经济增长中外贸乘数效应的实证分析

从中国、日本、美国历年出口的比较,以及这3个国家外贸乘数的横向比较,说明外贸乘数与经济增长的关系;并在此基础上进一步从消费、企业、出口及经济结构层面分析中国贸易乘数不高的原因;针对这些原因,提出要进一步深化市场化的制度变革、提高居民的边际消费倾向及改善出口产品结构等对策.     

基于文化距离视角的美国OFDI区位选择研究

基于Hofstede文化维度理论和世界价值观调查数据,测度了基于KSI、EDI、WVS的3种文化距离（cultural distance,CD）,结合美国对52个东道国（地区）的直接投资及各项控制指标数据,使用面板校正标准误差（panel correction standard error,PCSE）模型进行分析,结果显示,CD与美国对外直接投资（outward foreign direct investment,OFDI）并非呈现简单的正负向关系,而可能存在门槛效应。通过Hansen门槛回归模型进一步考察了二者的内在作用机制,结果显示,CD通过了单门槛检验,即CD对美国OFDI存在门槛效应;当CD小于门槛值时,其作为正向因子积极促进美国OFDI,一旦CD超过门槛值,美国OFDI将显著减少。同时对“外来者劣势”和“外来者收益”二者关系的解释说明,CD与美国OFDI呈倒U型关系;CD较大时对美国OFDI的阻碍作用远大于CD较小时对其的促进作用,体现了美国OFDI对CD的敏感性。     

浙江省对美投资民营企业的时空格局演变及其影响因素

基于中国规模以上工业企业数据,运用标准差椭圆、平均最邻近分析和核密度估计等多种空间统计方法,对2006,2009,2012和2015年浙江省对美投资民营企业空间分异格局进行测度,并运用地理探测器分析影响民营企业空间分布的地理因子。结果表明：（1）浙江省对美投资的民营企业呈沿标准差椭圆长轴方向集聚和沿短轴方向扩散分布,分布中心呈向西北方移动的态势,且中心始终处于绍兴市境内;（2）最邻近指数一直在减小,企业空间布局集聚特征逐渐加强;（3）高密度核心区主要分布在浙江东北部经济发达区域,以杭州市区、宁波市区、“慈溪-余姚”为核心集中分布,其次是温州市区,其余经济相对落后区域分布较少;（4）浙江省对美投资民营企业空间布局的影响因素呈现从单一因素主导向多因素共同作用的格局,经济发展水平、技术创新能力和外商直接投资水平是影响力最大的因素。     

谈外文更名期刊的管理

当前期刊更名的情况相当普遍, 其来源及关系纵横交错.本文以化学化工方面的外文更名期刊为例,探讨如何准确快捷反应其更名情况, 以便读者更好地检索与利用这类期刊.     

在丝状噬菌体主要外壳蛋白上展示外源多肽的载体

利用基因工程手段,构建了两个用于在丝状噬蓖体主要外壳蛋白表面展示外源多肽的载体,这类载体可以使编码外源多肽的ＤＮＡ片段定向克隆到外壳蛋白的Ｎ末端ＤＮＡ序列中或附近,被修饰的外壳蛋白将分布于野生型丝状噬菌体外壳蛋白单位中间。     

金属材料分析国内外标准中波长色散X射线荧光光谱法的应用

对国内外金属材料分析方法标准(包括ASTM、JIS、EN和GB)中应用波长色散X射线荧光光谱法(XRF)的现状,从方法所涵盖的测定元素及其测定的含量范围以及谱线重叠和基体效应的校正等几个方面,并以钢铁分析中的应用为例作了评述。美国材料与试验协会在2012-2016年间先后发布了3个XRF标准方法,分别应用于铸铁、不锈钢、合金钢和低合金钢的分析,测定元素达13项,根据相关钢材的技术规格确定了各元素含量的测定范围。日本工业标准调查会于1997年并于2010年和2013年经修订公布了钢铁XRF分析法JIS标准,可测定各类钢材中主量、次量以及痕量元素达31项,其中镍、铁、钴和测定下限分别延伸至99.5%,50%和60%,从而使此方法有可能扩展应用于镍基、铁镍基和钴基高温合金的分析。我国先后于2007年和2018年由国家标准经主管部门颁布了XRF分析钢铁和高合金钢的两个标准,可测定这2类钢材中的元素为13项和11项,其测定含量范围系根据材料的技术规格确定。关于谱线重叠和基体效应的校正,各标准中在相关部分作了说明,而ASTM有两则独立标准专门论述这两个问题。在此评述对其他金属材料的XRF分析标准也作了介绍(引用文献15篇)。     

双跳跃仿射扩散模型的几何平均型水平重置期权定价

在资产收益率及其波动率均满足随机跳跃且具有跳跃相关性的仿射扩散模型下,用广义双指数分布和伽玛分布分别刻画非对称性收益率及其波动率的跳跃波动变化,研究了具有几何平均特征的水平重置期权定价问题.通过Girsanov测度变换和多维Fourier逆变换方法,给出了此类重置期权定价的解析公式.最后,通过数值实例着重分析了联合跳跃...     

Return distributions of strategic growth options

In this study, we develop implications of imperfect competition on the return distribution of strategic growth options. We integrate real option theory with a Cournot-Nash framework in which two firms choose output levels endogenously and may have investment-timing differences. Simulations show that traditional option variables are significant determinants for the moments of the return distribution. In addition, uncertain preemption may introduce discontinuities in the payoff of the option that increase skewness and kurtosis. When first-mover advantages are crucial and sustainable, investment-timing differences between competitors can result in bimodal return distributions, where the firm with the first-mover advantage has a high probability of generating high returns. The authors are greatly indebted to the editor, the seminar participants of the Real Option Conference 2003 and the anonymous reviewers for their insightful comments and guidance. All remaining errors are our own.     

Preemptive patenting under uncertainty and asymmetric information

This paper examines the investment behaviour of an incumbent and a potential entrant that are competing for a patent with a stochastic payoff. We incorporate asymmetric information into the model by assuming that the challenger has complete information about the incumbent whereas the latter does not know the precise value of its opponent’s investment cost. We find that even a small probability of being preempted gives the informationally-disadvantaged firm an incentive to invest at the breakeven point where it is indifferent between investing and being preempted. By investing inefficiently early to protect its market share, the incumbent gives up not only its option to delay the investment, but also reduces the value of the firm by an amount that increases with the investment cost incurred and the potential loss of market share.     

Super-replication under proportional transaction costs: From discrete to continuous-time models

In this paper, we study the problem of finding the minimal initial capital (i.e. super-replication value) needed in order to hedge (without risk) European contingent claims in a Markov setting under proportional transaction costs. The main result is that the cheapest (trivial) buy-and-hold strategy is optimal. Such a negative result has been derived previously in different contexts. First, we focus on discrete-time binomial models. We prove that the continuous-time limit of the super-replication value is the cost of the cheapest buy-and-hold strategy. Then, the result is proved in a multivariate continuous-time model with Brownian filtration. As a direct consequence, we obtain an explicit characterization of the hedging set, i.e. the set of all initial positions in the market assets from which the contingent claim can be hedged through some admissible portfolio strategy.