为什么中国投资导向的经济增长模式不可持续

China’s economy has achieved great success during the last three decays. This greatly attributed to the investment-driven economic model. But now, this kind of development model seems unsustainable. Th...     

Financial Development, Capital Allocation Efficiency and Export Performance An Empirical Study based on Cross-Provincial Industrial Panel Data

With China＇s cross-provincial panel data of 27 industries from 2003 to 2009 as sample, this paper uses Wurgler （2002） model to estimate that the average capital allocation efficiency of China＇s 30 regi...     

iPhone, New Smartphone Champion in China

The shock wave caused by the Apple iPhone has been spreading from the U.S. to China at an unbelievable rate. Savvy entrepreneurs have been purchasing hundreds of thousands of iPhones in the U.S. and Europe, then ＂cracking＂ the operating system to allow the device to be used on any GSM network. According to China Mobile, there were about 400,000 cracked iPhones using its cellular network service at the end of 2007, representing one out of every 10 iPhone shipments announced officially by Apple. We have never doubted that the iPhone will achieve greater success than iPod in China if Apple teams with China Mobile to launch its Chinese version. There are two reasons. Firstly, different from the U.S. where the smartphone market is fairly limited, appealing primarily to business users, the smartphone market in China, though, is an entertainmentoriented individual consumer market,     

英语角

AmCham: Stop Pressuring China to Revalue Renminbi The American Chamber of Commerce in China (AmCham) urged the US government to stop putting pressure on China to revalue the renminbi recently.     

Aims and Scope

正The focus of the China Journal of Accounting Research is to publish theoretical and empirical research papers that use contemporary research methodologies to investigate issues about accounting,finance,auditing and corporate governance in China,the Greater China region and other emerging markets.The Journal also publishes insightful commentaries about China-related accounting research.The Journal encourages the application of economic and     

Aims and Scope

正The focus of the China Journal of Accounting Research is to publish theoretical and empirical research papers that use contemporary research methodologies to investigate issues about accounting,finance,auditing and corporate governance in China.the Greater China region and other emerging markets.The Journal also publishes insightful commentaries about     

Government Faces New Challenge

The second quarter data of venture investments in China can only lead someone to conclude, ＂This Pig is pretty.＂ The first full quarter in the Year of the Golden Pig has clearly shown that the venture ind.ustry will not be deterred from continuing to invest in the right opportunities across China.[第一段]     

Partners and Competitors

The United States and China are entering an entirely new and complex era in their economic relationship. In a nutshell, China is both partner and competitor, and simplistic efforts to cast the complexity of U.S.-China economic relations as either one of partnership or competition are unhelpful to the development of     

Foreign investment commercial enterprises are expect by the end of the year

Mr. Zhang Zhigang, Vice Minister of the Ministry of Commerce disclose d that to realize the promise on the entry to WTO, China would cancel all the limits on the areas, equity and number of foreign investment enterprises by December 11.     

Guidelines for Manuscripts Submitted to The China Journal of Accounting Research

正The China Journal of Accounting Research"CJAR"(ISSN 1755-3091)publishes quarterly.It contains peer-reviewed articles and commentaries on accounting,auditing and corporate governance issues that relate to the greater China region.We welcome the submission of both theoretical and empirical research papers pertinent to researchers,regulators and practitioners.Authors should note:     

Computing optimal rebalance frequency for log-optimal portfolios in linear time

The pure form of log-optimal investment strategies are often considered to be impractical due to the inherent need for continuous rebalancing. It is however possible to improve investor log utility by adopting a discrete-time periodic rebalancing strategy. Under the assumptions of geometric Brownian motion for assets and approximate log-normality for a sum of log-normal random variables, we find that the optimum rebalance frequency is a piecewise continuous function of investment horizon. One can construct this rebalance strategy function, called the optimal rebalance frequency function, up to a specified investment horizon given a limited trajectory of the expected log of portfolio growth when the initial portfolio is never rebalanced. We develop the analytical framework to compute the optimal rebalance strategy in linear time, a significant improvement from the previously proposed search-based quadratic time algorithm.     

论中国经济再平衡：借鉴日本经验

中国目前面临的最大挑战之一就是如何改变其偏向投资驱动型的经济增长模式。通过对20世纪70年代日本经济增长模式再平衡过程的研究调查,我们认为在再平衡过程中,用协调方式来纠正要素成本（劳动力成本和资本成本）的扭曲至关重要。     

创寻制度“乔布斯”(JOBS)红利——美国证券监管再平衡探析

JOBS法是继萨班斯-奥克斯利法、多德-弗兰克法之后,美国资本市场和公司证券领域又一部里程碑式的法律。其大幅修订了美国现行《证券法》、《证券交易法》等的相关规定:通过减轻各项法定义务、允许对注册表草稿秘密审议、放松对分析师参与的限制等为"新兴成长公司"重启美国资本市场;拓展或创设了三类发行注册豁免机制,包括"A+条例"、"汇群集资",大幅放松了对私募中广告或公开劝诱的禁止,从而便利中小型企业融资;分类调整了公众公司门槛,增强企业的灵活自主性。这些变化显示美国金融监管正在尝试寻求"抓大活小"的再平衡,促进创业与就业,并对我国实践带来启示。     

