阳光银行小额信贷模式:基于外部性理论的分析

本文以阳光银行为例,从经济学角度探讨了小额信贷外部性影响的解决途径。阳光银行对发展中国家小额信贷发展具有极强的示范效应：小额信贷机构只要设计有效降低贷款成本和控制小额信贷风险的机制,诱导更多借款人进入小额信贷市场,最终就可以实现小额信贷市场私人成本与社会成本的一致,提供社会理想状态下的小额信贷供给。     

RECENT DEVELOPMENTS IN COUNT DATA MODELLING: THEORY AND APPLICATION

Abstract. This paper deals with statistical methods for modelling individual behavior when the endogenous variable is a nonnegative integer. Examples are the number of children, the number of job changes or the number of shopping trips in a given period. Several approaches—Poisson, robust Poisson, negative binomial (NEGBIN), NEGBIN _k , hurdle Poisson, truncated-at-zero Poisson—are discussed with a focus on specification, estimation, and testing. An application to labor mobility data illustrates the gain obtained by carefully taking into account the specific structure of the data.     

运算放大器负反馈四种拓扑结构原理探秘

基于运放的负反馈电路有四种拓扑结构:电压串联负反馈放大电路,电压并联负反馈放大电路,电流串联负反馈放大电路,电流并联负反馈放大电路。本文将深入讨论四种拓扑结构的原理。     

抽油机负功与电机功率测试仪表的合理选择

分析了抽油电机负功率的成因，通过实例说明了有负功率时不同的测量仪器对抽油机电机输入功率测量精度的的影响，并提出了一些地油田电能平衡测试工作具有一定的指导意义。     

互联网沟通与股价崩盘风险

本文采用2010年第1季度—2015年第3季度深交所上市公司作为研究对象,对“互动易”问答平台上企业与投资者沟通的内容与股价崩盘风险之间的关系进行了研究,具体而言,研究投资者提问以及董秘回复的负面语气是否能够降低相应公司股价崩盘风险。研究发现：首先,投资者提问的负面语气能够显著降低公司的股价崩盘风险,董秘回复的负面语气则与股价崩盘风险不相关。其次,机构投资者持股比例较高或持股户数较多的股票,公司股价崩盘风险与投资者提问的负面语气之间的负向关系更强。此外,进一步的分析表明,投资者提问的语气越负面,机构投资者下期的持仓越小,越倾向于卖出股票,且投资者提问的负面语气能够显著地降低信息不对称;投资者正面语气与股价崩盘风险之间不存在显著的相关性。本文为管理层与投资者信息交流机制方面的研究以及股价崩盘风险方面的文献提供了有益的补充。     

美国“资产建设”对消减我国城市低保“负激励效应”的启示

中国现行的城市低保制度虽然取得了不小的成就,但也面临负激励效应等问题。"资产建设"是国际社会反贫困的一种新政策,对于消减我国城市低保制度的负激励效应具有重要价值。我国应尽早引入"资产建设",用制度方式鼓励低保人员积累资产、增加收入,争取早日脱贫退出低保。     

稠油套变漏失井冲砂技术研究

稠油套变漏失井冲砂是井下作业施工的难题,在统计了大量的套变井变化情况基础上,开发了变向油管负压冲砂技术,该技术采用特殊加工的接头将短油管连接在冲砂管柱底部,起到保护油层作用。     

Looking Attractive until You Sell: Earnings Management,Lockup Expiration,and Venture Capitalists

Earnings management occurs when managerial discretion allows managers to influence reported earnings and thus mislead some investors about the underlying economic performance and quality of the firm. This study considers how potential investors may guard against earnings management by observing negative stock price reaction at the lockup expiration period of initial public offering (IPO) firms as a negative signal. Findings from a sample of 160 newly public firms show that earnings management behaviour is stronger in IPO firms backed by venture capitalists (VCs). Moreover, VC reputation negatively moderates this relationship such that IPO firms backed by reputable VCs are less likely to manage earnings, suggesting that reputable VCs serve an auditing function following an IPO. Overall, we provide insights into signalling theory by examining negative signals arising from the behaviour of multiple agents in an IPO firm.     

FATF规则下寿险信托洗钱与恐怖融资风险防治

基于FATF有关“信托与公司服务提供者”的反洗钱及反恐融资规则框架,初步讨论了人寿保险信托可能的洗钱及恐怖融资方式与风险因素,据此提出相应的防治策略,包括坚持风险为本的反洗钱及反恐融资理念、采取针对性的反洗钱及反恐融资措施、引入MOOC教学模式创新反洗钱及反恐融资培训手段等。     

Improving the productivity of vertisols in the Accra plains of Ghana using leguminous cover crops

The productivity of the Vertisols of the Accra plains is low, in spite of its high potential fertility. This could be attributed to physical constraints and low organic matter content. A study was conducted at the Agricultural Research Centre, Kpong, to assess the suitability of Mucuna pruriens, Mimosa invisa and Stylosanthes guianensis, in short fallows, for improving the fertility, physical properties, moisture conservation and weed control in the case of these soils. Mucuna had the highest biomass of 5.3tha^?1, as opposed to 4.1tha^?1 under natural fallow. The mucuna and stylosanthes biomass had comparatively higher total N values (240.75 and 203.51kgha^?1, respectively) than mimosa and natural fallow (152.46 and 162.74kgha^?1, respectively). Soil organic carbon, one year after the incorporation of cover crops, was found to be relatively higher under the cover crops (mucuna, stylosanthes and mimosa) than it was under natural fallow. Bulk densities were thus lower under the cover crops than they were under natural fallow. Also, soils under the cover crops had higher total porosity, water infiltration rates and moisture storage than they did under natural fallow. Weed cover, 115 days after planting maize, was significantly lower in plots previously under Mucuna pruriens than it was under natural fallow, Stylosanthes guianensis and Mimosa invisa. There was a negative linear correlation between cover crop biomass and weed density (R ² = 0.593–0.805). Grain and stover yields of maize were higher under Mucuna pruriens than they were under natural fallow (138 and 70 per cent higher, respectively). Burning of the natural fallow resulted in greater weed growth than when the material was worked into the soil (41 and 8 per cent, respectively). Grain yield was significantly greater under mucuna than it was under natural fallow (3.1 and 1.3tha^?1, respectively).