Peasant Household Oriented Land Circulation from the Perspective of State Governance

Based on the state governance background of peasant household oriented land circulation,I analyzed characteristics of peasant household oriented land circulation.The characteristics mainly include uncertain definition of rural land circulation,significant off-media feature of land circulation,long-term land circulation contract,farmers' preference of peasant household oriented land circulation,and progressive path of land circulation.The essential feature is the progressive mode of land circulation.Under the existing property right,it realizes the perfect combination of modern production factors and traditional agricultural,and the combination of traditional family safeguarding function and modern social mutual growth spirit.Thus,it shows relative independence and manifests the idea of common prosperity.The opportunity cost of peasant household oriented land circulation is minimal,institutional cost will increase circulation risk,and what's more,the cost for state governance of peasant household oriented land circulation is minimal.It comes to conclusion that building proper and harmonious land circulation mechanism is responsibility of central government and favorable for healthy development of peasant household oriented land circulation.

THE EXISTENCE THEOREM OF OPTIMAL GROWTH MODEL

This paper proves a general existence theorem of optimal growth theory. This theorem is neither restricted to the case of a constant technology progress, nor stated in terms of mathematical conditions which have no direct economic interpretation and moreover, are difficult to apply.

PROBABILITY INEQUALITIES FOR SUMS OF INDEPENDENT UNBOUNDED RANDOM VARIABLES

The tail probability inequalities for the sum of independent unbounded random variables on a probability space (Omega, T, P) were studied and a new method was proposed to treat the sum of independent unbounded random variables by truncating the original probability space (Omega, T, P). The probability exponential inequalities for sums of the results, some independent unbounded random variables were given. As applications of interesting examples were given. The examples show that the method proposed in the paper and the results of the paper are quite useful in the study of the large sample properties of the sums of independent unbounded random variables.

Stability analysis of delayed cellular neural networks with and without noise perturbation

The stability of a class of delayed cellular neural networks （DCNN） with or without noise perturbation is studied. After presenting a simple and easily checkable condition for the global exponential stability of a deterministic system, we further investigate the case with noise perturbation. When DCNN is perturbed by external noise, the system is globally stable. An important fact is that, when the system is perturbed by internal noise, it is globally exponentially stable only if the total noise strength is within a certain bound. This is significant since the stochastic resonance phenomena have been found to exist in many nonlinear systems.

Hospital Costs of Adverse Events in Patients with Metastatic Colorectal Cancer

Background: Monoclonal antibody treatments for metastatic colorectal cancer (mCRC) have distinct treatment-related safety profiles. This study aimed to elucidate the hospitalisation costs of adverse events (AEs) commonly associated with monoclonal antibodies when administered to patients with mCRC. Methods: This study extracted data for patients newly diagnosed with mCRC from a large US claims database from January 2005 to June 2008. The first distant metastasis diagnosis date was defined as the index date. Main outcomes were length of hospital stay (days) and hospitalisation costs (2010 US$) for AEs (identified by primary discharge diagnoses). All analyses are presented descriptively. Results: The study population (aged ≥18 years;n = 12,648) was balanced according to gender and was mainly aged 50 years or older (90.1%). Most patients had colon cancer (70.1%) as opposed to rectal cancer. Gastrointestinal (GI) perforation incurred the longest median length of stay (11.5 days) for hospitalisations, followed by wound-healing complications (7 days), arterial and venous thromboembolism (5.5 and 4 days, respectively), and congestive heart failure (4 days). The highest inpatient cost per event was for GI perforations (mean $66,224 and median $ 34,027), followed by arterial thromboembolism ($40,992 and $18,587), wound-healing complications ($36,440 and $21,163), interstitial lung disease ($26,705 and $19,111) and acute myocardial infarction ($22,395 and $15,223). Skin toxicity (mean $6475 and median $6110) and hypertension ($14,108 and $6047) were associated with relatively low costs. Conclusions: Hospital costs for monoclonal antibody treatment-related AEs in patients with mCRC vary greatly. This study provides source data for economic evaluations of head-to-head comparisons of monoclonal antibody treatments.

