Abstract:The paper investigates the impacts of the property tax reform in China by developing a computable general equilibrium mode1．Using economic data in 2011 for calibration，the paper compares the productions，consumption，welfare and national incomes indifferent equilibria under varied property tax and income tax policies．The simulation shows that the implementation of property tax would decrease both house productions and consumption in the taxed area，and exert negative impacts on the regions with low GDP per capita.If the tax policy is adopted by more regions，the total social welfare and national income would increase．An increase in income tax would be a better policy than the property tax reform to serve the purpose of narrowing down the income disparity in China．

Abstract:This paper intends to analyze the ever-increasing housing prices in China from the perspective of community of interests between local governments and real estate developers with Game Theory． The results show that the collusion could increase the fiscal revenue of local governments through land sales dramatically．In the meantime，it helps real estate developers raise their operating profits． The benefits of the collusion mainly come from social welfare losses of housing consumers，which are more significant in central and western regions．The central government should increase penalties to cut off the collusion between local governments and real estate developers． Further，the legal system of local land use should be improved．

Abstract:Based on the pricing principle of commonality in liquidity from the perspective of market microstructure，this paper empirically investigates the mechanism of how commonality in liquidity affects corporate financing behavior and the decision of capital structure，using the sample of Chinese A-share listed companies during 2000-2016． The empirical results show that commonality in liquidity causes are duction of new incremental external financing including equity，debt and total financing，with debt having are duction degree bigger than of equity，and a decline in capital structure．The negative relation between commonality in liquidity and capital structure is enhanced significantly during the period of bear compared with the period of bull； meanwhile，under adverse market conditions，commonality in liquidity will also reduce capital structure；compared with the period before the split share structure reform ，the negative relation is weakened significantly after the reform ．In addition，the negative relations of those companies with more property rights of institutional investors and higher growth are significantly greater．

Abstract:By affecting there lative composition of firm assets and the level of operating leverage，the contraction of assets-in-place plays an important role in explaining the risk premium of total assets．Adopting the approaches of real option and pricing kernelin acontinuous-time framework，the paper aims to uncover the influences of contraction options，operating leverage and their interaction on asset risk premium，and to provides the oretical explanations for value premium phenomenon，book-to-market effect and size effect about asset pricing．The basic findings are that contraction option with negative Beta is negatively related to risk premium，while operating leverage is positively associated with risk premium．The interactive influence of operating leverage and contraction option provides an insightful explanation for value premium phenomenon from a perspective on risk-based rational pricing．Further results indicate that contraction option decreases the size efect in explaining risk premium，and operating leverage increases the book-to-market effect and decreases the size effect in explaining risk premium，respectively．

Abstract:Using 5-minute high-fequency price data of CSI 300 stock index futures and its underlying index, this paper ana1yses jump effects of Stock index futures on spot index during synchronous and extendng tradmg session by logit and regression models．The conclusions are examined under different market conditions.The resu1ts indicate that price jumps of stock index future shaves ignificant influences on its underlying index jump during synchronous and pre-opening sessions，especially in bear markets.No matter in synchronous or in pre-opening trading periods，up-jumps(down-jumps) of stock index futures have ignificantly positive effect on up-jumps(down-jumps) of the underlying index，and are more significant in bull (bear) markets respectively．The jump effects of stock index futures during the pre-opening trading session on the spot index jumps during its opening period mainly exist in the first five minutes of the pre-opening trading session and have diminishing effects．The degree of influence is greater than the jump effect of stock index futures at same trading period on spot index jump．The stock index futures jumps during post-closing trading session the day befored do not have a significant inf1uence on the underlying index jumps at its opening period.

Abstract:Cooperation networks are social networks consisting of a lot of collaborators to achieve better researches in science，engineering or other related fields．In cooperation networks，there are three probable attachments：random，preferential，and the mixed attachments．This paper analyzes the data of GR-QC network，and evaluates the attachment probability of the random，the preferential and the mixed．A novel collaborative network model driven by the attachment behaviors is presented．Compared with data of GR-QC，the attachment behaviors of scientists of management science and engineering in China have similar trends．Numerical simulations show that the attachment behaviors are affected by the average degree of the network，and the attachment behaviors evolves with the structure of the network．Discussing the numerical simulations and real data，the paper finds that the diversity and the homobium of attachment behaviors may cause the giant component to emerge or the distinct communities'to become cooperation networks．

Abstract:A two-level supply chain is studied which consists of a manufacturer and a retailer．Manufacturer channel encroachment models with remanufacturing and without remanufacturing respectively，are established to explore the interplay among product remanufacturing，channel competition and manufacturer encroachment behavior．The results are as follows．1)Remanufacturing alleviates channel conflict by offering a lower average product cost，which in turn motivates the manufacturer to encroach．2)The manufacturer’sencroachment directly harms the retailer in the no-remanufacturing case．In contrast，remanufacturing has a positive externality at the retailer level，which enhances the retailer’spay of as long as the two channels do not compete intensely． However,this externality cannot fully counterbalance channel conflict when the two channels are more competitive，so the encroachment harms the retailer．3)The externality of remanufacturing is stronger when the manufacturer reduces the collection costs or increases remanufaeturing cost savings．Consequently，the Pareto gains in the supply chain enlarges．Finally，several extensions to our model verify that our model is still robust after considering the following cases：retailer collecting，quantity competition and multiple retailers．

Abstract:The decision making of emergency material reserves is one of the key topics in emergency management，which needs to balance the people-oriented demand with the economical request．Based on the two-stage characteristic of emergency rescue，emergency material is divided into response material and recovery materia1．The demand of recovery material partly depends on the shortage of response materia1．A decision-making model is proposed considering this correlation．Then the properties of the optimal solution are ana1yzed．Furthermore，taking the substitution among recovery materials into account,the model is further improved．An algorithm is applied to solve it based on Monte Carlo simulation．Finally， numerical examples are provided to illustrate the influence and significance of correlation and substitution on decision making of emergency material reserves．