The volatility of stock market prices

If the volatility of stock market prices is to be understood in terms of the efficient markets hypothesis, then there should be evidence that true investment value changes through time sufficiently to justify the price changes. Three indicators of change in true investment value of the aggregate stock market in the United States from 1871 to 1986 are considered: changes in dividends, in real interest rates, and in a direct measure of intertemporal marginal rates of substitution. Although there are some ambiguities in interpreting the evidence, dividend changes appear to contribute very little toward justifying the observed historical volatility of stock prices. The other indicators contribute some, but still most of the volatility of stock market prices appears unexplained.     

基于SSM方法的入境旅游客源市场结构分析——以福建省为例

基于2003-2011年相关数据,采用偏离．份额分析法对福建省入境旅游客源市场结构进行分析,结果显示：中国台湾地区,以及俄罗斯、澳大利亚和马来西亚市场的竞争力较强;英国、法国和德国的市场竞争力很强;中国香港、中国澳门,以及美国、新加坡、日本、韩国、菲律宾、加拿大和其他国家或地区的市场竞争力较弱;泰国的市场竞争力很弱。此分析结果能为福建省入境旅游客源市场的开拓提供相关建议。     

Just where does local food live? Assessing farmers’ markets in the United States

Participation in the local food movement has grown dramatically in the United States, with the farmers’ market being one of its most widespread and heavily promoted forums. Proponents argue that the interactions and transactions that occur at farmers’ markets benefit market participants, but, more importantly, have broader benefits for the neighborhoods they are located in and for society itself. The promise of these benefits raises several important questions, notably: where are farmers’ markets located and who has access to them? While many works have examined the characteristics of individuals who frequent markets, few have examined the areas and inhabitants hosting these markets. Using data from the USDA and US Census, I explore the location of farmers’ markets areas across several geographic measurements, including at the national, census division, and census tract levels. Results reveal the following: (1) Perhaps not being as white of a movement as critics have suggested, farmers’ markets are almost exclusively a middle to middle-upper class phenomenon; and (2) Farmers’ markets are very unlikely to be found in neighborhoods with lower than average socio-economic statuses indicators, in specific divisions of the US, and in rural areas. Results from this research further illuminate our understanding of where farmers’ markets are located throughout United States while presenting some interesting questions for the local food movement as it continues to moves forward.     

The trouble with authenticity: separating ideology from practice at the farmers’ market

Farmers’ markets have enjoyed a resurgence in the past two decades in Canada, the United States, and the United Kingdom. This increase in popularity is attributed to a host of environmental, social, and economic factors, often related to the alleged benefits of local food, alternative farming, and producer–consumer interactions. Steeped in tradition, there are also widely held assumptions related to the type of food and food vendors that belong at a farmers’ market in addition to the type of experience that should take place. There remains a need to explore and analyze these fundamental aspects of the farmers’ market and to consider how they influence their formation and function. This paper argues that discourses of authenticity are central to the identity of the farmers’ market, and that they are constructed differently “from above” by those seeking to regulate farmers’ markets in particular jurisdictions and “from below” by managers, producers, and consumers at individual markets. A literature-based discussion is complemented and grounded by consideration of institutional statements regarding authenticity and of key results from a survey of managers, food vendors, and customers at 15 farmers’ markets in Ontario, Canada. It is demonstrated that while the general discourse about authenticity at the farmers’ market is built around strict, almost ideological assumptions about the presence of “local food” and those who produce it, community-level responses reflect considerable diversity in the interpretation and composition of the farmers’ market. It is suggested that a binary view of authenticity, where some farmers’ markets are cast as “real” and others presumably not, is highly problematic as it tends to ignore a large and important middle ground with multiple identities.     

电力市场交易模式的现状与发展趋势

介绍了电力工业放松管制后出现的新实体，详细分析了英国和美国加州的电力市场模式和最新发展，讨论了加州的电力危机。得到一些启示。根据英国和加州电力市场的经验和教训，建议我国采用简化的市场结构；除独立省网外首先建立区域级电力市场进而建立国家级电力市场；市场交易种类多样性，避免过分依赖现货市场；成立PX与DGC－一体化的ISO；研究基于e-commerce的ISO可行性。此外，针对诸如能源短缺、环保、市场监管、系统规划与投资、需求侧管理以及资源优化配置等问题提出了建议。     

