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Why do policy experimentation regimes breakdown? And, if there are recognizable patterns of experimental failure, what might explain the variation? Focusing on aviation, finance and food safety, this article considers why a policy style that has been credited with China's successes in the past is failing to address governance challenges in these sectors at present. The article moves beyond discussions of policy mis-implementation by reframing experimental failure as a case of policy maladaptation under conditions of complexity and ambiguity. Maladaptation describes how approaches used in previous periods to foster adaptation can inadvertently make a system less resilient in the future. The analysis shows how the degree of consolidation of previously successful experimental regimes lends itself to certain types of maladaptation in the present: consolidated regimes are unable to generate policy alternatives (aviation), moderately consolidated regimes are maladapted for selection (finance), and unconsolidated regimes impede niche creation (food safety). [ABSTRACT FROM AUTHOR]

This article deals with the period of urban reforms in Rio de Janeiro, focusing on the finances of the Federal District - an unusual object at the center of this theme, so widely debated by historiography. The central problem proposed seeks to measure and indicate the limits and challenges imposed by municipal finances on the reforming drive of district governments at the dawn of the 20th century. The study's methodology is based on confronting sources that systematically express quantitative information with others that describe and discuss the constitutive processes that outlined municipal finances in the period. In a critical-descriptive appraisal, we analyze the financial resources in their flow into the municipal coffers; we scrutinize the collection, spending and investments; we point out the sources, forms and costs of financing obtained by the municipality of Rio de Janeiro. The text looks for indications of the existence and degree of dependence, not only political, but especially financial, of the capital's government on the federal government. The analytical exercise of statistical tables and yearbooks, legislation and official reports - both municipal and federal - was complexified in the critical perspectives offered by texts and cartoons in periodicals, studies, memoirs and non-governmental reports, thus offering a contribution from Economic History to this subject of such long-standing interest to historians. [ABSTRACT FROM AUTHOR]

Copyright of Taiwan Jurist is the property of Angle Publishing Co., Ltd and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper develops a conceptual approach to articulate the political-economy inspired literature on the financialisation of cities with a critical reading of collaborative-communicative planning theory to recognise the active role of planners in the multi-scalar, collective 'making' of financialisation by cities. More particularly, I stretch Hilferding's original idea on founder's profit, which was associated with the financial gains obtained from Initial Public Offerings and trading of company shares in open markets. In collaboration with private investors and producers of urban space, planners in cash strapped cities and states search for solutions to invest in better cities by anticipating their exclusive rights to various streams of income, while co-promoting and extracting part of urban founder's profit in doing so. Nevertheless, a communication that is framed around the representational spaces and language of financial models triggers planners' increasing entanglements with finance in the transformation of cities into abstract tradeable income yielding assets. A methodological-heuristic case study illustrates how tracing the models enables us to follow the money, exposing the contradictory role of collaborative-communicative planning and demand for a project with alternative time-space epistemologies. [ABSTRACT FROM AUTHOR]

Copyright of International Journal on Criminology is the property of Policy Studies Organization and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

知识产权是面向创新驱动发展, 加强科技与金融结合的核心之一。科技活动在本质上是一种投资, 科 技创新主体通过高质量知识产权能够吸引投资, 投资者通过投资知识产权能够获取创新利益。文章从研究开 发和成果转化两个环节论证了科技活动的投资属性, 分析了其中的知识产权作用。在结合实践的基础上, 从 国家需求、行业属性、禀赋差异和目标导向 4 个方面提出以知识产权促进科技与金融结合主要考虑, 并提出 关于知识产权制度建设、知识产权储备、知识产权市场化模式、知识产权与相关政策的具体策略建议. Intellectual property (IP) is a key in strengthening the integration of sci-tech and financing for the aim of innovation-driven development. Sci-tech activities are a type of investment in nature. Innovative entities can attract investment with high-quality IP, and investors can profit from innovation by investing in IP. This study analyzes the investment nature of sci-tech activities from two periods of research & development and transformation of sci-tech achievements, and analyzes the role of IP in the two periods. Based on practical foundations, the main considerations are put forward from the aspects of national needs, industry characteristics, endowment difference, and target orientation to promote the integration of sci-tech and financing through IP. Furthermore, it is suggested that to take measures from the aspects of IP system establishment, IP storage, IP-based market mode, and IP-related policy. [ABSTRACT FROM AUTHOR]