Computing optimal rebalance frequency for log-optimal portfolios

Log-optimal investment portfolio is deemed to be impractical and cost-prohibitive due to inherent need for continuous rebalancing and significant overhead of trading cost. We study the question of how often a log-optimal portfolio should be rebalanced for any given finite investment horizon. We develop an analytical framework to compute the expected log of portfolio growth when a given discrete-time periodic rebalance frequency is used. For a certain class of portfolio assets, we compute the optimal rebalance frequency. We show that it is possible to improve investor log utility using this quasi-passive or hybrid rebalancing strategy. Simulation studies show that an investor shall gain significantly by rebalancing periodically in discrete time, overcoming the limitations of continuous rebalancing.     

中国银行家论坛2010——后危机时代的银行业转型

2010年,世界经济进入了后危机时代的再平衡阶段,调整过程所带来的阵痛在所难免。即便如此,但全球经济出现二次深度探底的可能性微乎其微,全球经济复苏将会是一个W型由大写到小写的渐变过程。而这次危机也使得中国经济再平衡、结构调整等艰巨任务大大提前并将对中国各行各业产生深刻的影响,加之监管机构先后推出了一系列监管政策与法规,在这种情况下,银行业的创新发展与业务转型,强化监管与市场的统一,建立适合于中国国情特色的多元化的金融服务已经成为一种共识。正基于此,20 1 0年8月7日,银行家与IBM共同主办了题为后危机时代的银行业转型的银行家论坛。天津市政府、中国银监会、中国银行业协会、全国各类银行业机构的领导和代表、金融专家等数百位嘉宾汇聚一堂,共同就宏观经济形势与中国经济转型、银行监管的新发展与中国银行业格局重塑等主题进行广泛而深刻的讨论。本期杂志将部分嘉宾的精彩发言略做整理以飧读者(按嘉宾发言次序排列)。     

关于美国货币量化宽松的传导机理与政策效应的思考

文章对货币量化宽松的传导机理和政策效应进行了思考,指出量化宽松货币政策将通过利率传导、资产结构转变与资产再平衡、信贷可得性、信号显示等渠道对金融市场和实体经济产生积极影响,但也会带来诸如损害经济自发增长、长期通胀压力、道德风险和财经纪律松散等问题。政策制定者应坚持以谨慎的原则进行政策创新和操作,处理好政策的短期效应和长期影响、经济成本和社会收益、国内效果和全球影响之间的关系。     

Motivate Teenagers to Study

As the growth of people, the brain will be mature gradually, so the teenagers＇ immature actions can be attribute to some areas of their brain which hasn＇t developed completely.As an English teacher, understanding this stage of psychological and phvsiological characteristics of students and then using some teaching means and adopting corresponding measures for classroom teaching would inject more energy and obtain a better teaching effect.     

Round-the-clock market efficiency and home bias: Evidence from the international Japanese government bonds futures markets

This paper examines how information is processed between almost identical international futures markets: London (LIFFE) and Tokyo (TSE) JGB futures. In these markets, variations in open-to-open changes are virtually the same as those of close-to-close changes, suggesting that information is transmitted efficiently across markets with small opening pricing errors. The overall results confirm market efficiency around the clock, yet the intraday U-shaped patterns in volume/volatility of the London JGB futures suggest home bias in international investments, indicating a less global view of trading than expected. Specifically, at the LIFFE open, London investors rush to rebalance portfolios instead of doing so at the TSE close, which is only one hour before the LIFFE opens.     

Market Making in the Options Markets and the Costs of Discrete Hedge Rebalancing

In this paper we provide empirical evidence consistent with the hypothesis that options market makers face risks in managing inventory that are unique to the options markets. In particular, we show that risks associated with the inability to rebalance an option position continuously and uncertainty about the return volatility of the underlying stock each account for a statistically and economically significant proportion of the bid-ask spreads quoted for a sample of Chicago Board Options Exchange options.     

全球主要货币外汇交易比重变化与趋势——BIS三年一度中央银行调查报告解析

2013年9月,国际清算银行发布了《三年一度中央银行调查报告——2013年4月全球外汇交易统计初步结果》。通过与历年报告比较分析发现,近年来,全球外汇交易量显著增加：主要贷币交易量变化各异;外汇交易向主要金融中心汇浆趋势明显;人民币离岸外汇交易量激增,虽已成为全球第九大外汇交易贷币,但与其他主要贷币相比,交易量仍然较小。上述变化与特点,对中国积极推进人民币跨境使用和建设上海国际金融中心具有重要参考价值。