Revising price history: consumer price index for Norway 1492–2018

ABSTRACT

The paper presents a new combined annual cost of living and consumer price index for Norway covering 1492–2018, indicating that Norwegian price history has to be revised. The new historical price index is constructed on a significantly richer data material, which also makes it cover a longer period of price history than the existing one. This is made possible by the compilation of quantitative data from numerous sources, mostly originating from the eighteenth, nineteenth and early twentieth centuries, with grain prices stretching back to 1492. The new combined cost of living and consumer price index is constructed by a Laspeyres approach with shifting baskets for commodities and expenditure groups.

The index makes it possible to follow annual inflation and deflation in Norway for a period of 526 years. When comparing to existing indices, the new series reveals that revisions are needed in Norwegian price history. These make the historical price development more in line with those of the neighbouring countries and more in line with the pattern of wholesale prices.     

我国“一带一路”沿线地区风险投资时空分布及影响因素研究

深入分析我国“一带一路”沿线地区风险投资时空格局及影响因素，有助于促进创新创业与企业发展、提高区域科技创新水平。运用空间分析方法和空间计量模型，对2003-2018年我国“一带一路”沿线139个城市风险投资的时空分布特征及影响因素进行分析，结果表明：①沿线地区的风险投资发展具有不均衡性，呈现为沿海高、西部低的分异格局；②风险投资的全局自相关系数均为正，呈现出明显的空间集聚特征；③风险投资机构数、国家高新区数量、风险投资退出、政府引导基金发展、财政科技支出对区域风险投资具有显著促进作用，环境污染对风险投资有一定抑制作用。随着ESG投资理念逐渐获得认可，沿线地区可以通过提升绿色发展水平促进风险投资发展。     

“Sensing” the destination: Development of the destination sensescape index

Despite the increasing academic interest in the sensory dimension of the tourist experience, the quantitative empirical research in the field is limited by a lack of measurement instruments for evaluating the sensory stimuli perceived by tourists during a destination visit. The study addresses this gap by developing a composite index to assess the sensory destination panorama, termed as “destination sensescape”. The construct is conceptualised as a formative multidimensional variable with 5 dimensions (visualscape, smellscape, tastescape, soundscape, and hapticscape). The psychometric validity and reliability of the 17 items integrating the formative index were established by a rigorous multi-step procedure based on three empirical studies. The instrument was tested with data collected from visitors of a Mediterranean urban destination. The operationalisation of the destination sensescape construct not only paves the way for future quantitative sensory studies, but also yields a useful tool for Destination Marketing Organisations (DMOs).     

基于模糊意见集中排序法的建筑工程资格预审

建筑工程资格预审无论对业主还是对承包商都至关重要，根据建筑工程的特点，在目前普遍采用的资格预审评价方法的基础之上，总结了进行资格预审的评价指标体系，并提出了基于模糊数学意见集中排序法的建筑工程资格预审方法。     

基于农业产业化的河南省区域差距研究

文章通过泰尔指数发现从1990年到2005年，河南省区域经济的差距处于一个快速扩大的阶段。通过定量分析发现，河南省区域经济发展水平和发展速度与农业生产具有一定的负相关性，通过定性和定量分析发现，农业产业化对区域差距缩小具有一定的作用，但不起主要作用，一是由于目前河南省农业产业化水平相对还是比较低，农业收入还仅仅停留于农产品的买卖价格，工资性收入所占比重过低，二是农业产业化龙头企业带动能力还是比较弱，带动面小，限制了农区经济的发展水平和速度，最后提出了几点建议。     

关于铁路精益生产指标体系及其作用的经济学分析

在铁路精益生产制推行过程中,要特别重视指标体系的构建及其作用的发挥。考核指标体系构建紧密结合铁路运输生产特点和生产流程,以完整运输产品供给为导向,以信息化为基础,以组织模式优化为保障,注重精益生产考核指标体系的激励性。     

公路建设中路线方案多属性决策方法的研究

路线方案的比选是公路建设项目前期的一项重要工作,直接影响着项目建设能否达到预期的目标以及项目投入运营中的使用效果,如行车的安全性、舒适性、快捷性等。进行路线方案比选时,要考虑路线的线形合理性、对周边地区环境影响,项目经济效益、施工难易等多种因素对影响。本文在分析路线方案比选复杂性的基础上,对多种决策方法进行对比,选择TOPSIS法作为路线方案的决策方法。算例的结果表明该方法应用的可行性和有效性。     

Exchange rate exposure and foreign exchange derivatives: do ineffective hedgers modify future derivatives use?

Recent studies examining the relationship between stock returns and exchange rate changes have provided evidence that the exchange rate exposure of non-financial companies is reduced by the use of foreign exchange derivatives. Building on such research, this study investigates whether past ineffective derivative hedging contributes to explaining future derivatives use. To the extent that companies monitor the effectiveness of their currency risk management practices, past ineffective hedgers can be expected to modify their future use of foreign exchange derivatives accordingly. In our study of 94 non-financial US multinationals, we provide evidence that the change in derivatives use from 1996–1998 to 1998–2000 can be explained in part by the ineffective hedging of currency risk in 1996–1998, controlling for variables associated with theories of optimal hedging. Additional analyses confirm that such primary results are robust to firm size, the level of foreign operations, and the use of derivatives to partially hedge currency risk. Our results imply that as exchange markets and risk management practices change, the use of derivatives to manage exchange rate risk also changes. Our contribution to this field of study is that we find evidence that past ineffective hedgers tend to increase their future use of FXDs.     

满意度测评结果分类分析

满意指数已经成为许多国家衡量经济产出质量的重要指标，为宏观经济管理提供了有效的决策参考依据，但是，如何进一步开发利用满意指数调查信息，加大对微观层面的经济组织经营管理活动的指导作用，仍然是满意度研究的重要课题。本文利用真实的用户满意指数测评调查数据，对营销管理中用户类型划分问题进行了分析，结果表明，用户满意指数测评调查数据，可以准确地将用户划分为逃离型、趋利型、受制型和忠诚型。     

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.