浅析工程建设领域推行工程担保保证制度

工程建设领域推行工程担保保证制度的必要性，是有利于规范业主行为，保证合同履约，制止无序的竞争、遏止腐败滋生，有利于与国际市场接轨等。实施工程担保保证制度的必要条件，是制定专业法规，培育专业担保公司，全面履行工程担保保证的各项职责。建设市场应推行工程担保保证制度，应认真组织好试点，拟订好试点的目标、内容和方法，选择好试点项目的承包主体。这对于保证我国建设市场的有效运行将起到良好的作用。     

房地产融资渠道分析

由于国家银根收缩，房地产融资难度增大，加上中国房地产金融体系尚未完善，融资渠道狭窄，在一定程度上限制了我国房地产业的发展。房地产业需要新的融资渠道，如信托、基金、债券等取代传统的银行贷款融资模式。针对新的市场现状，各房地产企业必须加强资本运作能力，扩大融资渠道，创新金融产品。     

银保协作、风险自留与银行信用风险补偿——基于银保信贷系统的分析视角

在分析风险自留的内生逻辑基础上,进一步分析风险自留实现银行信用风险补偿的内在机理。研究表明：银保信贷系统通过对贷款企业个体风险与事先设定的平均代偿风险的匹配性甄别,实现对银行信用风险的分级补偿功能。针对银行超预期信用风险,先行实施银行风险拨备机制对银行平均代偿风险进行补偿,然后实施超额风险自留机制对超过平均代偿风险的银行超额风险部分再次进行补偿,超额风险自留补偿基金将由银行与担保机构依据各自的风险均衡配置阈值占比共同筹集,以此来实现银行信用风险分级补偿目标。并以此为依据,设计了银保信贷系统风险自留机制。     

Pension fund manager skills over the economic cycle: the (non-)specialization cost

We study whether pension fund managers, as professionals of important social and financial products, are able to add value for their clients and adapt to economic changes. To this end, we analyze the performance and skills (market timing and stock picking) over the economic cycle from both pension fund and manager perspectives. This double analysis allows examining whether skills reside in managers and/or funds and control for manager substitutions. Despite the long-term nature of pension funds, we find that both fund and manager skills vary with market conditions, showing better evidence of stock-picking in booms, and of market timing in recessions. Nonetheless, top (bottom) funds and managers exhibit both (incorrect) skills in booms and in recessions. Some of the top (bottom) funds and managers are the best (worst) in both abilities in the same periods, but not in different periods, showing that not all managers have the ability to adapt to market conditions. Additionally, managers with limited skills tend to specialize because diversification requires multi-task skills and the non-specialization of these managers usually results in incorrect skills.     

Effectiveness of independent boards of UCITS funds

In order to protect fund investors against conflicts of interest with fund management companies, US funds have mandatory independent directors, but this obligation is not required under the European Union Undertakings for Collective Investment in Transferable Securities (UCITS) Directive. Nevertheless, a considerable number of UCITS funds do have independent directors. Whether independent directors should also be mandatory in Europe has been a topic of ongoing debate. Using a sample of Luxembourg UCITS, we test the hypothesis that more independent boards add value for investors through lower costs and/or better investment performance, but we fail to find supporting evidence, even for funds with a higher risk of conflicts of interest. Oversight by independent depositaries and institutional shareholders does not seem to be effective either. It appears that board attitude and the sponsor distribution model are more important since we find evidence that boards that prioritise cost monitoring have lower costs and that independent sponsor funds have better performance. These results question the effectiveness of self-regulation or formal regulation requiring independent board members.     

浅谈独立学院贫困生资助管理工作的几点思考——以江苏科技大学苏州理工学院为例

当前高校贫困生人数和比例呈上升趋势,高校贫困生资助管理工作应与时俱进,应把高校贫困生帮扶与教育相结合,把物质救助手段与精神鼓励手段结合起来,全面、系统的做好高校贫困生的资助管理工作。     

New development: Can ‘public’ market-based solutions restore the banking system? The case of non-performing loans (NPLs)

The authors discuss how policy-makers could use new market-based solutions to dismantle NPLs. They examine viable solutions for NPLs and then study the Italian State Guarantee Scheme for NPL Securitization (GACS) to highlight how public actors could efficiently use public resources to solve the NPL problem.     

Determinants of Inflow to Mutual Funds: Criterion and Methodology for Their Application to the Mainland China Market

This study is based on the Froot, O’Connell, and Seasholes [2001] and Hsieh, Yang and Yu [2008] as foundations to study which reasons and control factors cause herding behavior of mutual fund inflows. The study uses the most popular Asian emerging market, China, as the sample to determine the real attractive reason behind the mutual fund inflows to China. The significant determinant of the mutual fund inflows to China is stock returns for both Shanghai and Shenzhen A stock markets.     

国际碳基金经营风险管理的经验与启示

当前，国际碳基金运营体系日趋成熟。本文总结了国际碳基金在治理运营模式、风险评价、风险控制与项目退出四个方面的运营经验；并结合实际，提出了中国进一步发展碳基金的建议。     

Informed trading around earnings and mutual fund alphas

We examine whether informed trading around earnings announcements drives mutual fund performance. The measure is motivated by prior studies arguing that a mutual fund is skilled if it buys stocks with subsequent high earnings announcement returns. We find that this measure predicts future mutual fund returns. On average, after adjusting for Carhart’s four risk factors, the top decile of mutual funds outperforms the bottom decile by 44 basis points per quarter. By decomposing fund alphas into two components in their relations to earnings, we find that this measure is only associated with earnings-related fund alphas. This measure can also be used to predict stock returns at future earnings announcements.