The Development of Community Tourism： A Relational View of Development Economics

By adopting the research method of documentary research, combining the related theory of development economics, and starting with the concept of community tourism, this paper brings forward the ＂Dual Structure＂ and the Kuznets Hypothesis of community tourism, and defines ＂the game theory＂ between the residents of community and tourists, as well as the increasing relationship between the per capita tourism income of community and the Geordie Modulus of community. Conclusively it puts forward the way of developing the tourism and community harmoniously, namely, taking the human as the dominant factor and being joined by the community.     

现有人性假设理论的缺陷与东方人性假设理论构建的必要性

管理的理论、方法和实践都是以一定的人性假设为前提的。人性假设理论的发展推动管理研究范式和内容的转换。本文在对西方人性假设理论进行综述和评价的基础上,指出人性假设思想发展的演进逻辑和发展趋势。并从哲学的视角反思西方人性假设的潜在缺陷。最后结合东方社会和历史的大环境,提出在西方人性假设理论的基础上应充分挖掘中国传统思想精华,构建更符合东方人特质的人性假设理论,为建立东方管理理论和总结东方管理实践提供理论支撑。     

关于公有经济收入差别倒U理论的讨论与验证(上)

在经济发展方式逐步从增长型向分配型、从生产型向消费型、从建设型向民生型转变的过程中,回顾和总结学术界关于居民收入分配差别的讨论显然是必要的。文章从多个方面回顾、分析和考察了"公有经济收入差别倒U理论"这一理论模型提出后的争论焦点及演变过程,包括围绕这一理论所讨论的主要内容,比如有关公有制经济与私有制经济条件的比较分析,有关劳动差别、劳动供求、剩余/生计比以及农村收入差别大于城镇差别等两部门内部各种因素的趋势、二元结构部门转换影响收入差别的讨论,有关国有资本积累及改革引起的民营资本积累、税收政策和体制改革对收入差别变动趋势的影响的讨论,以及这一理论在中国的验证等。分析表明,目前中国居民收入差别还在沿着公有经济收入差别倒U曲线的前半段逐步呈"阶梯形"上升,但上升的势头已经趋缓,并且个别方面比如城市化等因素导致的收入差别已经初现下降趋势。     

中国股票市场换月效应及其成因的实证研究

本文以上证指数和深成指数为研究对象,用ARMA—GARCH模型就换月效应在我国沪深两市的存在性及其成因进行了实证检验,结果发现换月效应在样本研究期间的沪深两个市场普遍存在,采用滚动样本检验进行的稳健性分析也支持这一结论。为了研究换月效应的成因,本文根据我国基金业的发展特征构造了相关的假设检验,结果发现我国股市的换月效应在证券投资基金出现之后显著增强,而在之后基金业较为规范的一个时期换月效应又有所减弱,表明窗饰假说对我国股票市场换月效应具有相当大的解释力。     

中国区域经济发展差距的趋势及其特征——基于GDP修正后的数据

本文主要利用第一次全国经济普查所提供的各区域GDP资料,研究了1952—2008年间,中国区域经济发展的差距、趋势及收敛状况。根据实证结果,本文发现:利用修正后GDP计算的变异系数要低于修正之前的;改革开放以后的区域差距要低于改革开放之前;1952年以来中国区域经济发展差距呈现Amos假说的周期性变化过程;较低经济发展水平和较高经济发展水平的区域分别在区域差距缩小和扩大的过程中起到了主要的作用;改革开放以来的区域差距符合收敛假说。     

Adaptive market hypothesis: The story of the stock markets and COVID-19 pandemic

Since the level of markets’ information efficiency is key to profiteering by strategic players, Shocks; such as the COVID-19 pandemic, can play a role in the nature of markets’ information efficiency. The martingale difference and conditional heteroscedasticity tests are used to evaluate the Adaptive form of market efficiency for four (4) major stock market indexes in the top four affected economies during the COVID-19 pandemic (USA, Brazil, India, and Russia). Generally, based on the martingale difference spectral test, there is no evidence of a substantial change in the levels of market efficiency for the US and Brazilian stock markets in the short, medium, and long term. However, in the long term, the Indian stock markets became more information inefficient after the coronavirus outbreak while the Russian stock markets become more information efficient. Intuitively, these affect the forecastability and predictability of these markets’ prices and/or returns. Thereby, informing the strategic and trading actions of stock investors (including arbitrageurs) towards profit optimization, portfolio asset selection, portfolio asset adjustment, etc. Similar policy implications are further discussed.     

Bank Competition and its Determinants: Evidence from Indian Banking

Abstract

This paper measures the degree of bank competition in India using a sample of 70 commercial banks over the period 1996–2016. To assess the degree of competition, we estimate the market power of each bank in our sample employing three nonstructural measures: the Lerner index, the adjusted Lerner index, and the Boone indicator. Bank-wise and year-wise estimates of the marginal cost required in all these measures are obtained using the semi-parametric method. The paper further attempts to undertake a comprehensive assessment of competition in Indian banking and identifies various bank-specific, macroeconomic, structural, and contestability indicators, which are supposed to explain level and variation of the degree of competition over time. Empirical findings reveal that public-sector banks in India exercise a relatively higher degree of bank competition compared to private and foreign-sector banks. However, aggregate results support that the Indian banking system is competitive in general. Unlike the structure-conduct-performance paradigm, which advocates that a concentrated banking system impairs competitiveness, our findings reveal that concentration measures hardly exert any effect on bank competition. Rather, contestability measures play a significant role in the determination of bank competition.     

Developing and validating a Chinese cultural value scale in tourism

Chinese cultural values are important in understanding Chinese tourists’ behaviour. However, the literature is void of a relevant scale measuring Chinese cultural values in tourism. This research aims to develop and validate a Chinese cultural values scale in tourism (abbreviated as CCV-T). Following a rigorous scale development procedure and applying multi-stage studies, the research identified a 5-factor measurement scale of CCV-T, composed of 17 items with sufficient reliability and validity. The five Chinese cultural value factors are Leisure and Life Enjoyment (LLE), Filial Piety and Relationship (FPR), Self-fulfilment, Righteousness, and Humanity. The CCV-T scale provides a simplified and holistic structure measuring tourism-related Chinese cultural values. This research provides a solid base to further understand the relationships between Chinese cultural values and tourist behaviour.     

对中国股票市场费雪效应及相关“波动性假说”的检验

本文利用我国1991年1月到2007年12月的月度数据对我国股票市场实际通货膨胀与股票收益的关系进行了实证分析,结果发现:与费雪效应相反,我国通货膨胀率与股票收益呈负相关关系,而且在对解释这种负相关关系的波动性假说(the Variability Hypothesis)的检验中,发现该假说能够解释我国股市股票收益与通货膨胀之间所呈现的这种负相关关系。