Hedge fund seeding via fees-for-seed swaps under idiosyncratic risk

We develop a dynamic valuation model of the hedge fund seeding business by solving the consumption and portfolio-choice problem for a risk-averse manager who launches a hedge fund through a seeding vehicle. This vehicle, i.e. fees-for-seed swap, specifies that a strategic partner (seeder) provides a critical amount of capital in exchange for participation in the funds revenue. Our results indicate that the new swap not only solves the serious problem of widespread financing constraints for new and early-stage funds (ESFs) managers, but can be highly beneficial to both the manager and the seeder if structured properly.     

浅论财务监督在国家财产安全中的地位与作用

在地勘单位企业化进程中，财务部门对单位经济活动、资金运行具有极其重要的监督职能，把好财务这道闸门，对于防止国有资产流失具有举足轻重的作用。目前地勘单位财务部门财务监督尚存在对预算编制不够重视，费用支出管理制度不够健全，会计信息模糊，财务人员索质不高等问题。应从依法理财，健全内部控制制度，完善内部监督，加强社会监督，加大违法违规的处罚力度，提高会计人员素质等方面入手加强财务监督。     

The economic benefits of market timing the style allocation of characteristic-based portfolios

Many exchange traded funds track simple characteristic-based equity portfolios such as the market capitalization, the fundamental value or the inverse volatility portfolio. This paper provides theoretical and empirical evidence for the economic benefits in exploiting the timing-gains that result from the time-varying relative performance of these characteristic-based portfolios. Under a factor model for expected returns, we show that this dynamic portfolio allocation can be efficient across the low-dimensional set of characteristic-based portfolios. We assess the out-of-sample performance on the S&P 100 universe over the period 1990–2013 and show gains in stability and significant positive risk-adjusted returns for the dynamic style portfolio. We conduct several robustness tests and extensions confirming the benefits of dynamic style allocation across characteristic-based portfolios.     

海西发展战略与固定资产投资需求分析

政府有关部门根据海峡西岸经济区发展战略制定了该区域近中远期的经济发展目标，以这些发展目标作为预测海西区域资金总需要的重要约束条件。利用变量的样本时间序列得出福建省全社会固定资产投资的预测模型，以2009年作为预测基期，得出纵向预测结果。同时，将其与先发地区进行横向比较，获得经验性的数据以对纵向预测结果进行修正，据此得出福建近中远期的全社会固定资产投资的预测值。     

中国高等教育发展水平的空间差异研究

在我国高等教育快速发展的同时，高等教育区域发展不均衡、资源配置不公平等现象越来越突出。采用熵权法从教育规模、经费投入、基础设施和师资力量四个维度构建地区高等教育综合发展指数，对2004—2013年我国地区高等教育发展水平进行全局空间自相关分析、局部空间自相关分析和三维趋势分析，结果表明：我国高等教育发展水平在总体上呈现显著的空间正相关特征，且空间关联性逐渐增强；虽然落后地区与发达地区的差距有所减小，但高等教育发展的空间异质性明显，落后地区仍然占很大比重。因此，我国高等教育发达地区未能有效发挥空间辐射和带动作用，空间溢出效应不明显，高等教育发展的空间结构有待改善。国家应避免高等教育区域差距继续拉大，落后地区应加快高等教育发展，发达地区应有效发挥辐射带动作用，努力缩小高等教育的空间差距。     

Conditional performance evaluation for German equity mutual funds

We investigate the conditional performance of a sample of German equity mutual funds over the period from 1994 to 2003 using both the beta-pricing approach and the stochastic discount factor (SDF) framework. On average, mutual funds cannot generate excess returns relative to their benchmark that are large enough to cover their total expenses. Compared to unconditional alphas, fund performance sharply deteriorates when we measure conditional alphas. Given that stock returns are to some extent predictable based on publicly available information, conditional performance evaluation raises the benchmark for active fund managers because it gives them no credit for exploiting readily available information. Underperformance is more pronounced in the SDF framework than in beta-pricing models. The fund performance measures derived from alternative model specifications differ depending on the number of primitive assets taken to calibrate the SDF as well as the number of instrument variables used to scale assets and/or factors.     

Sovereign Wealth Funds: Investment and Governance Practices

Sovereign wealth funds (SWFs) are large, growing, and concentrated investment vehicles, with a current estimated value of U.S. $3 trillion. The combination of low transparency and government ownership has raised questions about political agendas, national security, and transfers of technology. In this article the authors report on the current status of SWFs in terms of investments, regulation, governance, and transparency of activities. They also review some recent studies on SWF investments and their impact on financial markets.     

建立存款保险制度对地方性金融机构的影响研究——以延边州农村金融机构为例

建立存款保险制度是成熟市场经济国家的通行做法，我国存款保险立法的步伐也正在加紧。建立存款保险制度对地方性金融机构到底有何影响，本文以延边州农村金融机构为例，通过定性定量分析，提出若干建议，以期既能保证存款保险制度的适时推出，又尽可能减少政策对地方性金融机构的震动。     

京港沪三地服务业引资政策建议——基于影响因素实证分析

目前国内的服务业引资研究主要集中在整个国家层面或单个城市,很少分地区对影响因素进行研究,选取三个城市即较具代表性且数据获得性较高的香港、北京、上海对引资影响因子进行研究及比较,分地区来研究服务业利用外商直接投资的影响因素。各地应该提高服务业开放程度,进一步使服务业市场化,提高人力资本存量。而第一、二产业劳动增长率与服务业引资呈负相关关系,各地应合理分配资源有侧重且协调发展好各个产业。     

Socially responsible investment fund performance: the impact of screening intensity

Perhaps the most common criticism of socially responsible investment funds is that imposing non‐financial screens restricts investment opportunities, reduces diversification efficiencies and thereby adversely impacts performance. In this study we investigate this proposition and test whether the number of screens employed has a linear or curvilinear relation with return. Moreover, we analyse the link between screening intensity and risk. Screening intensity has no effect on unadjusted (raw) returns or idiosyncratic risk. However, we find a significant reduction in α of 70 basis points per screen using the Carhart performance model. Increased screening results in lower systematic risk – in line with managers choosing lower β stocks to minimize overall risk.