开放式基金"赎回之谜"的实证检验

我国开放式基金是否存在"赎回之谜"以及存在的条件和范围尚无明确的结论.运用多元线性回归模型、面板数据模型和分位数回归模型三种方法对我国开放式基金"赎回之谜"进行检验,结果显示:分位数模型能够捕捉基金业绩对基金净申购率的非对称性影响,这是多元线性回归模型和面板数据模型无法实现的.通过将分位数模型和对应分析方法结合使用,发...     

国外旅游高等教育研究文献述评

检索了1979-2008年12月期间发表的国外旅游高等教育研究英文文献,统计分析了这些文献在年份数量、发文期刊、作者、内容分类等方面的情况,透视了国外旅游高等教育研究30年来的现状,探讨了国外旅游高等教育研究的主要议题,关注出现的新问题及未来走向。通过对国外旅游高等教育研究文献的综合梳理与述评,反思旅游高等教育本身,希望对国内旅游高等教育研究提供一定的借鉴和参考。     

城乡统筹视角下的我国农村社会养老保险研究

农村社会养老保险制度的完善是重构我国现行农村社会福利制度的重要举措.在城乡统筹视角下,我国农村社会养老保险在发展中还存在着保险制度间衔接障碍、养老保险金发放形式不灵活、国家层面立法不足、养老保险基金运营低效以及集体补助制定不合理等问题,致使我国农村社会养老保险的社会保障作用没有充分发挥.中央和地方各级政府应从立法、制度以及运营等层面来完善我国农村养老保险制度,以实现农村社会养老保险制度的城乡统筹.     

基金持有人聪明吗——国外相关研究最新进展述评

基金经理的投资管理能力决定了基金的业绩。基金持有人是否聪明,即是否能够在众多的基金中选择风险控制能力强、盈利水平高的基金,决定了其投资基金的收益水平.近十余年来,随着行为金融学的兴起,对持有人基金选择能力的研究逐渐增多,出现了各种不同的研究方法,得到的结论也不尽相同,本文在梳理国外相关研究文献的基础上,阐述了国外最新的关于持有人基金选择能力研究的方法、主要结论以及最新进展,并探讨了不同研究所得结论存在差异的原因。     

Beyond adoption: sustaining online shopping

Online retailing has the potential to offer remote areas a wider marketplace for their retail products and also a concomitant increase in income. Drawing on secondary Internet-based research, this paper considers the fortunes and future of online retailing in a number of the remote British Overseas Territories. It will become apparent that Internet retailing is an important strategic option for retailers in such isolated locations, but greater attention needs to be paid to issues surrounding operations and logistics, payment systems and merchandising. It is also seen how, despite its apparent ‘placelessness’, the Internet and associated online selling cannot escape the realities of space and distance.     

Motivations of volunteer overseas and what have we learned – The experience of Taiwanese students

The study explores motives for Taiwanese students to volunteer overseas and what they have learned from the trip. Their motivations are classified into pull and push factors. Pull factors include expecting challenge, validating personal perceptions of the place, and getting to know local residents and experiencing the life in a foreign culture. Push factors identified as underlying themes include escaping from daily life to reorganize and relax, look for new ways of life and self exploration, a desire to give back, to make friends who share a common interest, a less expensive way of traveling, encouragement by others, and parental compulsion. The students gain several benefits from this trip, including a better attitude to learning, better communication skills, better stress management, an appreciation of what they have, being more active, becoming more generous and developing empathetic skills, be willing to hear and respect different voices, having trust in co-workers and be willing to admit deficiencies, appreciating a slower life pace, having an open mind, and learning to control material desire.     

中国经济趋势预测:稳定、调整和发展

在连续17年单边快速升值之后,人民币汇率走势目前转为在浮动中缓慢升值,这有利于中国出口和经济安全与发展。中国经济增长潜力不容忽视。未来5至7年,中国经济增长率应保持在8%以上,物价控制在6%以下。在发挥传统产业潜力的基础上,实现产业升级和发展模式转换,关键是克服既得利益集团干扰,避免发生重大决策失误。中国作为人口大国,经济发展应主要依靠内需,启动内需应进行一系列重大改革,如建立社会保障基金,改革房地产业等。     

上海市基本养老保险制度三大改革的基金精算评估

上海市为应对人口老龄化危机下城保的财务危机，实施了扩大覆盖面、延迟退休年龄和计发办法三大改革。PLT—M精算模型显示：扩大覆盖面和延迟退休年龄改革通过改善制度内赡养比发挥作用，前中期改善效果明显，之后改善逐年减弱，在长期反而会出现恶化现象，其中，整合综保对统筹账户具有持续性贡献；计发办法改革通过降低退休金水平改善代际核算平衡，前期改善程度最小，改善功能逐年加大。     

PORTFOLIO CHOICE VIA QUANTILES

A portfolio choice model in continuous time is formulated for both complete and incomplete markets, where the quantile function of the terminal cash flow, instead of the cash flow itself, is taken as the decision variable. This formulation covers a wide body of existing and new models with law‐invariant preference measures, including expected utility maximization, mean–variance, goal reaching, Yaari's dual model, Lopes' SP/A model, behavioral model under prospect theory, as well as those explicitly involving VaR and CVaR in objectives and/or constraints. A solution scheme to this quantile model is proposed, and then demonstrated by solving analytically the goal‐reaching model and Yaari's dual model. A general property derived for the quantile model is that the optimal terminal payment is anticomonotonic with the pricing kernel (or with the minimal pricing kernel in the case of an incomplete market if the investment opportunity set is deterministic). As a consequence, the mutual fund theorem still holds in a market where rational and irrational agents co‐exist.     

基于Spearman分析的中国开放式基金业绩持续性实证研究

许多普通投资者在对开放式基金进行选择时都会基于开放式基金业绩具有持续性的假定,通过对基金过去的业绩进行比较来判别基金的优劣,进而作出投资决策。文章应用Spearman相关分析的实证分析方法,对2003年12月31日之前成立的20只中国开放式基金的业绩进行了研究,旨在探讨开放式基金业绩具有持续性这一假定前提是否成立。结果表明,无论从短期还是长期来看,在目前市场为弱式有效的情况下,中国开放式基金业绩没有表现出显著的持续性,投资者在进行选择时并不需要太在意基金的历史业绩。