Does foreign investor demand for information affect forecast accuracy? Evidence from the Chinese stock markets

Prior international accounting studies have examined mainly the supply side of analyst research. Specific trading rights and financial reporting systems in China provide a unique opportunity to test both demand and supply factors of analyst information. For shares traded only by less-informed foreign investors, the increased information demand may create incentives for analysts to exert greater efforts than for shares traded by local investors. This study provides evidence that analyst effort (proxied by analyst coverage) and expertise (proxied by consensus cross-analyst forecast variability) affect forecast accuracy more significantly for shares traded by foreign investors than for shares traded by local investors. Additionally, I find that the relation between analyst characteristics and relative forecast accuracy is stronger for shares traded by the foreign investors. The findings are consistent with analysts responding to demands for information by less-informed investors.     

Option strategies: Good deals and margin calls

We provide evidence that trading frictions have an economically important impact on the execution and the profitability of option strategies that involve writing out-of-the-money put options. Margin requirements, in particular, limit the notional amount of capital that can be invested in the strategies and force investors to close down positions and realize losses. The economic effect of frictions is stronger when the investor seeks to write options more aggressively. Although margins are effective in reducing counterparty default risk, they also impose a friction that limits investors from supplying liquidity to the option market.     

Interaction of size,book‐to‐market and momentum effects in Australia

This study seeks to disentangle the effects of size, book‐to‐market and momentum on returns. Initial results show that each characteristic has a role in explaining returns, but that there is interaction between size and momentum, as well as between size and book‐to‐market. Three key findings emerge. First, the size premium is the strongest, particularly in the loser portfolios. Second, the value premium is generally limited to the smallest portfolios. Third, the momentum premium is evident for the large‐ and middle‐sized portfolios, but loser stocks significantly outperform winner stocks in the smallest size portfolio. When these interactions are controlled with multivariate regression, we find a significant negative average relation between size and returns, a significant positive average relation between book‐to‐market and returns, and a significant positive average relation between momentum and returns.     

我国应对反倾销的主要对策

我国对外贸易不断发展,涉及我国的反倾销案件也不断上升,这已成为制约我国对外贸易发展的一个主要因素。我国已成为世界上反倾销的最大受害国,必须采取有效的对策积极应对反倾销,以保证对外贸易的可持续发展。     

1997—2008年青岛市农地非农化过程与效果实证研究

研究目的:研究青岛市1997—2008年间不同经济增长阶段农地非农化特征,探讨影响农地非农化因素的差异性,估算农地非农化对经济增长的贡献率以及对产业结构变动的作用。研究方法:采取实证研究,运用对比分析,建立灰色关联模型、柯布—道格拉斯生产函数和环境库兹涅茨曲线。研究结果:(1)青岛市农地非农化过程具有显著阶段性特征;(2)建设用地增加与相关经济社会数据关联度普遍不高,且极差较小;(3)建设用地增量对二三产业增加值贡献率远低于固定资产投资;(4)农地非农化趋势具有典型的环境库兹涅茨曲线特征。研究结论:强化土地利用总体规划的空间约束力,加强土地利用年度计划对农地非农化的引导,合理把握农地非农化节奏,加大农转用批后监管力度,盘活存量和批而未供土地,避免农地的过度非农化。     

An empirical assessment of the value of irrigation water: the case study of Murrumbidgee catchment*

Evaluation of value of irrigation water is essential for supporting policy decision making relating to investments in the irrigation sector, efficient allocation of irrigation water and water pricing and for crafting policies to compare the variable impacts of water reform within and across sectors of the economy. This paper asks the question of how much an established irrigator would pay for water and at what price farmers planning to expand the area they have under irrigation would consider paying for the right to access water. An analytical framework is developed to estimate the net present value of both annual and perennial agricultural activities in the Murrumbidgee catchment. Using these estimates the total value of water used in Murrumbidgee catchment is estimated. An aggregate water supply curve is derived for the catchment from where water may be acquired from irrigators for environmental flows.     

‘Amsterdam is Standing on Norway’Part I: The Alchemy of Capital,Empire and Nature in the Diaspora of Silver, 1545–1648

In the first of two essays in this Journal, I seek to unify the historical geography of early modern ‘European expansion’ (Iberia and Latin America) with the environmental history of the ‘transition to capitalism’ (northwestern Europe). The expansion of Europe's overseas empires and the transitions to capitalism within Europe were differentiated moments within the geographical expansion of commodity production and exchange – what I call the commodity frontier. This essay is developed in two movements. Beginning with a conceptual and methodological recasting of the historical geography of the rise of capitalism, I offer an analytical narrative that follows the early modern diaspora of silver. This account follows the political ecology of silver production and trade from the Andes to Spain in Braudel's ‘second’ sixteenth century (c. 1545–1648). In highlighting the Ibero‐American moment of this process in the present essay, I contend that the spectacular reorganization of Andean space and the progressive dilapidation of Spain's real economy not only signified the rise and demise of a trans‐Atlantic, Iberian ecological regime, but also generated the historically necessary conditions for the unprecedented concentration of accumulation and commodity production in the capitalist North Atlantic in the centuries that followed.     

浅析债转股对企业改革的影响

债权转股权是金融资产管理公司作为投资主体,将商业银行原有的不良信贷资产转为金融管理公司对企业的股权．以及国家开发银行对企业的股权,是由原来的债权债务关系,转变为金融资产管理公司和国家开发银行与实施债权转股权企业之间的持股与被持股或控股与被控股的关系。但是,并非所有国有企业都符合债转股条件,债转股对具体企业也不是都有利。影响转股的因素最重要的是转债条款。     

基于社会资本理论的农民灌溉水价支付意愿影响因素分析模型

从社会资本角度定量研究农民灌溉水价支付意愿影响因素,采用信任指数和互助指数对社会资本进行量化,结合开放式和二分式问卷格式,改进了获得农民灌溉水价支付意愿相关数据的引导技术,并采用多元线性回归方法建立了农民灌溉水价支付意愿影响因素定量分析模型。以皂河灌区为研究区域,通过问卷调查收集基础数据,采用提出的模型分析了各因素对农民灌溉水价支付意愿的影响情况。结果表明:社会资本是影响农民灌溉水价支付意愿的重要因素之一;农户主要劳动力人数、耕地面积、供水及时性、管水者工作能力等因素对农民灌溉水价支付意愿也具有显著影响。灌溉水价的改革,应重视农民社会资本并提高灌区供水服务水平等。     

中国式现代化视域下的城乡融合发展研究展望

党的二十大以来,中国式现代化视域下的城乡融合发展研究不断深化和拓展,不仅探讨了城乡融合发展的时代内涵、目标任务、实践基础、短板约束与推进路径,还针对县域城乡融合发展及城乡产业融合发展、数字城乡融合发展等进行了深入分析,并结合中国式现代化的特征及其他重要内容展开了拓展研究。还需要进一步加强中国式现代化视域下的城乡融合发展研究,并从以下方面提升研究质量：一是加强实地调研研究,探索构建城乡融合发展的专业数据库;二是积极开展城乡融合发展的转型研究,探索从“物的融合”到“人的融合”的转换路径;三是深化城乡融合发展细分领域的研究,重视城乡融合发展的经验总结和模式推广。