The trust system and ecological civilization:A case study of “green trust”

To promote the ecological civilization has been determined as one of the significant agenda for China's development strategy. However, the shortfall of funding might hinder the progress. Therefore, new financing resources and channels are urgently required. Trust has been seen as a popular investing and financing instrument due to its comprehensive benefits such as equity restricting, financial independence and continuity, etc. If trust companies provide services to environmental protection and establish "green trust" or "green funds", it would fully widen financing channel of green industry and contribute to China's sustainable development.

An Empirical Study of CAPM’s Applicability to Rare Earth Permanent Magnet Material Stocks

China has the world’s largest reserves of rare earth elements.Rare earth permanent magnet material has always been one of the popular industries in the investment market.CAPM is the basic asset-pricing model in financial economics.There are a number of studies conducted to examine the applicability of CAPM to stock markets in different industries and to investigate the modification method to improve the model’s prediction accuracy.In this study,seven leading enterprises in China’s rare earth permanent magnet material industry listed on the A-share market were selected as the research subjects.Based on CAPM,regression analysis was conducted on the monthly data from March 2016 to February 2022.The results demonstrated that using the β coefficient to explain the risk of China’s rare earth permanent magnet industry is ineffective.The ultimate benefit was less affected by market indexes but mainly by non-systematic risks.CAPM has low applicability to China’s rare earth permanent magnet material industry and requires further improvement.Nevertheless,CAPM still has some guiding significance in making enterprise comparisons and investment decisions.

Causal Inference

Causal inference is a powerful modeling tool for explanatory analysis,which might enable current machine learning to become explainable.How to marry causal inference with machine learning to develop explainable artificial intelligence(XAI)algorithms is one of key steps toward to the artificial intelligence 2.0.With the aim of bringing knowledge of causal inference to scholars of machine learning and artificial intelligence,we invited researchers working on causal inference to write this survey from different aspects of causal inference.This survey includes the following sections:“Estimating average treatment effect:A brief review and beyond”from Dr.Kun Kuang,“Attribution problems in counterfactual inference”from Prof.Lian Li,“The Yule–Simpson paradox and the surrogate paradox”from Prof.Zhi Geng,“Causal potential theory”from Prof.Lei Xu,“Discovering causal information from observational data”from Prof.Kun Zhang,“Formal argumentation in causal reasoning and explanation”from Profs.Beishui Liao and Huaxin Huang,“Causal inference with complex experiments”from Prof.Peng Ding,“Instrumental variables and negative controls for observational studies”from Prof.Wang Miao,and“Causal inference with interference”from Dr.Zhichao Jiang.

Synthesize dual goals:A study on China's ecological poverty alleviation system

How to break the vicious cycle of poverty and ecological degradation is widely concerned and discussed.In the poverty alleviation practices in China,ecological poverty alleviation(EPA)is regarded as an important way to synthesize the dual goals of poverty reduction and environmental protection and to achieve the win-win outcomes.Many Chinese researchers have fruitful research achievements on EPA yet they do not recognize that EPA is not a simple combination of various policies,but a complex system involving multiple policy instruments,governmental agencies,social forces,and agents.However,few studies abroad illustrate EPA in detail.They focus more on specific components of EPA such as payment for ecosystem services while overlooking the integral concept of EPA and practices from China.Based on field research in Guizhou Province,China,this paper proposes a framework of EPA with an effective multi-agent and co-government system,for demonstrating the concept and practice of EPA.With case analysis,we illustrate key elements in this system and their relationships,and how they play a vital role in pursuing win-win outcomes in environmental protection and poverty alleviation.The three dimensions of this EPA system have been discussed.The first is to strengthen the interaction among the agents.Many efforts should be made for establishing an efficient communication routine and a stable relationship among their interests.The second is to reinforce the connection between diverse elements in each policy subsystem,such as the systematization and coordination of the ecological industry development,the systematization of the links before,during,and after the relocation of ecological immigrants,etc.The third is to promote the interactions between the three subsystems,so that ecological enhancement,ecological compensation,and industrial development,and migration and relocation can promote each other,and ultimately promote the coordination of poverty alleviation and ecological protection in povertystricken areas.Thus,this paper analyzes how to establish the communication routine among the relevant agents of EPA,the interaction among the internal elements of the subsystems,and the relationship between the subsystems in series,trying to reveal the basic operating mechanism of the system.

