证券发行管制与噪声交易者的生存与繁荣

本文结合中国股票市场实际,分析了证券发行管制对噪声交易的影响。本文的结论是:(1)证券发行管制保护了噪声交易者利益,削弱了一级市场发行方的套利力量,创造了噪声交易者的生存空间,推动了噪声交易者对价值投资人的驱逐和同化,使噪声交易者主导市场;(2)改善投资人结构和增加大盘兰筹股是实现中国股市“发展、规范与市场承受能力高度统一”、以及股票价格向价值平稳回归的重要条件。     

论德川中后期初级市场经济模式的成因

明治维新之后,日本整个国家和社会进入资本主义发展轨道,却无法与后期封建社会的发展割裂开来。在德川中后期,初级市场经济呈现规模发展趋势,日本封建社会孕育了自己的资本主义"萌芽"。而这一初级市场经济模式形成的原因则充满了矛盾性和复杂性。本文主旨是对这一原因进行探求,从初级市场经济赖以发展的时代环境着眼,分层次探讨幕藩体制如何为商品经济的发展提供了部分的制度与政策保障,封建领主经济怎样为初级市场经济发展奠定物质基础以及怎样面对分配关系的变化,甚至新经济思想如何为初级市场经济模式给予观念支持等问题。     

STRUCTURE, CONDUCT AND PERFORMANCE ANALYSIS OF THE SOUTH AFRICAN AUTO INSURANCE MARKET: 1980-2000

The traditional structure-conduct-performance framework makes the explicit prediction that market structure determines market conduct, performance and power. The primary goal of this study is to evaluate this prediction using the South African (SA) short-term auto insurance market. The empirical evidence shows that a link between market structure and market conduct, performance and/or power is not present. "Prices" and profits are not statistically significantly related to various sellers' concentration measure and do not follow any explicit trend over time. By construction, profits are directly related to "prices" and follow a cyclical trend, as observed in other countries. A secondary goal of this paper is to compare the findings for the US auto insurance market with the empirical evidence on the SA auto insurance market. While there are few similarities, there is an underwriting cycle in the SA auto insurance market such as is observed for the US auto insurance market.     

Cross‐border Mergers and Acquisitions and Financial Development: Evidence from Emerging Asia

This paper examines the relationship between cross‐border mergers and acquisitions (M&A) and financial development in emerging Asian economies. Bilateral cross‐border M&A data for nine emerging Asian economies covering 2000–2009 are analyzed with a sample selection model and a panel data model. The estimation results show that although the banking sector still plays a crucial role in facilitating cross‐border M&A, the role of equity markets has increased in importance because, in addition to cash, the issuance of common stock and the exchange of stocks have become popular forms of payment for M&A deals. Because of the relatively thin market, the primary corporate bond market plays a limited role in supporting cross‐border M&A, which is in contrast to the primary public bond market. However, for the secondary market, the corporate bond market is more effective in facilitating cross‐border M&A. The results also show that financial development in terms of stock and bond markets in their home countries tends to become more important when the target firms reside in more developed countries. In addition to financial development, the paper shows that most cross‐border M&A are invested in technology‐related and resource‐based industries while cheap labor industries are relatively less attractive.     

Time variation paths of factors affecting financial institutions and stock returns

This study finds evidence that three risk factors relating to the stock market, bond market, and real estate market are important in explaining the risk premiums included in financial institutions and bank stock returns. Stock returns for insurance companies are not sensitive to changes in the bond market. The Flexible Least Squares (FLS) results indicate that the stock market factor has the most important and stable impact on risk premiums for financial institutions, banks, and insurance companies. The bond market is the primary source of instability in stock returns for these three groups of stocks. This research adds further support for using market discipline, especially as it relates to equity returns to enhance the prudential regulation of the financial sector.     

The housing market of moscow: Development and area differentiation

The evolution and area differentiation of the Moscow housing market are analyzed. Price dynamics and the volume and structure of housing supply in the primary and secondary markets are considered. The area distribution of new buildings of different quality by Moscow administrative districts is analyzed, as well as price differentiation in the secondary market with regard to the city’s raion structure. Special attention is given to the housing potential of Moscow residential areas and the market estimate of the per capita value of “housing capital.”     