This article contributes to contemporary debates within the financialization and assetization literatures by examining the sale of tax credits in U.S. property markets over the last twenty years. Whereas the vast majority of research on financial assets focuses on the income-generating aspects of property, this article considers a more holistic approach to assets. Through detailed empirical analysis of syndication in historic tax credit and conservation easement markets, we demonstrate how assets are not just sources of income or cash flow but also—critically—sources of expense reduction. Drawing from relevant U.S. tax law and related legal provisions, we trace three interlocking components in the assetization process: enabling and disabling legislation, the structures and typologies of property ownership, and the actors that make deals happen. By starting with asset creation, rather than assumed geographies of investment, we bridge the rural–urban divide to reveal new geographies of finance sourced directly from the state. Although the tax sheltering dimensions of assets are unique in this regard, the state retains the capacity to unmake assets that lack "economic substance." As such, this article offers a new direction forward—a legal-institutionalist framework—that foregrounds the state as setting and enforcing the limits to financialization. [ABSTRACT FROM AUTHOR]

This article argues that urban governance, and academic theorisations of it, have focused on the role and strategies of real estate developers at the expense of understanding how investors are shaped by regulatory environments. In contrast, using the case of institutional investment in London's private rental housing (Build to Rent), in this article I argue that unpacking the private sector and the development process helps reveal different types of risk which necessitate variegated responses from within the real estate sector. In doing so, I demonstrate the complexities of the private sector in urban development, especially housing provision, and the limitations of a binary conceptualised around pro- and anti-development narratives when discussing planning decisions. Instead, I show the multiplicity of responses from within the private sector, and how these reflect particular approaches to risk management. Uncovering this helps theorise the complexities of governing housing systems and demonstrates the potential for risk-based urban governance analysis in the future. [ABSTRACT FROM AUTHOR]

Classifying financial texts is a common task for identifying financial risks. Traditional financial news classification requires a large number of labeled texts to train the classifier. However, labeling financial news requires not only professional financial background knowledge, but also time-consuming and labor-intensive. In order to reduce the dependence on labeled text, a semi-supervised learning financial text classification algorithm- SSF (semi-supervised learning financial news classification algorithm) was proposed, which uses a consistent training method of supervised learning and unsupervised learning to improve the use of unlabeled data. And unsupervised data augmentation for financial texts was introduced, that is, use specific target data augmentation methods for specific tasks to generate more effective data. Experiments on multiple financial news data sets were conducted to verify that the proposed SSF algorithm has a significant improvement in effectiveness compared with other text classification algorithms. [ABSTRACT FROM AUTHOR]

Recent years have seen a burst of new writing on the opening and closing of urban rent gaps. Such studies generally consider individual cases. Rarely does the opportunity arise to readily compare and contrast rent gaps across multiple cities and territories, least of all within the context of a single developer or investor portfolio. Such an opportunity has arisen in the past decade, however, as the US investment firm Blackstone has pursued a multi-territory housing-investment strategy specifically of identifying and closing rent gaps, which it styles 'buy it, fix it, sell it'. This article examines that strategy and the varying nature of its implementation in Danish, German, Swedish and US cities. It argues that the rent gap is a paradoxical phenomenon: vast gaps, promising vast profits, frequently open up and frequently remain open for long periods before being closed – if they are closed at all. A primary reason is that successful and profitable closure requires not just favourable local political-economic conditions but a singularly well-funded, determined and aggressive investor – an investor, that is, such as Blackstone. [ABSTRACT FROM AUTHOR]

