Effects of air temperature and discharge on Upper Mississippi River summer water temperatures

Recent interest in the potential effects of climate change has prompted studies of air temperature and precipitation associations with water temperatures in rivers and streams. We examined associations between summer surface water temperatures and both air temperature and discharge for 5 reaches of the Upper Mississippi River during 1994–2011. Water–air temperature associations at a given reach approximated 1:1 when estimated under an assumption of reach independence but declined to approximately 1:2 when water temperatures were permitted to covary among reaches and were also adjusted for upstream air temperatures. Estimated water temperature–discharge associations were weak. An apparently novel feature of this study is that of addressing changes in associations between water and air temperatures when both are correlated among reaches.     

M-Estimation for regressions with integrated regressors and arma errors

Abstract.  General M -estimation is developed for regression models with integrated regressors and autoregressive moving average (ARMA) errors, in which the ARMA parameters are jointly estimated with the regression parameters. The large sample distribution of the M -estimator is derived. Allowing the regressors to be dependent on the error terms, a parametric 'fully modified' (FM) M -estimator is proposed. In cases of ARMA errors, a Monte-Carlo experiment reveals superiority of the parametric estimators over the semiparametric FM M -estimator of Phillips Econometric Theory 11 (1995, p 912) in terms of empirical mean squared error.     

我国上市公司管理层股权激励效应实证研究

股权分置改革已经成为我国证券市场发展中的一个里程碑。但全流通环境下的上市公司管理层股权激励机制,能否真正解决公司制企业产权结构的多元化导致的代理问题,其效应如何,值得研究。以上市公司2008年的截面数据为样本,在检验股权激励内生性的基础上,通过寻找相似控制变量的倾向评分匹配方控制内生性,分析上市公司管理层股权激励对企业绩效和风险的影响效应。结论得出,股权激励的实施可以提高公司的绩效,降低系统风险,但不是对各家公司都适用,上市公司要注意选择适合自身发展的激励方式和方案。     

Housing Allowance and the Recipient's Homeownership: Evidence from a Panel Data Study in Sweden

This paper investigates whether housing allowance affects recipients' tenure choice in Sweden. To answer this question, a two-stage conditional maximum likelihood probit (2SCMLP) model is applied in a panel data setting to simultaneously control for individual heterogeneity, state dependence and endogeneity. The empirical study is based on administrative data of housing allowance recipients living in three major metropolitan areas of Sweden between the years 1994 and 2002. The results indicate that the housing allowance positively affects recipients' homeownership propensity in Sweden. Therefore the worry of a ‘rental trap’ is dismissed within the Swedish housing allowance system. Instead, we conclude that the Swedish housing allowance system is doing a fairly good job in supporting low-income households to obtain and maintain their homeownership. Furthermore, no evidence was found to indicate that the reform of the Swedish housing allowance system in 1996–97 essentially changed this fact.     

内生视角下的股权结构对自愿性信息披露的影响

现有有关股权结构与自愿性信息披露关系的研究大都不考虑内生性问题,先验地把股权结构视为外生变量.以2005—2009年深市上市公司为研究对象,国家股比例、股权集中度、控股股东性质以及高管持股比例等股权结构变量为解释变量进行分析,发现股权集中度、高管持股情况存在内生性问题,并且在内生性假设下,股权集中度与自愿性信息披露水平呈显著相关,高管人员持股比例与自愿性信息披露水平则不具有显著的相关性,股权结构与自愿性信息披露之间是一种互动的双向作用.     

Modelling the impacts of bioenergy markets on the forest industry in the southern United States

The main objective of this article was to analyse the impacts of emerging bioenergy markets on traditional forest product sector markets in the USA. An econometric model was developed to obtain the equilibrium estimates for the bioenergy and traditional forest markets. The results from the econometric model, using data-set for the state of Florida, suggested that biomass for bioenergy and pulpwood and biomass for bioenergy and sawtimber act as substitutes while sawtimber and pulpwood act as complements to each other. A price subsidy policy scenario was considered to simulate a 30% increase in the demand for biomass for bioenergy. The simulation results suggested that inclusion of this policy scenario might generate additional benefits to forest landowners and bioenergy sector, while sawmill and pulpmill sectors might face adverse financial impacts.     

Analysis of Neighbourhood Effects and Work Behaviour: Evidence from Paris

This paper highlights the effects of being located in a deprived neighbourhood on unemployment. Interest is focused on the consequences of neighbourhood effects. The paper uses the 1999 Population Census for Paris and the three surrounding sub-regional administrative districts in order to estimate different models that take into account the potential endogeneity bias of the residential location choice. The study first runs a bivariate probit model that includes the residential location as an endogenous variable. A probit model is also run on a sub-sample of households living in public housing with the idea that for them the location choice is exogenous. Whatever the method used, it is shown that living within the most deprived neighbourhoods, in terms of local composition, decreases the probability of employment.     

Analysing spatial spillovers in corruption: A dynamic spatial panel data approach

Previous studies on the determinants of corruption have seldom addressed cross‐border spillovers of corruption in a panel data setting. In this paper, we first propose a theoretical model of spatial corruption spillover based on network analysis. Then, we analyse spatial spillovers in corruption using a dynamic spatial panel approach. The results indicate that corruption not only exhibits spatial spillovers but also a persistent effect over time. More importantly, increase of income per capita, economic freedom, and percentage of women in the parliaments have a long‐term effect on the perceived levels of corruption. Policies and programmes aiming at abating corruption must take into consideration those results.