Habit Formation in an Overlapping Generations Model with Borrowing Constraints

We introduce habit‐formation in the three‐period OLG borrowing‐constrained framework of Constantinides et al. (2002) by allowing the utility of the middle‐aged (old) to depend on consumption when young (middle‐aged). This specification enables us to separate the effect of the two habit parameters (middle‐aged and old) since each representative age‐group can face different levels of habit persistence. The two‐habit setup underlines some important issues with regards to savings and security returns which do not always conform to the standard findings in the literature. In addition, the model produces equity premium consistent with US data for relatively small levels of risk aversion.     

我国商业银行操作风险及其防范对策探析

操作风险是当前我国商业银行面临的主要风险之一，在很大程度上影响了我国银行业的经营安全和竞争力。通过对我国商业银行操作风险现状的分析及其与国际银行的比较，揭示了我国商业银行操作风险的特点及其与国际银行操作风险在表现形式上的差异；在对上述现象成因分析的基础上，为我国商业银行操作风险的防范与控制提出了措施和政策建议。     

武定县走马地矿段铜矿成矿条件及找矿方向

武定地区区域矿产资源极丰富,矿区经过40多年的勘查,共发现各类矿点百余个,综合研究表明,武定县平地~左所铜矿床类型以"东川式"铜矿最重要,分布在金钟罩、鸡冠山、油基田、周家箐、走马地、黄龙河、牛德庄等地;次为稀矿山式,主要在蒿枝地,走马地等地。"东川式"铜矿:落雪组底部过渡层,"稀矿山式"铁铜矿:因民组下部,同生断裂旁侧,古火山机构中的火山洼地,火山旋回的中上部,富含Na2O的细碧角斑岩系,硅质岩、萤石岩、钠长岩等喷流岩以及黑云母、绿泥石火山凝灰岩的分布区。     

War and economy. Rediscovering the eighteenth-century military entrepreneur

Abstract

The detrimental effects traditionally assigned to warfare in the development of pre-industrial economies have obscured the prominent role that military entrepreneurs played in economic development in this period. Historiography minimises the extent to which war and the concomitant strengthening of the central state provided a whole new range of opportunities for capital investment, a tendency that has been strengthened by the paradigm of Redlich’s ‘decline of the soldier-entrepreneur’ and the technological determinism of the debate on the Military Revolution among others. The aim of this introduction is to look into the background of this relative lack of interest and to reaffirm the mutual dependence of eighteenth-century state-formation and the business of war.     

Devaluation, Capital Formation, and the Current Account

This paper re-examines the effects of devaluation and a rise in the rate of devaluation on capital formation and the current account in an optimizing monetary model of a small open economy with endogenous labor, investment with adjustment costs, and perfect capital mobility. It is shown that devaluation leads to capital accumulation and a current-account deficit in the long run and during the adjustment process, whereas a rise in the rate of devaluation has an ambiguous impact on capital formation and the current account depending on the relationship between consumption and real balances in the utility function. If consumption and real balances are separable or complements, then a rise in the rate of devaluation produces capital decumulation and a current-account surplus in the long run as well as on the transition path. These results stand in sharp contrast with Calvo (1981). JEL Classification Numbers: F41     

开放经济条件下企业吸收能力形成机制研究

在开放经济条件下,外商直接投资的技术溢出对内资企业吸收能力有很大的影响。实证结果表明,外资部门的技术溢出具有正向外部性,而R&D经费投入与外资技术溢出的配合却起到了抑制作用,但行业差异是存在的。因此在引资政策和经费支持政策方面,应有差别,同时完善相应的技术创新机制。     

Another look at long memory in common stock returns

We apply the modified rescaled range test to the return series of 1,952 common stocks. The results indicate that long memory is not a widespread characteristic of these stocks. But logit models of the event of a test rejection reveal that rejections are linked to firms with large risk-adjusted average returns. The maximal moment of a return distribution is also found to influence the event of a rejection, but not in a way suggestive of moment-condition failure. Evidence suggestive of survivorship bias is also uncovered. We conclude that there is some evidence consistent with persistent long memory in the returns of a small proportion of stocks.     

基于TRIZ理论对企业核心竞争力内在形成机理的研究

对核心竞争力内在形成机理的把握影响着核心竞争力管理实践的可操作性。企业核心竞争力由能力元和能力架构组成。在不同的系统环境中,能力元在能力框架的作用下按照路径依赖得到不断的结合与演变,最终演变为企业的核心竞争力。把握核心竞争力的内在形成机理有助于企业提高核心竞争力的管理水平。     

杭州西湖景区免费模式的实质及可复制性分析

杭州西湖景区免费模式为我国景区免费开放提供了一个成功案例,开辟了景区经营管理的新路径。文章在解读西湖景区免费模式实质的基础上,分析了复制西湖景区免费模式需具备的条件,并提出可复削西湖景区免费模式的景区类型,旨在为其他景区因地制宜地进行景区经营策略制定与模式选择决策提供切实可行的借鉴。     

中国物流行业存在的主要问题分析

当前,我国物流业处于快速增长期,对于提高国民经济增长质量和效益的作用日益明显。但是,物流业发展面临着许多问题:物流成本居高不下,物流效率低,物流市场散乱,物流企业散、小、弱,生存环境差,复杂的税费机制、不尽合理的财税体制、不同环节的重复纳税,名目繁多的路桥费和罚款、仓储难等问题困扰着物流业。政府应积极作为,制定切实有效的政策,建立完善的物流体系,构建健康的物流生态环境,促进物流业快速发展。