循环经济中企业行为的协调博弈分析

当前循环经济的研究已经进入理论体系的建构阶段.文章运用协调博弈理论,从支付占优和风险占优两个方面,分析了企业间发展循环经济的相互作用关系.分析表明,政府作为协调者可以提高循环经济中企业的博弈支付,政府还可以运用其他手段降低合作风险促进循环经济的发展.     

新疆优势资源、特色产业与对外贸易发展

从新疆对外贸易发展的现状看,解决外贸结构性问题,促进新疆外贸持续发展的关键在于发挥新疆的优势资源,以此形成特色产业并培育特色产业群。在对新疆的优势资源进行分析的基础上,本文确定了农、牧、林,石油和天然气开采业,金属采选业,石油加工业,农副食品加工与制造业,纺织业,运输业和旅游业等12个特色产业。通过分析认为,新疆目前需要培育农业产业群,石油、矿产开采和加工产业群,食品加工制造产业群,纺织产业群,旅游产业群,运输和物流等6大产业群。     

PORTFOLIO SELECTION PROBLEMS VIA THE BIVARIATE CHARACTERIZATION OF STOCHASTIC DOMINANCE RELATIONS1

Stochastic dominance (SD) is a very useful tool in various areas of economics and finance. the purpose of this paper is to provide the results of SD relations developed in other areas such as applied probability which, we believe, are useful for many portfolio selection problems. In particular, the bivariate characterization of SD relations given by Shanthikumar and Yao (1991) is a powerful tool for the demand and the shift effect problems in optimal portfolios. the method enables one to extend many results that hold for the case where the underlying lying assets are statistically independent to the dependent case directly.     

Efficiency Performance and Dominance in Influential Subsets: An Evaluation using Fuzzy Clustering and Pair-wise Dominance

The identification of influential subsets in efficiency studies is an ongoing research concern. Seaver et al. (1999) have demonstrated the value of using a fuzzy clustering strategy to identify influential subsets without knowing which production plans are outliers a priori. From a fuzzy clustering perspective, dominance is assessed in terms of the degree of belonging of a production plan in an influential subset. From a production point of view, dominance is assessed in terms of pair-wise comparisons. These concepts of dominance within influential subsets are illustrated using the preprint insertion data set (Girod, 1996).     

Improving Portfolio Performance with Option Strategies: Evidence from Switzerland

This paper investigates the performance of a global investment strategy that combines diversification and option strategies, in particular the covered call strategy, on the Swiss Exchange over the period 1989–96. As the return distributions of portfolios including options are possibly non-normal, the mean-variance framework may not be appropriate to assess the relative performance of such portfolios. Stochastic dominance and modified betas are the alternative approaches, robust to departure from normality, used in this paper to compare the performance of portfolios. The results show that the use of option strategies consistently improves the performance of stock portfolios, even in the presence of transaction costs.     

Impact of family dominance on monitoring of earnings management by audit committees: Evidence from Hong Kong

This study examines whether the establishment of audit committees by Hong Kong firms would constrain earnings management, especially in firms with family-dominated corporate boards, a condition unique to Hong Kong. The study uses the methodology of three-stage (3SLS) regression analyses to control for endogeneity among earnings management, voluntarily established audit committee, and corporate board size. The results of regression analyses based on 523 observations for the period of 1999-2000 when the audit committees were first established by Hong Kong firms show that overall audit committees play a significant role in constraining earnings management even in the business environment of higher ownership concentration. The effectiveness of audit committees is, however, significantly reduced when family members are present on corporate boards, especially when family members dominate the corporate board.     

Protection in numbers? Self-protection as a local public good

In many contexts with endogenous physical risks – e.g., households, neighbourhood traffic calming, production quality control – risk reduction is a local public good. Risk-reduction incentives then depend on the protected population’s size. Focusing on a household’s physical risks modelled as an i.i.d. Bernoulli trials sequence with endogenous “success” probability, I give sufficient conditions for safety to increase with the number protected via both monotone comparative statics methodology and a “first-order” approach. I utilise a recursive decomposition of a covariance involving a monotonic function of a binomial variable and first-degree stochastic dominance (FSD). Because “protection” problems are generally non-concave, I give a detailed treatment of the second-order condition, again via FSD.     

Platform control during battles for market dominance: The case of Apple versus IBM in the early personal computer industry

We conduct a case study of the battle for market dominance between the industry platforms led by Apple and by IBM in the early personal computer industry (1977–1986). Platform leaders such as Apple or IBM need to consider many technological, strategic, and network factors in managing their industry platforms. We explore how platform leaders deploy these factors and their interactions during a battle for market dominance. We find that platform leaders choose various control modes to do so, ranging from central control to distributed control. The adoption of these control modes is dependent on the choice of being first entrant with a technological discontinuity (central control) or follower (distributed control). Within a control mode, technological, strategic, and network factors are managed in a coherent way.     

Income versus Consumption Inequality in Korea: Evaluating Stochastic Dominance Rankings by Various Household Attributes

Using four rounds (1999, 2002, 2005 and 2008) of the Korean Labor and Income Panel Study, the present paper examines determinants of household income and consumption levels and inequalities. Unconditional as well as conditional stochastic dominance tests are performed by year, by household heads’ characteristics (age, education, gender, health, marital status and occupation) and by household characteristics (household type, household size and degree of urbanization). Mean least squares regression techniques are used to predict conditional expectations. The residuals containing effects for each characteristic conditional on the remaining characteristics are then used for the stochastic dominance analysis employing extended Kolmogorov–Smirnov tests of first‐order and second‐order dominance in distribution of income and consumption. The results provide a detailed and up‐to‐date picture of inequality and poverty by subgroup in Korea, which helps in targeting particularly vulnerable groups. While inequality in disposable income is found to be substantial, consumption inequality is less substantial. Households headed by the elderly, the uneducated, the divorced, the widowed, females, and those with health problems are found to be the most vulnerable groups.     

Investors’ preference towards risk: evidence from the Taiwan stock and stock index futures markets

We apply the stochastic dominance (SD) tests proposed by Linton et al. (2005) and Davidson and Duclos (2000) for risk averters and risk seekers to examine investors’ preferences with respect to the Taiwan stock index and its corresponding index futures. We find that there is no first‐order SD relationship between Taiwan spot and futures. However, for second‐ and third‐order SD, we find that spot dominates futures for risk averters whereas futures dominates spot for risk seekers. The implication is that to maximize their expected utilities, risk averters prefer to buy stocks, whereas risk seekers prefer long index futures.