中国与主要大豆进口来源国价格关联和政策应对

中国大豆进口量持续保持高位，其价格波动一直是关注焦点。为研究不同大豆市场价格传导的差异，选取中国、巴西、阿根廷和美国大豆市场2014年1月—2021年5月的日度价格数据，采用小波模型与Copula函数对中国与各国大豆市场价格关联进行实证分析。结果表明：中国大豆市场价格与各国大豆市场价格之间均存在显著正向关联，关联程度随时间尺度的扩大而增强，其中与巴西关联性最为显著；尾部价格联动效应存在差异，价格波动超过1个月，与阿根廷、美国分别对价格下降、上涨更敏感；中国与巴西、美国大豆市场价格都存在明显的非对称价格传导，不同国家正/负向传导效应在时间尺度上存在差异。基于研究结果，提出了提高国内油料生产，丰富进口来源，加强市场监测预警等政策建议。     

区域文化资源向旅游产品转化的研究——桂林旅游演艺产品的创新发展

旅游演艺产品是我国旅游产市场的新型产品类型,它将演艺活动与旅游活动对接,以地方性文化资源为表现内容,二度创作成为大众化的旅游消费产品。桂林的旅游演艺产品市场具有典型性,从90年代初期至今的实践探索中,在产品创意、市场定位、企业化经营等方面获得了成功,但在产品艺术性与商业性的结合,市场运作的产业化规划及品牌战略等方面仍有待完善。     

Industrial innovation in Japan and the United States

Japanese firms tend to be quicker and more economical than U.S.firms at developing and introducing new products and processes, but this advantage seems to exist only among innovations based on external technology, rather than internal technology. Whereas U.S.firms put more emphasis on marketing start-up, they put much less emphasis on tooling, equipment, and manufacturing facilities than do Japanese firms. Applied R&D in Japan, which focuses more on processes than in the United States, seems to have yielded a handsome return; but there is no evidence that the rate of return from basic research has been relatively high in Japan. In robotics, the Japanese edge seems to increase as one moves from R&D toward the market.     

New directions in the relation between public and private debt

Until the 1980s the outstanding indebtedness of government and private-sector borrowers in the United States exhibited sufficient negative covariation that total outstanding debt remained steady relative to nonfinancial economic activity. Three hypotheses-one based on lenders' behavior, one on borrowers' behavior, and one on credit market institutional arrangements-provide potential explanations for this phenomenon. Since 1980 the U.S. debt markets have departed from these previously prevailing patterns, however, as both government and private borrowing have risen sharply.     

Off to market: but which one? Understanding the participation of small-scale farmers in short food supply chains—a Hungarian case study

The research described in this paper was designed to identify the factors that influence the importance small-scale farmers place on different marketing channels of short food supply chains. The focus concerns two entirely different types of market that are present in the bigger cities in Hungary: ‘conventional’ markets where there are no restrictions on locality but the farmer-market relationship is based on binding contracts, and newly-emergent farmers’ markets at which only local growers can sell ad hoc, using their own portable facilities. Results are based on a survey that was conducted in 2013 among 156 Hungarian market oriented farmer-vendors at different types of market and confirm that different markets are visited by different types of farmers. Farmers who favour conventional markets are typically less educated, operate on smaller scales and are more committed to their chosen markets via long-term contracts (which reduce the probability of their trying other outlets). The preference for farmers’ markets is stronger with farmers who are more open to cooperation, have specific investment plans for developing their farms and among those who are specifically looking to directly interact with their customers to avoid middlemen. The relevance of the findings is highlighted by the ongoing Short Food Supply Chain Thematic Sub-programme in the present European Union financing period; farmers’ profiles in any given marketing channel must be understood if short food supply chains are to be effectively promoted. Different types of small-scale farmers will benefit from different supporting frameworks, interventions, and initiatives.     

Photovoltaics today and tomorrow

In the next several decades it is expected that the United States and the rest of the nations of the world will greatly expand their consumption of electricity. But many questions will accompany this expansion: Can we build enough generating capacity? Do we have enough energy resources? Can we accommodate centralized and dispersed needs, large and small applications, and the diverse requirements of all sections of the world? And can we increase consumption without increasing environmental degradation? Photovoltaics, which by means of solid-state technology turn photon energy into electricity, can make a substantial contribution toward fulfilling these energy needs. Historically, the drawbacks to photovoltaics have been cost and technological maturity. But more than a decade of research has greatly advanced the technology and has brought it to the point of entering large electricity markets. Advances in the next two decades should make it possible for photovoltaics to become one of the world's preferred technologies for generating electrical energy.     

Is the stock market efficient?

