Beta adjustment methods

This study is an analysis of the forecasting ability of adjusted and unadjusted betas. Based on the Canadian data for 252 stocks, random errors in betas are the most important reason for the poor predictive ability of individual security betas. Most of this random error is eliminated if securities are grouped into portfolios. However, further improvements in forecasting ability are gained by adjusting the security betas for bias and inefficiency. Five methods of adjusting the naive beta estimates have been tried, including two methods not tested before. These two, Vasicek's two-stage method and order-bias adjustment method, gave results generally superior to others.     

Do the English Legal Origin Countries have More Dispersed Share Ownership and More Developed Financial Systems?

The essence of the legal origin hypothesis is that a country with an English legal origin provides better investor and creditor protection and experiences greater financial development; financial institutions and stock markets flourish, the general public participate more in financing investment projects of companies and so shareholding is less concentrated. The present paper examines this hypothesis on the basis of a cross‐country study of 85 countries. We find no evidence of more dispersed share ownership in the English law countries than in other countries with different legal origins irrespective of whether we adjust for the existence of transitional economies and less developed countries in the sample. Using three indicators of development of banking and other credit institutions and four indicators of stock market developments, we also find no evidence of more developed financial systems in the English law countries. As expected, there is some evidence of lower financial development in the less developed countries and transitional countries. It is not the English law heritage but the security of persons and goods that appears to explain the cross‐country variations in financial development.     

我国区域经济增长的开发性金融支持效应分析——基于面板数据模型的研究

随着我国经济增长方式从粗放型向节约型可持续发展方向转变,开发性金融理论与实践日益受到重视。本文利用面板数据分析了开发性金融对区域经济发展的影响,结果表明,近几年来开发性金融对区域经济增长的促进作用是明显的,对缩小区域差异的作用不明显,但通过分析认为开发性金融是缩小区域经济差异的有效政策手段。     

农民的收入差距与人力资本投资研究

收入差距会影响到人力资本投资,同时人力资本投资也会影响到收入差距的变化.在长期内,考虑到最低消费约束与投资成本,我国农民的人力资本投资存在着两个稳定均衡和一个非稳定均衡,这使得农民的人力资本差距和收入差距逐渐增大.由于收入差距对人力资本投资的影响,公共财政支出的增加不一定能消除贫困,使所有农民的人力资本投资都超过"最小临界门槛"才是最终解决贫困和收入分配问题的根本途径.     

科技金融、企业创新投入与产出耦合协调度及不协调来源

运用耦合协调模型对中国省域科技金融、企业创新投入与产出的耦合协调度进行测度，结果显示，除北京外的中国内地省域耦合协调度整体偏低。进一步运用DEA模型进行测度发现：初始创新投入系统中各要素无效率省域分布比较复杂，企业创新禀赋无效率均值最高；创新中间产出与投入系统中，发明专利与商标权产出有效率，但以此作为中间投入的无效率均值高、省域分布广；最终产出系统中，某些省域新产品销售收入产出不足和技术市场成交额产出不足情况比较突出。据此提出创新初始投入系统协调发展观、创新中间投入与产出质量观和创新最终产出知识产权盈利模式观，以改善创新投入与产出不协调的状况，助力企业转型升级。     

用罗虚戴尔原则构建我国农村金融合作机构的思考

我国农村金融已严重边缘化,束缚了农村经济发展。因此,改造农村金融组织体系,实现金融机构多元化,成为农村金融体制改革的核心问题。本文结合罗虚戴尔原则的具体内容和农村合作金融环境特点,提出用此原则来构建和改善农村金融合作机构,营造竞争性农村金融秩序,优化农村金融生态环境。     

Experiential Learning – A Case Study of the Use of Computerised Stock Market Trading Simulation in Finance Education

Abstract

Finance is a popular programme of study in UK higher education despite it being a challenging subject that requires students to understand and apply complex and abstract mathematical models and academic theories. Educational simulation is an active learning method found to be useful in enhancing students’ learning experience, but there has been limited pedagogic research attention on its use in finance education within the UK. This paper, utilising an on-line survey, provides a snapshot of the current usage of finance-related simulations across the 97 UK universities offering finance programmes. The paper also reports the findings of a case study that offers insights into the effectiveness of introducing computerised simulation into a postgraduate finance course from both a student and tutor perspective. It highlights an enhancing learning experience for students through concrete experience and reflective observation, increasing their understanding of difficult and complex finance concepts.     

An Empirical Investigation of Trade Credit Demand

This paper investigates the motivations for a firm's demand for trade credit. Demand for credit is modelled as a function of transaction costs motivations, financing motivations, operational considerations, seller compliance issues and supplier marketing, whilst controlling for the firm's business environment and for firm characteristics such as size and industry. This paper builds on previous studies by considering a wider range of factors that can affect trade credit demand holistically on a single sample. It appears that the use of trade credit is widespread, and that it is generally perceived as an important short term financing option, although the availability of trade credit is not a major influence on supplier choice. The level of a firm's trade credit demand is found to be significantly influenced by transaction costs, financing, operational issues, marketing activities by suppliers, the firm's investment in trade debtors and firm size.     

论法治化财政

财政的法治化是公共财政建设的重要内容.本文讨论法治化财政的理想指标体系,并结合中国现实,对中国财政的法治化进程进行定性评价.理想的财政法治化指标体系至少应涵括六个方面的内容:财政的民主立法、财政的法律至上、财政法律体系的完备(健全性)、财政的权利保障度、财政的司法公正、财政行政行为的受约束程度.中国财政立法奉行了民主立法原则,但民主立法进程仍需进一步加快;财政行为的法律至上度有待进一步提高;财政法律体系虽已覆盖财政各领域,但立法层次低,立法质量不高,法律体系尚不够完备;财政的权利保障度和财政司法的公正性正在得到逐步改善;财政行政行为已经有了各种各样的法律约束,但是财政法律体系的不健全从根本上影响了约束程度.