EFFECT OF FORESTLAND AVAILABILITY BY OWNERSHIP TYPE ON LICENSE SALES FOR HUNTING: A SPATIAL APPROACH

Abstract The effect of forestland availability under different ownership types on license sales for hunting in nine Southeastern states is empirically evaluated. An equation that represents license sales for hunting is estimated assuming the sale of hunting licenses in a particular county is related to the characteristics of that county as well as the characteristics and license sales for hunting in its neighboring counties. The positive effects of the amounts of both national and private forestland on license sales reaffirm the potential benefits of maintaining forestland to stimulate hunting. The positive spillover effect of national forests on license sales for hunting suggests that availability and close access to hunting in national forests within neighboring counties are important in supporting hunting license sales in a county. This study contributes to the general understanding of the drivers affecting individuals’ decisions to use natural resources for hunting. Advances in natural resource modeling, specifically the spatial process model and geospatial data used in this research, make it possible to examine the interactions between the spatial dynamics and ownership attributes of the natural system, allowing policy makers to design natural resource management practices that respond to a system characterized by these interactions.     

信贷风险决策问题的一种相互逼近算法

基于最速下降法的基本思想 ,提出了相互逼近算法 ,用以解决信贷风险决策过程中 ,利润曲线和风险曲线寻求公共最优近似解的问题 .该算法表明 ,当利润曲线和风险曲线不存在公共最优近似解时 ,银行追求利润最大化的结果将导致风险上升 ,无法在可接受的风险指数范围内实现其既定的盈利目标 .但当利润曲线和风险曲线存在公共最优近似解时 ,银行根据其所掌握的私有信息以及所观测到企业理性的反应 ,作出相应的决策 .公共最优近似解的存在 ,说明了银行是在风险可接受的前提下按最优性原则给企业发放贷款 .     

机构投资者增持的经济后果:基于定向增发的实证研究

定向增发背景下,对机构投资者增持行为经济后果展开研究具有重要的现实意义。以2008-2017年我国沪深A股成功进行定向增发的上市公司为样本,本研究采用OLS、POISSON、PSM等方法对机构投资者增持的经济后果及机理进行实证分析与稳健性检验。结果表明:机构投资者整体增持与定向增发上市公司的长期市场表现正相关。考虑机构投资者异质性特征并做进一步分析,价值投资型机构投资者增持行为通过提升企业创新水平显著提升了定向增发上市公司长期市场表现;由于追求短期股权价值波动收益,价格追随型机构投资者增持行为则不利于定向增发上市公司长期市场表现;限售期规定能够有效遏制价格追随型机构投资者的“追涨杀跌”行为。本研究为我国中长期价值投资型机构投资者培育、定向增发资源配置效率提升提供了理论依据。     

Rule-based models of multivariable functions

This study is devoted to fuzzy rule based modelling of multiple-input single-output nonlinear numerical relationships. The model under investigation is viewed as a collection of conditional statements “if state Ω_i then y = g_i(x, a_i)”, i = 1, 2,…, N with Ω_i being a fuzzy relation defined in the space of the input variables. In contrast to the commonly encountered identification approach that is dwelled upon discrete experimental data, the one proposed in this study is concerned with explicitly articulated nonlinear input-output relationship. The main thrust is in the development of a fuzzy partition of the input variables completed through a sequence of fuzzy relations rather than Cartesian products of fuzzy sets. This approach allows us to maintain the number of necessary rules under control and avoid a combinatorial explosion otherwise inevitable in situations of highly multivariable functions. Introduced are criteria of separability and function variability whose objective is to guide a distribution and granularity of the linguistic labels forming the condition part of the rules.     

限售股减持背景下控股股东自利行为研究——基于跨期投资的视角

以减持限售股份为前提条件,建立起两期间的控股股东跨期投资并进行利益侵占的理论模型。将现金流权比例、限售股减持比例等作为影响变量,分析其对控制权私利产生怎样的作用。通过分析得出产生的控制权私利分别与上述相关比例之间是呈负相关、正相关以及只与即期有关而与远期侵占无关的结论。同时,两期侵占模型中,控股股东的即期最佳水平与单期模型相比,有一定程度的降低。因为控股股东的减持以及侵占行为是长时间的,并且也是连续的,该行为是以获得最大收益为目的的。本文在理论分析的角度为我国资本市场的大股东持股结构改善以及投资决策选择给予支撑。     

市值管理动机下大股东参与定向增发与利益输送

上市公司的市值受到企业内在价值与外部溢价的双重影响,市值管理情境下大股东参与定向增发的利益动机及获利方式有待重新认识。聚焦市值管理的治理效应,以市值管理对大股东参与定向增发意愿的影响为切入点,引入内部资本配置效率,探讨两种认购方式中利益输送行为的存在性及市值管理理念的有效性。研究结果表明:市值管理对大股东参与定向增发具有积极影响;大股东参与定向增发后存在更为严重的资金占用、更高程度的现金分红以及利用资产定价获利的倾向并导致边际资本配置效率降低。进一步研究发现,市值管理能够制约上述利益输送行为,其治理效应随股权集中度的增加而增强,且民营企业市值管理的制度效率较国企更显著。研究结论通过揭示市值管理机制的效力路径为公司再融资决策及政策制定提供了理论依据。     

RFID-generated traceability for contaminated product recall in perishable food supply networks

As perishable food supply networks become more complex, incidents of contamination in these supply networks have become fairly common. Added to this complexity is the fact that there have been long delays in identifying the contamination source in several such incidents. Even when the contamination source was identified, there have been cases where the ultimate destination of all contaminated products were not known with complete certainty due, in part, to dispersion in these supply networks. We study the recall dynamics in a three-stage perishable food supply network through three different visibility levels in the presence of contamination. Specifically, we consider allocation of liability among the different players in the perishable supply network based on the accuracy with which the contamination source is identified. We illustrate the significance of finer levels of granularity both upstream and downstream as well as determine appropriate visibility levels and recall policies.     

All‐optical virtual private network in passive optical networks

We review recent progress on all‐optical virtual‐private‐network (VPN) schemes in passive optical networks (PONs). PON is a promising candidate in future access areas to provide broadband services with low cost. With all‐optical virtual private network (VPN) function, PON can support efficient internetworking among end users with dedicated optical channels, thus enabling guaranteed bandwidth and enhanced security at the physical layer. Here, we discuss and compare existing schemes of all‐optical VPNs in time‐division‐multiplexed (TDM) PONs, and also recently proposed schemes for deployment in wavelength‐division‐multiplexed (WDM) PONs and two‐stage TDM/WDM PONs.     

染料黑白片XP1 400的粒度研究

本文测定了依尔福染料黑白片XP1 400在XPI套药中冲洗的染料影像及中间银影像的均方根粒度,同时又测定了在同样曝光条件下的涂层在普通黑白显影液中冲洗的黑白银影像的均方根粒度。结果表明,三种影像粒度随密度变化的规律完全不同。本文又用selwyn公式计算了中间银影像及黑白银影像的单位面积显出颗粒数,测试和计算结果表明,与黑白银影像比较,中间银影像具有均方根粒度明显低和单位面积显出颗粒数高的特点。这与光学显微镜下现察到的中间银影像及黑白银影像的形态是一致的。本文还根据实验及计算结果讨论了DIR成色剂在影像形成过程中的作用。