论先秦儒家的生态消费思想

以孔子为代表的先秦儒家学派,提出的"节用"消费观,"取物以顺时"、"取物不尽物"的消费方式,以及"时禁"、"无伤"的消费行为规范,是保持人与自然和谐相处、使消费水平与生态资源规模相适应的生态消费思想。这种关注自然生态的可持续消费思想,体现了先圣的生存智慧和儒家思想的博大精深,它对当今社会确立可持续消费模式、实行生态消费具有重要启示。     

An Analysis of Tianjin＇ s Financial Development

经济发展与金融发展之间的关系已经被国内外许多经济学家所证明。近年来天津金融业取得了较快发展,为天津经济发展提供了显著的金融支持。本文以金融业的绝对规模、相对规模以及金融效率为维度,对天津银行业、证券业和保险业的发展状况进行了纵向梳理和横向比较分析,考察了天津金融发展面临的优势、劣势、存在的机会与威胁,进而从政府、银行业、证券业、保险业等方面提出了推动天津金融发展的政策建议。     

高频数据下波动择时在动态资产配置中的应用研究

文章研究了市场微观结构噪音条件下波动择时在动态资产配置中的应用,使用高频数据在均值-方差投资组合框架下分析了波动性估计精度提高对资产配置的影响。研究结果表明,与使用固定采样频率（5分钟）相比,使用根据最优采样频率计算的已实现方差/协方差进行动态资产配置可以获得更高的经济收益,表明在高频数据条件下考虑市场微观结构噪音进行波动性估计具有重要的意义。     

Uncertain dynamics,correlation effects,and robust investment decisions

We analyze a firm׳s investment problem when the dynamics of project value and investment cost are uncertain. We provide an explicit solution using a robust method for an ambiguity averse firm taking this into account. Ambiguity aversion regarding a common risk factor impacts differently than ambiguity aversion regarding investment cost residual risk. Correlation between project value and investment cost matters; ambiguity aversion regarding common risk can decrease the investment probability only if correlation is positive. Ambiguity aversion regarding residual risk always increases the investment probability. When only project value is risky, volatility can monotonically decrease the investment threshold; this does not hold with the multiple prior method.     

Earnings Announcement Lags and Market Responses—Does the Tone of the News and the Market Sentiment Matter?

We investigate earnings announcement lags (period from the end of the reporting period until the announcement date) for the good and the bad quarterly earnings news across different market sentiment periods as well as market reactions thereto. Companies listed on Baltic stock exchanges exhibit clear signs of strategic timing of earnings announcements. Earnings announcement lags for the bad news tend to be longer than those for the good news. This difference is more pronounced during low market sentiment periods. If the release of the bad news is postponed, abnormal return responses remain lower, as expected.     

Hedge fund returns under crisis scenarios: A holistic approach

The assets of the hedge fund industry are nearly equivalent to the GDP of the UK. The industry, which claims returns independent of markets conditions and has been blamed for economic crises, has attracted the interest of a wide range of financial and political players and academics. This paper, using monthly series performance data since January 1995, at a fund strategy level and S&P500, and a holistic and a developed dynamic correlation quantitative approach, aims to challenge the allegations and the claims, which have been made on rather incomplete research grounds. Statistically, the results strongly reject the claims of the vast majority of fund strategies, excluding the case of the macro and short strategies, over the crisis periods, suggesting that they cannot protect their investors like S&P500. Regarding the allegations, it is inferred that Hedge Funds are used in most cases as a scapegoat rather than actually being the cause of the crises.     

TIMING OF LUMPY INVESTMENT,PRICING AND TECHNICAL PROGRESS

In equipment‐intensive sectors – such as water utilities, power generation, and gas – billions of dollars are spent in capital equipment. The nature of the investment is often lumpy: at some point a plant has to be replaced and a large investment is required. We characterize the dynamic optimal investment policy of profit‐maximizing and welfare‐maximizing firms. We first show that, when there is no technical progress, the duration of the plant is longer for a profit‐maximizing firm. We then consider technical progress leading to either capacity expansion or to operating costs reduction. We show that duration tends to increase when the installed capacity increases over time, while it tends to decrease when technical progress reduces operating costs, both for profit‐maximizing and welfare‐maximizing firms. Under some conditions, when capacity expands over time the duration of the plant is longer for a profit‐maximizing firm than for a welfare‐maximizing firm.     

Multi-asset class mutual funds: Can they time the market? Evidence from the US,UK and Canada

The importance of asset allocation decisions in wealth management is well established. However, given its importance it is perhaps surprising that so little attention has been paid to the question of whether professional fund managers are skilful at timing market movement across asset classes over time. The timing literature has tended to concentrate on the timing skill of single asset class funds. Using data on US, UK and Canadian multi-asset class funds, we apply two alternative methodologies to identify the asset class timing abilities of managers. Overall, whether we apply a returns-based method or a holdings-based testing approach, we find evidence of only a tiny minority of funds with asset class timing ability.     

Disentangling Sentiment from Cyclicality in Firm Capital Structure

This study examines the relationship between capital structure choices and investor and managerial sentiment, finding that periods of positive sentiment are associated with reduced leverage within firms. We focus on the cyclicality of leverage using non-orthogonalized sentiment indices and find a strong negative relationship. Leverage, therefore, appears countercyclical, implying that the decision to take on debt is a consequence of either Admati et al.'s (2018) ratchet effect or a managerial attempt to time the market. Our findings lead us to question some fundamental capital structure theories, namely, trade-off (Kraus and Litzenberger, 1973), and Hackbarth's (2008) managerial traits theory. Instead, we favour the idea that leverage is a consequence of countercyclical market timing behaviour.     

From command-and-control to market-based environmental policies: Optimal transition timing and China’s heterogeneous environmental effectiveness

Despite the rich literature on command-and-control and market-based environmental policies, the transition between them has received relatively less attention. This paper identifies that there exists an optimal transition timing from command-and-control policies to market-based policies by analyzing the trade-off between the abatement cost and innovation compensation effects of environmental regulations, and the optimal transition timing occurs when the marginal opportunity cost of pollution abatement equals the marginal output of capital input. Using province-level data of 30 regions in China from 2007 to 2015, we measure environmental efficiency by the slack-based model with desirable and undesirable output, and adopt the spatially adaptive semi-parametric model to carry out our empirical research, which shows that command-and-control policies, rather than market-based policies, promote China’s environmental efficiency. Enhancing investment in technological innovation contributes to improving environmental efficiency for both types of policies. Finally, the effect of such policies on environmental efficiency remains heterogeneous across regions.