统一股价指数的必要性及绩效分析

股票指数是投资者分析股市动态,拟定投资策略的重要参考依据,同时也是研究和分析一国政治、经济等情况的重要指标。在我国同时存在沪深两个证券交易所,人为地造成了股票市场的分割,难以形成统一的股票价格指数体系,应尽快编制出全国统一的股价指数,促进我国证券市场的健康发展。     

Price formation in tourism industry branches

To examine the pricing behavior of suppliers of holiday goods and services, a margin approach, originally developed to explain price formation in service industries, has been applied to different sectors of the tourism industry, using Dutch data. The fundamental idea of the margin approach is that both cost and demand factors influence price formation. The specific market situation is supposed to determine the extent to which changes in cost factors can be passed on to consumers. Despite difficulties with the quality of data, the results can be characterized as promising.     

The Effectiveness and Efficiency of Active Labour Market Policies in Poland

Following the predominance of macroeconomic stabilisation policies and passive income support schemes in the first phase of transition, active labour market policies (ALMPs) have now come to play a more important role in transition economies. This paper looks at the Polish experience and provides empirical evidence on the effectiveness of ALMPs. We use the Polish Labour Force Survey of August 1994 in combination with its Supplement on the Evaluation of Labour Market Policies together with data on ALMP expenditure at the regional (voivodship) level. The macroeconometric analysis of the relationship between labour market flows and ALMP expenditure shows no significant effects. The microeconometric analysis reveals that ALMPs are not particularly well targeted at the problem groups in the labour market. That is, women and people with basic vocational education do not receive enough attention. As to the effectiveness of ALMPs, the paper shows that former participants cannot expect to find employment more easily than their peers who have been unemployed but have not been in a programme. Subjective evaluations of former participants also suggest that ALMPs, but especially works programmes, have not improved their chances to find a job. This revised version was published online in July 2006 with corrections to the Cover Date.     

A Microeconomic Approach to Diffusion Models For Stock Prices

This paper studies a class of diffusion models for stock prices derived by a microeconomic approach. We consider discrete-time processes resulting from a market equilibrium and then apply an invariance principle to obtain a continuous-time model. the resulting process is an Ornstein-Uhlenbeck process in a random environment, and we analyze its qualitative behavior. In particular, we provide simple criteria for the stability or instability of the corresponding stock price model, and we give explicit formulae for the invariant distributions in the recurrent case.     

Distinguishing between Equilibrium and Integration in Spatial Price Analysis

This article introduces a new spatial price analysis methodology based on maximum likelihood estimation of a mixture distribution model incorporating price, transfer cost, and trade flow data. This method permits differentiation between market integration and competitive market equilibrium and derivation of intuitive measures of intermarket tradability, competitive market equilibrium, perfect integration, segmented equilibrium, and segmented disequilibrium. One can also use these estimates to derive semiparametric measures of time-varying regime probabilities to track changing market conditions. An application to trade in soybean meal among Pacific Rim economies demonstrates the usefulness of the method.     

Factors affecting the price of Swedish forest land, 1965–1987

A model for the determination of the price of forest land is estimated for Sweden from 1965–1987, when (except for a few years) private non-industrial forest owners could finance their holdings at a negative real after-tax borrowing rate. It is assumed that credit has been limited by the value of mortgage security, assessed independently of the price settlement. The estimated coefficients of the regression equation are used for a calculation of the average real rate of discount of forest owners and the average value of amenities. The model also evaluates the effect of the temporary land price regulation from 1979–1987.     

我国现行外资政策法规的"适世"思考

入世后，我国现行外资政策法规与WTO规则仍存在一些不相容的地方。为了适应入世需要，必须根除错误观念，优化投资环境，转变政府职能，认真研究WTO规则及其例外，为内外资企业竞争构造统一平台。     

Equity Rights Issues in Spain: Flotation Costs and Wealth Effects

This paper analyses the flotation costs and the share price reaction of equity offerings in Spain. The results report a positive relationship between relative flotation costs and the underwriting of an issue, and a negative relationship between such costs and ownership concentration. Fixed flotation costs and a negative relationship with the gross offer proceeds are also observed. On average, there is a negative share price reaction on the date of the 'previous communication' to the Comisión Nacional del Mercado de Valores . The different sub-samples analysed according to the underwriting of the issue and the discount offered reveal no statistical differences.     

旅游资源的资产化管理与旅游业环境经济政策研究--兼与敖荣军等同志商榷

本文运用资源与环境经济学相关理论 ,从旅游资源的形态、概念界定与产权、旅游资源的核算与价值评估、旅游资源的交易与可转让性等方面论述了旅游资源实行资产化管理的问题与不可行性 ,并简要分析了我国旅游业现有的环境经济政策的实施情况。     

Macroeconomic policies and performance in Latin America

This paper provides new evidence on macroeconomic policies and results in Latin America and the Caribbean. Results are: (i) credibility allows adoption of counter-cyclical macroeconomic policies; (ii) accuracy in meeting inflation targets depends on central bank independence and country risk; (iii) intermediate exchange rate (ER) regimes have become less persistent; (iv) ER regimes matter for inflation and growth; (v) real ER trends are not explained by productivity growth and supply reforms do not resolve real ER misalignments; (vi) financial integration has increased significantly; (vii) foreign shocks are a major growth determinant; and (viii) composition of foreign capital inflows matters for growth.