外汇储备对股票市场价格的影响——基于流动性视角的分析

文章选取2005年5月到2011年6月的月度数据,运用VEC模型对外汇储备对股票市场价格的影响进行了实证分析。结果显示,外汇储备是通过宏观层面的流动性对股市产生影响,外汇储备和货币供应量对股票市场价格的影响均比较小,主要原因是其传导机制比较复杂,且我国对信贷资金流入股市采取十分严厉的限制。相应地,文章提出了加强对流入股市热钱的监管;加强非流通股股东解禁的管理;深化一级市场改革发行制度,积极发展债券、期货等资本市场;完善宏观调控手段以及坚持严格信贷资金流入股市等政策建议。     

长三角共同市场规则量表的构建与实证研究

共同市场规则是建立长三角共同市场的基础,且长三角共同市场规则的量表构建是进一步研究共同市场制度安排及协调机制的首要任务。由此,在现有定性研究的基础上,提出长三角共同市场规则构成要素是产权规则、劳资规则、竞争规则、市场交易规则以及政府干预市场的规则;建立各要素的测度量表。以长三角153家中小工业企业为调查样本,对量表效度和信度进行实证研究。结果表明,该量表具有较好的同质性信度和结构效度,从而为长三角共同市场制度安排、协调机制的深化研究奠定了基础。     

Education and the labour market in Botswana

Using primary data from a 1993/4 Household Income and Expenditure Survey in Botswana, this article presents empirical results on occupational attainment, its determinants, and the extent of filtering down in Botswana's labour market, given changes in labour market conditions over time. It was found that the Botswana labour market has been characterised by some ‘filtering down’ of educated workers into less skilled jobs as the supply of skilled manpower exceeded demand. Those who entered the labour market earlier, those with more education, those located in the urban areas and male workers are more likely to occupy jobs that are higher up in the hierarchy than to be in an unskilled blue-collar job. Jobs higher up in the hierarchy are also more rewarding financially. The article shows that there is occupational segregation of workers by gender in Botswana's labour market in that female workers are generally confined to a narrow range of occupations. The policy implications are that employment creation has to be pursued vigorously and the issue of gender discrimination investigated further.     

教师旅游消费市场及其实证研究——以佛山市为例

随着教师社会经济地位的提高,教师旅游者正成为极具潜力的旅游消费市场。本文剖析了教师旅游消费市场形成的因素,并以佛山市教师旅游消费市场为例,通过对14所大、中小学和幼儿园教师的调查问卷,分别从不同类型、年龄层次和收入层次等方面对教师旅游消费水平、消费方式和消费结构进行对比分析,并得出教师旅游消费市场的一般特点。     

苏南地区乡村旅游客源市场分析与营销策略

通过市场调研,分析了苏南地区乡村旅游客源市场结构特征、乡村旅游者出游行为特征和乡村旅游产品、产品线等。研究结果表明,苏南地区乡村旅游客源市场以近距离为主,本地居民和上海、南京等大城市居民构成一级客源市场,社会中上层群体、家庭、城市学生和城市离退休人员是苏南地区乡村旅游4类重点细分市场,对此提出相应的营销组合策略、品牌策略、产品促销与创新等策略。     

Marine preference cargo market: Opportunities for minority shippers

Conclusion It appears that the general cargo market should not be the primary target for a minority shipper. After a more detailed analysis of the market, on a specific commodity basis and by trading areas, a profitable niche may be developed for a minority shipper in the Dry Bulk market, in light of the recently completed Russian grain deal. Fifty percent of that tonnage must be moved in U.S. flag vessels. Under the terms of the new grain treaty, the Soviets are obligated to purchase 5.9 million long tons (2,240 pounds) of grain annually, with the right to purchase two million more tons. The agreement is for five years, beginning in 1976.     

