A new perspective on the exporter productivity premium: online trade

We use a unique firm-level data set including 9000 companies from 26 European Union countries covering four different sectors to take a close look at the relationship between online exports and productivity. The online exporter productivity premium is estimated using different techniques (ordinary least squares, quantile regressions and robust estimation). Results consistently indicate that the estimated online exporter productivity premium is statistically different from zero, positive and significant from an economic point of view. European online exporters, according to these results, are approximately 2% more productive than non-online exporters. Productivity differences between firms could be related to variables that are not included in the empirical model. More research would be needed to address this issue in the future.     

Building A Sustainable Shelf: The Role of Firm Sustainability Reputation

The reputation of firms for being environmentally friendly and socially responsible is a key purchase driver for sustainable products. However, the commitment of firms to sustainability varies – some firms are founded on strong environmental and social principles; other more traditional firms are built on strong product/brand focus and are not known for sustainability. In response to market trends, many traditional firms are introducing sustainable products to their portfolios. We argue that the firm’s sustainability reputation (FSR) will influence consumer purchase with respect to equally sustainable products from different firms. Two choice studies demonstrate that FSR favors sustainable product choice when the consumer decides between equally sustainable products. However, FSR affects the choice only for sustainable products and not regular products and does so only for consumers that construe sustainability at a high (abstract) level. Retailers should pay attention to the role that FSR plays in consumer response when they select sustainable products to sell.     

The socio-economic determinants of COVID-19: A spatial analysis of German county level data

The study explores the association of socioeconomic, demographic, and health-related variables at the regional level with COVID-19 related cases and deaths in Germany during the so-called first wave through mid-June 2020. Multivariate spatial models include the 401 counties in Germany to account for regional interrelations and possible spillover effects. The case and death numbers are, for example, significantly positively associated with early cases from the beginning of the epidemic, the average age, the population density and the share of people employed in elderly care. By contrast, they are significantly negatively associated with the share of schoolchildren and children in day care as well as physician density. In addition, significant spillover effects on the case numbers of neighbouring regions were identified for certain variables, with a different sign than the overall effects, giving rise to further future analyses of the regional mechanisms of action of COVID-19 infection. The results complement the knowledge about COVID-19 infection beyond the clinical risk factors discussed so far by a socio-economic perspective at the ecological level.     

黄浦江下游吴淞口站低潮位重现期研究

黄浦江为感潮河流,低潮位重现期的确定对黄浦江航道的设计具有重要意义。为了准确估计黄浦江低潮位的重现期,以黄浦江下游吴淞口站年最低潮位序列为例,在对样本进行三性审查的基础上,分别采用传统的数理统计方法和时变矩方法进行水文频率分析。结果表明:吴淞口站年最低潮位序列在1996年发生了变异;还现修正后的序列服从位置参数线性时变的GEV模型,低潮位存在缓慢的上升趋势;一致性条件下百年一遇低潮位约为0.261 m,在非一致性条件下其重现期增大为150 a。非一致性条件下的重现期增大说明黄浦江现有的航道设计标准偏安全,航道通航保证率提高。     

The Local Whittle Estimator of Long-Memory Stochastic Volatility

We propose a new semiparametric estimator of the degree of persistencein volatility for long memory stochastic volatility (LMSV) models.The estimator uses the periodogram of the log squared returnsin a local Whittle criterion which explicitly accounts for thenoise term in the LMSV model. Finite-sample and asymptotic standarderrors for the estimator are provided. An extensive simulationstudy reveals that the local Whittle estimator is much lessbiased and that the finite-sample standard errors yield moreaccurate confidence intervals than the widely-used GPH estimator.The estimator is also found to be robust against possible leverageeffects. In an empirical analysis of the daily Deutsche Mark/USDollar exchange rate, the new estimator indicates stronger persistencein volatility than the GPH estimator, provided that a largenumber of frequencies is used.     

Time Inhomogeneous Multiple Volatility Modeling

Price variations at speculative markets exhibit positive autocorrelationand cross correlation. Due to large parameter spaces necessaryfor joint modeling of variances and covariances, multivariateparametric volatility models become easily intractable in practice.We propose an adaptive procedure that identifies periods ofsecond-order homogeneity for each moment in time. To overcomethe high dimensionality of the problem we transform the multivariateseries into a set of univariate processes. We discuss thoroughlythe implementation of the adaptive technique. Theoretical andMonte Carlo results are given. We provide two applications ofthe new method. For a bivariate exchange rate series we comparethe multivariate GARCH approach with our method and find thelatter to be more in line with the underlying assumption ofindependently distributed innovations. Analyzing a 23-dimensionalvector of asset returns we underscore the case for adaptivemodeling in high-dimensional systems.     

三峡水库减淤增容调度方式研究——多汛限水位调度方案

本文建议在汛期中小流量时（Q<35000m3/s），将坝前水位维持在148～151m；出现汛情且流量更较大后，将坝前水位降低到143m；入库流量大于35000m3/s且短期预报将出现大于十年一遇洪水时，预泄洪水到135m.按这一调度，汛期约80％时间可以维持在较高水位，一般洪水期。汛限水位143m不影响坝区通航，135m水位迎洪可大量增加防洪库客。到100年后可减淤30亿m3，增加防洪库容约40亿m3.变动回水区减淤40%，优化了坝区水沙搭配，可改善通航条件。降低库区洪水位，缓解防洪与移民的矛盾。可对发电带来较大好处：提高发电效益，减少粗沙过机。初期水库排沙比大于原方案，可减轻下游冲刷。同时，可减小三峡汛初泄水与鄱阳湖防洪的矛盾。     

Beyond Single-Factor Affine Term Structure Models

This article proposes a new approach to testing for the hypothesisof a single priced risk factor driving the term structure ofinterest rates. The method does not rely on any parametric specificationof the state variable dynamics or the market price of risk.It simply exploits the constraint imposed by the no-arbitragecondition on instantaneous expected bond returns. In order toachieve our goal, we develop a Kolmogorov-Smirnov test and applyit to data on Treasury bills and bonds for both the United Statesand Spain. We find that the single risk factor hypothesis cannotbe rejected for either dataset.     

考虑供给与需求波动性的安全库存定量研究

本文以商业企业和MTS模式下生产企业的安全库存为研究对象,将供给与需求的变动程度作为两个动态指标研究四种不同战略与运营环境下的安全库存模型,并进一步分析了降低安全库存所需的管理杠杆.     

长江螺山站高水位流量关系和城陵矶（莲花塘）控制水位的研究

螺山站高水位流量关系是确定长江城陵矶（莲花糖）控制水位的基本依据，从基本的河道水力学规律出发，考虑涨落率修正、瞬时比降修正，计算各时段点的代表性比降，和相应糙率，求出均值，根据断面资料，得出高水位的稳定流曲线，并以各日流量转化的稳定流点，进行验证，精度很好，分析了河段区间流量对螺山站稳定流量的影响。阐明了螺山站稳定流量的变化情况和趋势，推求了各次大洪水的超额洪量，计算出莲花糖以上的总入流，根据现今的湖区及槽蓄容积进行洪水演进，计算1954年特大洪水的超额洪量，并分析节三峡水库拦洪后对长江中下游超额水量的影响；对莲花塘不同防洪控制水位进行了技术经济分析和评价，提出了抬高控制水位的具体建议。