Information transmission between the Gulf equity markets of Saudi Arabia and Bahrain

This paper examines whether the emerging Gulf markets of Saudi Arabia and Bahrain in conjunction with the US market exhibit cointegrating relationship. Additionally, the transmission of information and volatility spillover between the Gulf markets is explored using a bivariate EGARCH model. We find that although the markets are not cointegrated, the Gulf markets do share information flows. Specifically, we observe an asymmetric spillover of volatility from the smaller though more liberal and accessible Bahraini market to the larger and less accessible Saudi market. The observed difference in information processing may partly be due to a well-developed Bahraini financial sector that encourages wider participation by international investors who play a significant role in assimilating new information.     

外商在华直接投资的溢出效应——基于地区层面的研究

运用面板数据对外资的溢出效应进行了初步分析，实证结果证明了外资正面溢出效应的存在。对东、中、西部地区的进一步分析表明，外资在中部地区产生的溢出效应相对较大。最后依据实证结果，从三个地区的实际出发，分别给出了相应的政策建议。     

An Empirical Study of Volatility in Seven Southeast Asian Stock Markets Using ARV Models

This paper investigates the volatility persistence, volatility variability from day to day and transmission of volatility in seven Southeast Asian stock markets from 1980 to 1991 using the ARV approach. We found strong evidence that shocks to volatility are persistent in Taiwan. Moreover, the Stock Exchange of Thailand Daily Index has the strongest interday volatility fluctuation. Instantaneous causality of volatility among six of the seven markets (except Seoul) was discovered. Besides, there is significant volatility spillover effect from Hong Kong to Taiwan, Malaysia to Singapore and Singapore to Malaysia in the period 1980 to 1991.     

FDI技术溢出效应及影响因素地区差异比较研究

FDI是资本、技术和管理等一系列要素的综合体,提升FDI的技术溢出效应,对企业技术进步、产业升级和增长方式的转变具有重要的现实意义。本文以外商直接投资理论为基础,实证分析FDI技术溢出效应的区域差异,考察地区差异影响因素,进而发现我国各地区特别是中西部地区存在很大的优化利用FDI、提升FDI对我国内资企业的技术溢出作用的潜力。     

基于管理熵和管理耗散理论的FDI溢出效应分析——以中国信息通信企业为例

创新的最终目的是提高企业的效率。遵循管理熵理论,封闭的企业系统缺乏创新要素,必然导致自身效率衰减;遵循管理耗散理论,来自外部的FDI则促进了内资企业的创新,带来企业效率改善;而FDI的溢出效应,就是企业自身效率递减与创新带来的企业效率改善的综合。在FDI促进下,企业进行技术创新和制度创新,它们的协同能使企业效率的改善倍增。     

生产性服务业空间集聚与制造业效率提升——基于空间外溢效应的实证研究

本文利用2003—2009年247个城市样本数据,实证检验了我国城市生产性服务业空间集聚对制造业效率的空间外溢效应。结果表明,生产性服务业空间集聚不仅能够提升本地区制造业效率,且能够通过空间外溢效应提升周边地区制造业效率,空间外溢系数达到了0.864。生产性服务业空间集聚会通过竞争效应、专业化效应以及外部性等途径降低制造业交易成本,进而提高制造业效率。鉴于此,政府应支持生产性服务业空间集聚,突破影响空间外溢效应区域边界的自然条件和制度约束,加大人力资本、交通基础设施等方面的积累和投入,促进生产性服务业对制造业效率空间溢出效应的有效发挥。     

Impact of RFID information-sharing strategies on a decentralized supply chain with reverse logistics operations

The integration of environmental practices in a supply chain has been study for the past few decades. However, most of the work relies on centralized decisions made by one player. Few papers address the complex dynamics of environmental decentralized supply chains and how these dynamics can affect environmental and economic outcomes. To study this problem, we consider a supply chain with a manufacturer and two different suppliers: a recycled-material and a raw-material supplier. The players make individual inventory decisions to satisfy demand and reduce cost. Further, this supply chain encompasses stochastic elements such as in demands, returns, and collection leadtimes. These decentralized decisions and random factors can cause underperforming results; therefore, new inventory models and technologies are needed to help companies increase coordination within these systems. We model the implementation of Radio Frequency Identification (RFID) in the supply chain to determine if real-time inventory monitoring and information sharing can help the system attain higher environmental benefits (more returns) and higher economic benefits (less cost). We study two scenarios through a simulation-based analysis: No RFID and RFID. Numerical studies show that environmental benefits are significantly increased with the attainment of more returns. However, although economic benefits are realized, they are less significant than the environmental benefits. Further regression and sensitivity analyses on the cost performance measures reveal that economic benefits depend on several drivers inside the system. We present managerial insights that illustrate what configurations within this complex system can lead to the achieving of environmental as well as economic benefits.     

农地流转的经济效应及其空间溢出——基于“三化”发展的视角

利用2005—2010年中国31个省(自治区、直辖市)的农地流转、"三化"发展与经济发展数据,构建了考虑空间因素的计量模型,验证了农地流转的经济效应及其空间溢出。主要研究结论如下:农地流转通过影响工业化、农业现代化和农村劳动力转移间接促进地区经济增长,并且跨期内存在空间效应、本期内没有空间效应;本地区的经济发展对周边地区的农地流转强度存在较强的空间依赖;农地流转对粮食主产区、粮食主销区的经济增长具有不同的空间效应,在粮食主产区的农地流转对地区经济增长具有更强的直接和间接拉动效应,而粮食主销区农地流转的影响则相对较弱。     

知识溢出理论的研究进展与述评

知识溢出的提出最早可以追溯到Marshall对外部性的讨论,自新经济地理理论以来,知识溢出更成为了近年来研究区域经济学增长、产业集群创新等领域不可缺少的变量。首先,通过回顾国内外学者对知识溢出的研究,发现知识的非竞争性和部分排他性是知识溢出现象发生的根本原因,产业内知识溢出和产业间知识溢出在产业发展的不同阶段具有程度各异的影响;其次,因地理距离和社会距离的存在,限制了局部区域知识的外溢,知识溢出具有空间局域性特征。在一定范围内,人力资本流动、商品贸易、FDI、合作研发、非正式交流等活动均成为了知识溢出的途径。尽管知识溢出是无意识的行为,但知识在流动中留下了可追溯的痕迹,并可通过知识生产函数法、专利引用文献法、C-H模型进行测量。最后,文中还展望了知识溢出在解释企业创新决策行为、产业集群创新、区域经济增长等方面的应用,并指出下一个研究方向。     

沪深股市收益率及波动性特征分析研究

中国金融市场的波动性从来都是备受关注的,本文对2000年1月4日～2010年5月26日沪深两市的收益率数据进行实证研究,得出中国金融市场收益率具有尖峰厚尾的特征和ARCH效应。并检验股市的溢出效应与杠杆效应等一系列特征,得出深市具有单向的溢出效应以及沪深两市具有正的杠杆效应。最后结合中国的股市现状给出相关分析与建议。