Abstract:The paper studies the macroeconomic fluctuations and the monetary policy in china． The results show that: the DSGE model with three stickiness regimes can better fit and explain economic characteristics than the DSGE model with one stickiness regime in China; three stickiness regimes enterprises account for54. 01% ，43． 63% ，and 2． 36% of all the enterprises in China respectively; it is significantly different with the variation of economic variables explained by exogenous shocks in different stickiness regimes，so do im-pulse responses and dynamic adjustment paths of economic variables． The effectiveness of monetary policy can be improved if monetary policy could make systemic responses to inflation of different stickiness regime indus-tries in China．

Abstract:In this paper，urban households are divided into three groups: those who possess at least two hou-ses ( household type 1) ，those who own only one house ( household type 2) and those who have no houses household type 3) ． The analysis based on a microeconomic model constructed in this paper reveals that con-sumption of the first two groups increases when housing prices rise． However，members of the last group make different reactions to the rising of housing prices: their consumption decreases because of crowding-out effects when they have plans to buy houses and increases when they have not． The impact of fluctuation in housing prices on consumption is correlated with levels of consumption，housing prices，living area，habit of consump-tion，risk preferences and interest rates． Empirical analysis based on data from China Household Financial Survey ( CHFS) indicates that the rising of housing prices stimulates consumption of all kinds of households．Additionally，the effect is most significant for household type 3 and least significant for household type 2． It is also different between three regions in China and most significant in the East region．

Abstract:From the perspective of earnings management，this paper examines the effect of market pressure of media coverage and its transmission mechanisms using a sample of listed companies during the period from 2006 to 2011． It is found that higher media coverage will lead to higher individual investor attention，causing higher market pressure which enhances accrual-based earnings management． Furthermore，the market pressure of media coverage has a greater impact on non-state-owned enterprises than on state owned ones． From the per-spectives of M＆A and holdings reduction of large shareholders，it is also confirmed that the effect of market pressure of media coverage mainly originates from the firms’short-term interest motivations．

Abstract:This paper examines the impact of language diversity on the precision of analysts’earnings forecast， which may show different results depending on the different level of employee’s education． This paper pro-vides empirical evidence that the diversity of language may reduce the precision of analysts’earnings forecast for the listed companies in China． However，this negative effect is weakened by the improvement of employee’ s education． Further results illustrate that the level of employee’s education may positively influence the rela-tionship between language diversity and the precision of analysts’earnings forecast when the analysts and CEOs are schoolmates． These findings will enrich the literature of information dominance and social relationship of analysts and help investors and regulators to understand the behavior of analyst． Also，these may help to im-prove resource allocation and the effectiveness of capital market．

Abstract:The game model between an original equipment manufacturer ( OEM) and a remanufacturer is es-tablished considering government subsidies for“exchanging the old with a remanufactured one”． The effects of three different policies － no government subsidy at all，government subsidizing the remanufacturer，government subsidizing the consumers of remanufactured products － on the wholesale prices，retail prices，sales volume，profit，consumer surplus，and environments are compared and analyzed． The results are: when the demand for remanufactured products is not limited to recycled used products，government subsidies could reduce the unit retail price for the two products，increase the profits of remanufacturers and retailers，and raise consumer sur-plus; when the demand of remanufactured products is limited to recycled used products，government subsidy could increase the wholesale price of the two products and the profit of OEM and remanufacturer，and reduce the retailer’s sales profit．

Abstract:How to introduce low quality products into existing high quality product lines has become an impor-tant issue faced by firms，especially when low quality products have various marginal costs and customers an-ticipate future sales and choose purchase timing to maximize their expected surplus． This paper studies the val-ue of bundling strategies in low quality product introduction． Specifically，four types of strategies are consid-ered: the benchmark strategy，which sells high quality products only，pure bundling strategy，unbundling strategy as well as mixed bundling strategy which sells low and high quality products simultaneously． Our con-clusions show that when low quality products have low marginal cost and strongly threaten to cannibalize the sale of the existing products，firms should not introduce low quality products． Furthermore，when low quality products have medium or low marginal cost and weakly threaten to cannibalize the sale of the existing prod-ucts，firms should choose mixed bundling strategy to offer low quality products． Finally，the applicable condi-tions for both the pure bundling strategy and unbundling strategy are analyzed．

Abstract:With more understanding of the uncertainty in the traffic system，researchers have realized that the ‘expected utility theory’based on the absolute rationality shows limitation in analyzing route choice behavior under the risk environment and that the anticipated regret theory proposes an alternative framework to the tradi-tional risk-taking in route choice behavior． In this paper，the anticipated regret theory ( AＲT) is applied to analyzing the route choice behavior under the risk environment，and the consistent risk aversion assumption of the travelers is extended to multiple risk aversion． Moreover，a stochastic user equilibrium model is established as well as its variational inequality expression and the solution algorithm is given． Both the model and the algo-rithm are demonstrated in a numerical example． The results show that the regret psychology is not always sig-nificant in the route choice process． In the non-risk and extreme risk environment，the travelers’regret psy-chology on the route choice is weak． But when the environment is between non-risk and extreme risk，the travelers’regret psychology has a significant impact on the route choice process．

Abstract:P2P ( peer-to-peer) online lending refers to the micro credit loans between persons or between per-sons and small firms in the world，which is conducted on the network lending platforms． As a new internet fi-nance service，P2P online lending becomes not only a business focus，but also an academic research frontier． This paper reviews the literature on P2P online lending from three aspects: The influencing factors，herding effect，and social network of lending transactions． Because China has surpassed USA to be the largest P2P on-line lending market，some promising future researches are proposed considering the specific situations and sce-narios in China．