The Cost of Capital of Cross‐listed Firms

This paper analyses the cost of capital of firms with foreign equity listings. Our purpose is to shed light on the question whether international and domestic asset pricing models yield a different estimate of the cost of capital for cross‐listed stocks. We distinguish between (i) the multifactor ICAPM of Solnik (1979) and Sercu (1980) including both the global market portfolio and exchange rate risk premia and (ii) the single factor domestic CAPM. We test for the significance of the cost of capital differential in a sample of 336 cross‐listed stocks from nine countries in the period 1980–99. Our hypothesis is that the cost of capital differential is substantial for firms with international listings, as these are often large multinationals with a strong international orientation. We find that the asset pricing models yield a significantly different estimate of the cost of capital for only 12% of the cross‐listed companies. The size of the cost of capital differential is around 50 basis points for the US, 80 basis points for the UK and 100 basis points for France.     

企业并购的财务风险评价研究

首先对企业并购中存在的对目标企业定价、并购融资、并购价值支付及在并购后对于目标企业的财务整合风险等财务风险进行了概述,在此基础上提出了企业并购决策中财务风险评价指标体系,然后构建了企业并购中财务风险评价的二级模糊综合评价模型。最后对运用一案例对财务风险评价模型进行了实证研究,验证了模型的可行性。     

基于层次分析法的广西再生铜产业SWOT分析

文章运用SWOT分析方法从定性角度分析广西再生铜产业在发展过程中所面临的机遇与威胁以及优势和劣势,然后运用层次分析法定量分析影响广西再生铜产业的各种内外部因素,得出:(1)在当前外部环境下广西再生铜产业发展中面临的最大机会是铜的市场需求很大,而最大的威胁是再生铜原料供应日趋紧张;(2)在当前内部环境下广西再生铜产业发展中最大的优势是地理区位优势,而最大的劣势在于技术装备水平落后。最后采用SWOT四边形的方法选择出适合广西再生铜产业发展的SO战略。     

Moral hazard and adverse selection in the originate-to-distribute model of bank credit

Bank credit has evolved from the traditional relationship banking model to an originate-to-distribute model. We show that the borrowers whose loans are sold in the secondary market underperform their peers by about 9% per year (risk-adjusted) over the three-year period following the initial sale of their loans. Therefore, either banks are originating and selling loans of lower quality borrowers based on unobservable private information (adverse selection), and/or loan sales lead to diminished bank monitoring that affects borrowers negatively (moral hazard). We propose regulatory restrictions on loan sales, increased disclosure, and a loan trading exchange/clearinghouse as mechanisms to alleviate these problems.     

二次能源利用项目投资决策的影响因素分析

基于我国二次能源再利用在财政、征地、税收及信贷等方面的政策约束,以华菱湘钢高炉煤气发电项目为例,研究了二次能源利用项目投资决策的影响因素。根据华菱湘钢高炉煤气发电项目的可研报告,综合分析了企业生产、成本及价格等因素对华菱湘钢高炉煤气发电项目的影响,并将所得税优惠等优惠政策纳入投资决策,具体探讨了政策优惠对项目决策的重大影响。我们认为,国家在具体落实当前的政策的同时,应进一步提供力度更大的政策支持。     

“I will never go to Hong Kong again!” How the secondary crisis communication of “Occupy Central” on Weibo shifted to a tourism boycott

Social media, an open space for the public's opinion and expression, has become an increasingly essential issue in crisis events, leading to secondary crisis communication. Realizing the potential risk of that, this study took the “Occupy Central” spreading on Weibo as a case, and applied topic clustering and sentiment analysis to examine the sequential characteristics of secondary crisis communication on social media in topics and emotions. Results show that the topics Weibo users discussed shifted from a political event to tourism boycott, with emotions turning increasingly negative. The turning point of such a transfer was aroused group conflicts and negative emotions elicited between people from mainland China and Hong Kong. The results indicate the necessity of emphasizing secondary crisis communication during a crisis due to the dynamic and sequential change of topics and public's emotions, which may result in new crises impacting the tourism destination where the initial crisis occurs.     

On multivariate higher order von Mises expansions

In this paper we review the von Mises calculations of higher order for statistical functionals of one variable. For the functionals of several variables, the higher order Gateaux differentials are defined leading to the corresponding multivariate higher order von Mises expansions. These expansions are used to analyze the bias of the corresponding statistical functionals. The second and third order derivatives are computed for M-estimates. Applications of these expansions to study the bias of M-estimates of location and to simultaneous M-estimates of location and scale are also given. Received: July 2000     

模式V加密敌我识别系统

本文介绍了模式V加密敌我识别系统的特点，以及工作原理和系统构成。     

Characterization of Normal Distribution Related to Two Samples Based on Regression

Characterization of normal distribution related to two samples based on second conditional moments has been obtained. This characterization has been transformed to a characterization based on the UMVU estimators of the density function. These results are generalized to k samples from normal distributions. Finally applications of these characterization results to goodness-of-fit test are discussed.     

京津冀协同发展下保定市建设用地对二三产业贡献的区域差异研究

作为京津冀核心城市之一,保定市土地供给与经济需求矛盾尤为突出。本文运用扩展后的柯布—道格拉斯生产(C-D)模型,测度2004-2013年保定市22个县(市)建设用地供给对二三产业的贡献,以期为保定市及各县建设用地科学管理提供依据。研究表明:2004-2013年保定市建设用地对二三产业的贡献值为12.69%,高于劳动力5.40%,低于固定资本78.47%;22个县市建设用地投入对二三产业发展贡献区域差异明显,这种差异主要受经济水平、区位条件、产业结构和资源条件等因素的影响。结论:保定市相关部门应因地制宜制定差异性建设用地供给指标,最大限度发挥有限土地资源产出水平,缓解土地供需矛盾。