The association between socioeconomic status and visual disability among older adults in China

AIM: To investigate the association between socioeconomic status(SES) and visual disability(VD) among older Chinese adults. METHODS: We obtained data from the Second National Sample Survey on Disability, conducted in China in 2006. A total number of 192 375 older adults(aged≥65 y) were screened for suspected VD via interviews with trained examiners. Those who screened positively for VD were referred to ophthalmologists to obtain a final diagnosis. RESULTS: VD was prevalent among 7.29% of Chinese adults aged 65 and older, and was higher in rural areas(8.71%) than in urban areas(4.82%). After adjusting for SES indicators and covariates, we found that lesseducated older adults were more likely to suffer from VD, with an odds ratio(OR) of 2.50(95%CI: 2.26-2.82) for illiterates, compared with those who graduated from senior high school or above. Older adults who were in the lowest income quintile were more at risk of VD, with an OR of 1.81(95%CI: 1.68-2.95), compared with adults in the highest income quintile. In urban areas, when compared with adults who graduated from senior high school or above, those who did not continue their education after junior high school, primary school, or those who were illiterate, were more likely to suffer from VD, with an OR of 1.35(95%CI: 1.51-1.59), 1.84(95%CI: 1.60-2.12), and 2.63(95%CI: 2.27-3.04), respectively. Lower levels of income were statistically significant when associated with VD. In rural areas, adults who were illiterate had an OR of 2.21(95%CI:1.75-2.79) when compared to adults with senior high school or above education level. Per capita, household income remained significantly associated with VD. Older adults who were ≥85, female, single, and residing in rural areas were associated with higher risks of VD. CONCLUSION: Individual-level SES among the elderly, in the form of education and income, is associated with VD among elderly Chinese adults in both urban and rural areas; however, the association is stronger in rural areas. Further studies are still required to explore the mechanism behind the relationships.

Industry Linkage and Low-carbon Development--Based on Logistics Industry & Manufacturing Industry

Key project of " manufacturing industry and logistics industry linkage"was proposed in the Logistics Adjustment and Revitalization Plan by the state council in 2009. However the consumption and pollution generated by manufacturing industry and logistics industry linkage in China are also large at present. How to conduct manufacturing industry and logistics industry linkage by the low-carbon manner is one of most important issues under current low-carbon economy background. In this paper,the issue is studied and analyzed by constructing system dynamics model,which could propose suggestions for low-carbon linkage development of manufacturing industry and logistics industry.

WEIGHTED LASSO ESTIMATES FOR SPARSE LOGISTIC REGRESSION:NON-ASYMPTOTIC PROPERTIES WITH MEASUREMENT ERRORS

For high-dimensional models with a focus on classification performance,the?1-penalized logistic regression is becoming important and popular.However,the Lasso estimates could be problematic when penalties of different coefficients are all the same and not related to the data.We propose two types of weighted Lasso estimates,depending upon covariates determined by the Mc Diarmid inequality.Given sample size n and a dimension of covariates p,the finite sample behavior of our proposed method with a diverging number of predictors is illustrated by non-asymptotic oracle inequalities such as the?1-estimation error and the squared prediction error of the unknown parameters.We compare the performance of our method with that of former weighted estimates on simulated data,then apply it to do real data analysis.

