浅论混凝土外加剂

混凝土外加剂已经在建筑工程中广泛地使用，文章对混凝土外加剂的组成、特性、应用技术、采用标准以及检测规则等进行分析，提出了看法。     

Nasdaq Trading and Trading Costs: 1993–2002

Nasdaq spreads decline from 1993 to 2002, largely independently of tick‐size reductions. Trade size declines, consistent with greater retail investor activity. Using the method of Chordia, Roll, and Subrahmanyam (2001), we find that concurrent market returns strongly affect liquidity and trading activity. Liquidity exhibits distinct day‐of‐the‐week patterns. There is little evidence that macroeconomic announcements or changes in key interest rates affect Nasdaq stocks overall; but in the bear market, we find a relation between some of these variables and effective spreads, which we interpret as consistent with Nasdaq participants' paying greater attention to fundamentals after the market crash.     

论经济法的基本原则

对于经济法的基本原则的研究,学术界的观点不一。本文对当前我国有关经济法基本原则具有代表性的观点进行了揭示和评析,提出了自己的观点与见解,并证明了其合理性与可行性。     

对中国"钢保措施"案件争议焦点的法律研究

2002年11月19日,我国政府为维护国内钢铁产业安全,“入世”后首次启动了钢铁保障措施例外救济措施,维护我国钢铁产业的安全,但却遭到了日本、韩国等其它WTO成员的广泛质疑。为更好地运用保障措施条款,维护我国产业安全,文章对日、韩等WTO成员也提出质疑以及我国钢铁保障措施案件的经验和教训。     

Can exchange rate rules be better than interest rate rules?

We develop a New Keynesian small open economy model to compare the welfare performances of two classes of monetary policy rules: exchange rate rules and interest rate rules. The expected lifetime utility of the representative household is used as the welfare criterion. The model is solved using second-order approximation methods. We find that under benchmark parameterization, an exchange rate rule delivers lower standard deviations of GDP and inflation compared to an interest rate rule, when the economy has a high degree of openness. However, despite that, an exchange rate rule is welfare inferior to an interest rate rule since it delivers lower mean terms of trade, which leads to lower mean consumption and higher mean labor hours. On the other hand, when the elasticity of substitution for export is high, an exchange rate rule is welfare superior to an interest rate rule, regardless of the degree of openness, as the differences in mean terms of trade for the two classes of rules become smaller.     

股东派生诉讼前置程序研究

股东派生诉讼前置程序的立法目的之一是寻求公司纠纷的内部解决。股东启动前置程序的条件过于严苛,董事会作为被请求人缺乏正当性,公司与请求提起诉讼的股东交流沟通制度的缺失等立法缺陷导致前置程序的立法目的难以实现。因此,有必要完善前置程序的立法规定以实现前置程序的立法目的。     

中国股票市场技术交易规则有效性的实证研究

文章以1990年12月至2008年3月上海证券交易所综合股价指数为研究对象,利用布劳克、拉科尼肖克和莱巴龙（1992）的简单技术分析交易规则：移动平均线（VMA、FMA）和阻力线一支撑线（TRB）。结果发现,对所有规则而言,买入信号下与卖出信号下的报酬之差都大于零。对TRB交易规则,买入信号下与卖出信号下的报酬之差在l％显著性水平下显著大于0;而对于VMA、FMA交易规则来说,买入信号下与卖出信号下的报酬之差在10％显著性水平下与0无显著差异。这表明技术分析阻力线一支撑线TRB交易规则有助于预测股价。     

Wealth effects, the Taylor rule and the liquidity trap

This paper analyzes the dynamic properties of the Taylor rule with the zero lower bound on the nominal interest rate in an optimizing monetary model with overlapping generations à la Yaari–Blanchard–Weil. The main result is that the presence of wealth effects is not sufficient to rule out the possibility of infinite equilibrium paths with decelerating inflation. In particular, in the presence of wealth effects, the occurrence of liquidity traps is not avoided when the central bank implements a Taylor-type interest-rate feedback rule.     

Stock market uncertainty and interest rate behaviour: a panel GARCH approach

Using a dynamic panel GARCH model for Asian countries, we find that interest rates are significantly lower when stock market uncertainty is high. Evidence of a positive relationship between stock market uncertainty and interest rate volatility is also provided.     

Multinational public goods provision under multilateral income transfers and productivity differences

This article examines multinational public goods provision under multilateral income transfers and productivity differences across countries. Under a planner who uses linear approximation for utility maximization, we show that (1) a country is an income receiver if it has a higher productivity than the average in producing public goods, enabling it to provide more public goods; (2) the amount of transfers can be pinned down for all countries with an adjustment cost; (3) each country obtains an identical utility increment; and (4) the country with the lowest adjustment cost is the best candidate for the planner country. All results are derived based on well-known information regarding the cost of producing the public goods and income levels.