Financial integration and the price of world covariance risk: Large- vs. small-cap stocks

We investigate whether recent country-level evidence of global pricing is particular to large-cap stocks. Specifically, we examine cross-country return correlations and conduct asset pricing tests on three size-based stock portfolios for nine developed countries over the period from 1980 to 2004. We find that large-cap stocks realize significant comovements across countries, whereas small-cap stocks realize smaller average correlations (relative to both large-cap stocks and small-cap stocks across countries). More important, asset pricing tests suggest that while large-cap stocks are priced globally, global pricing is rejected for most small-cap stocks. Finally, the evidence indicates that financial integration deepened in recent years primarily for large-cap stocks. Overall, the results suggest that the global pricing pertains chiefly to large-cap stocks.     

一种新型高速数字锁相环的研究

本文针对传统方法实现的数字锁相环(DPLL)工作速率低的问题,通过对一种典型的DPLL的分析,找出影响其工作速率的主要因素,研究并提出了一种全新的高速实现方法,并在实验室进行了数据传输位同步提取实验。     

税制改革与税收文化滞后分析

本文引入了税收文化滞后的概念,阐明了进行税制改革时将会出现税收文化滞后现象,它将影响到税制结构优化目标的实现,因此必须尽力减弱其影响,以确保税制改革的成效。     

Explaining the Cross‐Section of Stock Returns in Japan: Factors or Characteristics?

Japanese stock returns are even more closely related to their book-to-market ratios than are their U.S. counterparts, and thus provide a good setting for testing whether the return premia associated with these characteristics arise because the characteristics are proxies for covariance with priced factors. Our tests, which replicate the Daniel and Titman (1997) tests on a Japanese sample, reject the Fama and French (1993) three-factor model, but fail to reject the characteristic model.     

Through Trial and Error to Collusion*

In this article we study a very simple trial and error learning process in the context of a Cournot oligopoly. Without any knowledge of the payoff functions players increase, respectively decrease, their quantity as long as this leads to higher profits. We show that despite the absence of any coordination or punishing device this process converges to the joint‐profit‐maximizing outcome.     

感受南网

9月26日,强台风“达维”袭击海南 岛造成全省电网解列,引发大停电。85 分钟后,国内首例“黑启动”在海南电网 实战成功,点燃了海岛熄灭的火种;灾后 第一天,系统负荷坚强地恢复至八成以 上。14天后,南方电网快速应对省网大 解列的应急体制交出了圆满答卷,让 “责任南网”的精神作风再次飘扬在南 方大地上。 当记者第一次踏上南方电网覆盖着 的这片土地上后,几天时间里,接触到的 人全都对南网这次成功的“黑启动”和 企业内部表现出来的高度融合与互帮互 助的精神所感染着;“南网现象”的内涵 与精髓也激动和影响着记者。     

中国城市化的背后--农业的潜在危机

城市化的实质含义是人类进入工业社会时代,社会经济发展速度加快,农业活动的比重逐渐下降、非农业活动的比重逐步上升的发展过程.与这种经济结构的变动相适应,乡村人口比重逐渐降低,城镇人口比重稳步上升,居民的精神面貌和人们的生活方式逐渐向城镇性质转化和强化.2000年中央提出<促进小城镇健康发展的若干意见>,各地掀起"城市化"和"工业化"甚至是"经营城市"的浪潮,致使大量的农业用地转为非农用途,同时产生了大量的失地农民,形成了四千万的失去土地又没有社会保障的农民存在,严重阻碍了城市化的进程.     

中国农地发展权理论研究综述

近年来我国学术界逐渐重视对农地发展权制度的研究,然而其研究阶段仍处于农地发展权理论研究的初始阶段.采用文献资料法和比较分析法等研究方法,分析现阶段国内学术界关于农地发展权的研究范围、研究特点,并探索当前研究中存在的不足和今后需要努力的方向.     

The FRC AND Accounting Standard‐Setting: Should I Still Call Australia Home?

This paper analyses the decision of the Financial Reporting Council (FRC) to replace Australian accounting standards with international accounting standards on 1 January, 2005. Two main topics are considered: the appropriateness of the FRC's directive, and the case against the proposed adoption date. We argue that the FRC has not conducted sufficient consultation with affected parties and that the hasty implementation will impose costs that could have been avoided with the exercise of more caution.     

涛雒鱼骨庙

日照市靠海,在其辖区内的历史文化名镇涛雒镇,有一座颇具特点的鱼骨庙. 据史料记载,涛雒从汉代(公元前206年)开始就是商贾云集之地,到明朝时,已是人口密集、生意兴旺,再到后来,尤其进入20世纪初期,它已成了方圆百里的名镇.商户100多家,有银行,贩运、商铺、客栈、茶楼等,整个古镇经济繁荣、物流通畅,教育超前,名人辈出.