Pecking order as a dynamic leverage theory

Static tradeoff theories, which do not explicitly treat the impact of transaction costs, do not explain the policy of asymmetry between frequent small debt transactions and infrequent large equity transactions. Nor do these theories explain why the debt ratio is allowed to wander a considerable distance from its alleged static optimum, or how much of a distance should be tolerated. We offer a class of diffusion models that mimic this behaviour in a stochastic-dynamic framework and are designed to optimize a financing strategy using any static tradeoff theory as input. The models developed reveal the determinants of the size and frequency of equity transactions and the range of values over which leverage variations are tolerated in four generic scenarios. They also yield a new formulation of the cost of capital that recognizes stochastic transaction costs and a penalty for deviation from any static-optimal leverage. Our class of models augments the pecking order theory, provides a flexible quantitative framework for its implementation as a decision tool, and facilitates the formulation of additional hypotheses for its empirical validation. Symmetrically, our results show the importance of dynamic factors in designing and interpreting empirical tests of static tradeoff theories. The results presented have important implications for the role played by static tradeoff theories in a stochastic-dynamic framework. One such implication is that the static-optimal leverage has no direct effect on the firm's leverage policy in this setting. The target leverage for refinancing transactions is different from the static-optimal leverage, and the mean leverage is generally different from both. As a consequence, the latter cannot be used to estimate the former. Another implication is that even when the mean leverage equals the static optimum, mean reversion is not an optimal behaviour and therefore not a legitimate test for the existence of a static tradeoff in a dynamic context. Still another implication is that wide variations in leverage ratios cannot be interpreted as evidence of leverage indifference. It follows that the pecking order theory is consistent with static tradeoff theories and does not require the assumption of leverage indifference.     

WTO争端解决机制司法属性论析

WTO争端解决机制内,DSB对案件管辖的强制性、专家组成立和DSB报告通过的自动性、DSB独立的司法职能和司法解释权等构成了争端解决司法属性的素材。对于争端解决司法属性的认识应从规则、程序和DSB的实际功能等方面进行考察。     

全球金融危机对台湾决策思维的影响

2008年全球金融海啸使得发达国家面对自上世纪30年代以来最大的衰退，但是发展中国家如金砖四国却依然持续发展。许多经济学家严厉地警告，家计单位及企业的消费支出减少，而对产出的影响更为严重，此举迫使台湾不得不通过扩大消费的方式，来挽回疲弱的经济力。本文针对此次全球金融危机对于台湾当局在因应策略上，关于全球金融体制的崩溃分析、有关当局的处理布局、国际经济组织及先进国家处理经验及建立新的清算机制等因应之道做分析与探讨，提供政策建议，希望封尔後的金融布局有所帮助。     

Debt, growth and inflation in large European economies: a vector auto-regression analysis

This paper attempts to empirically test the hypothesis that whether debt matters in the EU. This has been performed by examining the potential adverse effects of debt in large European economies on investment, inflation and growth. Using the hybrid cointegration and vector autoregressive models, the findings, based on the period 1970–97, suggest that debt causes significant adverse effects on investment, but its impact on growth is not clear-cut. Moreover, debt appears to be inflationary in most cases in the long run, though produces no clear short run pattern on inflation.     

《婚姻法解释（三）》中财产纠纷法律问题研究

《婚姻法解释（三）》的出台，为解决婚姻财产纠纷提供了具体的操作标准，具有重要意义。但其也带来了新的争议和矛盾，尤其对于父母赠与房产的归属与婚姻财产制冲突引发的不公、婚前买房婚后共同还贷的补偿规定等问题，无论理论与实践都存在较大争议。针对这些问题，引入公证机制对赠与财产进行确权，建立公平可行的可选择性增值补偿机制，以贡献度为标准科学界定婚后收益的归属．以进一步完善夫妻财产分配制度。     

世贸争端解决规则第21．5条的缺陷及改革

世界贸易组织“关于争端解决规则与程序的谅解协议”（简称DSU），是整个WTO司法程序最主要的法律依据，为解决国际贸易争端发挥了不可替代的作用。其第21．5条规定的对败诉成员裁决履行情况的复审规则，更是富有创新性的法律制度。然而实践表明，21．5条的规定不够成熟，存在好几处用语含义模糊不清与可操作性差的缺陷，影响到该条款作用的发挥。因此，需要进一步探讨未来如何通过修改立法对21．5条条文内容进行改革完善。     

Prospect of Global Sovereign Debt Crisis and Its Impact on China

欧美财政的可持续性备受质疑，全球主权债务危机的前景不容乐观，全球经济将进入低速增长期。与次贷危机的比较分析发现，欧债危机短期内对中国经济的负面影响不应被夸大。但从中长期来看，中国央行资产负债表资产方与负债方之间的结构性矛盾将越来越明显，对中国未来的金融稳定造成潜在的威胁，亟待采取必要的政策措施予以防范。     

The Asian Crisis,Gender, and the International Financial Architecture

This paper begins with an account of the Asian crisis, its creation and management by international financial institutions (the International Monetary Fund and the World Bank), and the gender impact of their stabilization and structural adjustment programs. Next we consider the new debate on reforming the IMF and the World Bank and restructuring the international financial architecture to prevent crises and manage them more effectively. Finally, we consider the gender ramifications of these changes. Since feminists have been absent from this debate, we examine issues essential to the formation of a gender-conscious international financial structure.     

托辊皮带机跑偏的原因分析及解决办法

托辊皮带机跑偏的原因分析和解决方法。     

Role of Clearing Corporation in Indian financial market development

The Clearing Corporation of India (CCIL) was set up with the prime objective to improve efficiency in the transaction settlement process, insulate the financial system from shocks emanating from operations related issues, and to undertake other related activities that would help to broaden and deepen the Money, Gilts and Forex markets in India. The role of CCIL is unique as it provides guaranteed settlement of three different products under one umbrella. It has been instrumental in setting up and running NDS-OM, NDS-Call and NDS-Auction system for the central bank that had helped the Indian market to evolve and grow immensely. It had also immensely bolstered CCIL's image in terms of ability to provide transparent, efficient, robust and cost effective end to end solutions to market participants in various markets. The success of its money market product `CBLO' has helped the market participants as well as the central bank to find a solution to unusual dependence on uncollateralized call market. CCIL has introduced many innovative products/tools like ZCYC, Bond and Tbills indices, Sovereign Yield Curve, Benchmark reference rates like CCIL-MIBOR/MIBID and CCBOR/CCBID.