DeepPricing:pricing convertible bonds based on financial time-series generative adversarial networks

Convertible bonds are an important segment of the corporate bond market,however,as hybrid instruments,convertible bonds are difficult to value because they depend on variables related to the underlying stock,the fixed-income part,and the interaction between these components.Besides,embedded options,such as conversion,call,and put provisions are often restricted to certain periods,may vary over time,and are subject to additional path-dependent features of the state variables.Moreover,the most challenging problem in convertible bond valuation is the underlying stock return process modeling as it retains various complex statistical properties.In this paper,we propose DeepPricing,a novel data-driven convertible bonds pricing model,which is inspired by the recent success of generative adversarial networks(GAN),to address the above challenges.The method introduces a new financial time-series generative adversarial networks(FinGAN),which is able to reproduce risk-neutral stock return process that retains the unique statistical properties such as the fat-tailed distributions,the long-range dependence,and the asymmetry structure etc.,and then transit to its risk-neutral distribution.Thus it is more flexible and accurate to capture the dynamics of the underlying stock return process and keep the rich set of real-world convertible bond specifications compared with previous model-driven models.The experiments on the Chinese convertible bond market demonstrate the effectiveness of DeepPricing model.Compared with the convertible bond market prices,our model has a better convertible bonds pricing performance than both model-driven models,i.e.Black-Scholes,the constant elasticity of variance,GARCH,and the state-of-the-art GAN-based models,i.e.FinGAN-MLP,FinGAN-LSTM.Moreover,our model has a better fitting capacity for higher-volatility convertible bonds and the overall convertible bond market implied volatility smirk,especially for equity-liked convertible bonds,convertible bonds trading in the bull market,and out-of-the-money convertible bonds.Furthermore,the Long-Short and Long-Only investment strategies based on our model earn a significant annualized return with 41.16%and 31.06%,respectively,for the equally-weighted portfolio during the sample period.

Evaluation Indicator System for China's Agricultural Industrial Safety

On the basis of new characteristics and trend of China's agricultural development in the post-WTO period,combining analysis of factors influencing agricultural industrial safety,this paper builds an evaluation indicator system for China's agricultural industrial safety by scientific indicator system design method.This indicator system includes risk factor indicators(showing risk degree)and capacity factor indicators(showing guaranteeing ability),and consists of 7 subsystems:consumption safety,production safety,industrial controlling capacity,industrial development capacity,industrial development environment,government functions and industrial foundation condition.Risk factor is divided into 5 levels:higher risk,high risk,medium risk,low risk and lower risk;guarantee risk is also divided into five levels:strong,healthy,normal,weak and disabled.According to the overall evaluation score obtained from weighting sum,the agricultural industrial safety includes 5 types:very safe,safe,basically safe,not safe and hazardous.This evaluation indicator system is expected to providing theoretical reference for evaluating China's agricultural industrial safety.

The New Rural Cooperative Medical Scheme and Its Implications on Rural Labor Migration in China：Evidence from Longitudinal Surveys

In 2003, China initiated the New Rural Cooperative Medical Scheme （NRCMS） in order to provide basic health care coverage for the rural population. However, the NRCMS has had a marked impact on rural-urban labor migration as its current regulations present a barrier for cross-region participation in the NRCMS, and its reimbursement system is biased when the enrollees seek medical services outside their location of hukou, a household registration system in China. This paper performs a variety of empirical tests on a panel data set from the China Health and Nutrition Survey （CHNS） to study how the NRCMS affects rural residents＇ work location choices. We observed a ＂locking effect＂ on potential rural migrant workers and a ＂pulling effect＂ on existing ones. According to the results, the NRCMS has discouraged rural residents from working outside their location of hukou, lowering the probability of relocation by 3.52 percent. Meanwhile, the NRCMS system actually encourages existing migrant workers to return home. This paper concludes that the NRCMS has to some extent restrained the free flow of the labor force and exacerbated the migrant worker shortage.

