Hedging,Financing and Investment Decisions: A Simultaneous Equations Framework

We empirically investigate the interactions among hedging, financing, and investment decisions. We argue that the way in which hedging affects a firm's financing and investing decisions differs for firms with different growth opportunities. We find that high growth firms increase their investment, but not leverage, by hedging. However, we also find that firms with few investment opportunities use derivatives to increase their leverage.     

全球视角下的关联交易风险分析

如何正确认识全球范围内企业集团的关联交易及相关的风险是当前会计实务中的一项重要课题。文章从全球视角下企业集团关联交易入手，阐述了全球范围内企业集团中关联交易的三种主要风险，并提出了相应的对策。     

我国独资企业法律制度缺陷与完善设想

我国于1999年通过《个人独资企业法》，该法颁布后并未出现人们期待的个人独资企业迅猛发展的现象。虽然有诸多原因，但个人独资企业法律制度自身规定的不完善应是主要原因。因此完善该制度就成了一种现实的选择。     

Trading and Pricing in Upstairs and Downstairs Stock Markets

We provide empirical evidence on the economic benefits of negotiatingtrades in the upstairs trading room of brokerage firms relativeto the downstairs market. Using Helsinki Stock Exchange data,we find that upstairs trades tend to have lower informationcontent and lower price impacts than downstairs trades. Thisis consistent with the hypotheses that the upstairs market isbetter at pricing uninformed liquidity trades and that upstairsbrokers can give better prices to their customers if they knowthe unexpressed demands of other customers. We find that theseeconomic benefits depend on price discovery occurring in thedownstairs market.     

通货紧缩仍将是2002年宏观经济主要特征

从近四年宏观经济运行情况看，我国当前的供大于求的矛盾不仅无法通过市场机制自然恢复平衡，而且很难通过政府增加公共支出，包括公共消费和公共投资来消除，走出通货紧缩困境的根本途径还是体制改革。     

优化河南投资环境途径探析

投资超常增长是促使经济快速发展的重要因素，河南投资环境基础比较好，应该扬长避短进一步优化，其具体途径可以从投资的国际经济环境、投资的国内经济环境、投资的区域经济环境入手。     

北京市中学生关于SARS的认识与反应的跟踪调查研究

2 0 0 3年 5月和 2 0 0 4年 1月 ,通过问卷跟踪调查方式对海淀区某居民小区的中学生有关SARS的认识和反应进行了研究 ,内容涉及中学生对SARS的了解程度及了解方式、关于预防SARS的知识和相应的行为变化等。中学生对SARS有一定的认识和了解 ;各大媒体在SARS期间对于宣传公共卫生知识起到了重要的作用 ;中学生群体目前对SARS仍旧有一定的恐惧心理 ;中学生注重卫生的程度因为SARS的远去而有所降低。加强公众对于流行疾病的基本认识 ,进一步改善其卫生习惯 ,仍然是我们需要面对的问题。     

Foreign debt and economic growth

This paper empirically examines the relationship between government foreign debt and the growth rate of per capita GDP based on a total sample of 77 countries, as well as sub‐samples of various regions. Cross‐sectional estimates of the coefficient of foreign debt based on the total sample have a negative sign, but are not always statistically significant. Available data from African countries indicate that foreign debt and the growth rate of per capita GDP were negatively related at a high level of significance. For industrialized and Latin American sub‐samples, this relationship is negative but statistically insignificant. The sub‐sample Asian and other developing countries show a positive but insignificant relationship. JEL classification: F34, H6, O23.     

用作图法确定光在单轴晶体中传播的方向

用作图法直观确定常见几种情况下入射光在单轴晶体双折射现象中o、e光传播方向,解决折射定律无法解决的问题     

浅议我国股票发行制度改革及对券商的影响

本文论述了我国股票发行制度从额度审批制到核准制,又到保荐人制的演变过程及其影响。同时阐述了券商投行在新的保荐制度下的应对策略。