Price Common Volatility or Volume Common Volatility? Evidence from Taiwan's Exchange Rate and Stock Markets

This paper investigates the common volatility structure of stock and exchange rate markets of Taiwan. The two markets are often linked together and we are interested in knowing whether price or volume is a good proxy to pursue this issue. We claim that Taiwanese government interventions distort the timing of conventional price volatility clustering in the two markets. The unrestricted trading volumes reveal more information regarding the market than price. We find that common volatility does exist in the stock and exchange markets and this fact is uncovered more easily by using trading volume than by using prices.     

企业集群的产权状况分析

新制度经济学主张明晰产权才能降低交易成本和促进经济绩效,而一些社会学学者则认为也存在共同产权、关系产权等,并且也是有效率的。本文通过对企业集群的考察发现,在典型的企业集群中,产权冲突减少、产权明晰的重要性降低;在企业内部产权结构出现横向集中趋势;其无形的资产则更具共同产权的特征。     

我国农村土地“共有私用”模式:弊端与改革

我国农村土地制度最显著的特征是“共有私用”——集体拥有土地的所有权,个人拥有土地使用权。这种土地制度是针对解决人民公社制度中对个人监督和激励不足的问题进行的制度创新,既追求了效率又起到了社会保障的作用,因此受到政府和农民一致认可,并在运行中取得了良好的绩效。但随着经济环境的日益变化,“共有私用”的土地制度也显露出一些弊端,本文在对这些弊端分析的基础上,根据现实情况,提出了一个可行的政策建议。     

邓小平“共同富裕”思想探析

邓小平总结了社会主义实践正反两方面的经验 ,立足于时代的特征 ,科学地指出了社会主义的目的就是要使全国人民共同富裕 ,并明确提出了社会主义的本质。     

The Opening, Short, Medium and Long Term Performance of Canadian Unit Trust Initial Public Offerings (IPOs)

Abstract:   This paper investigates the initial pricing and performance of Canadian unit trust IPOs over a three‐ to four‐year period and then draws implications for the efficiency of the Canadian market. Overall, the results confirm the following: in the short term, unit trust IPOs are underpriced and outperform the Canadian market; in the medium term, IPOs are fairly priced and neither outperform nor underperform the Canadian market; and in the long term, IPOs are fairly priced but underperform the Canadian market. In addition, our results confirm that the size of underpricing is related to ex‐ante uncertainty about the value of the issue. Ex‐ante uncertainty proxies, namely total risk, exchange listing, relative bid‐ask spread, and relative volume of initial trade, all explain the size of underpricing. When the effects of these factors are controlled, the results confirm that Canadian unit trust IPOs are indeed overpriced in the short term but underpriced in the long term. We conclude that the Canadian unit trust IPO market appears to be inefficient in the short and long term, but over the medium, the market appears to be efficient.     

新时期完善我国《矿产资源法》的若干思考

矿产资源是自然资源的重要组成部分,是人类社会发展的重要物质基础。1996年修订的矿产资源法,为保障我国矿产资源勘查开发的顺利运行,起到了巨大的作用,但由于历史的局限性与认识的滞后性,随着宪法的修正、社会主义市场经济的发展以及加入世界贸易组织,其诸多滞后现象凸显了出来,如今已严重地阻碍着我国矿业的持续健康发展。矿产资源法存在的主要问题是尚未完全体现宪法原则,滞后于市场经济发展的要求,与国际惯例有较大差距。因此完善矿产资源法必须遵循宪法原则,必须遵循市场经济原则,必须与国际惯例接轨。     

Squatting as a transition problem in South Africa

This paper applies principles of transition to land tenure and squatting in South Africa. Political transition in South Africa reassigned political property rights, which produced contestable, and rent‐seeking incentives for squatting as a means to privatize land and redistribute wealth. Government failure to establish and protect private property rights in a squatter camp resulted in common‐pool problems that resisted private and public resolution with consequent rent dissipation and social loss. In response to this retreat from duty, informal agents emerged to claim their own share of the prize. Without enforceable rules of capture, the growth of squatter camps in South Africa will continue. JEL classification: D7, H8, K1, K4, R1, R4.     

混凝土质量通病产生的原因及处理办法和预防措施

混凝土成型的过程很复杂，要经过选料、配制、运输、浇筑、养护等多个环节，各环节又需多个指标控制，任何一个环节指标出现偏差、操作出现纰漏，都会有质量通病产生。如果不消除这些质量通病及混凝土缺陷，会直接影响到工程质量和结构安全，它分析了混凝土工程质量通病产生的原因，阐述了质量通病的处理办法，强调了如何预防质量通病的措施。     

明清江南商业经济对闺秀文学的影响

明清时期江南城市经济的繁荣吸引了大量文人商贾聚居于此,市民阶层日益壮大,都市文化随之兴盛,为闺秀文学的发展提供了有利的消费支撑,而进步思想的出现以及江南出版运输业的发达更为闺秀文学的繁盛起了推波助澜的作用.     

正确理解马克思劳动价值论的约束条件

文章从“问题域”、“概念”和“假设”三个层面分析了马克思劳动价值理论的约束条件,提出商品的价值与劳动力的价值的关系问题是马克思劳动价值论的深层结构,对于准确全面理解马克思劳动价值论具有指导意义。