基金经理：资本新势力

种种迹象表明,以基金为首的机构投资者的能量越来越大,基金经理同上市公司的关系,也远非“买卖股票”那么简单。     

中国基金经理激励机制的现状与发展

基金经理的道德风险是一种潜在的威胁投资者利益的风险，通过法律法规、治理结构以及监管可以约束基金经理。但通过激励机制来激励基金经理努力工作并防范基金经理的道德风险却是最可行的方法。文章对中国基金经理激励机制的现状与发展进行了分析，期望为基金投资者利益的保护，乃至为中国基金业的发展提供一个新的视角。     

把脉基金投资风榷

国内基金的主要投资品种是股票、债券和现金,并且根据这3种资产的不同配比来决定基金的分类,并进而判断出基金的风险收益特征。正值基金三季报刚刚披露,投资者可以通过基金的大类资产配置来了解基金经理的投资策略是否发生改变。     

选时与选股，谁重要

巴菲特说．最大的风险来自于你不知道自己在做什么。基民若想真正了解自己所选择的基金．就有必要对决定基金可持续业绩的因素有更深入的把握. 总结以往研究发现．决定基金业绩的主要因素．可分为基金（或基金经理）的选时和选股能力两方面。选时能力．指基金经理预测大盘走势．并据此低吸高抛．动态调整高风险资产（股票）和低风险资产（如债券）比例的能力，选股能力．指基金经理对个股的选择能力。那现有基金的选时和选股能力如何呢？投资者该买会选时，还是会选股的基金呢？[编者按]     

基金投资三大误区

股市转暖使大批股票型基金受益匪浅:一方面,许多基金纷纷推出了优厚的分红方案, 另一方面,基金公司借势也在“大干快上”,纷纷推出新基金产品。面对火爆的基金市场,新老投资者都面临抉择——如何入市选择适合的基金产品令新投资者颇感棘手,而对老投资者来说,是否应该“见好就收”同样是令人困惑。同许多投资一样,基金投资过程大体也可以分为买入(申购)、卖出(赎回)两个相反的阶     

我国保本基金发展现状概述

保本基金是指在一定投资期限内,基金管理人对投资者所投资的本金提供一定比例保证的基金。保本基金对于风险厌恶或是对股市未来走势不明晰的投资者来说,是一个很好的投资品种,既可以保障所投资的本金,又可以参与上方获利。我国内地第一只保本基金始于2003年6月27日成立的"南方避险增值基金",而2011年新发行的保本基金达14只之多,从各个保本基金的完整保本周期来看,均实现了不同程度的正收益。对于社保基金、保险资金、各种专项资金以及部分机构资金,如何在规避风险的前提下实现资本的保值、增值,保本基金的特点符合了这些资金的风险收益需求,其意义非常深远。     

莫把基金经理当神拜

伴随2006年基金业绩的全面飘红，基金经理被投资者捧为皇冠上的“明珠”，他们被认为拥有超月的分析、判断、研究、学习和社会互际能力，手上掌控数十甚至上百亿资金，在证券市场上呼风唤雨，为投资者点石成金。某些新发基金更几乎是为某个明星基金经理度身定做的。     

外刊速览

交易所交易基金（ETF）正在重塑投资市场，传统互惠基金前景堪忧。ETF是一种在交易所上市交易的开放式证券投资基金产品，交易手续与股票完全相同，投资者不论资金规模大小，均可借助ETF进入世界上绝大部分主要市场。2009年末，在美国市场上通过ETF进行投资的交易总额为7940亿美元，     

基金投资应重基本面轻行情

2月18日起,景顺长城中小盘股票基金开始发售。该基金为股票型基金,重点投资于具有良好成长潜力的中小市值上市公司。股票投资占据基金资产的60%～95%,其中投资于中小盘股票的资产不低于基金股票资产的80%。本刊请到该基金双基金经理之一的杨鹏先生,分享一下他对近期市场及基金投资方面的心得。     