This paper explores the properties of dynamic aggregate housing models. In conventional models, in response to demand shocks the primary adjustment mechanism is through prices and changes in housing supply. However, the size of the supply response depends on the price elasticity of supply and in countries such as the UK where the elasticity is low, house prices can rise sharply, worsening affordability. But this ignores the roles of housing risk and credit markets which affect the user cost of capital and the paper demonstrates that models that explicitly introduce a housing risk premium have an additional price stabiliser. The importance is shown through stochastic simulations; these simulations also demonstrate that conventional models used for forecasting and policy analysis may overstate future house price growth. [ABSTRACT FROM AUTHOR]

This article engages a long-established paradigm within urban studies: that of the transition from managerialism to entrepreneurialism in late 20th-century urban governance and the associated process of neoliberalisation. It begins from a fundamental intellectual problem; although we are well served with studies of urban entrepreneurialism and neoliberalism, we know surprisingly little of the detailed workings of the 'pre-neoliberal', managerial era from the 1940s to the 1970s. In the absence of sustained investigation of this period, many chronologies and critiques of urban transformation rest upon a set of assumptions which – as this article shows – are not always accurate. The article focuses upon Britain, tracing the installation of a modern planning regime in the 1940s and surveying some key features of the UK urban redevelopment regime as it evolved over the ensuing decades. It shows that much of what is held to be paradigmatic of neoliberal urbanism (public–private partnerships, urban entrepreneurialism, financialisation) was already powerfully present within British urbanism in the earlier, managerial era. I highlight in particular the dramatic post-war rise of the UK property development industry, and the new urban forms and norms it generated, as a key product of the era of urban managerialism in Britain. I relate these surprising findings to Britain's distinctive history and political economy but I also advance arguments that are of wider relevance; around the nature and aims of governance from the 1940s to the 1970s, and how we should best conceptualise and explain processes of neoliberalisation. [ABSTRACT FROM AUTHOR]

This article extends the debate on finance versus institutions and measurement of property rights institutions (PRI). We assess the relationships between various components of PRI and private investment, notably: political, economic, and institutional governances. Comparative concurrent relationships of financial dynamics of depth, efficiency, activity, and size are also investigated. The findings provide support for the quality of institutions as a better positive correlate of private investment than financial intermediary development. The interaction of finance and governance is not significant in potentially promoting private investment, perhaps due to substantially documented surplus liquidity issues in African financial institutions. The empirical evidence is based on 53 African countries for the period 1996‐2010. Policy measures are discussed for reducing financial deposits, increasing financial activity, and hence, improving financial efficiency. Related Articles: Aideyan, Osaore. 2016. "Political and Institutional Prerequisites for Monetary Union: Assessing Progress in the Economic Community of West African States (ECOWAS)." Politics & Policy 44 (6): 1192‐1212. https://doi.org/10.1111/polp.12183 Asongu, Simplice A., and Joseph Nnanna. 2019. "Foreign aid, Instability, and Governance in Africa." Politics & Policy 47 (4): 807‐848. https://doi.org/10.1111/polp.12320 Scarlato, Margherita, and Giorgio d'Agostino. 2019. "The Political Dimension of Cash Transfers in Latin America and Sub‐Saharan Africa: A Comparative Perspective." Politics & Policy 47 (6): 1125‐1155. https://doi.org/10.1111/polp.12332 [ABSTRACT FROM AUTHOR]

We examine the relationship between finance and economic growth in the metropolitan areas of 75 countries at various stages of economic development in the period 2001–2015. Our analysis demonstrates an inverted-U shaped relationship between finance and growth. This relationship becomes even more significant in the areas of a country outside its largest financial centre, indicating that while these areas can benefit from financial development, they are also the most vulnerable. We show that large financial centres can have an impact on growth across their national economies, but in doing so they complement rather than replace local financial centres. Overall, our results highlight the risks associated with the excesses of financial development and lend evidence to support calls for more decentralised financial systems. [ABSTRACT FROM AUTHOR]