A stock market is said to be efficient if it accurately reflects all relevant information in determining security prices. Critics have asserted that share prices are far too volatile to be explained by changes in objective economic events-the October 1987 crash being a case in point. Although the evidence is not unambiguous, reports of the death of the efficient market hypothesis appear premature.     

基于种业市场份额的中国种业国际竞争力分析

【目的】种业是国家战略性、基础性核心产业,中国巨大的种业市场正成为主要跨国公司竞争的焦点。种业竞争力不仅决定种业自身发展,而且也决定农业产业安全,不断提升种业竞争力是保障现代农业持续健康发展和国家粮食安全的根本。随着经济全球化、全球市场一体化进程的加快,市场份额竞争成为现代种业国际竞争的焦点,因此,从种业市场份额角度开展中国种业国际竞争力研究,以期全面、准确、科学的认识中国种业国际竞争力水平。【方法】运用国际种子联盟（ISF）、世界贸易组织（WTO）以及中国海关统计资讯室发布的相关数据,利用统计分析与显示性比较优势指数（RCA）、出口质量升级指数（QC）等常用市场份额分析指数对中国种业国际竞争力进行描述性与实证分析。【结果】中国虽然拥有世界上第二大的种子市场（2012年为99.50亿美元,仅次于美国120亿美元）,但在全球种子市场份额竞争中,得到的国外市场份额少,失去的国内市场份额多;出口市场主要集中在亚洲（59.04%）,而种子大额市场非洲（0.83%）和南美洲（0.18%）等占据的份额较少;竞争优势品种缺乏,相对来说,目前蔬菜与水稻种子占有的市场份额较多,均在1亿美元左右,而全球种子市场需求旺盛的小麦、玉米、大豆等种子占据的市场份额较少,均不到0.01亿美元。整体来看中国种业国际竞争力较差。从RCA计算结果来看,中国种业RCA指数较低且远小于评价标准值0.8,与美国、荷兰等种业强国相比还有很大差距,中国种业不具备显示性比较优势,种业国际竞争力较差但竞争力上升趋势明显,相对来说,蔬菜品种竞争力要高于农作物品种;从QC计算结果来看,中国种业种子出口质量升级指数大于评价标准值1且高于美、荷等种业强国,出口的各类型种子除小麦种子与大豆种子外其余种子附加值均相对较高,其中,2011年蔬菜种子QC值甚至达到了4.86,远高于判定标准值1,中国种业种子产品具有一定的质量竞争优势。【结论】中国种业在国际市场份额竞争中处于弱势地位,不具有显示性比较优势,出口市场集中且品种类型单一,竞争力较弱但整体处于上升态势;种业产品除小麦、大豆外,水稻、玉米、油菜、向日葵、甜菜、棉花、草本花卉植物、瓜果、蔬菜及牧草等作物种子目前附加值均较高,中国种业种子产品具有质量竞争力且各类型种子质量上升趋势明显,中国种业应注重以此为契机加速提升和巩固种业市场份额的拓展和掌控能力,以便应对日益激烈的国际种业市场份额竞争。     

Boutique food producers at the Detroit Eastern Market: the complex identities of authentic food

Eastern Market in Detroit is one of the oldest, continuously working public markets in the United States. Starting in 2006, the management changed and the market underwent a round of renovations. Since then, the Eastern Market Corporation (EMC) has worked to increase the number of stands selling value-added food at the market. Following the EMC’s lead, the new vendors sell their fare in boutique style, putting specific care in the setup of the stands and in the visual and oral narratives they use. Their presentation of food quality emphasizes craftsmanship and cultural values more than affordability or provenance. The interplay between these vendors and the EMC management point to two worlds identified by convention theory: domestic and market. The work of boutique food producers at Eastern Market manifests a composite arrangement between the domestic and market worlds where the authenticity of the products and regard for the customers are composite principles that solidify the compromise.     