Choosing an Optimal Exchange Rate Regime for Emerging Market Economies

China and other emerging market economies hoM large amounts of US dollar （USD）-denominated assets while their enterprises mainly raise funds from domestic banks. These economies＇currencies are under a constant pressure to appreciate. The authors of this paper apply the model used in Bernanke et al. （1999） to small open economies in order to find out the optimal exchange rate regime for the emerging market economies. Findings indicate that a country＇s choice of exchange rate regime is directly associated with its percentage of USD-denominated assets and the strength of the financial accelerator effect. A managedfloating rate regime is more desirable than afreefloating regime because of its ability to better avoid liquidity traps given appreciation pressure. A managed floating rate regime also outperforms a fixed exchange rate regime because the former tends to cause less welfare loss. These factors make a managed floating rate regime the optimal choice for emerging market economies. Lastly, the authors propose policy steps and suggestions based specifically on China＇s current situation.

Segment Reporting： Value and Policy Choice

Evidences indicate that segment reporting has the ability to forecast firms＇ performance and reflect risks of stock market. However, there is no consensus between IAS and FASB on the choice of policy for segment reporting. Based on the analysis of IAS and FASB＇s statements for segment reporting, this paper points out that industry and geography are the two vital bases for determining the segments, and internal organizational structure also should be taken into account. Before segment reporting, a primary segment needs to be identified, and others can be regarded as secondary segments. The information of the segments can be disclosed in the form of supporting statement. This paper also gives a concrete format of segment reporting.

Spatial Structure of Peer Networks and Academic Achievement Based on a Random Control Trial Experiment

This paper investigates whether changing the seating arrangement in a classroom can facilitate positive spillovers from top-performing students to others,using a field experiment conducted in a Chinese high school.Among study groups with balanced abilities,the treatment altered the spatial distribution by assigning the two top students to seats in the spatial center of each group.In the reference groups where students were allowed to choose their own seating arrangements,the lowest performing were significantly less likely to sit next to a top student than they would be under a random assignment.The results suggest that,in the treated groups,there could be enhanced academic spillovers from the top students.The treatment especially benefited the two lowest performing students in science subjects.In contrast,the treatment exerted negative effects on the test scores of the two middle-performing students,due to a disruption mechanism.The results suggest that the spatial layout of a peer network can have a significant impact on learning outcomes.

Does the transformation of accounting firms' organizational form improve audit quality?Evidence from China

In this study,we examine the effects of the transformation of accounting firms’organizational form on audit quality.We find that the transformation from limited liability to limited liability partnerships has a significant negative effect on the absolute value of discretionary accruals of audited companies.In particular,the transformation has a significant negative effect on positive discretionary accruals and no effect on negative discretionary accruals.We also find that CPAs are more likely to issue modified audit opinions in the year after the transformation,and that there is no evidence that accounting firm size and listed company ownership influence the relationship between the transformation and audit quality.Our conclusions provide empirical evidence for policy makers and enrich the literature on accounting firms’organizational forms.

Tracing back to the source: Understanding the corporate governance of boards of directors in Chinese SOEs

Based on the relevant theories of corporate governance and the special institutional background of Chinese state-owned enterprises(SOEs),this paper systematically reviews the literature on the independence and governance effect of SOE boards.We find that the governance effect of SOE boards is driven by the dual characteristics of SOEs:state involvement in ownership and market incentives.With the state involved in ownership,SOEs adhere to the leadership of the Communist Party of China(CPC),which results in an enhanced governance effect.Under market incentives,SOEs tend to have an optimal board structure that helps mitigate both the shareholder–management agency problem(Type I agency problem)and the controlling shareholder–minority shareholder agency problem(Type II agency problem).In terms of the governance effect of boards,directors appointed by non-controlling shareholders are effective in alleviating Type I and Type II agency problems,and this highlights the importance of mixed-ownership reforms in SOEs.Independent directors,especially those with a professional background,also play a role in improving corporate governance.However,independent directors in SOEs have relatively weak incentives to monitor,which limits their governance effect.This paper shows positive implications for promoting mixed-ownership reforms and improving board governance in SOEs.