Hedging Housing Risk in London

This paper investigates the benefits of allowing households to compensate the portfolio distortion due to their housing consumption through investments in housing price derivatives. Focusing on the London market, we show that a major loss from over-investment in housing is that households are forced to hold a very risky portfolio. However, the strong performance of the London housing market means that little is lost in terms of expected returns. Even households with limited wealth are better off owning their home rather than renting and investing in financial assets, as long as they are willing to face the financial risk involved. In this context, access to housing price derivatives would benefit most poor homeowners looking to limit their risk exposure. It would also benefit wealthier investors looking for the high returns provided by housing investments without the costs of direct ownership of properties. Comparisons with French, Swedish and U.S. data provide a broader perspective on our findings.     

河北省工业经济运行分析

本文运用经济效益综合指数法,对河北工业经济运行进行分析。     

中国商务中心区区位分布研究

明确传统商务中心区与现代商务中心区的内涵,归纳商务中心区发展的三种模式,提出了理想的商务中心区发展模式是市场和政府有限引导共同作用的二元驱动模式。在世界范围内将商务中心区划分为四个等级,建立了建设和发展商务中心区满意度的评价指标体系。选择了26个有代表性的城市作为样本城市,采用聚类分析法,将样本城市划分为四大类别。提出了在中国现阶段商务中心区可能的区位分布是:上海、北京、广州和重庆,而其他城市的商务中心区可以考虑建设成为传统商务中心区。最后,进行了商务中心区合理布局的对策分析。     

The Dynamics of Location in Home Price

It is well established that house prices are dynamic. It is also axiomatic that location influences such selling prices, motivating our objective of incorporating spatial information in explaining the evolution of house prices over time. In this paper, we propose a rich class of spatio-temporal models under which each property is point referenced and its associated selling price modeled through a collection of temporally indexed spatial processes. Such modeling includes and extends all house price index models currently in the literature, and furthermore permits distinction between the effects of time and location. We study single family residential sales in two distinct submarkets of a metropolitan area and further categorize the data into single- and multiple-transaction observations. We find the spatial component is very important in explaining house price. Moreover, the relative homogeneity of homes within the submarket and the frequency with which homes sell affects the pattern of variation across space and time. Differences between single and repeat sale data are evident. The methodology is applicable to more general capital asset pricing when location is anticipated to be influential.     

房地产企业开发经营绩效的影响因素研究

在分析房地产开发经营过程中关键价值活动的基础上，深入研究影响房地产开发经营绩效的四大因素：规划设计、施工质量、营销策划和物业管理的基本内容，以及其指标体系。以大最的数据调查为依据，对四大影响因素与房地产开发经营绩效关系模型的进行分析，为房地产开发企业的经营战略提供积极的指导价值。     

管输天然气的质量指标及其标准化

阐述了管输天然气质量指标的基本原则，国际标准化组织天然气技术委员会(ISO／TC193)对气质指标的规定．强制性国家标准(GB17820—1999)的规定。指出管输天然气硫化氢含量和水露点对管道内腐蚀的影响，提出由体积计量向能量计量过渡的技术要求．     

Financial Imbalance Index as a New Early Warning Indicator： Methods and Applications in the Chinese Economy

Based on the stylized facts of financial crises and systemic risk accumulation, this paper constructs a new financial imbalance index （FII） from the perspective of endogenous financial cycles and assesses its application in China＇s macro-financial analysis. The results show that the FII is not only an effective index to detect financial imbalances in China＇s economic cycles, but is also more accurate than and plays more of a leading role than conventional indicators, such as the consumer price index, the financial conditions index and the purchasing managers indicator. Empirical analysis shows that the FII can be used as an effective indicator to measure systemic financial risk, and can provide policy-makers and market participants with useful information to make appropriate decisions.     

Soft drink prices,sales, body mass index and diabetes: Evidence from a panel of low-, middle- and high-income countries

We take advantage of four different cross-country datasets containing data on 78 countries for the period 1999–2014, in order to assess the relationship of carbonated soft drinks’ sales, as well as their prices, with body mass index (BMI), overweight, obesity and diabetes. Using an ecological study design and multivariate regression longitudinal estimation approaches, we find that carbonated soft drink sales were significantly positively related to BMI, overweight and obesity – but only in the low and lower-middle income countries. This finding was robust to a number of sensitivity and falsification checks. In this sub-sample, an increase in per capita soft drink sales by 1 litre per year was related to an increase of BMI by about 0.009 kg/m² (p < 0.1).. This is a small effect, implying that halving annual consumption per capita in this group of countries would result in a drop of BMI by only about 0.03 kg/m². Although soft drink prices were negatively related to weight-related outcomes in the sample of higher middle income and high income countries, this finding was not robust to falsification checks. The results thus suggest that sales restrictions to steer consumers away from soft drinks could indeed have a beneficial health effects in poorer countries, although the effect magnitude appears to be very small. However, given potential limitations of using ecological research design, results from individual level studies would be required to further ascertain the role of soft drink sales and prices in obesity and diabetes.     

基于模糊综合评价法的中小物流企业人力资源战略开发评价-以K公司为例

根据人力资源这一开发要素自身的特点，要进行人力资源的战略开发，就要根据科学的开发原则，制定定性与定量相结合的开发指标体系，从而进行科学有效的人力资源战略开发活动，增强企业的人才竞争力。