An urban, commercial central district is often regarded as the heart of a city. Therefore, quantitative research on commercial central districts plays an important role when studying the development and evaluation of urban spatial layouts. However, conventional planar kernel density estimation (KDE) and network kernel density estimation (network KDE) do not reflect the fact that the road network density is high in urban, commercial central districts. To solve this problem, this paper proposes a new method (commercial-intersection KDE), which combines road intersections with KDE to identify commercial central districts based on point of interest (POI) data. First, we extracted commercial POIs from Amap (a Chinese commercial, navigation electronic map) based on existing classification standards for urban development land. Second, we calculated the commercial kernel density in the road intersection neighborhoods and used those values as parameters to build a commercial intersection density surface. Finally, we used the three standard deviations method and the commercial center area indicator to differentiate commercial central districts from areas with only commercial intersection density. Testing the method using Nanjing City as a case study, we show that our new method can identify seven municipal, commercial central districts and 26 nonmunicipal, commercial central districts. Furthermore, we compare the results of the traditional planar KDE with those of our commercial-intersection KDE to demonstrate our method’s higher accuracy and practicability for identifying urban commercial central districts and evaluating urban planning.
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We extend the fractionally integrated exponential GARCH (FIEGARCH) model for daily stock return data with long memory in return volatility of Bollerslev and Mikkelsen (1996) by introducing a possible volatility-in-mean effect. To avoid that the long memory property of volatility carries over to returns, we consider a filtered FIEGARCH-in-mean (FIEGARCH-M) effect in the return equation. The filtering of the volatility-in-mean component thus allows the co-existence of long memory in volatility and short memory in returns. We present an application to the daily CRSP value-weighted cum-dividend stock index return series from 1926 through 2006 which documents the empirical relevance of our model. The volatility-inmean effect is significant, and the FIEGARCH-M model outperforms the original FIEGARCH model and alternative GARCH-type specifications according to standard criteria.
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