COMPARATIVE CALIBRATION WITH SUBGROUPS

The main object of this paper is to consider structural comparative calibration models under the assumption that the unknown quantity being measured is not identically distributed for all units. We consider the situation where the mean of the unknown quantity being measured is different within subgroups of the population. Method of moments and maximum likelihood estimators are considered for estimating the parameters in the model. Large sample inference is facilitated by the derivation of the asymptotic variances. An application to a data set which indeed motivated the consideration of such general model and was obtained by measuring the heights of a group of trees with five different instruments is considered.     

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This article develops a new identification procedure to estimate the contemporaneous relation between monetary policy and the stock market within a vector autoregression (VAR) framework. The approach combines high-frequency data from the futures market with the VAR methodology to circumvent exclusion restrictions and achieve identification. Our analysis casts doubt on VAR models imposing a recursive structure between innovations in policy rates and stock returns. We find that a tightening in policy rates has a negative impact on stock prices and that the Federal Reserve (Fed) has responded significantly to movements in the stock market. Estimates are robust to various model specifications.     

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This article examines some difficulties associated with the Haynes–Stone model and attempts to clarify how the model can be justified as representing the hypothesis that “quantity is demand determined and price is supply determined.” It also argues that the applications of such a model as was done by Haynes and Stone might not have resolved the controversies related to the Phillips curve and the supply function of exports (or imports).     

True Versus Spurious Long Memory: Some Theoretical Results and a Monte Carlo Comparison

A common feature of financial time series is their strong persistence. Yet, long memory may just be the spurious effect of either structural breaks or slow switching regimes. We explore the effects of spurious long memory on the elasticity of the stock market price with respect to volatility and show how cross-sectional aggregation may generate spurious persistence in the data. We undertake an extensive Monte Carlo study to compare the performance of five tests, constructed under the null of true long memory versus the alternative of spurious long memory due to level shifts or breaks.     

THE BEHAVIOR OF HEGY TESTS FOR QUARTERLY TIME SERIES WITH SEASONAL MEAN SHIFTS

ABSTRACT

This paper studies the behavior of the HEGY statistics for quarterly data, for seasonal autoregressive unit roots, when the analyzed time series is deterministic seasonal stationary but exhibits a change in the seasonal pattern. We analyze also the HEGY test for the nonseasonal unit root. the data generation process being trend stationary too. Our results show that when the break magnitudes are finite, the HEGY test statistics are not asymptotically biased toward the nonrejection of the seasonal and nonseasonal unit root hypotheses. However, the finite sample power properties may be substantially affected, the behavior of the tests depending on the type of the break.     

不动产投资信托与房地产结构性缺陷问题研究——基于金融共生理论的视角

根据金融共生理论,房地产市场中地产开发商、个人投资者和商业银行间存在一种金融共生关系。通过构建三者的金融共生模型,可以得知房地产市场存在结构性缺陷。而不动产投资信托这种投资方式可以解决房地产市场所具有的这种结构性缺陷,从而可以规避房地产投资的金融风险,避免美国＂次贷危机＂式金融危机的发生。     

社会认知主义视角对二语习得研究的启示

社会认知主义是二语习得领域里继结构行为主义和心灵认知主义之后的新兴理论取向,主张融合认知和社会两种视角研究二语习得的重要问题,更加全面地理解二语习得的复杂本质。本文旨在探索社会认知主义理论取向的发展背景和主要影响理论,并从学习观、教学观、教师发展观、科研观几个方面分析社会认知主义理论取向对我国的二语习得及相关研究的启示。     

国有控股、市场竞争与股权激励效应————基于倾向得分匹配法的实证研究

结合代理理论和制度理论,运用倾向得分匹配法,研究国有控股和市场竞争这两种基本制度环境对股权激励与企业绩效相关关系的影响机制和作用效果发现：股权激励整体上存在激励效应,能显著提高企业绩效;国有控股削弱了股权激励的实施效果,相对于非国有企业,股权激励对国有企业的激励效应并不显著;产品市场竞争强化了股权激励与企业绩效的正向关系,竞争程度越高,股权激励效果越好;市场竞争一定程度上提高了国有企业股权激励的实施效果,在竞争程度高的国企样本中,股权激励显现出了显著的激励效应。研究结论表明,制度环境是股权激励发挥作用的重要前提,深化国有企业产权改革、完善产品市场竞争是提高股权激励效果的关键。     

SIFT匹配算法在视频拼接中的优化应用

在视频拼接中．由于视频帧存在噪音大,光线变化、模糊以及旋转等情况,传统的SIFT算法处理后出现了较多的错误匹配点时。为了提高匹配的准确率,提出了一种优化的SIFT算法：在SIFT算法的图像匹配过程中,计算所有匹配点对所确定的直线的偏转角度,设置一个角度误差范围,对匹配点对进行角度误差约束筛选,根据得到的匹配点对时偏移量进行精确计算,实现视频帧的融合。最后通过大量实验,验证了优化后的SIFT算法更加准确地对视频帧进行匹配拼接,消除了重复区域拼接的模糊性,符合视频拼接对于偏移量计算的精确要求,实现了视频拼接的实时性和高效性。     

要素禀赋、农户分化与农业价值链技术选择偏向

基于551份猕猴桃种植户调研数据,通过聚类分析方法将猕猴桃种植户分成发展型、规模种植型、劳动力富裕型三类,实证检验种植户类型对有机肥施用、新品种采纳、猕猴桃网络销售三个价值链技术活动选择的异质偏向性,分析农机补贴、产业组织检测、技术培训三个组织支持变量的调节效应。结果发现：发展型对于三个价值链技术活动及其联合采纳的选择偏向性高于其他类型,劳动力富裕型种植户对价值链技术活动的选择偏向性低于其他两个类型种植户。三个组织支持变量对同一类型种植户参与不同价值链技术活动以及不同类型种植户参与同一价值链技术活动的影响具有异质性。因此,针对不同类型价值链技术活动参与特征以及组织支持调节作用提出相应的政策建议。