果及其赋存地层分布特征,得出济南市古生物化石的分布特征,划分了古生物化石产地,选择化石完整程度、富集程度、剖面出露程度、周边地质环境、工程活动影响五个评价因子,运用综合指数法,建立了符合济南实际的古生物化石保护区划分体系,将区内古生物化石产地进行了保护区分级,并按照“保护优先,结合实际”的原则,制定了符合济南市实际的古生物化石保护措施。     

Maximizing an equity portfolio excess growth rate: a new form of smart beta strategy?

It has been claimed that, for dynamic investment strategies, the simple act of rebalancing a portfolio can be a source of additional performance, sometimes referred to as the volatility pumping effect or the diversification bonus because volatility and diversification turn out to be key drivers of the portfolio performance. Stochastic portfolio theory suggests that the portfolio excess growth rate, defined as the difference between the portfolio expected growth rate and the weighted-average expected growth rate of the assets in the portfolio, is an important component of this additional performance (see Fernholz [Stochastic Portfolio Theory, 2002 (Springer)]). In this context, one might wonder whether maximizing a portfolio excess growth rate would lead to an improvement in the portfolio performance or risk-adjusted performance. This paper provides a thorough empirical analysis of the maximization of an equity portfolio excess growth rate in a portfolio construction context for individual stocks. In out-of-sample empirical tests conducted on individual stocks from 4 different regions (US, UK, Eurozone and Japan), we find that portfolios that maximize the excess growth rate are characterized by a strong negative exposure to the low volatility factor and a higher than 1 exposure to the market factor, implying that such portfolios are attractive alternatives to competing smart portfolios in markets where the low volatility anomaly does not hold (e.g. in the UK, or in rising interest rate scenarios) or in bull market environments.     

How much does tax erode fund excess returns?

We model the tax drag from active fund management based on reported monthly holdings of active equity funds. Tax drag erodes 65 percent of the 0.74 percent excess return in Broad Market funds, but only 21 percent of the 1.80 percent excess return in Small-Cap funds for Australian superannuation (pension) fund investors. Tax drag varies with investment style; market state, which is most detrimental during bull markets; and fund turnover. For high-income individual investors, tax drag is exacerbated to the extent that active management only generates meaningful after-tax excess return for Small-Cap funds of certain styles.     

Institutional quality and corporate financing decisions around the world

We investigate the influence of the recent comprehensive institutional quality dimensions of Karolyi (2015), such as market capacity, operational efficiency, foreign accessibility, corporate transparency, legal protection, and political stability, on financing decisions of firms across 56 countries between 2000 and 2015. We find that stronger institutional quality or lower fundamental risks in a country ease firms' access to long-term debt, and equity financing. We attribute our results to institutional environments influencing financing decisions by shaping the severity of market frictions, such as agency conflicts and information asymmetry, and transaction costs. As a result, we conclude that any improvement in a country's institutional environment will boost firms' access to long-term financing, and thus longer-term investments that promote countries' economic growth will be more feasible. Our findings are robust to potential endogeneity issues.     

Information on sellers and buyers characteristics: added value to explain price formation at primary fish markets in managed French scallop fisheries

The aim of this article is to explore, through a hedonic approach, the factors that might explain the price variability for the French-managed fishery of scallop at primary fish markets. In addition to factors classically identified in the current literature like intrinsic product characteristics or markets situation, the characteristics of operators are tested. The relationships of loyalty between sellers and buyers, and market assiduity are notably considered.     

论双电源切换装置的特点

双电源切换装置是一级负荷和其他重要负荷等用电设备中经常使用的关键设备。随着科技发展，双电源切换装置已有多种产品和型式供用户选择。本文重点对“Y”型和“H”型双电源切换装置的原理、发展过程、特点等进行论述，为电气设计、采购、及维护人员提供技术参考。     

Portfolio constraints,differences in beliefs and bubbles

I propose an arbitrage-based theory of bubbles in economies with general portfolio constraints and differences in beliefs. I find that, in general, bubbles cannot exist unless the constraints restrict the demand for credit sufficiently to induce low interest rates. Speculation due to heterogeneous beliefs does not cause bubbles. Ruling out bubbles under asymmetric information requires stronger assumptions: the presence of some uninformed agents and mild portfolio restrictions (debt or borrowing constraints), or alternatively, the existence of some impatient and fully informed agents.     

Implementing efficient conservation portfolio design

Modern tools for cost-effective conservation reserve site planning require the planner to have information about spatial distributions of conservation costs and benefits. Climate change creates unprecedented uncertainty about future land values and species habitat ranges, such that conservation scientists cannot map costs and benefits with certainty anymore. This paper contributes to the literature on the economics of conservation in the face of climate change uncertainty. It advances a new method for using modern portfolio theory to choose lands to protect that yield total conservation returns with less uncertainty. It explores the implications for portfolio recommendations of variation in the correlations between ecological and land-value responses to climate change. It also tests the robustness of the method to shortcuts that might be taken to simplify analysis, identifying problems that arise if conservation costs are ignored in portfolio analysis and demonstrating when portfolio recommendations are sensitive to how ecological benefits are quantified.     

吉林省金融业推动高技术产业发展研究——基于产业关联的分析

本文利用吉林省2007年投入产出流量表，选取5个高技术产业部门，运用产业关联的角度对金融业与高技术产业进行关联分析，研究吉林省金融业与高技术产业之间的依存关系，探讨吉林省金融业对高技术产业发展的作用，从而为今后金融业有效地促进我省高技术产业的发展提供理论依据。     

Currency intervention and the global portfolio balance effect: Japanese lessons

This paper extends the analysis of Bernanke et al. (2004) to show that the official Japanese purchases of foreign exchange in 2003–04 seem to have lowered long-term interest rates not only in the United States, but in a wide range of countries, including Japan. It seems that this decline was triggered by the investment of the intervention proceeds in US bonds and that global portfolio rebalancing spread the resulting decline in US dollar yields to bond markets in other currencies, thus easing global monetary conditions. We also show that the global portfolio balance effect is detectable in the response of yields to large Japanese intervention in data before and after 2003/04, though the effect is weaker. While our findings contribute to a growing body of work that points to common responses across bond markets to official portfolio shifts in the form of large-scale bond purchases (“quantitative easing”), our analysis has the advantage of focusing on a pure portfolio shock.