The information content of option-implied volatility for credit default swap valuation

Credit default swaps (CDS) are similar to out-of-the-money put options in that both offer a low cost and effective protection against downside risk. This study investigates whether put option-implied volatility is an important determinant of CDS spreads. Using a large sample of firms with both CDS and options data, we find that individual firms’ put option-implied volatility dominates historical volatility in explaining the time-series variation in CDS spreads. To understand this result, we show that implied volatility is a more efficient forecast for future realized volatility than historical volatility. More importantly, the volatility risk premium embedded in option prices covaries with the CDS spread. These findings complement existing empirical evidence based on market-level data.     

刍议“药品零差价销售”模式下公立医院危机管理

2014年我国医药卫生体制改革工作已经进入深水区和攻坚阶段,药品零差价销售改革、实现医药分开是医改工作的重点和难点。公立医院面对药品零差价改革,应采取积极、主动态度,分析医院面临的挑战和管理困境,配合国家一系列政策补偿措施以及逐步完善的医疗保障体系,改善医院管理运行机制,提高医疗服务质量,以专业、优质的技术为人们提供可信赖的医疗、保健服务,成为得到社会信赖和尊重的医院。     

财务会计档案管理中存在的问题和对策

随着我国社会主义市场经济的进一步发展,会计档案工作中新情况,新问题不断出现,如何管理好财务档案,以及在管理过程中如何采取相应的措施,寻求解决的办法,是财务档案管理中所面临的一个重要问题.     

高校设备招标中供应商选择存在的问题与对策探讨

招标采购作为一种科学高效的方式已被高校设备购置广泛采用,然而我国高校设备招标工作起步较晚,各环节不够完善,目前存在诸多问题。本文从四个方面界定供应商选择的标准与审核工作,在分析现阶段供应商选择存在问题的基础上,给出相应的解决办法。     

Resource abundance and economic growth in China

This paper revisits the resource curse phenomenon in China and differs from the previous studies in four respects: (i) City-level data is used; (ii) A spatial variable is constructed to estimate the diffusion effect of natural resources among cities in the same province; (iii) The impact of resource abundance on economic development is investigated not only at the city level but also at the prefectural level in China; (iv) We use a functional coefficient regression model to deal with city-specific heterogeneity and, at the same time, analyze the transmission mechanism of the resource curse phenomenon. Our empirical results show that there is no significant evidence to support the existence of a resource curse phenomenon in China. On the other hand, we find that the degree of natural resource abundance in a city has a positive diffusion effect on the economic growth of neighboring cities within the same province at the city level, but not at prefectural levels. We attribute this to the urban bias policy.     

创新思维创造中国奇迹——纪念中国共产党成立90周年

中国共产党的成立,改变了人类历史进程。尤其是改革开放后的33年,超越了发达国家发展需要上百年的时间,跻身于世界经济强国之列,令全球震惊不已。实践证明：中国共产党人的创新思维能力体现在每一个历史转折关头,因此创造出无数的中国奇迹,并引领着未来前进的方向。     

Old Wine in New Bottles: Patenting Propensity

Journal of Industry, Competition and Trade - Although patenting propensity has been an old topic, our understanding of it is still fragmentary due to the complexity in the decision-making and the...     

新冠肺炎疫情背景下全球促进贸易便利化的国际实践与经验借鉴

全球性新冠肺炎疫情爆发重创世界经济和国际贸易,世界贸易组织、世界海关组织和各主要经济体纷纷出台措施,从农业、中小微企业、电子商务、医疗物品运输等多方面应对新冠肺炎疫情的负面影响。与此同时,我国在简化海关手续和加快清关,物流、运输和转运便利,以及电子化贸易便利化措等方面都出台了应对新冠肺炎疫情的相关措施,维护供应链完整性和保护人民安全。     

从“增长极”理论视角看我国的农村剩余劳动力转移

农村剩余劳动力的转移,是农民增收的有效途径。在当前,如何更好地解决这一问题,就成为解决"三农"问题的关键。文章运用经济学的相关理论,分析了当前在转移农村剩余劳动力过程中的主要问题,并提出了对策建议。     

审计费用的事前确定、异常审计费用与审计质量

实务中,我国部分上市公司年报审计费用采取事前确定方式,也就是在审计工作开展之前的董事会上确定。事前确定审计费用的动机何在,会产生什么样的审计后果?已有国内外文献尚缺乏这方面的研究。本文以2008~2017年全部A股上市公司为样本,通过实证考察审计费用事前确定方式对异常审计费用以及审计质量的影响发现:基于低价揽客或折价维持客户的经济动因,事前确定的审计费用显著偏低。进一步研究表明,在事前确定审计费用方式下,客户的审计质量更低。本文研究丰富和拓展了审计费用及审计质量决定因素的相关文献,同时也为监管机构规范审计费用确定方式提供了经验证据。