Farm and market structure, industrial regulation and rural community welfare: conceptual and methodological issues

The Goldschmidt Hypothesis posits that rural community welfare is negatively associated with the scale of farms surrounding them. The intervening mechanism that links a farm structure dominated by larger farms to negative rural community welfare outcomes is polarized class structure. There have been a number of studies that have found support for the basic relationship between increasing farm scale and negative rural community outcomes. However, since Walter Goldschmidt’s original study was completed in the 1940s, the agricultural market and farming structures have changed dramatically. Market structure is now more differentiated than in previous decades. Vertical and horizontal integration, contract production, organic and other specialty markets, and direct marketing are examples of new marketing forms that have emerged over the past few decades. In addition, as farm and market structure have shifted, some states have enacted public policy to forestall negative outcomes related to the industrialization of agriculture. Previous studies which measured the effects on rural community welfare from the structure of the surrounding farming sector have been valuable contributions to the development of the sociology of agriculture and have led to increased understanding of agriculture and rural development. However, a new generation of studies should be undertaken to address the impacts of changing market structure as well as assess public policy attempts to mitigate negative impacts of agricultural industrialization. To that end I present a discussion of conceptual and methodological issues related to such a research program. And I offer a conceptual model intended to be useful in guiding future research in this area.     

公开市场操作对债券市场的影响研究

选取2007年1月1日~2014年2月28日为研究区间,观察央行公开市场操作对债券市场的影响,用以判断该货币政策手段所产生的效果。研究发现,在全样本中,无论是放松还是收紧银根的操作,对债券市场的影响均只表现在个别市场,而且影响滞后、较弱。单独研究长期品种操作的结果发现,央行公开市场紧缩操作对债券市场的影响显著,方向与预期一致;而公开市场放松操作在债券市场几乎没有反应,说明没有通过债券市场的传导产生政策效果。     

基于市场分析的森林碳汇绿色营销模式构建

随着联合国气候变化框架公约谈判的不断深入,森林碳汇受到越来越多的关注。但目前森林碳汇市场的购买者很少,需求不足,形成了市场中只有少数几个购买者的买方寡占市场,严重阻碍森林碳汇市场的发展。在分析森林碳汇市场特征的基础上,构建了森林碳汇的绿色营销模式。     

Alternative modes of governance: organic as civic engagement

A major strategy in the creation of sustainable economies is the establishment of alternative market institutions, such as fair trade and local market systems. However, the dynamics of these alternative markets are poorly understood. What are the rules of behavior by which these markets function? How do these markets maintain their separate identity as “alternative”: apart from the conventional (“free”) market system? Building on Lyson’s notion of civic agriculture, we argue that alternative markets maintain themselves through civic engagement. However, we argue that the civically-engaged practices of alternative markets are poorly understood. We seek, therefore, to begin a conversation about the everyday forms of civic engagement in alternative practice and to do this we introduce a few useful conceptual tools. Building upon ideas in science studies about the collaboration of scientists (Hess, Alternative pathways in science and industry, 2007) we argue that civic markets have their own “market fields” and “modes of governance” (Bulkeley et al., Environment and Planning A 39:2733–2753, 2007), their own fields of social interaction in which rules of behavior become stabilized and determine how the market works. The creation of a social field also requires the demarcation of boundaries, referred to in the science studies literature as “boundary work” (Gieryn, Cultural boundaries of science: Credibility on the line, 1999). We apply the idea of boundary work to understand how alternative market actors maintain boundaries between alternative and conventional markets. Finally, studies of collaboration in science have often centered on the object created through these interactions, an object that is partially material and partially a product of knowledge, what (Rheinberger, Toward a history of epistemic things: Synthesizing proteins in the test tube, 1997) calls an “epistemic object.” We use this idea to understand that the creation of alternative objects of exchange, such as organic food, are epistemic objects in that they combine both particular materialities and particular ways of knowing. Using these concepts, we will carry out a close analysis of the mode of governance in the national organic market, looking specifically a recent governance crisis in organic agriculture known as the Harvey lawsuit.     

英国新媒体市场概况

作者对新媒体的概念、欧洲新媒体市场概况、及英国新媒体市场的具体情况，包括软件市场、因特网市场、电子商务市场、游戏软件市场、广播电视市场进行了具体介绍，并对促进英国新媒体市场发展的因素进行了分析。     

市场经济、市场秩序与财经类高校的职业道德教育

市场经济是人类文明的高度成就，是共同富裕目的的手段，而不是人为满足私欲的天地，它有自身的道德尺度。这种道 德尺度首先表现在规则层面上，即道德对市场经济的调节主要是在制定适用于所有人共同遵守的规则的过程中进行，于是职业道德的建设成为完善市场秩序的有效手段之一。当前我国市场秩序的混乱与一部分市场主体职业道德素质低下有重要关系，而财经类高校培养的经济类人才是未来社会主义市场经济建设的主力军，他们自身的职业道德如何直接关系到社会主义市场经济能否进一步健康、有序的发展。因此，积极探索财经类高校职业道德教育的新途径，显然具有重要的现实效应。