公私募基金经理的投资心得（上）

很多普通投资者看基金经理，如观赏投资圣殿上璀璨的明珠，崇高、耀眼而遥远，尤其是私募基金经理。笔者有幸邀得一批优秀的公私募基金经理，先后论剑于本刊，希望于瓦釜钟鸣之间，于上进者以启迪。 均以价值投资为主导，均重选股多重于选时……私募确实有别公募，殊不知，经理们在投资哲学、操作方法、研究思路等方面却曲径相通。公私募之间，似乎并不存在不可逾越的界限。 经理不是神，也许用一首凡人歌来演绎他们时，会显得更为真切。你和他们的差距，可能只是努力与时间[编者按]     

Comparing FTTH access networks based on P2P and PMP fibre topologies

There is an ongoing discussion in the market which Next Generation Access (NGA) architecture best suits future needs and which investment and cost differences exist. The discussion can be subsumed as P2P vs. GPON, which is somewhat misleading as this article reveals. The discussion is driven by the fact that the high capital cost and the long asset life time of fibre mean that the technology choices made today will dominate the opportunities for telecommunication business of all market players, incumbents, competitors, content providers and business and residential users for many years in the future.The paper analyzes the cost and other differences between Fibre-to-the-Home (FTTH) access network architectures and their related different wholesale approaches by using the well-known and understood steady state approach applied in other NGA analyses in the past. In addition to the steady state analysis a dynamic cost evaluation is included taking into account the different investment behaviour of the FTTH architectures over time. The results describe investment and cost differences between architectures, incumbents and wholesale based competitive operators. The analysis has been performed for different geotypes (clusters) of decreasing population density in a representative European settlement structure.     

Divergent patterns of engagement in Internet standardization: Japan,Korea and China

This article analyzes the engagement of Japanese, Korean and Chinese participants in the development of Internet standards at IETF on the basis of four quantitative metrics: attendance, patenting, authorship and leadership. The results are strikingly divergent. Japanese involvement in Internet standardization began early and Japan was, for many years, second only to the U.S. in terms of IETF participation. Though Japanese participation has declined since the early 2000s, Japan remains a major contributor to IETF standardization. Korean involvement in IETF has always been significant, but below the levels of Japan and major European countries. Korean participation in IETF has also declined over the past decade, and has been dominated by one firm, Samsung. Though meaningful Chinese involvement in IETF did not begin until the mid-2000s, it has rapidly expanded in recent years. Today, China is a major player in numerous areas of Internet standardization in terms of three metrics (participation, patenting and leadership), and is rapidly gaining in terms of document authorship as well. Most of China׳s recent IETF involvement can be attributed to Huawei, though other Chinese firms have recently begun to increase their participation in the organization. Thus, contrary to some views that China׳s engagement with standardization is primarily one of indigenous innovation and “catching up”, China׳s experience with IETF demonstrates deliberate and effective engagement with a major Western standards-development organization on its own terms.     

快速成形技术的应用及热点分析

基于快速成形技术的原理,展示了快速成形技术在快速模具制造、金属零件直接成形、反求工程等领域的广泛应用,总结了快速成形制造技术研究的热点,即研发新材料和新设备、提高成形精度、建立RPM的反求工程系统、建立成形技术的统一标准和扩大成形技术的应用领域。     

Whose Image is it Anyway?: Some Considerations of the Curricular Importance of Subject Image in Secondary School Design and Technology Education

This paper explores the idea that a sense of school subject image is a necessary feature of curriculum management and a potent force for change. The discussion centres on the view that all school subjects have an image and that if those intimately involved with the subject do not control the image then someone else does! In such circumstances the image is the product of past encounters and old euphemisms and is unlikely to hold the changed realities.The UK developments in Design and Technology education (the term Design and Technology is used to denote the school subject defined under this heading by the UK National Curriculum, 1995) have created something of an image problem which has interesting international parallels. Some of these problems are due to clearly discernible internal tensions and an ambiguous relationship with other subject areas.Through greater attention to subject image internal controversies might be acknowledged and resolved, relationships with other subject areas can be more meaningfully understood and practitioners can be helped to make sense of curriculum change.     

