Semiparametric estimation of moment condition models with weakly dependent data

This paper develops the asymptotic theory for the estimation of smooth semiparametric generalized estimating equations models with weakly dependent data. The paper proposes new estimation methods based on smoothed two-step versions of the generalised method of moments and generalised empirical likelihood methods. An important aspect of the paper is that it allows the first-step estimation to have an effect on the asymptotic variances of the second-step estimators and explicitly characterises this effect for the empirically relevant case of the so-called generated regressors. The results of the paper are illustrated with a partially linear model that has not been previously considered in the literature. The proofs of the results utilise a new uniform strong law of large numbers and a new central limit theorem for U-statistics with varying kernels that are of independent interest.     

Top foundations' 10‐year plunge into alternatives yields mixed results and high fees

Private foundations control a sizable pool of investment capital. This paper examines the endowment returns of private foundations. Over the 10‐year period, 2006–2015, the top 56 of these organizations fully embraced the “Yale model” of portfolio construction. As a group, they substantially cut allocations to publicly traded stocks and bonds in favor of illiquid alternatives that supposedly offered higher returns and lower volatility. Despite pursuing risky investments in illiquid alternative assets, our study concludes that the foundations were not “paid” for illiquidity in terms of a meaningfully return premium (vs. public markets). Moreover, their annual return volatility, or risk, was similar to either a 60–40 composite index portfolio or a typical public pension plan, both of which had lower equity‐type exposure and greater liquidity. The implication is that foundations can achieve the same returns with better liquidity and/or lower risk with passive investments in broad index mutual funds or similar vehicles. In addition, we estimate the third‐party money management fees of the top foundations to equal 1.43% of the assets for the fiscal year 2016. This 1.43% is a sizable number when compared to the 5% of assets (including overhead expenses) that the federal government requires that foundations distribute each year in furtherance of their charitable missions.     

Divorce in Hong Kong SAR, 1999–2011: A Review of 1,208 Family Court Cases

Divorce has increased dramatically in Hong Kong and elsewhere in Asia since the 2000s, whereas the West has seen a decline, suggesting there are factors specific to Hong Kong relating to divorce. This study examined a random sample of 1,208 divorce cases from the Hong Kong Family Court between 1999 and 2011. These marriages lasted 11 to 12 years on average, and most divorces occurred between the 5th and 7th years of marriage. Couples with a divorce history had a higher divorce risk, regardless of whether they had children, and predivorce marriage duration was positively associated with the number of children. The grounds cited for divorce indicate a shift toward no-fault divorce. Most petitioners were women, and mothers were generally granted child custody. Cross-border marriages and remarriages accounted for about one third of divorces, reflecting the impacts of differing sociocultural backgrounds and divorce history. The study’s implications for policymaking and service provision are discussed.     

会计环境对会计发展的影响

会计的发展永远离不开其所处的会计环境,世界各国会计环境的不同导致了各国会计发展差异的存在。研究和揭示会计环境对会计发展的制约影响,对于促进会计的发展特别是在我国建立有中国特色的会计体系具有重要意义。本文分别从经济因素、政治法律因素、科技因素、文化教育因素、社会因素五个方面,就会计环境对会计发展的制约影响进行了探讨     

金融创新：防范和化解金融风险的理性选择

金融风险的防范与化解对一个国家的金融发展至关重要,而金融创新与风险防范和化解又是动态依存的,经过两者的多重重复博弈之后,其结果等于总体上的金融发展收益加上可控制或可忍受的风险水平和技术进步条件下的金融创新。我国的金融创新虽然存在着各方面的问题,但如果能创新金融理念,并以金融技术创新和金融制度创新为主体,创造灵活实用的经营手段、金融工具和健全的金融法律制度,就一定能增强各金融机构防范和化解风险的能力并扩展其生存空间。     

理念与实证:环境法制的生态驱动

生态文明的提出和发展为环境法理念的更新提出了新的命题。生态理念与生态文明相契合,反映了我国环境法制的需要,体现了环境法的特点,是环境法调整环境行为的基本理念。在尊重生态系统的整体性和区域公平基础上发展起来的区域环境法,正是生态理念在具体的环境法律制度中的体现和落实。     

掺铒光纤放大器增益的温度依赖关系

报道掺铒光纤放大器增益随温度变化的依赖关系,提出了一个解释这种依赖关系的数学模型。此模型基于如下假设;由于温度的变化,引起处在基态和激发态的斯塔克（Stark)能级上的掺铒离子（Er^3 )浓度的重新分布,从而引发光纤发射截面和吸收截面的变化,理论结果与实验结果符合很好。     

城镇化进程中新生代农民工职业教育问题研究

新生代农民工是伴随着城镇化、现代化而出现的新的社会现象。城镇化是解决新生代农民工问题的重要战略载体;而新生代农民工则是中国城镇化建设的一支中坚力量,是城镇的主人。二者关系紧密。加强新生代农民工职业教育,对于进一步推动城镇化和现代化非常关键。新生代农民工职业教育可分为城镇化前的职业教育、城镇化进程中的继续教育和城镇化后的拓展教育三个阶段,每个阶段都应有职业教育的相应内容。同时要形成一个以政府引导机制、社会参与机制和职业院校服务机制相互协调的适应新生代农民工职业教育的常态化体制机制。     

"城中村"民俗文化嬗变与和谐社会调适

"城中村"是现代化、城市化进程的结果。随着生产环境的改变,"城中村"文化空间也开始蜕变。村落文化的失落,既是村民的自我逃离,也是城市文化中心主义对村落文化的消解;不仅会导致城市文化生态的失衡,同时也由于城市的同质化管理而引发原住民传统文化心态的失落。因此,必须把握"城中村"民俗文化的未来走向,探讨适应新的社区和谐的柔性、异质化管理的理念和模式。