The single family home in the investment portfolio

This article uses recent measures of the risk and return to investment in housing to estimate the effects of including a single family home in the investor portolio. We estimate the expected return and standard deviation of that return, as well as its correlation with other major investment classes.     

An Examination of ERR and Asset Allocation in Public Pension Plans

In this paper, we examine the usefulness of expected rates of return (ERR) for public pension plans. Specifically, we test the correlation between the expected rate of return on plan assets and asset allocation. We also examine the predictive power of ERR on the actual returns of the pension assets. We find that the correlation between expected return and the percentage of assets that are equity securities is relatively weak. Further, we find that the percentage of assets that are equity securities is a much better predictor of actual returns than the disclosed expected return in public pension plans. These results provide evidence to support SFAS No. 87 , which requires the disclosure of plan assets and against recently promulgated SFAS No. 132 , which eliminates this disclosure requirement. The evidence also supports GASB 25'sStatement of Net Plan Assets .     

我国结构性理财产品的开发研究

近年来,结构性理财产品正在我国兴起,并逐步受到投资者的青睐。但在发展过程中,我国结构性理财产品存在一些问题,制约了市场发展。本文在分析发展现状和存在问题的基础上,提出了发展对策与建议。     

股权分置改革的效率及其影响因素

本文选取全面股改前40批939家公司作为有效样本,以超常收益率作为基础度量指标,利用事件研究法,探讨了上市公司股权分置改革的效率,通过对比不同批次、不同交易所和不同板块股权分置改革效率的差别,深入研究了股改效率的影响因素。研究结果表明:股权分置改革对证券市场和上市公司市场价值均产生了积极的影响。高质量公司较多的批次存在较高的超常收益率,深市股东平均要比沪市股东获得较高的超常收益,中小企业板的平均超常收益率要远远大于主板市场。     

Strategic responsiveness and Bowman's risk–return paradox

One of the most enduring puzzles in the strategy literature is the negative association between risk and return known as the Bowman paradox. This paper formalizes a model of strategic conduct based on the concept of strategic fit and the heterogeneity of firm strategic capabilities. This model is shown mathematically to yield the negative association of the Bowman paradox. Furthermore, the model makes several other testable predictions. To examine these predictions, simulated data from the model are compared with a large empirical study of 45 industries during 1991–2000. The predictions of the model are consistent with the empirical data. Copyright © 2007 John Wiley & Sons, Ltd.     

略论教育本性之异化与复归

教育,就其本质来讲,作为使人成为人、使人实现全面而自由发展的活动,无论是在古代中国还是在古代西方,都保留着完整的自由本性。但在工业化、现代化的进程中,教育却走向了模式化、制度化。随之而来的,必然是教育本性的迷失和异化,以及教育对人的本性的束缚和压抑。教育成了塑造满足社会需要的人的手段,而不是以成就人、发展人的全面性为目的。对此,只有重新树立大教育理念,实行大教育改革,重构大教育格局,才能克服教育本性之异化,实现教育本质之复归。     

Random Walks and Market Efficiency Tests of Latin American Emerging Equity Markets: A Revisit

The few existing studies on equity price dynamics and market efficiency for Latin American emerging equity markets show conflicting results. This study uses multiple varianceratio and auto-regressive fractionally integrated moving-average tests and new data (U.S. dollar-based national equity indices for the 1987–1997 period) to clarify these results. Documented evidence shows that equity prices in major Latin American emerging equity markets — Argentina, Brazil, Chile and Mexico—follow a random walk, and that they are, generally, weak-form efficient. In sum, therefore, the evidence suggests that international investors in these markets cannot use historical information to design systematically profitable trading schemes because future long-term returns are not dependent on past returns.     

资本市场投资回报率与我国养老金体系改革

理论上，投资回报率的高低是我国养老金体系转轨能否成功的关键。本文指出，我国建立基金制养老金体系面临极为特殊的背景——高工资增长率和低投资回报率。基于这个背景，本文认为现阶段进行体制转轨的时机还不成熟，当前需要大力提高我国养老基金的投资回报率或者为提高投资回报率创造条件。本文最后提出了关于提高我国养老基金投资回报率的几点建议。     

对全部投资现金流量表计算指标的一些思考

根据实际筹资情况对全部投资现金流量表计算指标进行思考和修正，并对ＦＩＲＲ、ＦＮＰＶ和投资回收期等指标的理解给予通俗的解释。