Market Is A Dinner An exclusive interview with Zhang Bin, President of China National Foreign Trade Transportation (Group) Corporation(Sinotrans)

2005 is the last year of China's No. 10 Five-year Plan. With China 's booming economic development, domestic enterprises are facing up with not only quite a lot of opportunities, but also some potential challenges, for instance, with the upgoing oil prices, the energy and the raw materials are no longer in efficient supply, this is a problem that domestic enterprises, especially state-owned enterprises have to face. How to deal with the situation, Zhang Bin, President of China National Foreign Trade Transportation (Group) Corporation (Sinotrans) gives his comments when interviewed by China's Foreign Trade.     

Economic Development Indicators as Determinants of Medal Winning at the Sydney Olympics: An Extreme Bounds Analysis

This paper examines the variables that determine the performance of countries at the Olympic Games as measured by a weighted sum of the medals won at the Sydney 2000 Games. While previous studies have identified the importance of a country's economic size and the resources available to sport, this paper examines nine more variables including the number of athletes representing each nation and some development indicators. Based on 2310 regressions, both traditional and restricted extreme bounds analysis show that only two variables are robust: the number of athletes and national expenditure on health. Thus, the final model recognises four explanatory variables that include these two as well as GDP and population.     

The price adjustment and lead-lag relations between stock returns: microstructure evidence from the Taiwan stock market

This paper investigates the price adjustment and lead-lag relations between returns on five size-based portfolios in the Taiwan stock market. It finds evidence that the price adjustment of small-stock portfolios is not slower than that of large-stock portfolios. Additionally, limited evidence supports a positive leading role of large-stock portfolio returns over small-stock portfolio returns. These two findings are substantially different from the results of previous research on developed markets.     

英国福利制度模式转变探析及对我国的启示

在福利制度发展过程中,有关福利的许多政策问题都与福利制度的模式有关.福利制度模式可以反映出福利资源的配置和公民福利消费权益状况,表明国家、市场、企业与家庭在福利提供方面的职责划分,而这些问题最终直接影响到社会保障与社会福利政策的制定与实施.     

Evolutionary Characteristics of China＇s Intermediate Manufactures

China's economic development is characterized by progressive integration with international production chains as an assembly producer. Japan and South Korea are the major partners providing intermediate products to China. The present paper analyzes the Chinese intermediate sector's present condition and evolutionary characteristics revealed in bilateral trade with Japan and South Korea. The analysis uses the framework of new trade theory represented by “intra‐industry trade”. Trade statistics from 1997 to 2004 are analyzed using the database published by the OECD. Results show that China's inter‐industrial evolution is characterized by its expanding positioning in the manner of the flying geese development paradigm of Asian countries. Furthermore, intra‐industrial evolution is characterized by a concentration on price competitiveness. The framework and results of the industrial analysis presented in this paper assist in the understanding of China's manufacturing evolution and of the policy‐making decisions taken in the process.     

转型进程、发展战略转变与金融转型

随着经济转型从体制转型阶段进入到经济发展阶段,中国的经济发展战略也应当从比较优势转向竞争优势。而转型进程以及发展战略的转变都内在统一于经济发展的虚拟化进程当中。现代经济发展的虚拟化强化了金融在整个经济体系中的核心作用,因而随着中国成为完全市场经济国家,金融转型的成败将对中国向好的市场经济迈进起着决定性的作用。     

GLAMOUR VERSUS VALUE: TRADING BEHAVIOR OF INSTITUTIONS AND INDIVIDUAL INVESTORS

We design a new metric to measure the net buying and selling by institutions and individual investors and find that from 1980 to 2004 institutional investors were net buyers of growth stocks and net sellers of value stocks, implying that individual investors were net buyers of value stocks and net sellers of glamour stocks. The institutional preference for glamour and value stocks seems to be related to sell‐side analysts' recommendations and recent favorable stock price performances, especially during the post‐1994 period. Finally, the institutional buying of growth stocks and sale of value stocks was not based on superior information.     

Recap of the Joint Symposium of the 12th Annual Conference on Financial Economics and Accounting and the 9th Conference on Pacific Basin Finance,Economics, and Accounting,September 21–22, 2001

Review of Quantitative Finance and Accounting -