ABSTRACT: China began to introduce market principles and establish price mechanism to better manage land and improve land use efficiency in the late 1980s. Since then, land markets begin to emerge. A benchmark land pr...ABSTRACT: China began to introduce market principles and establish price mechanism to better manage land and improve land use efficiency in the late 1980s. Since then, land markets begin to emerge. A benchmark land price system, providing guidelines for land use rights selling and transferring, was established in order to overcome lack of market data and experiences in land transaction. The benchmark prices of land use rights are determined by land use, land use density (floor-land ratio), land grades, land improvement, and tenant resettlement costs. This paper first conducts a formal analysis based on modern urban economic theory. The formal model provides a theoretical foundation in which the benchmark land price system is assessed and evaluated in terms of land use and urban development. The paper then concludes that the benchmark price system has two theoretical problems. One is associated with the fact that floor-land ratio plays an important role in land price determination whereas the theory suggests the other way around. That is, floor-land ratio depends on land prices. The other problem is that the benchmark land price system does not provide adequate room for the substitution between land and capital inputs. The substitution is a key in achieving land use efficiency in land markets and urban development process. It is concluded that the practice of the benchmark land price system is at odd with reforms that aim to introduce market principles and mechanism to guide resource uses. Therefore, it is recommended that further land policy reform should be taken.展开更多
The impactof water sales price on the performance of water service providers is typically something of a mystery. High prices mean more revenue and profit;but it may lead to less bills collection and encourage the ill...The impactof water sales price on the performance of water service providers is typically something of a mystery. High prices mean more revenue and profit;but it may lead to less bills collection and encourage the illegal connections. Yet, this argument has not been fully addressed in the Palestinian water sector;this research evaluates the effect of average water prices on the financial sustainability key indicators as collection efficiency, profit or loss percentage, non-revenue water, staff productivity, daily consumption, operating, and maintenance cost. The average price of cubic meter sold is segmented into low, medium, and high categories. Multivariate analysis shows that there are significant differences in profit or working ratio, daily consumption, and operating cost based on the different price categories. Further significant differences have been found in non-revenue water, collection efficiency, and water production based on low and high price categories. On the other hand, no significant difference has been found in staff productivity. The results show high price set by Palestinian water providers, leads to an increase in the bill collection rate and profit margin. However, negative relationship has been found between the price on one hand, and non-revenue water, average daily consumption, and water production on the other hand. The implication of these findings reveal that the Palestinian water providers should increase water prices gradually to cover operating and maintenance cost for better financial performance and sustainability.展开更多
Regulatory detailed planning is the most direct management tool for urban development and construction activities. Through theoretical deduction, this paper demonstrated the elastic relationship between the land-trans...Regulatory detailed planning is the most direct management tool for urban development and construction activities. Through theoretical deduction, this paper demonstrated the elastic relationship between the land-transferring price and the floor area ratio(FAR) of residential land, which represented the space control intensity for regulatory detailed planning. Based on the two dimensions of market regulation and fiscal replenishment, this paper also established an analytical framework for the space control intensity for regulatory detailed planning. The results showed that the space control intensity for regulatory detailed planning decreased with the expansion of urban scale and that the weaker the market regulation and the stronger the land finance dependence, the weaker the space control intensity for regulatory detailed planning. Based on this, this paper proposed that local governments should strengthen the scientificity and openness of regulatory detailed planning, institutionally resolve the predicament due to fiscal decentralization, and reduce the dependence on land transfer income.展开更多