The Study of the Development of Chinese Online Game Industry and Market

The development, sale and management of online game have become a whole industry chain. It is hard to imagine its economic benefits. The article analyses the forming of supply-demand relationship in online game market, profits source, the way of market exchange, business order and primary problems that online game market faces. To make the market and the industry of online game develop in a sustaining and healthy way, our society should create a favorable environment, and the authorities in economics, management and law fields ought to attach importance to the research on relevant problems,     

Farmers' Access to Markets: The Case of Cotton in Pakistan

Using a cross‐sectional primary dataset collected from a survey of 325 farmers in the seven highest cotton‐producing districts of Punjab Province of Pakistan, the present paper examines cotton farmers' market participation decisions, and the factors driving participation, as well as the impact of participation on net returns. Tobit and censored least absolute deviation models were used to estimate the participation of farmers in markets, and the Heckman two‐stage approach and the propensity score matching method were applied to analyze the impact of participation on net returns, taking into account potential selection bias. The empirical results revealed that households with more education, wealth, and better transport facilities are more likely to participate in the markets. As the distance to market increases, households prefer to sell at the farm gate rather than the market. The results also indicated that households that sell their goods at the market obtain higher net returns than those selling at the farm gate.     

股市波动对股市募资的影响——基于VAR模型实证分析

本文选取1991年8月至2010年7月一级市场实际募集资金、上证指数及深成指的月度数据作为样本,运用向量自回归(VAR)模型、格兰杰因果关系检验、脉冲响应分析及方差分解方法分析股市波动与股市募资的关系,实证分析表明:股市波动是股市募资的原因,其中深成指对股市募资的影响较大;股市募资对股市波动短期有强劲的响应,在长期趋于稳定;股价指数和股市募资存在长期均衡关系。并且在定量分析和定性分析相结合的基础上给出相应的对策建议。     

市场经济的危机与化解——马克思经济危机理论的当代意义

经济危机作为市场经济的伴生物,它并不是资本主义社会独有的,而是市场经济社会必须共同面对的经济问题。在经济危机之后,当我们重新审视马克思主义经济学的理论价值时,我们不仅要承认马克思的经济危机成因论的理论价值,更要重视马克思在分析资本主义经济危机过程中所给出的走出危机的理论路径。因为,在新的历史条件下,依据马克思主义经济学的基本思想,研究当代经济的现实问题,形成化解经济危机的新的马克思主义经济学理论,应是后危机时期马克思主义经济学的首要任务。     

新疆旅游纪念品市场调查研究

本文通过问卷调查法和个别访谈法,从游客的旅游感知角度,科学地认识和分析了新疆旅游纪念品市场的发展现状及存在问题,为新疆旅游纪念品市场的健康持续发展提供了科学依据。调查研究表明:新疆旅游纪念品市场处于初级阶段。     

基于旅游心理的乌鲁木齐夏令营旅游市场开发探析

近年来,参加夏令营旅游的中小学生人数逐年增长。面对广阔的市场空间,乌鲁木齐旅行社也纷纷涉足夏令营旅游市场,在适应市场需求的同时也出现了一些不足。本文从产品开发、员工培训、网络营销和售后服务四个方面,基于旅游心理的角度,对乌鲁木齐夏令营旅游市场的开发进行探讨。     

农地发展权流转市场构建初探

农地发展权自身包含着市场特性,应该在农地发展权流转过程中合理引入市场机制。按照市场原则建立起农地发展权一、二级市场,结合我国的国情,分析了农地发展权市场运行机制,探讨了农地发展权市场主体、农地发展权价格和农地发展权的市场配置等构建市场的因素。     

基于协整理论的美国电力期货市场实证研究

本文基于VAR的协整理论,对美国PJM电力期货市场作了模型实证研究。因果关系检验显示下月合约价格是现货价格单向的Granger原因。协整检验结果显示电力期货价格和现货价格存在长期稳定均衡的关系,期货市场具有价格发现的功能,与现货市场相比价格发现功能较弱。方差分解结果显示,期货价格受自身的影响很大,受现货价格的影响很小;而现货价格受自身影响很大,随着滞后期的增加,受自身的影响逐渐减弱,受期货市场的影响逐步增大,期货市场在价格决定中起主导作用;脉冲响应函数同样显示现货对期货的影响较小,期货对现货的影响相对较大。