Downside Risk

Economists have long recognized that investors care differentlyabout downside losses versus upside gains. Agents who placegreater weight on downside risk demand additional compensationfor holding stocks with high sensitivities to downside marketmovements. We show that the cross section of stock returns reflectsa downside risk premium of approximately 6% per annum. Stocksthat covary strongly with the market during market declineshave high average returns. The reward for beasring downsiderisk is not simply compensation for regular market beta, noris it explained by coskewness or liquidity risk, or by size,value, and momentum characteristics. (JEL C12, C15, C32, G12)     

What Drives the Historical Formation and Persistent Development of Territorial States?

The importance of the length of state history for understanding variations in income levels and growth rates across countries has received a lot of attention in the recent literature on long‐run comparative development. The literature, however, is silent about its origins. This paper explores the determinants of statehood by considering the potential roles of an early transition to fully‐fledged agricultural production, the adoption of state‐of‐the‐art military innovations, and the opportunity for economic interaction with the regional economic leader. The results demonstrate that only the association between economic interaction and the rise and development of the state is statistically robust.     

Vulnerability,due process,and reform in modern Mexico

Constitutional Political Economy - In this paper, we examine the relationship between socioeconomic vulnerabilities and due process violations in contemporary Mexico, using a novel survey of...     

Private saving in India and Malaysia compared: the roles of financial liberalization and expected pension benefits

In this article, we provide a comparative account of the evolution of private saving in India and Malaysia, and analyze how policy changes in the financial sector and pension system help explain differences in their saving performance. Using the Autoregressive Distributed Lag (ARDL) bounds estimation procedure, we find a fairly robust long-run relationship between private saving and its determinants in both countries. Consistent with the predictions made in the life cycle model, our results indicate that higher income growth stimulates private saving and an increase in age dependency retards private saving. The results provide some support for the hypothesis that financial liberalization results in lower private saving in both countries. The evidence also indicates that expected pension benefits tend to stimulate private saving in India, but that the reverse is found in Malaysia.     

工业遗产推动城市可持续更新的杰出 案例：马萨诸塞州当代艺术博物馆 MASS MoCA

中国正面临工业遗产保护和城市可持续更新的双重 挑战。分析美国工业遗产再利用与城市复兴相结合的成功案 例——马萨诸塞州当代艺术博物馆MASS MoCA。MASS MoCA是通过当代艺术,推动位置偏远的中小型后工业城市 成功转型为区域文化创意产业集群发展中心的经典案例。认 为MASS MoCA成功的方法在于共享遗产理念下城市遗产与 城市更新的相互促进,即基于价值共享、空间共享、利益共 享下的可持续更新路径。MASS MoCA的案例研究将为我国 以文化创意为导向的工业遗产再利用和中小型工业城市转型 提供借鉴。     

智慧BIM乔木模型：从设计图纸到施工 现场

现有的BIM应用软件提供的乔木模型多为RPC或高 精度3D模型等3D CAD类型。这些模型着重于表达美感或进 行展示,无法反映根系情况。虽然可能包含一定附加属性,但 表达乔木生长和空间需求的功能有限。因而,冲突检查、工序 调度等BIM的优势功能无从应用。风景园林实践领域已就此问 题开始构建自己的模型库,但能够准确反映现状树木真实尺寸 体量,以及现状树木和规划树木未来空间需求的模型仍未广泛 出现。提出一种基于树冠、树干和根系构型与生长功能的实体/ 网面封装建模方法构建BIM乔木模型。模型形态通过一组参数 调整,并根据树龄和反映环境限制因子的值来反映其变化。所 包含的数据和参数数量随后期设计阶段所需的LoD(详细层级) 及专业实践的具体要求而增加。该模型可以与提供本地区内外 苗木商品信息的植物数据库连接使用。     

On the Opportunity Cost of Crop Diversification

Distance functions are increasingly being augmented, with environmental goods treated as conventional outputs. A common approach to evaluate the opportunity cost of providing an environmental good is the exploitation of the distance function's dual relationship to the value function. This implies that the opportunity cost is assumed to be non‐negative. This approach also requires a convex technology set. Focusing on crop diversification for a balanced sample of 44 cereal farms in the East of England for the years 2007–2013, this paper develops a novel opportunity cost measure that does not depend on these strong assumptions. We find that the opportunity cost of crop diversification is negative for most farms.     

Brands as cultural resources in children’s peer culture

This article examines how children collectively appropriate brands as cultural resources. From the New Childhood Studies perspective, an ethnographic study was conducted in schools to investigate the engagement of 10- to 11-year-old children in brand culture. The findings demonstrate that, through a process similar to Corsaro’s model of interpretive reproduction, children do not simply reproduce brand culture; instead, they actively use branding to fuel their peer culture. Mastering and manipulating brands are thus sources for integration or exclusion within the peer group and for differentiation from the adult world. We show the paradoxical impacts of branding on children’s well-being and participate in the debate on their vulnerability to marketing by highlighting how they deploy brand culture to interact in their social spheres, with the consequence being that their would-be empowerment remains entangled in the “brandscape.” Last, we contribute to a better understanding of the concept of culturally based brand literacy.     

INFLATION,SECURITY VALUES,AND RISK PREMIA

The impact of stochastic inflation on the cross-sectional structure of nominal securities yields is examined. The analysis indicates that equilibrium required returns on debt and equity securities are affected differently by inflation and that the “Fisher Effect” is more likely to hold for equity returns than for debt yields. Implications for empirical investigations of portfolio performance and the real interest rate are explored.     

RESTRICTED VOTING SHARES,OWNERSHIP STRUCTURE,AND THE MARKET VALUE OF DUAL-CLASS FIRMS

In this study, financial implications of differential voting right/multiple ordinary share class capitalizations are examined using data from British dual-class firms. Positive wealth effects are observed after announcements of plans to issue restricted voting (RV) shares, and also after announcements of RV share enfranchisement plans. The two share classes are usually created through large, noncash stock dividends or recapitalizations and, although corporate insiders hold about three times as large a fraction of superior voting (SV) shares, their RV shareholdings average a nontrivial 10.1 percent. Finally, compensation is usually paid to SV shareholders when RV shares are enfranchised.