In this study, a comparison was made between the Capital Asset Pricing Model (CAPM), the most widely used methodology, and an actuarial method with the use of credit default swaps (CDSs) and the method based on the in...In this study, a comparison was made between the Capital Asset Pricing Model (CAPM), the most widely used methodology, and an actuarial method with the use of credit default swaps (CDSs) and the method based on the inverse of the multiple P/E. These three models are used to estimate the cost of equity. The comparison was made on a sample of 24 banks selected among the largest for assets in the world (too big to fail banks) belonging to 11 different countries. The results show that the CAPM estimates a premium for the higher risk than the one obtained with the actuarial method and the method based on the inverse of the P/E (except for 2013).展开更多
While the literature on inflation and stock prices is plentiful,there is little literature on deflation and stock prices.This paper explores the empirical data and makes a theoretical analysis of the likely impact on ...While the literature on inflation and stock prices is plentiful,there is little literature on deflation and stock prices.This paper explores the empirical data and makes a theoretical analysis of the likely impact on stock prices when expectations change from inflation to deflation.Deflation has a bad name among some economists and most investors.However,from a stock market perspective,deflations’bad name may not be well-deserved.Several observations support this:1)The 1930s was a statistical outlier and not representative for a deflationary period and deflation does not seem to create recessions,causality goes the other way;2)real stock returns are positive and around average in the periods leading up to and following the onset of deflation;3)when moving from low inflation to mild deflation,P/E ratios are virtually unchanged;and 4)peak P/E ratios seem to be reached at inflation rates close to zero.The author proposes three possible explanations for the seemingly disconnect between the empirical data and the“default”ex ante belief of most economists and investors:availability heurist,deflation illusion,and tax related issues in connection with the tax hypothesis.展开更多
Due to magnetic gearing effects,spoke-type permanent magnet vernier machines(ST-PMVMs)have the merit of high torque density,where an extra torque amplification coefficient,i.e.,pole ratio(the pole-pair ratio of PMs to...Due to magnetic gearing effects,spoke-type permanent magnet vernier machines(ST-PMVMs)have the merit of high torque density,where an extra torque amplification coefficient,i.e.,pole ratio(the pole-pair ratio of PMs to armature windings)is introduced.However,different from surface-mounted PMVM,the variation of torque against pole ratio in ST-PMVMs is non-linear,which is increased at first and then decreased.This article is devoted to identify the optimal pole ratio of ST-PMVMs by equivalent magnetic circuit model.It is found that except the Prth air-gap magnetomotive force(MMF)harmonic having the same pole-pair of PM,the Path air-gap MMF harmonic having the same pole-pair of armature winding is also induced due to the modulation of doubly salient air-gap structure.The Prth MMF harmonic produces positive torque,while Path MMF harmonic produces negative torque.With the increase of pole ratio,the proportion of Path MMF harmonic as well as negative torque is increased,which reduces the advantages of high pole ratio coefficient.Further,the influence of dimension parameters on the performance of ST-PMVMs under different pole ratio are investigated.Results show that ST-PMVMs with pole ratio 2.6 have high torque density,low cogging torque and high power factor simultaneously.Finally,a prototype is manufactured to validate the analysis.展开更多
The Growth Value Model(GVM)proposed theoretical closed form formulas consist-ing of Return on Equity(ROE)and the Price-to-Book value ratio(P/B)for fair stock prices and expected rates of return.Although regression ana...The Growth Value Model(GVM)proposed theoretical closed form formulas consist-ing of Return on Equity(ROE)and the Price-to-Book value ratio(P/B)for fair stock prices and expected rates of return.Although regression analysis can be employed to verify these theoretical closed form formulas,they cannot be explored by classical quintile or decile sorting approaches with intuition due to the essence of multi-factors and dynamical processes.This article uses visualization techniques to help intuitively explore GVM.The discerning findings and contributions of this paper is that we put forward the concept of the smart frontier,which can be regarded as the reasonable lower limit of P/B at a specific ROE by exploring fair P/B with ROE-P/B 2D dynamical process visualization.The coefficients in the formula can be determined by the quantile regression analysis with market data.The moving paths of the ROE and P/B in the cur-rent quarter and the subsequent quarters show that the portfolios at the lower right of the curve approaches this curve and stagnates here after the portfolios are formed.Furthermore,exploring expected rates of return with ROE-P/B-Return 3D dynamical process visualization,the results show that the data outside of the lower right edge of the“smart frontier”has positive quarterly return rates not only in the t+1 quarter but also in the t+2 quarter.The farther away the data in the t quarter is from the“smart frontier”,the larger the return rates in the t+1 and t+2 quarter.展开更多
