Corruption and Tourism: An Empirical Investigation in a Non‐linear Framework

This article investigates the effect of corruption on tourism demand for a panel of countries during 1999–2009 by using panel least square and fixed effects regressions. Prior research has considered only the linear effects of corruption on tourism. We examine the relationship between corruption and tourism in a non‐linear framework after controlling for economic and heritage factors. The findings suggest that corruption has a significant effect on tourism demand and that this effect is non‐linear. Copyright © 2014 John Wiley & Sons, Ltd.     

基于多源数据的环长株潭城市群县市区活跃度测度与分析

了解一个城市群内各县(市)区的活跃度可以为该城市群服务设施的配置及等级结构的优化提供依据。基于环长株潭城市群夜间灯光数据、客流量数据以及新浪微博签到数据,利用数理统计分析,对环长株潭城市群内64个县(市)区的活跃度进行测度,并对经济活跃度和人口活跃度的组合状况进行分类分析。结果显示:长沙市内五区的活跃度居前五位,而距离各中心城区较远的县市区活跃度较低,总体上呈中心-外围的圈层分布,且具有沿轴向扩展与多极点并存的空间分布格局;核心区的经济活跃度与人口活跃度基本一致,而外围区则不一致;从经济活跃度和人口活跃度的组合关系来看,表现出高-高、高-低、低-高及低-低等4种类型。     

一种资产定价过程中跳辨识的新方法

文章主要基于AitSahalia(2002)关于金融数据中跳(Jump)的研究,对跳的性质作进一步的探索并加以推论,同时采用IMSE(InferiorMeanSquaredError)作为分离跳的标准,选择出恰当的(λ,α,Δ)仨,达到辨识金融数据中跳的目的。     

Disaggregate Real Exchange Rate Behaviour

In this paper, we re-examine the “PPP Puzzle” using sectoral disaggregated data. Specifically, we first analyse the mean reversion speeds of real exchange rates for a number of different sectors in 11 industrial economies and then focus on relating these rates to variables identified in the literature as key determinants of CPI-based real exchange rates, namely: the trade balance, productivity and the mark up. In particular, we seek to understand to what extent the relationships existing at the aggregate level are borne out at the disaggregate level. We believe that this analysis can help shed light on the PPP puzzle.

不同的政策不确定性对股市波动影响相同吗?

本文基于多因子混频波动率模型,研究经济政策不确定性对股市行业波动的影响,为预防出现结构性断点,将样本分为经济增长和经济平稳两个时期,分别探讨两个时期内经济政策不确定性对股市波动的影响。研究发现,在全样本时期货币政策不确定性会显著增强行业波动,贸易和外汇政策不确定性会抑制行业波动,而财政政策不确定性的影响存在行业差异性;子样本结果显示,贸易政策不确定性对行业波动的影响存在非对称性,在经济增长期存在助推作用,在经济平稳期存在抑制作用;同时行业波动在经济增长期对贸易政策反应敏感,在经济平稳期对财政政策反应敏感。     

Do German Welfare‐to‐Work Programmes Reduce Welfare Dependency and Increase Employment?

Abstract. During the last decade, many Western economies reformed their welfare systems with the aim of activating welfare recipients by increasing welfare‐to‐work programmes (WTWP) and job‐search enforcement. We evaluate the short‐term effects of three important German WTWP implemented after a major reform in January 2005 (‘Hartz IV’), namely short training, further training with a planned duration of up to three months and public workfare programmes (‘One‐Euro‐Jobs’). Our analysis is based on a combination of a large‐scale survey and administrative data that is rich with respect to individual, household, agency level and regional information. We use this richness of the data to base the econometric evaluation on a selection‐on‐observables approach. We find that short‐term training programmes, on average, increase their participants' employment perspectives. There is also considerable effect heterogeneity across different subgroups of participants that could be exploited to improve the allocation of welfare recipients to the specific programmes and thus increase overall programme effectiveness.     

地方财政科技投入与经济增长关系的面板协整分析

基于面板数据的协整分析方法,对江苏13个地级市的地方财政科技投入与地方经济增长的关系进行了实证分析。结果表明,1996～2008年间,地方财政科技投入对地方经济增长存在长期稳定正相关关系,但财政科技投入对经济发展的影响在各个地区存在着较大的差异。因此,提出实行倾斜的政策可以提高江苏科技资源的使用效率,从而促进江苏经济的进一步发展,为缓解区域经济的差异提出一些政策建议。     

基于DEA方法的上市公司财务治理效率评价

股权分置改革对中国资本市场和上市公司的影响深远。通过几年的实施,上市公司的财务治理发生了根本性的变化。为了衡量股权分置改革对上市公司财务治理的影响,使用数据包络分析法（DEA方法）计算评价公司财务治理的效率,明确影响财务治理的主要因素：机构持股,第一大股东持股,债权人治理,高管薪酬,独立董事制度。它们分别从财务治理结构、财务治理机制等方面影响财务治理效率,应成为公司改善财务治理的着手点。     

基于梳状导频分布的OFDM信道估计改进算法

提出了基于梳状导频分布的OFDM信道估计的改进算法,分别在基于频域（DFT）和时 域（IDFT）的迫零内插算法的基础上运用了数据翻转的思想。该算法可以大大地减少DFT/ID FT变换时所产生的边缘效应,并且通过优化边缘位置的估计性能来提升整个OFDM信道估计的 精确度。仿真结果表明,该算法相比经典算法在性能上有较大提升。