股票回报率截面离差包含的信息

本文通过实证研究发现，股票回报率的截面离差包含单只股票和组合回报率未来波动的增量信息。而对非预期离差而言，当后期出现高的非预期离差时，伴随的回报率具有惯性，当后期出现低的非预期离差时，伴随的回报率呈现反转现象，这种结论无论对单个公司还是按平均市值分类的组合都是成立的。这些结论对事件研究、期权定价等需要预测价格波动的研究及更好理解价格信息都是有用的，特别在中国股市能更好理解庄家的动机。     

关于我国社会结构调整的几点思考

在经济发展的基础上形成合理的社会结构,是国家实现现代化的重要目标。改革开放以来,中国的社会结构发生了深刻变化。这种变化主要是在经济结构调整和经济发展的推动下自然形成的,与中国社会主义现代化建设的要求还不相适应。应当通过社会体制的改革与社会政策的调整和创新,自觉推进社会结构的调整,培育形成一个合理的社会阶层结构,这是构建社会主义和谐社会的重要基础。     

产权视角下城市社区居委会发展路径研究

我国城市格局逐渐由以单位为基本元素的体制向以社区为基本元素的体制变革，居委会是社区各项事务的管理与服务组织者，产权关系界定不清使居委会成为政府、民众乃至市场竞相逐利的“公共领域”，是导致社区工作效率低下的根本原因。为了明晰居委会的产权界定，实现社区资源的优化配置，市场化道路或者行政化道路应当是两条理想的改革路径。     

中小企业融资合作联盟的系统协调性:烟台案例

中小企业融资难是一个系统性问题,更是一个系统协调不平衡问题.为有效解决这一问题,2008年6月,烟台市在充分考察论证的基础上,创造性地发起成它了"中小企业融资合作联盟",通过银政企联手搭建合作平台,把政府部门的协训优势、金融机构的资金优势、担保机构的同风险控制优势有机整合,使中小企业融资道路越走越宽.     

Fiji Islands,Cooperation No Ends

Do you know which country consists of 332 islands？ That is Fiji,a vast ocean territory with romantic islands and beaches.When Mr.Taito Waradi, Minister of Ministry of Commerce,Industry,Investment ＆ Communications of Fiji,was on a commercial visit in China, China＇s Foreign Trade took the precious opportunity to have an interview with him. What＇s behind him was the large commercial delegation from Fiji,seeking for cooperation partners in China.From the smile and enthusiasm on his face and on every face of the delegation,we all read that the cooperation between China and Fiji is just on the way.An open Fiji is ready to embrace the world.China is more prepared to go along with this islands country.[第一段]     

Papua New Guinea and China,Collaborationg to Develope Hiddden Treasures

Papua New Guinea （PNG） is an archipelago of some 600 islands, atolls and reefs in the Southwest Pacific and lies within the tropics south of the Equator. PNG is the largest timber exporter in the region of South Pacific and one of the five biggest fisheries in the world with abundant tuna in its maritime space. It is favorably endowed with rich natural resources and highly diversified cultures.[第一段]     

"Chinese Style" Auto marketing Thrives

Over the past 10 years, China's auto industry has seen rapid growth.The miracle of such fast development, from a humble beginning to a strong player in the world's auto industry,can be attributed to a variety of factors.The most important factor, however, is that the auto industry has incorporated Chinese characteristics during its growth,whether facing challenges or developing new innovations.     

COMCE Comes

China's Foreign Trade was lucky to have an interview with the Chairman of COMCE,Mr.Valentín Díez and his COMCE group when they were in Beijing,China.Even now,we can still remember their warm smile and hospitality voice.Besides Mr.Díez,we should thank Mr.Efren Calvo Adame,COMCE Vice-Chairman,Mr.AMB.Manuel Uribe,its Chairman in Asia Pacific Business Section,and Mr.Leonardo Navarro, its Director of Asia Pacific and other members of COMCE,who are ex- hausting their efforts to promote China and Mexico relations. By Editor     

Banking on Reform in the Rising China

About six years ago when China first entered the WTO and agreed to open up its retail banking market after a period of five years,many overseas me- dia organizations held a pessimistic outlook that China's banking industry was headed towards bankruptcy.However,through effective adjustment and reform, China has edged into the advanced ranks of the banking world through some huge developments in its banking system.     

Finite sample evidence on the performance of stochastic frontier models using panel data

Most stochastic frontier models have focused on estimating average productive efficiency across all firms. The failure to estimate firm-specific effiicency has been regarded as a major limitation of previous stochastic frontier models. In this paper, we measure firm-level efficiency using panel data, and examine its finite sample distribution over a wide range of the parameter and model space. We also investigate the performance of the stochastic frontier approach using three estimators: maximum likelihood, generalized least squares and dummy variables (or the within estimator). Our results indicate that the performance of the stochastic frontier approach is sensitive to the form of the underlying technology and its complexity. The results appear to be quite stable across estimators. The within estimatoris preferred, however, because of weak assumptions and relative computational ease.The refereeing process of this paper was handled through J. van den Broeck.