投资者情绪、市场波动与股市泡沫

我国投资者情绪容易受到噪音交易者影响,其他类型交易者可利用噪音交易者的交易策略在博弈中获取超额利润,这为投机性泡沫的产生提供了微观基础。在市场波动机制中,投资者情绪与股价变化存在动态关系,股价泡沫存在内在持续性,引发市场正反馈效应,从而促成投机性泡沫的生成。     

A new stock-price bubble with stochastically deflating trajectories

We propose a new, rational stock-price bubble that is able to generate recurringly explosive and stochastically deflating trajectories. Our flexible bubble process entails stock-price volatility dynamics that are consistent with real-world data. To demonstrate this, we fit our bubble specification to NASDAQ data and analyse the volatility dynamics.     

Innovation, rule breaking and the ethics of entrepreneurship

This article examines a feature of the ethics of entrepreneurship that is infrequently directly discussed, viz., rule breaking. Entrepreneurs are widely said to engage in rule breaking. Many examples of this appear in popular and academic literature. But how may this be integrated into an account of the ethics of entrepreneurship? One response would be that when entrepreneurs break legal and moral rules then what they do is wrong and ought to be condemned. There is a great deal to be said for this rule model of entrepreneurial ethics. However, this view is also mistaken. Instead, this article defends a virtue-based account of the ethics of entrepreneurship in which certain instances of rule breaking, even if morally wrong, are nevertheless ethically acceptable and part of the creative destruction that entrepreneurs bring not only to the economy but also to morality.     

临涣工业园施工用电设计与优化

对临涣工业园施工用电的线路架设,设备和设施的选择,变配电点的布置和施工用电设计组织方案进行了较详细的论证,对原设计方所作的施工用电方案在实际施行中作了较大的修正,较好地解决了大型焦化及其配套建设工程在建设期间的施工用电安全运行问题,对同类或相似的建设项目有一定的指导意义。     

高房价:困局与破局

文章首先对中央政府在对房地产市场进行宏观调控时陷于左右为难的尴尬境地问题进行描述;然后分别对房地产市场相关方各利益关系进行分析,并剖析导致房地产市场出现高房价困局的原因;最后从政府差异化调控的角度给出破解困局的策略方法。     

“旅游罩”现象的实证研究——以九寨沟为例

本文在旅游罩理论研究的基础上,以四川九寨沟为例,对旅游罩现象进行实证研究,以期推进国内关于旅游罩现象研究的进一步发展.论文从3个方面分别分析了九寨沟旅游者罩、旅游业罩和旅游目的地罩的形成原因.研究表明,旅游罩现象在九寨沟旅游区是存在的,业已对旅游者体验和目的地社会文化造成了影响.本文的研究将进一步促进对旅游罩现象的认识,为合理制定九寨沟旅游业发展战略提供依据,也为其他旅游区旅游业健康发展提供借鉴.     

资本市场泡沫和市值蒸发的理论思考

货币资源的可增值性为货币资源的膨胀、萎缩,提供了必要前提,资本市场的虚拟性又为资本市场泡沫和市值的蒸发提供了条件,资本市场上经常出现的缺口,通过进一步影响货币资源,催化资本市场泡沫的增大与破灭,市场的膨胀与蒸发。缺口效应增加泡沫和市值膨胀,属虚增的社会财富。而缺口破灭的泡沫市值蒸发则造成社会财富的损失。为此要发挥政府的宏观管理职能,保持资本市场供求平衡,保持宏观经济政策的稳定性和持续性,减少货币资源的浪费和损失。     

External Dependent Economy and Structural Real Estate Bubbles in China

This study explores the relationship between external dependent economic structure, surplus monetary liquidity and real estate bubbles in China. Employing monthly data from 28 Chinese provinces over the period 2004-2005, we test whether real estate bubbles are caused by structural surplus monetary liquidity, ccontrolling other possible factors. Our empirical findings show that the growth of private savings in the banking sector, as an index of surplus monetary liquidity, ferments real estate bubbles regardless of the different development level across the 28 provinces.     

Looking Through the Trade Surplus Prism

Huge trade surplus attracks more and more attention to the China＇s economy operation, a controversial topic on people＇s lips as well.     

美国经济所面临的挑战（英文）

美国经济在全球经济中占有非常重要的地位,因此美国经济的未来走势直接关系到全球经济的发展.本文分析美国在经济发展中所具有的优势地位以及在未来经济发展中所要面对的挑战与风险。美国未来经济面临着巨额的经常项目逆差、财政收支赤字、能源价格高涨以及房地产泡沫破灭的威胁,使美国必须采取措施进行调整。这将导致本世纪初美国未来经济发展速度减慢。