China s grain sectors have faced unprecedented challenges in recent years as the ever-increasing and historically high level of grain output has failed to reduce grain imports. On the contrary, high grain imports and ...China s grain sectors have faced unprecedented challenges in recent years as the ever-increasing and historically high level of grain output has failed to reduce grain imports. On the contrary, high grain imports and high domestic stock have accompanied historically high domestic output, a situation dubbed the "triple high" phenomenon in current policy discussion. This paper explores the role of widening domestic-world market price gaps in determining the triple high phenomenon.Unlike earlier studies that relied on production capacities, this paper argues that domestic production and demand (hence imports) are functions of domestic and world market prices and proposes an analytical framework to explicitly capture such price gaps under restricted trade linkages in general equilibrium. Following this approach, a set of price scenarios for the 2011-2020 period are constructed and simulated in a computable general equilibrium model. Results from the core scenarios, in which recent domestic and world market price trends are assumed to continue, suggest that further widening price gaps would substantially increase grain imports and reduce domestic output (by 60 million tons) and self-sufficiency ratios from base levels. In the alternative scenarios with larger (smaller) price gaps, we find higher (lower) imports and larger (smaller) decreases in domestic output and self-sufficiency ratios. Such results provide important policy implications as China's agricultural policy undergoes significant adjustment.展开更多
Taking cemented coal gangue pipeline transportation system in Suncun Coal Mine, Xinwen Mining Group, Shandong Province, China, as an example, the hydraulic calculation approaches and process about gravity pipeline tra...Taking cemented coal gangue pipeline transportation system in Suncun Coal Mine, Xinwen Mining Group, Shandong Province, China, as an example, the hydraulic calculation approaches and process about gravity pipeline transportation of backfill slurry were investigated. The results show that the backfill capability of the backfill system should be higher than 74.4 m3/h according to the mining production and backfill times in the mine; the minimum velocity (critical velocity) and practical working velocity of the backfill slurry are 1.44 and 3.82 m/s, respectively. Various formulae give the maximum ratio of total length to vertical height of pipeline (L/H ratio) of the backfill system of 5.4, and then the reliability and capability of the system can be evaluated.展开更多
文摘ABSTRACT: China began to introduce market principles and establish price mechanism to better manage land and improve land use efficiency in the late 1980s. Since then, land markets begin to emerge. A benchmark land price system, providing guidelines for land use rights selling and transferring, was established in order to overcome lack of market data and experiences in land transaction. The benchmark prices of land use rights are determined by land use, land use density (floor-land ratio), land grades, land improvement, and tenant resettlement costs. This paper first conducts a formal analysis based on modern urban economic theory. The formal model provides a theoretical foundation in which the benchmark land price system is assessed and evaluated in terms of land use and urban development. The paper then concludes that the benchmark price system has two theoretical problems. One is associated with the fact that floor-land ratio plays an important role in land price determination whereas the theory suggests the other way around. That is, floor-land ratio depends on land prices. The other problem is that the benchmark land price system does not provide adequate room for the substitution between land and capital inputs. The substitution is a key in achieving land use efficiency in land markets and urban development process. It is concluded that the practice of the benchmark land price system is at odd with reforms that aim to introduce market principles and mechanism to guide resource uses. Therefore, it is recommended that further land policy reform should be taken.
