Equity Fund Performance Persistence with Investment Style: Evidence from Korea

Using a comprehensive database on equity funds in Korea, we investigate the performance and performance persistence with investment style employing the Fama and French three-factor model and the Carhart four-factor model. The paper finds that most investment styles in Korea noticeably outperform the passive benchmarks. In addition, positive performance persistence is observed among funds investing in large-cap stocks and stocks of high past performance. Finally, outperformance and positive performance persistence of equity funds are still present in various ranking and postranking horizons. These empirical findings are in sharp contrast with results from earlier studies on markets in developed countries, such as the United States.     

Gender preference and transfers from parents to children: an inter-regional comparison

This paper examines whether parents exhibit gender preference in the allocation of family resources to their adult children. Gender preference is defined in the context of an altruistic model for inter-vivos transfer from parents to children extended to include educational investment. Data from the Health and Retirement Study (United States) and the Korean Longitudinal Study of Ageing are used to show that the degree of gender preference differs across these culturally distinct regions. Among Korean families, empirical results point to male preference as sons receive larger inter-vivos transfers and attain higher levels of education compared with daughters. In contrast, the evidence pertaining to gender preference among American families points to daughter preference as inter-vivos transfers and educational investment is generally higher among female adult children.     

外商直接投资对国内投资影响的实证分析

以1993—2007年常州市FDI、国内投资以及GDP的时间序列数据为基础,利用Panel Data模型,对常州市FDI对国内投资的挤入挤出效应进行计量分析,结果表明常州市FDI对国内投资的影响表现为挤出效应。     

HIV/AIDS AND BANKING STABILITY IN DEVELOPING COUNTRIES

We argue that the recent large increase in deposits’ turnover in many developing countries with high HIV/AIDS prevalence is associated with the spread of the disease. The point is that the need to pay for individual treatments force large‐scale withdrawals of households’ deposits, and that those large withdrawals put the banking industry at risk. In a standard demand‐deposit model where the HIV/AIDS prevalence among depositors is random, we show that (1) the probability of a large‐scale banking failure without a bank run increases as the odds of any prevalence level increases, and (2) it is always optimal to deposit, and thus to accept the risk of banking failure, to maintain long‐term investments in place.     

我国产业投资基金发展的障碍及对策研究

本文分析了产业投资基金在我国的发展现状及其重要作用,指出产业投资基金在我国发展面临的障碍,提出了要从根本上排除这些障碍,需要政府以及各方面的共同努力。     

基于外溢效应的创意产业氛围投资及绩效提升研究

创意氛围是创意产业化不可缺少的一环。氛围投资将构建外溢效应的渠道,促进创意知识溢出,于是,创意氛围投资及绩效提升成为财务管理的一个新的领域。本文试图以外溢效应为切入点探讨创意产业的氛围投资及融资管理,从知识管理的角度考察减少创意产业化成本及提升绩效的途径,以抛砖引玉。     

广东产业转型与越粤产业合作

广东已经发展成全球制造业基地，农业产业化快速推进，服务业进入加速发展期。由于内外因素的共振，广东也面临产业转型升级的压力。在各级政府的引导下，广东企业的转型升级已经取得了一定成效。近年来，广东和越南的经贸合作快速发展，但潜力还很大。在中越经贸关系中，广东地位突出，粤越贸易和投资额都基本占中越贸易、投资总额的1／4左右。在吸引中国投资方面，越南有其优势。在广东企业近年“走出去”的初步实践中，越南正成为企业布局的重点区域，发挥着广东企业走向东盟的桥头堡作用。展望未来，只要越南能够持续保持其良好投资环境，中越双边关系稳定，我们相信粤越经贸合作在广东企业“走出去”和广东产业转型升级双动能推动下、在“中越经贸合作区”等大型项目的带动下，将迎来更加广阔的发展空间。     

什么是私募基金

私募基金到底是什么,这个概念到现在还是没有一个统一的说法。本文将从私募基金与投资基金的关系以及私募基金的性质和其组织形式方面探讨了募基金。     

A cause for policy concern: the expansion of household credit in middle-income economies

This article discusses the significance of the recent growth in household credit across a range of middle-income economies. This growth is understood primarily as a result of policy, including the promotion of individual borrowing as a means to fund access to housing, education and health. A formal model of credit extension and allocation is developed, establishing that consumption lending makes a comparatively stronger contribution to aggregate profitability as well as financial fragility than production lending. Consumption lending may be understood to create distinctive endogenous tendencies to credit-market instability. The findings point to the need for a critical reconsideration of reliance on this lending for social and macroeconomic policy.     

相互依存视阈下的中国跨国公司对美直接投资

文章认为，跨国公司的对外直接投资活动及其所产生的政治经济影响已经使得跨国公司成为影响国际关系的重要非国家行为体，对于国家间相互依存的关系起到了日益增进的作用。目前不断增长的中国跨国公司对美国直接投资活动根本上有利于两国的经济利益，也对两国日益加深的相互依存的经济政治关系产生着越来越广泛和重要的影响。