The impact of price floors on farmland investments: a real options based experimental analysis

Price floors are a common instrument for market intervention to stimulate investments. In some cases, it can be observed that a price floor does not have the stimulating effect. We experimentally analyse the investment behaviour of students who take the role of farmers. The experiment considers an investment problem under uncertainty in a ‘with price floor’ and a ‘no price floor’ treatment, stylizing a decision to take an ongoing farmland investment option. We compare the actual investment behaviour with normative benchmarks of the net present value and the real options approach. Furthermore, we look at order and learning effects. The results show that the price floor has no significant impact on the willingness to invest, whereas the effects of order were statistically significant. The investment reluctance arising from an abolishment is stronger than the investment stimulation arising from the introduction of a price floor. Furthermore, neither the net present value nor the real options approach is appropriate to predict the investment behaviour in general. Nevertheless, the predictions of the real options approach enable an approximation of the participants’ investment behaviour if the individuals have an adequate chance to learn from personal experience.     

现阶段我国农产品贸易的结构与特点分析

现阶段农产品进口的激增导致我国农产品贸易呈现逆差格局。从地区结构来看,我国的农产品贸易逆差主要来自与美国、巴西以及东盟诸国的贸易,贸易顺差则来自与东亚诸国和欧盟的贸易;从产品结构来看,贸易逆差主要来自粮食作物和畜牧养殖业产品,贸易顺差则主要来自园艺产品和蔬菜产品。通过对我国农产品贸易的历史和现状分析表明,明显存在着农产品贸易总额受此次全球经济衰退的影响程度小于进出口贸易总额;对其的影响占我国进出口贸易总额的比重持续下降;贸易壁垒依然较多,困难和压力很大;对主要国家和地区的进出口依赖程度严重等主要特点。     

机会主义抑或信息传递：公允价值估计中管理者自由裁量的行为动机研究——来自我国上市公司股票期权的经验证据

利用手工收集的上市公司股票期权（ESO）公允价值估计表外披露数据,实证研究管理者自由裁量行为及其动机。研究发现：管理者在ESO公允价值估计中存在明显的自由裁量行为,表现为显著的估计偏差,尤其是低估;ESO公允价值估计偏差与管理者盈余管理和薪酬自利显著相关,但与私有信息含量没有显著关系,表明在公允价值估计中管理者存在机会主义动机,而信息传递动机不明显。进一步研究发现：机会主义动机下的管理者自由裁量显著降低了公允价值估计的准确性,并且机会主义动机主要存在于公司治理和外部审计监督较差的公司中;ESO公允价值估计偏差尤其是低估偏差显著降低了分析师预测准确性。     

一种测量电动栏杆机起落时间的测试装置及方法

测试装置采用延时时间继电器模块在发出栏杆机抬杆信号(即计时开始信号)之后为激光漫反射光电开关延时供电,避免栏杆臂抬起时产生的光电信号干扰计时器计时,将激光漫反射光电开关的感应信号作为栏杆机起落时间计时的中止信号。测试结果表明,测试装置测量电动栏杆机起落时间的精密度明显优于国家标准中所规定的人工手动秒表测量方法。     

The values and incentive effects of options on the maximum or the minimum of the stock prices and market index

In this study, we employ the certainty equivalent principle to investigate cost efficiency and incentives of the options on the maximum or the minimum of the stock prices and market index levels. In addition, the options with averaging features are also considered. Numerical results show that options on the maximum are more cost efficient and incentive-efficient than traditional ones. As for options on the minimum, they are more cost efficient than traditional ones only when the weight in the options is not very large. However, options on the minimum also provide stronger incentives to increase stock prices than traditional ones.     

Asset sale,debt restructuring,and liquidation

This paper considers a dynamic model in which shareholders of a firm in distress have a choice of whether the firm proceeds to debt restructuring or direct liquidation at an arbitrary time. In the model, we show the following results. Fewer asset sales, lower financing, debt renegotiation, and running costs, a lower premium to the debt holders, a lower cash flow volatility, and a higher initial coupon increase the shareholders׳ incentive to choose debt restructuring to avoid full liquidation. In the debt renegotiation process, the shareholders arrange the coupon reduction and use equity financing to retire a part of the debt value to the debt holders. The timing of debt restructuring always coincides with that of liquidation without debt renegotiation. Most notably, the shareholders do not prefer asset sale in debt restructuring even if they face high financing costs. The possibility of debt renegotiation in the future increases the initial leverage ratio in the optimal capital structure.     

Option moneyness and price disagreements

This article investigates price disagreements between actual and options-implied futures prices by considering option moneyness. Out-of-the-money (OTM) options trading induces price disagreements more frequently than at-the-money (ATM) options trading. Examining price adjustments to eliminate disagreements, we find that the futures (options) market tends to move less (more) for OTM option disagreements than ATM option disagreements, suggesting that the price dynamics of OTM options are less informative and noisier than that of ATM options.     

绿色技术创新的路径思考——基于绿色壁垒的理性分析

排除贸易保护主义因素,绿色壁垒是可持续发展思想和环保意识提高的产物,对环境和技术具有正的外部效应。我国出口企业环境意识薄弱,缺乏绿色技术创新能力是遭遇绿色壁垒的根本原因。绿色技术创新是突破绿色壁垒的手段,推行绿色技术创新需要进行合理的制度安排、强化企业的内部动力机制和转变生产模式。     

国际贸易中绿色壁垒的二重性

绿色贸易壁垒是发达国家以环保和健康为由制定的限制进口发展中国家产品的系列环保法规及技术标准,具有明显的二重性。这是因为它的产生带有主观、客观性,内容包含合理性和歧视性,造成的影响及应对策略也具有二重性。     

对绿色壁垒的理性思考

绿色壁垒作为一种非关税措施对发展中国家的出口构成重大障碍。但绿色壁垒在客观上的确起到了保护全球的生态环境、保护人的生命与健康、保护人和其他动植物生态安全的作用。在我国,资源和生态问题对经济社会可持续发展构成长期严重制约。为应对严峻的环境问题,加强绿色壁垒的科学合理设置,对治理日益恶化的环境会大有帮助。