While housing has been a central object of financialisation, questions regarding how multi-scalar states shape the financialisation of housing remain under-researched. I address this knowledge gap through a case study of the financialisation of affordable housing in Toronto. By analysing pertinent policy documents, I examine the roles and relationship of the federal, provincial and local states in the financialisation of affordable housing. Two findings are highlighted. (1) Although policies from all levels of government show traits of financialisation – in terms of both the connection between social policy and financial markets, and financialised ideologies prevailing in policy discourses, the extent and pattern of the manifestation of financialisation are distinct. This research thus calls for a nuanced understanding of the state's role in the financialisation of housing from a multi-scalar perspective. (2) Affordable housing policies usually do not give an explicit definition of 'affordable'. By scrutinising the policy specifications, I found that the target group is mainly moderate-income, rather than low-income, households. It will be increasingly difficult for low-income households to meet their housing needs. [ABSTRACT FROM AUTHOR]

Sentiment analysis plays an important role in many fields, but most of these studies focus on the field of commodity reviews and microblogs, and lack of sentiment analysis of financial texts. To solve this problem, a financial text sentiment analysis method based on Transformer encoder is presented in this paper. Transformer encoder is a feature extraction unit based on the self-attention mechanism. When Transformer encoder processes text sequence information, it can link any two words in a sentence without distance restriction, which overcomes the problem of long-term dependencies. The multi-head attention mechanism is used to calculate the same sentence several times and capture more semantic features implied in the context. The experiment is car+ried out on a balanced corpus data set based on financial news. The experimental results show that the method based on Transformer encoder has best effect in the field of financial text sentiment analysis compared with the models based on convolution neural network and recurrent neural network. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Changzhou University (Social Science Edition) is the property of Editorial Department of Journal of Changzhou University and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

It has been averred that there is an international market in housing (inter alia, Adams Z and Füss R (2010) Macroeconomic determinants of international housing markets. Journal of Housing Economics 19(1): 38–50; Helbling T and Terrones M (2003) When Bubbles Burst – Chapter II, World Economic Outlook. April. Washington, DC: IMF; Pomogajko K and Voigtländer M (2012) Co-movement of house price cycles – A factor analysis. International Journal of Housing Markets & Analysis 5(4): 414–427). Although some authors examine the business cycle range, the mechanism by which this comes about is more likely to reflect financial market integration and evidence for this should be found in the medium-term cycle range. As a case study, there is an analysis of three associated 'regional' housing markets and their price movements. Northern Ireland's economy is distinct but should be linked to the rest of the UK by common policy shocks, and to Eire through a mutual border. Using a Friedman test, it is found that even this small cluster is not integrated. It is asserted that a housing cycle has both a financial and a business component. As Drehmann et al. (Drehmann M, Borio C and Tstasaronis K (2012) Characterising the financial cycle: Don't lose sight of the medium term! BIS Working Papers, No. 380, Bank for International Settlements, June) argue, cycles in the medium-term range are significant in housing. A dual component approach highlights the relevance of cyclical interaction for both revealing integration and the need to intervene to moderate cyclical reinforcement for crisis-avoidance. After 1995, Dublin and London are found to be more integrated than before, which is consistent with the international city integration thesis of Holly et al. (Holly S, Pesaran H and Yamagata T (2011) The spatio-temporal diffusion of house prices in the UK. Journal of Urban Economics 69(1): 2–23). Lastly, a simple test for cyclical asymmetry indicates that there is highness (the obverse of deepness, where the troughs are deeper than peaks) in the UK financial cycle. [ABSTRACT FROM AUTHOR]

Taking as our focus the city of London over the last decade, we use state-held records of house sales to consider the impact of competition for housing resources in the luxury property market. This data suggests that the use of offshore investment vehicles and the concealment of wealth from national tax agencies have become key mechanisms by which housing resources have been exploited by the wealthy and their capital deployed by agents of the rich. Using the concept of wealth chains, we consider these methods of capital accumulation as these extending flows of managed capital become 'anchored' within specific urban spaces, in this case the luxury housing market of inner West London. Our analysis of a selection of these chains shows that the prevailing political management of the property economy benefits those already winning the war of inequality while looking to augment their capital and shield it from tax and regulation. The ultra-wealthy, financial intermediaries and multinational corporations have created chains articulated across space, with the effect of undermining the value of dwellings as homes, and have replaced them with assets to be traded in pursuit of private and offshore wealth gains. The result is an urban context that favours already advantaged and powerful interests and enables the avoidance of tax obligations desperately needed at a time of austerity and intense housing need. [ABSTRACT FROM AUTHOR]

