基于ANP方法的场外交易市场运行绩效综合评价——以美国、印度、英国和台湾地区为例的比较研究

发达国家和地区已经建立了与不同风险相适应的多层次场外交易市场和运作体系,如何对场外交易市场整体成熟程度和效率水平进行有效的评价和比较,既是投融资双方所关注的问题,同时对我国场外市场的建设和发展也有着重要的现实参考价值和借鉴意义。鉴于场外交易市场自身的特点,本文在给出场外交易市场运行绩效评价内涵的基础上,采用网络分析法进行场外交易市场的综合评价,并给出了关键市场指标及其权重,在此基础上对样本场外交易市场进行评价。最后,本文给出了对我国场外交易市场建设的启示和建议。     

农地制度、地权稳定性与农地使用权市场发育:理论与来自苏浙鲁的经验

农户对地权稳定性的预期越低 ,其租入农地的可能性越小 ,租入农地的面积也越小。土地调整虽然降低了农户对地权稳定性的预期 ,但是它促进了农村劳动力的外出流动 ,增加了农地使用权市场中的供给。在人地矛盾紧张的地区 ,农地供给量的缺乏是农地使用权市场发育的主要障碍。在这些地区 ,土地调整促进了农地使用权市场的发育。本文利用 2 0 0 0年苏浙鲁 1 0 83个农户的调查数据 ,对以上假说进行了验证。     

中国大宗商品期货市场定价机制研究

大宗商品期货市场是我国资本市场的重要组成部分,其定价有效性关系到投资者套期保值和价格发现等功能的实现。本文对国际前沿研究中常用的定价因子进行全面系统梳理,并对这些因子对我国商品期货合约收益率的解释和预测能力进行检验。在此基础上,本文构建了适用于我国大宗商品期货市场的包含市场、基差以及基差动量的三因子定价模型。进一步研究表明,基于大宗商品存储理论和现货存货数据构建的投资组合收益率可以被本文三因子模型有效解释,验证了经典的存储理论在我国的适用性。此外,本文对基差与基差动量两个重要因子的经济学意义进行了阐释。本文研究为进一步厘清大宗商品期货市场定价机制提供了一定参考。     

内部资本市场理论综述

内部资本市场理论是研究企业内部资金配置最重要的理论之一。本文围绕内外部资本市场的区别、内部资本市场的存在性、配置效率及最优规模等几个方面对已有的文献进行归纳和梳理,旨在为进一步的研究提供一个逻辑起点。     

An Experimental Market's Investigation of Discretionary Financial Disclosure

The extent to which market forces can induce full financial disclosure by managers has long been an issue of interest to regulators. Investigating this phenomenon with naturally occurring data produces a major obstacle: since managers' private information sets are unknown, it is necessary to make assumptions about them in order to interpret the nature (e.g., favourable or unfavourable, income increasing or income decreasing) of the information that is disclosed. The validity of the inferences relies critically on the validity of these assumptions. The present study uses a laboratory experiment to test three hypotheses derived from prior analytical and empirical research: (H1) When disclosure costs are zero, managers voluntarily disclose all (good and bad) news; (H2) When disclosure costs are positive. managers only disclose news which exceeds some threshold: and (H3) The mandatory disclosure of non-proprietary information induces an increase in the disclosure of correlated. proprietary information. One hundred and fifty-six subjects participated in markets with one firm manager and three investors. Over thirteen independent periods, the managers decided whether to truthfully disclose the liquidation value of the asset under their stewardship, and the investors submitted competing bids for the asset. With costless disclosure. investors price-protected themselves when managers withheld information, but the price penalty that they imposed was insufficient to induce full disclosure. With positive disclosure cost, investors reduced the price penalty that they imposed for non-disclosure, and managers disclosed proportionally fewer of the less extreme good news. Finally, mandatory disclosure of information had no significant impact on the voluntary disclosure of correlated proprietary information. Discussion centres on our failure to support the (equilibrium) prediction from analytical research that full disclosure should obtain when disclosures are costless. Several limitations of the study are examined. and it remains an open question whether additional trials (periods) in the present study might have provided full disclosure.     

Bank-Firm Relationships and International Banking Markets

This paper reviews how long-term relationships between firms and banks shape the structure and integration of banking markets worldwide. Bank relationships arise to span informational asymmetries that are endemic in financial markets. Firm-bank relationships not only entail specific benefits and costs for both the engaged firms and banks, but also directly affect the structure of banking markets. In particular, the sunk cost of screening and monitoring activities and the 'informational capital' collected by the incumbent banks may act as a barrier to entry. The intensity of the existing firm-bank relationships will determine the height of this barrier and shape the structure of international banking markets. For example, in Scandinavia where firms maintain few and strong relationships, foreign banks may only be able to enter successfully through mergers and acquisitions. On the other hand, Southern European firms maintain many bank relationships. Therefore, banks may consider entering Southern European banking markets through direct investment.     

The impact of interest rates,income, and employment upon regional housing prices

The objective of this article is to identify important differences in the way new housing prices react to local and national economic factors. The study finds that regional housing prices react uniformly to certain national economic factors, such as mortgage rates. On the other hand, local factors such as population shifts, employment, and income trends often have a unique impact on housing prices. The study rejects the hypothesis of a single national housing market in favor of one that allows for broad national trends to be superimposed upon unique regional markets.     

Abnormal Stock Returns Following Large One-day Advances and Declines: Evidence from Asia-Pacific Markets

This paper documents significant 5-day, 10-day and 20-day cumulativeabnormal returns following large one-day advances/declines in some Asianemerging stock markets, such as Hong Kong, Taiwan, Singapore, Thailand,Australia and Philippines. Stock prices tend to rise after large one-dayadvances and fall after large one-day declines. These findings areinconsistent with DeBondt and Thaler's (1985 and 1987) overreactionhypothesis. However, they are consistent with Cox and Peterson's (194)find that prices of longer term (5 to 20 days) tend to decline followinglarge price declines.     

Viewpoint: “Customized competitiveness” strategies for horticultural exporters – Central America focus with lessons from and for other regions

This paper presents the idea of “customized competitiveness” as a strategy necessary for overall competitiveness in particular in globalized horticulture markets and in the “second round” of globalization that started in the mid/late 1990s. Customized competitiveness is additional and complementary to basic “structural competitiveness” that is the focus of competitiveness debates today and for the past decade. The paper illustrates the need for this new strategy, using the example of Central America, highlighting the severe challenges (similar to those facing other developing regions) it faces in the second round of globalization of horticulture markets, magnified by market liberalization culminating recently in implementation of CAFTA. The paper then illustrates “solutions” by providing examples of cutting-edge programs in various developing countries of de facto “customized competitiveness” in the form of public–private partnerships and the provision of public and semi-public goods, to help their exporters access and succeed in the new markets. We conclude with policy implications for Central America and other developing regions.     

资本市场会计理论研究综述

西方资本市场会计理论研究从方法论视角来看主要是实证研究.会计领域资本市场研究的主要需求在于:基础分析和评估、资本市场有效性检验、会计数据在合同和政治过程中的作用和披露监管.这些问题的研究对于资本市场投资决策、会计准则制订和公司财务披露决策方面有着重要作用.