文摘The impactof water sales price on the performance of water service providers is typically something of a mystery. High prices mean more revenue and profit;but it may lead to less bills collection and encourage the illegal connections. Yet, this argument has not been fully addressed in the Palestinian water sector;this research evaluates the effect of average water prices on the financial sustainability key indicators as collection efficiency, profit or loss percentage, non-revenue water, staff productivity, daily consumption, operating, and maintenance cost. The average price of cubic meter sold is segmented into low, medium, and high categories. Multivariate analysis shows that there are significant differences in profit or working ratio, daily consumption, and operating cost based on the different price categories. Further significant differences have been found in non-revenue water, collection efficiency, and water production based on low and high price categories. On the other hand, no significant difference has been found in staff productivity. The results show high price set by Palestinian water providers, leads to an increase in the bill collection rate and profit margin. However, negative relationship has been found between the price on one hand, and non-revenue water, average daily consumption, and water production on the other hand. The implication of these findings reveal that the Palestinian water providers should increase water prices gradually to cover operating and maintenance cost for better financial performance and sustainability.
文摘Regulatory detailed planning is the most direct management tool for urban development and construction activities. Through theoretical deduction, this paper demonstrated the elastic relationship between the land-transferring price and the floor area ratio(FAR) of residential land, which represented the space control intensity for regulatory detailed planning. Based on the two dimensions of market regulation and fiscal replenishment, this paper also established an analytical framework for the space control intensity for regulatory detailed planning. The results showed that the space control intensity for regulatory detailed planning decreased with the expansion of urban scale and that the weaker the market regulation and the stronger the land finance dependence, the weaker the space control intensity for regulatory detailed planning. Based on this, this paper proposed that local governments should strengthen the scientificity and openness of regulatory detailed planning, institutionally resolve the predicament due to fiscal decentralization, and reduce the dependence on land transfer income.
文摘In this study, a comparison was made between the Capital Asset Pricing Model (CAPM), the most widely used methodology, and an actuarial method with the use of credit default swaps (CDSs) and the method based on the inverse of the multiple P/E. These three models are used to estimate the cost of equity. The comparison was made on a sample of 24 banks selected among the largest for assets in the world (too big to fail banks) belonging to 11 different countries. The results show that the CAPM estimates a premium for the higher risk than the one obtained with the actuarial method and the method based on the inverse of the P/E (except for 2013).
文摘While the literature on inflation and stock prices is plentiful,there is little literature on deflation and stock prices.This paper explores the empirical data and makes a theoretical analysis of the likely impact on stock prices when expectations change from inflation to deflation.Deflation has a bad name among some economists and most investors.However,from a stock market perspective,deflations’bad name may not be well-deserved.Several observations support this:1)The 1930s was a statistical outlier and not representative for a deflationary period and deflation does not seem to create recessions,causality goes the other way;2)real stock returns are positive and around average in the periods leading up to and following the onset of deflation;3)when moving from low inflation to mild deflation,P/E ratios are virtually unchanged;and 4)peak P/E ratios seem to be reached at inflation rates close to zero.The author proposes three possible explanations for the seemingly disconnect between the empirical data and the“default”ex ante belief of most economists and investors:availability heurist,deflation illusion,and tax related issues in connection with the tax hypothesis.
基金supported in part by the National Nature Science Foundation of China(NSFC)under Project 51977094in part by the National Key Research and Development Program of China under Grant 2017YFB0102400。
文摘Due to magnetic gearing effects,spoke-type permanent magnet vernier machines(ST-PMVMs)have the merit of high torque density,where an extra torque amplification coefficient,i.e.,pole ratio(the pole-pair ratio of PMs to armature windings)is introduced.However,different from surface-mounted PMVM,the variation of torque against pole ratio in ST-PMVMs is non-linear,which is increased at first and then decreased.This article is devoted to identify the optimal pole ratio of ST-PMVMs by equivalent magnetic circuit model.It is found that except the Prth air-gap magnetomotive force(MMF)harmonic having the same pole-pair of PM,the Path air-gap MMF harmonic having the same pole-pair of armature winding is also induced due to the modulation of doubly salient air-gap structure.The Prth MMF harmonic produces positive torque,while Path MMF harmonic produces negative torque.With the increase of pole ratio,the proportion of Path MMF harmonic as well as negative torque is increased,which reduces the advantages of high pole ratio coefficient.Further,the influence of dimension parameters on the performance of ST-PMVMs under different pole ratio are investigated.Results show that ST-PMVMs with pole ratio 2.6 have high torque density,low cogging torque and high power factor simultaneously.Finally,a prototype is manufactured to validate the analysis.