The entrepreneurial city discourse has been adopted around the globe by policymakers, with the urban redevelopment project as one of its most representative symbols. The predominantly favourable discourse revolving around this new political economy of urban space is supported by claims that newly regenerated areas bring multiple benefits to the city and its citizens. These narratives have been used in Brazil to justify increasing reliance on an urban planning tool known as Urban Operations. This planning tool, developed in the 1990s, seeks to facilitate cooperation between public and private actors in the production of new urban spaces. While projected by some as a 'magic formula' that enables major urban redevelopment projects without public expenditure, the outcomes of Urban Operations often differ significantly from expectations. The cases of Água Espraiada (São Paulo) and Porto Maravilha (Rio de Janeiro) are used to demonstrate that regenerated areas, as preferred spaces for the penetration of financialised practices into the built environment, have brought forward new dynamics that are serving to reinforce pre-existing social inequalities and to exacerbate uneven development in Brazil's main cities. [ABSTRACT FROM AUTHOR]

The small enterprises of Shaanxi cultural industry are very important to the development of Shaanxi cultural industry, so it is urgent to solve their financing problems. Through literature research and interviews with enterprises, it is found that the phenomenon of “lack, slow and expensive” in financing of small cultural enterprises is caused by many factors, such as the nature of cultural industry underestimating assets, enterprises underestimating standardized management and poor profitability of projects. Therefore, it is necessary to strengthen the integration of resources, enrich the financing mode of cultural industries, seize the platform opportunities provided by “one belt and one road”, and promote cultural products with better creativity and wider audiences, set up pilot projects and form exclusive Shaanxi models, so as to enhance cultural and financial innovation and achieve healthy cooperation and win-win results. [ABSTRACT FROM AUTHOR]

Copyright of Polish Journal of Management Studies is the property of Czestochowa University of Technology, Faculty of Management and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This article examines the contradictions and possibilities of “nature as accumulation strategy” in light of the breakdown of accumulation in emissions trading and carbon offsetting schemes established by the European Union and United Nations. The first section revisits accounts of carbon markets as a state-driven accumulation strategy by drawing on work by geographers and other political economists who understand capitalist value relations as being actively constituted by nature and finance. The second section provides an overview of how carbon is traded and presents data to document the growth and decline of financial activity in the main global carbon markets, focusing on the impact of weak carbon prices. The third section analyzes accumulation dynamics in carbon markets in terms of the extent to which carbon has or could become an emergent form of capital. It argues that states have failed to support the carbon market accumulation strategy due to tensions between socioecological relations of appropriation and capitalization that are internal to the carbon commodity. It also argues, however, that the commodification of carbon, as “metanature,” contains the potential to sustain accumulation by comparing and enforcing the profitability of different forms of pollution. The conclusion discusses implications for critical political-economic research on finance, nature, and value in contemporary capitalism and the efficacy of market-based climate policy. [ABSTRACT FROM AUTHOR]

With the rapid development of Internet financial model, the threshold of users entering to the financial markets was reduced. However, users lacked investment philosophy and methods. The flexible on-line teaching can help these users to learn these knowledge. While, the development of on-line teaching interactive experience increases the users' cognitive cost. Under these circumstances, the paper analyzed the interaction design on the financial on-line teaching based on Internet finance, and studied the characteristics of financial on-line teaching. It analyzed the interaction design theory and the technical status, summed up the meaning of cognitive psychology, discussed its application in on-line teaching. From the three aspects of content, structure and presentation, based on cognitive psychology and interactive tool, the paper proposed three principles i.e., personalized, balanced and authorized. Finally, it made an online research of potential 515 users, the results showed that the importance of the SGE investor education programs. We applied it to the project to verify correctness and applicability of the theory. [ABSTRACT FROM AUTHOR]