Indigenous peoples’ nutrition transition in a right to food perspective

In indigenous communities the nutrition transition characterized by a rapid westernization of diet and lifestyle is associated with rising prevalence of chronic disease. Field work and literature reviews from two different policy environments, Argentina (Jujuy) and Canada (Nunavut), identified factors that add to indigenous peoples’ disease risk. The analytical framework was the emerging human right to adequate food approach to policies and programmes. Indigenous peoples’ chronic disease risk tends to increase as a result of government policies that infringe on indigenous peoples’ livelihoods and territories, undermining their economic system, values and solidarity networks. Policies intended to increase food security, including food aid, may also fuel the nutrition transition. There is a need to explore further the connection between well-intended policies towards indigenous peoples and the development of chronic diseases, and to broaden the understanding of the role that different forms of discrimination play in the westernization of their lifestyles, values and food habits. Food policies that take due account of indigenous peoples’ human rights, including their right to enjoy their culture, may counteract the growth of chronic disease in these communities.     

HSE走进中国石油

企业管理水平的好坏直接影响着企业的经济效益,运用HSE管理能提高企业管理水平,HSE管理模式将健康,安全,环境三者视为一个有机的整体。HSE管理认为人的安全是第一位的,人是创造财富的原动力,是企业的最大财产,HSE管理体系强调的是“蝴蝶效应”。     

A strategic skill based model of supplier integration and its effect on supply management performance

Supplier integration is a tool to help organizations gain competitive advantage. Strategic supply management skills and the supply management function's perceived status are hypothesized as antecedents to supplier integration leading to supply management performance. The sample for this study includes 152 executive level supply management professionals. The empirical results suggest that strategic skills and perceived status are essential antecedents to supplier integration and subsequent performance. Further, the relationship between strategic skills and performance is mediated by supplier integration. Results of a dominance analysis also suggest which strategic skills are most likely to explain status integration, and performance. These findings have significant implications for supply management theory and practice.     

Cost allocation of WCDMA and wholesale pricing for mVoIP and data services

This study estimates cost-based prices for wholesale voice and data services provided to 3G (WCDMA) MVNOs according to their distinct types. For estimation, 3G MVNOs are classified into different types, and the overall cost of WCDMA facilities are separated into voice and data components based on their subscriber rates, actual traffic rates, as well as efficiency consideration of traffic rates. The study then calculates cost-based wholesale prices of voice and data services for each of the 3G MVNO types. The result of this study shows that a cost-plus pricing scheme can help achieve the policy goals of the regulator, namely, lowering telecommunications tariffs and facilitating the introduction of new convergent-type services, far more effectively than the current retail-minus pricing scheme. The findings of this study may assist firms in developing business models based on 3G networks and telecom regulators in designing policies related to interconnection, mVoIP, prepaid calls, wholesale services, and network neutrality.     

Collectivism,individualism, and outgroup cooperation in a segmented China

A consistent theme in cross-cultural management research is that collectivists are more cooperative than individualists. We use Hofstede's measure for individualism–collectivism and combine it with an experimental measure of cooperation to test this relationship in China. In contrast to the established paradigm, we find that groups with higher individualistic scores are more cooperative than those groups with higher collectivistic scores. We attribute these results to groups being composed of outgroup members. In addition, we find that subjects from the more developed coastal area are more individualistic and cooperative than are subjects from inland China.

Material power and normative conflict in global and local agrifood governance: The lessons of ‘Golden Rice’ in India

This special section aims to investigate the interaction of global and local forces in shaping agrifood governance. It starts from the recognition that a multitude of actors and norms shape today’s agrifood system. The resulting opaqueness of the systems makes it extremely difficult to understand and explain processes and outcomes of agrifood governance. Given the sustainability challenges facing the agrifood system, improvements in our understanding of what the interaction of global and local actors and norms means on the ground are urgently needed, however. The section, therefore, analyses agrifood governance in India across a selected group of cases. It does so by employing a systematic framework emphasizing the material and ideational dimensions of power and their interaction. The section has chosen India as the setting in which to analyze this interaction due to the crucial role the food demand and supply of this rising power plays in today’s agrifood system. This article provides the special sections’ analytical framework, which uses the interplay of material and ideational dimensions of power as a focal lens. In addition, the article applies this framework to an empirical study of the political conflict around GMO foods in India, specifically the case of ‘Golden Rice’.