The Investment Performance of Art in Mainland China

This article investigates price determinants and investment performance for paintings from mainland China using hedonic regression analysis applied to a new dataset from over 190,000 auction transactions. The price index obtained indicates that from 2000 to 2015, the average annual appreciation in value of Chinese art was 8.42% in real USD. Compared with American artwork, global artwork, and traditional financial assets, Chinese art possesses a comparatively better risk and return profile and a low correlation with other assets. Finally, regarding the masterpiece effect, the conclusion is that highly priced Chinese art does not underperform the market.     

How open search strategies align with firms’ radical and incremental innovation: evidence from China

The purpose of this paper is to describe the ways in which open search strategies (i.e. open search breadth and open search depth) align with firms’ radical and incremental innovation. By analysing survey data collected from 162 firms in Chinese high-tech markets, we found that a firm pursuing radical innovation benefits more from open search breadth than open search depth to achieve its performance goals; in contrast, a firm processing incremental innovation benefits more from open search depth than open search breadth to improve its performance. Based on these results, managers should pay attention to the fit between open search strategies and radical/incremental innovation. This study not only contributes to the studies of search strategies by identifying the parallel relationship of open search strategies and two types of innovation, but also enriches the theory of open innovation with an empirical analysis.     

论加强内地与香港金融合作的政策与法律措施

本文主要在内地与香港金融合作的法律框架下,就两地加强金融合作的现状和存在的问题进行分析,并对促进与香港的金融合作的政策和法律措施提出建议。     

基于知识整合的新产品开发研究

由于环境的快速变化和竞争的加剧,新产品开发对企业越来越重要。从知识的角度分析了知识整合对新产品开发的影响,并结合知识内部整合与外部整合,构建了完整的企业知识整合体系,以充分发挥企业内外部知识在新产品开发中的作用,推动企业新产品开发的成功,提升企业的竞争力。     

Measuring liquidity commonality in financial markets

This paper contributes to the literature by developing a new methodology, termed the beta index, for measuring liquidity commonality in financial markets which is derived from the dynamics of liquidity co-movements. We show that computing the beta index is a straightforward process. In addition, not only is the proposed beta index more efficient in controlling for confounding factors and addressing the associated statistical inference issues, but it will also enhance the accuracy of estimation. We apply the beta index to track liquidity commonality in the foreign exchange markets over the study period and to identify important financial and economic events that caused liquidity commonality. We detect periods of high and low liquidity commonalities that would especially benefit active market traders who frequently rebalance portfolios and require knowledge of liquidity commonality as an important early signal and indication of diversification benefit.     

长江中游城市群空间结构效益比较与优化研究

基于OpenStreetMap公路路网和社会经济数据,利用可达性分析及空间相互作用引力模型,从规模效益、距离效益、空间联系效益3个方面对2017年长江中游城市群的空间结构效益进行比较分析。研究发现:武汉城市圈城市紧凑度高,平均可达性最好,内部联系强度大,空间凝聚力强;长株潭城市群在人口及经济规模上具有明显优势,中等联系层面网络趋于完善,一体化程度高,但空间可达性差;环鄱阳湖城市群综合竞争能力弱,空间联系松散且较弱,但空间可达性较好。未来,长江中游城市群的发展可以从重构区域发展空间结构、加强不同等级规模城市梯度建设、构建综合交通运输网、建立区域发展协调机制和促进产业生态绿色发展等方面寻找着力点。