计量经济分析 = Econometric analysis

The boundary layer equations for plane, incompressible, and steady flow are 

$$\matrix{ {u{{\partial u} \over {\partial x}} + v{{\partial u} \over {\partial y}} = - {1 \over \varrho }{{\partial p} \over {\partial x}} + v{{{\partial ^2}u} \over {\partial {y^2}}},} \cr {0 = {{\partial p} \over {\partial y}},} \cr {{{\partial u} \over {\partial x}} + {{\partial v} \over {\partial y}} = 0.} \cr }$$

Boundary Layer Theory

What makes organizations so similar? We contend that the engine of rationalization and bureaucratization has moved from the competitive marketplace to the state and the professions. Once a set of organizations emerges as a field, a paradox arises: rational actors make their organizations increasingly similar as they try to change them. We describe three isomorphic processes-coercive, mimetic, and normative—leading to this outcome. We then specify hypotheses about the impact of resource centralization and dependency, goal ambiguity and technical uncertainty, and professionalization and structuration on isomorphic change. Finally, we suggest implications for theories of organizations and social change.

The iron cage revisited: Institutional isomorphism and collective rationality in organizational fields (Chinese Translation)

Temperature (T) is probably the most fundamental parameter in all kinds of science. Respective sensors are widely used in daily life. Besides conventional thermometers, optical sensors are considered to be attractive alternatives for sensing and on-line monitoring of T. This Review article focuses on all kinds of luminescent probes and sensors for measurement of T, and summarizes the recent progress in their design and application formats. The introduction covers the importance of optical probes for T, the origin of their T-dependent spectra, and the various detection modes. This is followed by a survey on (a) molecular probes, (b) nanomaterials, and (c) bulk materials for sensing T. This section will be completed by a discussion of (d) polymeric matrices for immobilizing T-sensitive probes and (e) an overview of the various application formats of T-sensors. The review ends with a discussion on the prospects, challenges, and new directions in the design of optical T-sensitive probes and sensors.

Luminescent probes and sensors for temperature.

This paper solves explicitly a simple equilibrium model with liquidity risk. In our liquidityadjusted capital asset pricing model, a security s required return depends on its expected liquidity as well as on the covariances of its own return and liquidity with the market return and liquidity. In addition, a persistent negative shock to a security s liquidity results in low contemporaneous returns and high predicted future returns. The model provides a unified framework for understanding the various channels through which liquidity risk may affect asset prices. Our empirical results shed light on the total and relative economic significance of these channels and provide evidence of flight to liquidity. r 2005 Elsevier B.V. All rights reserved.

Market Liquidity: Asset Pricing with Liquidity Risk

The concept of sustainable and responsible (SR) investments expresses that every investment should be based on the SR investor’s code of ethics. To a large extent the allocation of SR investments to more sustainable companies and ethical practices is based on the environmental, social, and corporate governance (ESG) scores provided by rating agencies. However, a thorough investigation of ESG scores is a neglected topic in the literature. This paper uses Thomson Reuters ASSET4 ESG ratings to analyze the influence of firm size, a company’s available resources for providing ESG data, and the availability of a company’s ESG data on the company’s sustainability performance. We find a significant positive correlation between the stated variables, which can be explained by organizational legitimacy. The results raise the question of whether the way the ESG score measures corporate sustainability gives an advantage to larger firms with more resources while not providing SR investors with the information needed to make decisions based on their beliefs. Due to our results, SR investors and scholars should reopen the discussion about: what sustainability rating agencies measure with ESG scores, what exactly needs to be measured, and if the sustainable finance community can reach their self-imposed objectives with this measurement.

The Influence of Firm Size on the ESG Score: Corporate Sustainability Ratings Under Review

In this paper, we empirically examine whether superior performance in corporate social responsibility (CSR) results in lower credit risk, measured by credit ratings and zero-volatility spreads (z-spreads). We are especially interested in how the environmental, social, and governance (ESG) related performance of the corresponding countries moderates this relationship. We find only weak evidence that superior corporate social performance (CSP) results in systematically reduced credit risk. However, we do find strong support for our hypothesis that a country’s ESG performance moderates the CSP–credit risk relationship. Superior CSP is regarded as risk-reducing and rewarded with better ratings and lower z-spreads only if it is recognized by the environment. In addition, we find a reduction of corporate bonds’ z-spreads by approx. 9.64 basis points if the CSP of a company mirrors the ESG performance of the country it is located in.

Corporate social responsibility and Eurozone corporate bonds: The moderating role of country sustainability

This paper provides an overview of the status quo in socially responsible investing (SRI) literature. We outline motives, history, and current best practice of SRI. We also provide a thorough analysis of a wide set of studies that cover two key topics in this field: the first research objective is to determine the relative performance of SRI vehicles in comparison to their conventional benchmarks. Our meta-analysis shows that most research studies find that socially responsible (SR) investments perform equal to conventional investments, but these findings are challenged by contradictory results from other studies. The second objective is to analyze SR behavior’s effects on a company’s financial results. We cover the period between 1986 and 2012. This paper provides future researchers with a well-documented and structured overview of the existing literature on SRI, thereby identifying gaps that might be closed by future research.

https://www.econstor.eu/bitstream/10419/156272/1/861681010.pdf

Ethical requirement and financial interest: a literature review on socially responsible investing

The visualization and measurements of aerodynamic effects on a 3D aircraft model were conducted using an optical pressure measurement system, based on the pressure-sensitive paint (PSP) technique. PSP technology provides a good understanding of the flow around the wind tunnel model. The PSP technique can be used to carry out absolute pressure measurements on a surface of the model and to determine additional aerodynamic data using scientific-grade cameras and image processing techniques. Surface pressures from the top, bottom, left, and right viewing directions were obtained using the DLR-PSP system on the entire surface, which can be observed by eight CCD cameras. Finally, the measured pressures can be integrated to calculate the forces and moments of the complete model, or parts thereof.

/pdf/application-of-pressure-sensitive-paint-for-determination-of-3ge3u6ts3s.pdf

Application of pressure-sensitive paint for determination of the pressure field and calculation of the forces and moments of models in a wind tunnel

We have used the pressure-sensitive paint (PSP) intensity and lifetime methods for basic research and PSP measurements in wind tunnels and turbomachines, to investigate and understand the qualitative and quantitative aerodynamic measurements mainly in transonic flow. We performed a number of investigations in different speed ranges from transonic to low-speed flow and compared them with conventional techniques like pressure taps and light sheets. The influence of errors was checked and a comparison with numerical methods performed. Various models were investigated, from the basic configuration of a double-delta-wing up to a complex Airbus A340 half model and oscillating turbine blades. Finally, two excellent PSP systems are now available to perform precise measurements and support the theory using these techniques.

https://iopscience.iop.org/article/10.1088/0957-0233/11/7/320/pdf

Christian Klein

Papers

The Influence of Firm Size on the ESG Score: Corporate Sustainability Ratings Under Review

Corporate social responsibility and Eurozone corporate bonds: The moderating role of country sustainability

Ethical requirement and financial interest: a literature review on socially responsible investing

Application of pressure-sensitive paint for determination of the pressure field and calculation of the forces and moments of models in a wind tunnel

Pressure sensitive paint systems for pressure distribution measurements in wind tunnels and turbomachines