Central Region:The Next Destination?

A new set of policies for processing trade were jointly imple mented by China's Ministry of Commerce and General Customs Office last year,with the goal of promoting trade balance,relieving the sharp contrast in China's huge trade surplus,as well as pushing forward with the improvement and transformation of the industry.     

Cost of capital: spot rate or forward rate?

In this study, we intend to reveal some problems with the classic valuation method – the weighted average cost of capital (WACC) method. We first address a fundamental question about WACC, that is, should WACC be interpreted as a spot rate, a forward rate or any kind of average of either of them? We show that the nature of WACC is the expected forward rate. We next demonstrate that without understanding this nature, we may misinterpret the famous MM formula and MM Proposition II, as well as develop incorrect valuation framework. Our findings provide insightful implications to academia and practitioners for the proper interpretation and implementation of the WACC method.     

功率约束下的星地协作网络中断概率分析

针对星地协作网络，考虑中继节点转发卫星节点信号时会受发射功率和干扰功率约束，提出了一种基于中继节点与目的节点间链路最大信噪比准则来选择中继节点的放大转发部分中继选择策略。在卫星链路遭受阴影莱斯衰落和地面链路遭受瑞利衰落情况下，推导出系统中断概率下界的闭合表达式。仿真结果表明了理论分析的正确性，并展示了不同阴影莱斯信道参数、不同中继数目、不同功率约束对中断概率的影响。     

快衰落信道条件下无线中继系统波束形成方案

随着设备小型化的发展趋势,天线间距较小,信道具有相关性;且假设发射端处于高速移动状态,无法获得完全信道状态信息,只能根据部分信道状态信息设计发射端波束形成方案。针对发射端和接收端配置多天线的固定增益放大转发无线中继系统,以最大化接收端信噪比为准则,设计了基于部分信道状态信息的波束形成方案,推导了系统中断概率和平均误符号率的闭合表达式,通过仿真验证了性能分析的有效性和所设计方案的优越性。在平均误符号率为10-2、相关系数为0.8时,所提方案比反馈信道状态信息的方案节约1.6 dB的信噪比。     

基于格兰杰和GARCH模型对人民币即期与远期引导关系的研究

采用格兰杰分析方法对2011年6月27日至2013年12月31日期间共919对人民币兑美元境内远期、香港离岸远期对境内即期汇率的引导作用进行研究,结果表明,境内远期市场和香港离岸市场的部分远期汇率对境内即期汇率有引导作用。其次使用GARCH模型检验,两个远期市场对境内即期汇率都有一定的溢出效应,且期限越小的远期汇率溢出效应越明显,香港离岸市场比境内远期市场溢出效应更明显。     

国外有关农业合作化的研究暨对当前发展农业合作组织的启示

从20世纪50年代初持续到70年代中期的中国农业合作化运动引起了国内外学者强烈的研究兴趣,在梳理和总结关于农业合作化文献的基础上发现国内外学者认为,农业合作化与1959—1961年的农业危机之间的关系有食物供应量的下降、食物获取权的丧失以及制度因素的三种解释。     

“共同富裕”的实践探索与理论反思

“共同富裕”作为社会主义的根本原则和内在要求,是社会主义优越性最集中的体现。新中国成立后我们党一直坚持走“共同富裕”道路,经历了从追求“同步富裕”到探索“先富带后富”的实践历程。面对全国居民收入差距日益扩大的现实,我们必须从理论上深入研究并阐释实现“共同富裕”的重要性和长期性,既要吸收和借鉴国外的有益经验,同时也要坚持中国特色社会主义的道路自信、理论自信和制度自信。只有彻底反思“共同富裕”实践探索中出现的新问题,才能找准全面深化改革的切入点,不断完善“共同富裕”的带动机制和保障机制,坚定不移地朝着“共同富裕”方向稳步前进。     

Do Intra-Household Effects Generate the Food Stamp Cash-Out Puzzle?

Previous empirical studies have noted the higher marginal propensity to consume food out of food stamps in the United States, compared to that out of cash income. Analyzing data from U.S. Food Stamp Program participants, we find evidence that this discrepancy may be driven primarily by the behavior of multiple-adult households. Single-adult households show no evidence of any discrepancy. Thus, our results suggest that food stamp and cash income (welfare or market) may have very different impact on the intra-household allocation process, and that this is reflected empirically in the cash-out puzzle.     

The Term Structure of Implied Forward Volatility: Recovery and Informational Content in the Corn Options Market

Using a flexible method, we develop the term structure of volatility implied by corn futures options with differing maturities, and evaluate its ability to predict subsequent realized price volatility. The implied forward volatilities anticipate realized volatility well. For the nearby interval, the implied forward volatilities provide unbiased forecasts, and are superior to forecasts based on historical volatilities. For more distant intervals, early-year options predict the direction and magnitude of future volatility changes about as well as a three-year moving average and better than a naïve forecast. However, later-year options display less forecast power in part due to reduced trading activity.     

FDI的水平与垂直溢出效应——以长三角二省一市为例

利用2000—2007年长三角地区两省一市27个制造业细分行业的面板数据,实证检验了FDI对内资企业的水平溢出、后向溢出和前向溢出效应,分别就FDI对长三角地区整体和江苏、浙江和上海不同地理单元的27个制造业整体及不同类型组(高、中、低技术产业组)的溢出效应进行实证检验。结果显示,长三角地区、江苏、浙江和上海的FDI都对内资企业具有正的后向溢出效应和负的前向溢出效应,江苏和浙江的FDI的水平溢出效应为正,上海的FDI的水平溢出效应为负。