The cost of capital- the practitioners view

The application of a SWARCH model to stock market returns allows one to endogenously determine the regime dependence of the stock market volatility. Comparison of the results from a sample of daily data from five major stock markets shows that the majority of the markets switch regimes simultaneously. This fact is used to investigate the relation between market volatility and the behaviour of the variance—;covariance matrix. It is found that the international variance—;covariance matrix is not stable and that changes in the matrix are dependent on the volatility regime. A high level of variance causes an increase in the average correlation coefficient. The co-movement of the markets is further described by a steady increase in the covariance over the whole sample period. It can be shown that both the time component and the regime dependence of the average correlation have separate and significant explanatory power.     

Globalization,Gender And The Davos Man

Using Karl Polanyi's analysis of the social construction of markets in nineteenth- and early twentieth-century Europe, the paper applies his analysis to the formation of global markets in the late twentieth century. The paper argues that Polanyi's work needs to be engendered in order to take into consideration women's and men's different links to the market and to understand the construction of "economic man" gone global. The paper also addresses the feminization of the labor force across the globe and the possible effects on women's behavior and on the construction of "economic woman." The concluding section discusses alternative interpretations of this behavior.     

纳米与超细二氧化钛和氧化锌颗粒致突变性的比较研究

[目的]应用Ames试验研究纳米二氧化钛和纳米氧化锌的潜在致突变性,并比较纳米与超细二氧化钛和氧化锌颗粒的致突变性差异。[方法]采用Ames试验平板掺入法,选用TA97、TA98、TA100、TA102标准测试菌株,分别计数不加S9和加S9体外代谢情况下这4种菌株分别在超细颗粒和纳米级二氧化钛和氧化锌5个不同浓度下的回变菌落数。[结果]超细与纳米二氧化钛颗粒在5、10、20、100、500 ug/皿,超细和纳米氧化锌颗粒在5、10、25、50、100 ug/皿剂量下均未引起测试菌株回变菌落数的明显增加,Ames试验结果均为阴性。[结论]在本实验条件下,纳米和超细粒径的二氧化钛和氧化锌颗粒在实验剂量范围内均未显示致突变性。     

An investigation of the stability of returns in Western European equity markets

This paper investigates the temporal stability of various dimensions of the returns of 16 European stock markets that are relevant to an analysis of international portfolio diversification. The basic data consist of daily stock market price indices for these markets. This group of indices comprehends a wide range of stock markets differentiated by size, age and technological sophistication, but in each case located in Western Europe. Two main tests were conducted: (a) ANOVA to identify inter-temporal variability and inter-market variability over 24 three-month sub-periods from January 1989 to December 1994, and (b) cluster analysis to identify groups of markets that exhibit similar behaviour patterns. The findings suggest that, while the potential gains from an internationally diversified portfolio restricted to the equities of Western European markets appear to be substantial, the lack of inter-temporal stability in the composition of the optimal portfolio from one period to another makes these gains difficult to achieve in practice.     

锌指核酸酶在基因组编辑中的应用

基因组编辑是建立在基因靶向修饰的基础上,对生物基因组进行改造的一项新技术。锌指核酸酶(zinc finger nucleases,ZFN)是一种特异性强、应用范围广的人工合成酶,可在靶位点制造DNA双链切口(double-strand break,DSB)进而诱导细胞内源性修复机制,通过同源重组修复(homology-directed repair,HDR)或非同源末端连接(non-homologous end joining,NHEJ)途径实现基因替换和纠正,因而成为基因组编辑的良好工具。本文将就最近文献中提到的锌指核酸酶在基因组编辑中的应用做一综述。     

资金流动、国际金融整合与经济增长——基于新兴市场国家面板数据

本文尝试检验东欧、东亚和拉丁美洲三大主要新兴市场国家或地区的资金流动方向及其对经济增长的影响,以及近来众所关切的全球经常账户失衡问题。实证结果显示:东欧国家收入水平与金融深化程度仍然偏低,但随着发展程度提高,未来将由资金流入转为流出。东亚国家或地区的超额外汇储备、贸易顺差与资金流出,被指控为造成美国巨额经常账户赤字与全球经常账户失衡的主要原因之一,但若能够持续金融深化的努力,资金可能回流并使全球经常账户失衡现象得以缓解。至于拉丁美洲国家的宏观经济、金融和政策变量,对于资金流动方向并无决定性影响,但宏观经济政策仍是决定资金流入能否有助于经济增长的关键因素。     

我国社保基金投资资本市场的风险及其管理——基于全球金融动荡背景下的思考

目前我国社保基金投资渠道单一,难以实现保值增值。因此,在全球金融动荡背景下,拓宽社保基金的投资渠道已经成为亟待解决的问题。本文通过对社保基金投资资本市场的风险进行鉴别和度量,针对我国社保基金运营和管理中存在的问题提出了建议,然后从回避系统性风险、降低非系统性风险、应用现代风险管理技术度量风险以及规避管理风险等四个方面提出了控制社保基金投资风险的对策。     

基于VAR模型的我国主要金融市场间波动性的关系研究

本文运用VAR模型从投资收益波动性的角度分析了我国股票市场、国债市场、企业债市场、银行间拆借市场的相互关系,运用格兰杰因果检验和脉冲分解两种方法对模型进行分析,并与已有的研究结果进行对照,研究结果表明股票、国债、企业债市场之间存在较强的相互作用,银行间拆借市场与上述三个市场的关系并不十分紧密,只是会受到债券市场的微弱的影响。要规范和做大做强股票市场,大力发展国债和企业债市场,引进更多的市场参与者,完善市场的软硬件建设,加快银行利率市场化步伐。     

An Empirical Study on China＇s Gold Futures Market Hedging Performance

本文选取2008年1月9日至2010年12月31日之间期货价格和现货价格数据,运用传统回归模型（OLS）、双变量向量自回归模型（B—VAR）、误差修正套期保值模型（ECM）、误差修正GARCH模型（EC—GARCH）对样本数据进行平稳性和协整关系检验,在估计最小风险套期保值比率的基础上发现：（1）我国黄金期货市场运行三年多来,通过黄金期货市场进行套期保值是有效的,可以较为明显地降低参与者面临的价格波动风险;（2）在具体进行套期保值操作时,应该根据套期保值时限长短的不同和预期效果的差异,采用不同的模型来合理确定自身的套期保值比例。在此基础上,本文提出了相关政策建议。     

Globalization,labour markets and human resources in Asia-Pacific economies: an overview

Abstract This article argues that the impact of globalization on labour markets and human resources on the Asia-Pacific economies may be recognizable but is as yet relatively limited. The sheer variation of geography, population, economies, labour markets, IR and HRM systems there, as well as of values and the like, makes it difficult to talk of 'hard convergence'. We thus emphasize the notion of 'soft convergence'. The article develops a number of empirical propositions regarding the uneven impact of globalization on economies in the region. It concludes that any generalization on this theme should be greatly qualified.