Consumption and stock markets in Asian economies

This paper investigates the causal links between stock market performance and consumption for five Asian economies by applying the bound tests of Pesaran et al. and lag augmented VAR of Toda and Yamamoto . We find two‐way causal relationships between stock market performance and consumption in the cases of Hong Kong and Taiwan in the long run. The existence of such two‐way causal links indicates that stock market performance and consumption mutually affect each other, implying that the previous studies may have overestimated the wealth effect of the stock markets without taking account of the reverse causation from consumption to the stock markets. The short‐run effect of the stock market on consumption is more visible than the long‐run effect in most of the sample economies, suggesting that changes in consumption directly reflect stock market fluctuations.     

浅议我国股票发行制度改革及对券商的影响

本文论述了我国股票发行制度从额度审批制到核准制,又到保荐人制的演变过程及其影响。同时阐述了券商投行在新的保荐制度下的应对策略。     

关于企业生命力评估的指标体系设计

阐述了评估企业生命力的意义，提出了评估企业生命力的原则，并设计了企业生命力评估的指标体系。     

随机存货决策中的安全库存研究

在有短缺成本下 ,讨论了再定购点的确定 ,着重分析了安全库存的一种简易计算。     

Stock Price and Volume Effects Associated with Compositional Changes in European Stock Indices

This paper provides further evidence of price and volume effects associated with index compositional changes by analysing the inclusions (exclusions) from the French CAC40 and SBF120 indices, as well as the FTSE100. I find evidence supporting the price pressure hypothesis associated with index fund rebalancing, but weak or no evidence for the imperfect substitution, liquidity and information hypotheses. The results improve on recent evidence from the S&P500 index. The evidence for the FTSE100 additions shows, in particular, that markets learn about an imminent inclusion and incorporate this information into prices, even before the announcement date.     

Pre-Harvest Price Expectations for Corn: The Information Content of USDA Reports and New Crop Futures

This article examines the puzzle of why futures prices continue to react to USDA crop reports despite the fact that reports appear to be no longer "newsworthy," that is, provide no better production estimates than private forecasts. The information value of reports is measured in terms of their influence on rational agents' harvest-time corn price expectations, which are uncovered using a Hamilton-type modeling approach. Results show that reports are still "newsworthy," as they would contribute to agents' price expectations if released a day early. Thus futures price reactions, which closely reflect price expectations, are rational and consistent with efficient markets hypothesis.     

辽宁东部水源涵养林计量指标体系及其效益评估

对辽东山区水源涵养林产生的各种效益进行计量评价研究,制定了水源涵养林计量效益评价指标体系,包括3级结构、16项指标、49项因子;依各功能因子的重要性并经测算,对各项指标赋予权重和排序,森林的蓄水、减少径流、改善水质功能的权重值较高;采用条件价值法,估算辽东山区水源涵养林的各种功能价值,森林的林副产品和木材收益的功能价值较高。辽东山区水源涵养林按整体处在一般经营状态下计算,年均创造功能价值约为30.2亿元。     

产业集群竞争力分析

当前,产业集群现象遍布全国各地,是推动区域经济的一股重要力量,分析各产业集群竞争力,已经成为人们争相考虑的一个问题.本文作者认为,产业集群竞争力是产业集群综合实力的反映,应该从产业集群的经济社会形势、集中度指数以及可持续发展情况等方面来分析.     

论企业业绩评价中的非财务指标及其量化

财务指标在企业业绩评价中存在诸多缺陷，可以将非财务指标纳入企业业绩评价体系以弥补财务指标的不足。对具体企业而言，非财务指标的选取关系到业绩评价科学性与合理性，而非财务指标的量化是业绩评价中的关键问题，系统工程中经常使用的层次分析法是进行非财务指标量化的有效方法。     

Stock Repurchase and the Role of Signaling： A Comparative Analysis between U.S. and China

This paper compares different methods used for stock repurchase and examines the role of signaling in the U.S. and China＇s capital markets. We find that the ways to buyback stocks are very different in the two countries. Most U.S. stocks are repurchased through open market and the signals sent to the market through open market repurchase are getting weaker. Even though stock repurchases are at their early stage in the Chinese stock market and the dominated way to buyback is through a negotiated repurchase agreement for non-floating shares, the power of signaling seems much stronger. Examining stock prices pre- and post-repurchase, we find that stock repurchase records an average abnormal return of 3.42% on the announcement date and 3.24% on the date of actual renurchase.