投资者情绪生成机理的研究

基于标准金融理论与行为金融理论相结合的思想，力图刻画投资者情绪的生成机理。以引起投资者情绪变化的货币环境、市场收益、市场波动、相关资产收益等因素为起点，引入市场投资价值、市场预期两个中间变量，建立了包含直接和间接影响两类路径的投资者情绪生成概念模型。使用中国股市2014年7月1日至2017年3月31日间的667组日度数据，在VAR建模的基础上开展实证研究。实证结果表明市场收益对投资者情绪具有直接的正向影响，市场波动和相关资产收益两因素基于市场预期中介变量间接负向作用于投资者情绪，而修正后引入的经济周期波动变量可以基于市场投资价值中介变量对投资者情绪产生正向影响，并进一步发现了市场收益、市场投资价值与投资者情绪之间存在正反馈强化过程。研究揭示出了投资者情绪生成的影响因素体系及其实现路径，将该领域研究深入到机理分析层面，并从一个侧面佐证了中国股市过度投机行为的存在。     

客户集中度、市场环境与存货管理效率

客户处在供应链的下游,对企业存货的采购、生产和销售都会产生重要影响,而多变的市场环境也在无形当中影响着客户与企业之间的关系。从企业所处行业、地区产品市场和客户三个角度所带来的市场环境变化入手,采用2011—2017年我国沪深两市A股制造业上市公司的数据,实证分析客户集中度与企业存货管理效率之间的关系。研究发现:(1)客户集中度越高,企业存货管理效率越高；(2)产品市场竞争力度越强,客户集中度对企业存货管理效率的影响越大；(3)产品市场发育越好,客户集中度对企业存货管理效率的影响越大。进一步研究发现,当企业因客户生产经营原因导致需求发生较大变化时,客户集中度对企业存货管理效率的正向影响更加显著。研究结论表明,政府应当注重市场竞争力的提升和良好经营环境的建设,使得企业在维护客户关系的同时充分发挥客户集中度对企业存货管理效率的积极作用。     

Assessing the market values of soccer players – a robust analysis of data from German 1. and 2. Bundesliga

The paper examines to what extent a player's market value depends on his skills. Therefore, a data set covering 28 performance measures and the market values of about 493 players from 1. and 2. German Bundesliga is analysed. Applying robust analysis techniques, we are able to robustly estimate market values of soccer players. The results show (1) that there are significantly underrated and overrated players and (2) that a player's affiliation to a certain team may contribute to his market value. We conclude that a club's reputation affects the market values of its players and that star players are in tendency overrated.     

挣脱生态牢笼的路径探幽——《共产党宣言》中马克思生态思想解读

《共产党宣言》蕴含着深刻的生态思想,其体系以人、社会、自然整体为背景,其核心观点认为生态问题是由资本主义生产方式引起的.马克思在唯物史观视野下,科学论证了资产阶级的所有制必然灭亡、共产主义必然实现的历史发展逻辑,廓清了人与人、人与自然之间双重和解的演化路径.其中关于科技提升、市场拓展、交通和通信发展等引起世界市场“生态扩张”的思想,对全球化程度日益加深境况下“生态文明”和“人类命运共同体”的构建具有重大的理论和实践指导价值.     

Migrant women’s economic success in Russia: objective reality and subjective assessment

This study contributes to the growing body of literature on the outcomes of labour migration by focusing on the effects of migrant legal status on the economic and perceptual measures of migration success. To study the effects of legal status, we use a sample of Central Asian migrant women who work in Russia and of their native counterparts who occupy the same positions on the labour market. Similar to the studies in the developed settings, we find that a temporary legal status is associated with an earnings penalty and that permanent legal status corrects this earning disparity. We also find that both temporary and permanent migrant status is positively associated with perceptions of pay inequality but that, irrespective of these perceptions, both types of migrants are more likely to be satisfied with their jobs than natives. We interpret these findings within the legal and social context of migrant economic incorporation in Russia and relate them to the findings from other migrant-receiving settings.     

Language roulette – the effect of random placement on refugees’ labour market integration

Placement of refugees and subsequent labour market integration within a host country represents a key challenge for policymakers and has emerged as one of the most divisive topics in the public debate. Immigration policy in Switzerland adopts random placement of asylum seekers across its different language regions. Hence, this policy allows to estimate the causal effect of language skills on employment chances, as refugees are exogenously placed across regions where the spoken language could either match or deviate from individual language skills. The results of this ‘natural experiment’ indicate substantially higher probabilities of finding employment when asylum seekers are placed in regions with a lingua franca that matches their individual language skills. Additionally, the findings suggest that language course participation can offset the reduced likelihood of employment in cases of a language mismatch. While random placement of refugees may be desirable for political reasons, it is detrimental to the economic integration process. Thereby, the study draws relevant conclusions for a larger European immigration policy.     

平台竞争、排他性协议与竞争瓶颈

在很多双边市场中，经常出现平台一边的用户与平台之间产生利益纠纷的现象，例如顺丰速运与菜鸟网络之间的纠纷等，本文从理论模型的角度研究了这种经济现象。文章通过将双边市场的用户分为视平台有差异和无差异两种类型，研究了平台如何掠夺视平台无差异的用户所有剩余的问题。研究发现，平台厂商有与视平台无差异的用户签订排他性协议的激励；无论签订排他性协议与否，这类用户都将被掠夺所有剩余，产生了所谓的"竞争瓶颈"；排他性协议带来的福利效应并不明确，当平台的边际成本和交叉外部性参数较大时，排他性协议的签订能够提升社会总福利。     

京津冀文化消费的影响因素与结构特征

在京津冀协同发展战略中,文化创意产业在取得初步发展成果的同时,还依旧面临着不少亟待解决的问题。采用问卷调查法实地走访采集区域居民文化消费数据,并进一步通过决策树算法进行数据挖掘,发现京津冀文化消费的影响因素及结构特征,据此提出打造区域共同文化品牌、保障居民收入持续平稳增长、针对青少年文化消费市场创新营销模式、培养其正确的文化价值观及文化创新能力等改进措施,从而优化推动京津冀文化消费市场协同发展的路径,打造互联互通、开放统一的区域文化消费市场,使区域居民文化消费需求成为促进文化产品供给的市场新动力。     

Does the Euro–Mediterranean Partnership contribute to regional integration?

The paper investigates whether Southern Mediterranean and Middle Eastern markets under the Euro–Mediterranean Partnership (Egypt, Lebanon, Morocco, Malta, and Turkey) have become more financially integrated with the European stock market over time. The findings suggest that the Turkish equity market is moderately integrated with the European market, while the other economies exhibit weak financial integration with Europe, supporting the idea that the partnership appears to have no effect on enhancing inter-market linkages for these economies. Therefore, these markets would be good destinations for international investors seeking attractive investment opportunities to diversify their equity portfolios. Structural changes in the cross-market integration do exist, which may be considered as a guide for international equity portfolio diversification over different subperiods. In addition, there is evidence of an increasing trend in conditional correlations for Egypt and Turkey, to varying degrees, over time, notably during the post global financial crisis of 2007–2008, thus revealing herding behavior during this period. Overall, investors should be wary of the variation of equity market integration over time before engaging in an investment at the level of portfolio management and diversification. Policymakers must be aware of the remoteness of the current achievements of the Euro–Mediterranean Partnership from the targets set in terms of financial development and economic growth.