文摘The Growth Value Model(GVM)proposed theoretical closed form formulas consist-ing of Return on Equity(ROE)and the Price-to-Book value ratio(P/B)for fair stock prices and expected rates of return.Although regression analysis can be employed to verify these theoretical closed form formulas,they cannot be explored by classical quintile or decile sorting approaches with intuition due to the essence of multi-factors and dynamical processes.This article uses visualization techniques to help intuitively explore GVM.The discerning findings and contributions of this paper is that we put forward the concept of the smart frontier,which can be regarded as the reasonable lower limit of P/B at a specific ROE by exploring fair P/B with ROE-P/B 2D dynamical process visualization.The coefficients in the formula can be determined by the quantile regression analysis with market data.The moving paths of the ROE and P/B in the cur-rent quarter and the subsequent quarters show that the portfolios at the lower right of the curve approaches this curve and stagnates here after the portfolios are formed.Furthermore,exploring expected rates of return with ROE-P/B-Return 3D dynamical process visualization,the results show that the data outside of the lower right edge of the“smart frontier”has positive quarterly return rates not only in the t+1 quarter but also in the t+2 quarter.The farther away the data in the t quarter is from the“smart frontier”,the larger the return rates in the t+1 and t+2 quarter.
基金Zhu and Li acknowledge financial support from the National Natural Science Foundation of China (No.71803085 and No.71673142)the China Postdoctoral Science Foundation (No.2017M621766)+1 种基金Fundamental Research Funds for the Central Universities(No.KJQN201949)Priority Academic Program Development of Jiangsu Higher Education Institutions.
文摘China s grain sectors have faced unprecedented challenges in recent years as the ever-increasing and historically high level of grain output has failed to reduce grain imports. On the contrary, high grain imports and high domestic stock have accompanied historically high domestic output, a situation dubbed the "triple high" phenomenon in current policy discussion. This paper explores the role of widening domestic-world market price gaps in determining the triple high phenomenon.Unlike earlier studies that relied on production capacities, this paper argues that domestic production and demand (hence imports) are functions of domestic and world market prices and proposes an analytical framework to explicitly capture such price gaps under restricted trade linkages in general equilibrium. Following this approach, a set of price scenarios for the 2011-2020 period are constructed and simulated in a computable general equilibrium model. Results from the core scenarios, in which recent domestic and world market price trends are assumed to continue, suggest that further widening price gaps would substantially increase grain imports and reduce domestic output (by 60 million tons) and self-sufficiency ratios from base levels. In the alternative scenarios with larger (smaller) price gaps, we find higher (lower) imports and larger (smaller) decreases in domestic output and self-sufficiency ratios. Such results provide important policy implications as China's agricultural policy undergoes significant adjustment.
基金Project(50490270) supported by the National Natural Science Foundation of China
文摘Taking cemented coal gangue pipeline transportation system in Suncun Coal Mine, Xinwen Mining Group, Shandong Province, China, as an example, the hydraulic calculation approaches and process about gravity pipeline transportation of backfill slurry were investigated. The results show that the backfill capability of the backfill system should be higher than 74.4 m3/h according to the mining production and backfill times in the mine; the minimum velocity (critical velocity) and practical working velocity of the backfill slurry are 1.44 and 3.82 m/s, respectively. Various formulae give the maximum ratio of total length to vertical height of pipeline (L/H ratio) of the backfill system of 5.4, and then the reliability and capability of the system can be evaluated.
