The Wealth Effect of Domestic Joint Ventures: Evidence from Taiwan

This study presents important international evidence by examining the wealth effect of domestic joint ventures by Taiwanese firms. In opposite to United States evidence, we find that announcements of domestic joint ventures by Taiwanese firms are, on average, associated with significantly negative abnormal stock returns. We also find that the stock market response to announced domestic joint ventures is significantly positively related to the announcing firms' investment opportunities, size of investment and debt ratio, and is significantly negatively related to the business relatedness variable. In contrast, free cash flow, firm size, relative firm size and managerial ownership are found to have no significant power in explaining the market response. Our results support the investment opportunities, synergy and complementarity hypotheses as well as a broad interpretation of the free cash flow hypothesis, but reject the absolute size, relative size and alignment-of-interests hypotheses. This study makes valuable contributions to the literature by providing the first direct evidence on the role of investment opportunities, synergy and alignment-of-interests in explaining the wealth effect of domestic joint ventures     

农村消费市场资源的资本化运作及制度安排

消费资本化理论使资本空间更具完备性,本文结合新制度经济学来探析农村消费市场资源的资本化运作构架。在考察我国农村居民生活消费现金支出的项目规模、管制现状和市场结构等多个特性后,分离出能够实现资本化运作的项目,并推演包括经营权特许机制、分税机制和混合机制在内的三项制度安排。     

粮食生产波动影响因素的实证分析——以江西省为例

本文以江西省为例,实证分析了江西省粮食波动状况及其影响因素,结论认为,政府的农业支出支持政策、农业劳动力的投入和粮食播种面积是影响粮食产出的主要因素。最后,本文提出了推动粮食持续、稳定发展的相关政策建议。     

The Variance Gamma Process and Option Pricing

A three parameter stochastic process, termed the variance gamma process, that generalizes Brownian motion is developed as a model for the dynamics of log stock prices. The process is obtained by evaluating Brownian motion with drift at a random time given by a gamma process. The two additional parameters are the drift of the Brownian motion and the volatility of the time change. These additional parameters provide control over the skewness and kurtosis of the return distribution. Closed forms are obtained for the return density and the prices of European options. The statistical and risk neutral densities are estimated for data on the S & P500 Index and the prices of options on this Index. It is observed that the statistical density is symmetric with some kurtosis, while the risk neutral density is negatively skewed with a larger kurtosis. The additional parameters also correct for pricing biases of the Black Scholes model that is a parametric special case of the option pricing model developed here.     

互联网对企业协同创新中知识增值的影响——软创新资源的作用

互联网环境下协同创新中的知识增值运行机制发生重大改变。从知识流视角出发,整合资源基础观与知识基础观,在完善软创新资源概念的基础上,通过对4个案例的深入探索,分析软创新资源各维度对协同创新知识增值的影响。结果表明,互联网的群智性、泛在性等特点可以孕育出软创新资源,进而影响协同创新中的知识增值。其中,软创新资源包括开放型信息资源、协同型关系资源、创新型文化资源以及技术型能力资源4个维度,并分别作用于知识获取、知识转移、知识创造和应用,从而实现知识增值。最后,针对如何最大程度地发挥互联网在促进知识增值方面的作用,提出相关建议。     

包容性发展:博鳌亚洲论坛“共赢”主题的深化

作为博鳌亚洲论坛2011年年会提出的新理念,"包容性发展"是论坛"共赢"主题的深化与升华,是解决亚洲经济结构性矛盾与发展不平衡性问题的新模式。亚洲各经济体只有在尊重多样文明的前提下,转变发展方式、分享发展机遇、深化区域合作,才能实现真正意义上的具有亚洲特色的"包容性发展"。     

长历时暴雨强度公式的推求方法

近年来,随着极端暴雨事件的出现,导致城市内涝灾害频繁发生,原有降雨历时仅为2h的市政排水设计暴雨强度公式已无法满足城市暴雨设计的需求,因此就要延长暴雨采样历时,推求出长历时(24h)暴雨强度公式。针对以上问题,根据北京市提供的52a(1961-2012)原始降雨资料并进行数字化处理,结合水利的长历时特点,采用兼顾市政排水,水利排涝,内涝防治的采样方法,应用P-Ⅲ分布曲线进行频率分析后采用6种经典方法推求暴雨强度公式的参数值,优选出误差最小且满足规范要求的暴雨强度公式参数值,进而推求长历时暴雨强度公式,在此基础上与短历时暴雨强度公式比较,分析两者的差异,为城市雨水排除规划设计提供科学依据和参考。