The Rise of Ethnicity under China's Market Reforms

This article investigates the dynamic relationship between economic development and the identification of ethnic minorities and argues that identification of China's ethnic minorities manifests itself at various levels. At the national level, the introduction of market mechanisms and economic growth initiatives have been concentrated predominantly in the coastal areas and metropolises, and are thus increasingly distant from ethnic minorities, a disproportionate majority of which reside in the western parts of the country. This growing regional disparity has placed ethnic regions and populations in a distinctly unfavourable position in terms of economic engagement and development. Regional development in the ethnic‐minority homelands has been characterized by the representation and reinvention of ethnic cultural traditions and the production of cultural economies. Unequal economic growth has resulted in a massive migration of ethnic minorities to the cities. Simultaneously, urban development has reinforced ethnic identity, particularly through urban labour‐market development. Urban and regional development has, in turn, led to the production, activation and magnification of ethnic identity at individual and group levels.     

全球化：前景、潜力与问题

本文扼要阐述了经济全球化发展的前景和潜力,并运用李嘉图模型对全球化可能导致的经济损害作出论证分析进而说明,尽管经济学家在极大程度上趋向于将全球化视为基本良性的现象,但全球化仍然对某些国家（包括发达国家）带来经济损害,及对部分人群可能造成极其痛苦的后果。不过,源自于全球化的不断增长的竞争压力,会加强创新和增长,从长远来看,的确对每个国家有利。     

Capital Market Integration in the Middle East and North Africa

This paper studies capital market integration in Middle Eastern and North African (MENA) countries and its implications for international portfolio investment allocation. Starting with four cointegration methodologies, we significantly reject the hypothesis of a stable, long-run bivariate relationship between each of these markets and the European Monetary Union (EMU), the United States, and a regional benchmark. This indicates the existence of significant diversification opportunities for three categories of investors (EMU, world, and regional investors). A recursive analysis based on Barari (2004) suggests that recently, the MENA markets have started to move toward international financial integration. Investigating the effect of selected financial, economic, and political events on such a process, we extend the methodology and find that the markets react heterogeneously to the different categories of shocks. They should therefore not be treated as a bloc for global allocation purposes. Finally, after adjusting the integration levels by relative market capitalization, Israel and Turkey are the most promising markets in the region, followed by Egypt, Jordan, and Morocco. Tunisia and Lebanon seem to be lagging behind.     

The symmetric and asymmetric influences of destination attributes on overall visitor satisfaction

Visitors are impressed by specific destination attributes, which are sometimes the main motivating reasons for the travel selection or sometimes they are just one of the elements of a whole destination experience. This is because tourism and travel products are generally a combination of several different supplier offerings or they are a combination of the natural and artificial attributes of a destination that cannot be fully known before the experience of travel. Moreover, the importance and influence of these attributes on overall visitor satisfaction may differ considerably, depending on the market segments. In recent years, some studies have shown that the influences of destination attributes on overall visitor satisfaction are not symmetric in every case. For the purposes of this study, the symmetric and asymmetric influences of destination attributes are investigated for three major market segments of the Side-Manavgat area, Antalya, Turkey. The results show that the importance and influences of destination attributes may change according to the analysis technique employed and the market segment examined.     

定向增发、资产注入与股市波动——股权分置改革后的股市脆弱性模型推导及其政策含义

股权分置改革的完成并不能消除上市公司大股东与中小股东之间的利益冲突。在全流通时期,大股东理性参与上市公司的定向增发、资产注入及其后的股份减持很可能诱致股市的过度波动。对这种股市过度波动所引致的股市脆弱性机理我们进行了模型推导和因子分析。分析表明,牛市中,大股东参与定向增发、资产注入会导致牛市的助涨。而当熊市来临时,大股东会停止资产注入并减持股份,进而起到熊市助跌的作用。针对由此引起的股市脆弱性,监管部门应采取相应的监管措施。     

Adoption of volunteered geographic information into the formal land administration system in Kenya

Individualization of tenure through title registration programmes introduced in many African countries after independence with the promise of security of tenure and increased agricultural productivity has, instead, had the opposite effect. Informal land arrangements continue to emerge as a result of the slow pace of land adjudication (formalization) and updating of land information systems. The trend towards computerization of land information systems has only put focus on already existing formal land tenure arrangements, leaving out the informal social tenure arrangements. As a result, there are now many efforts worldwide motivated by the introduction of the Social Tenure Domain Model (STDM), and freely-available and easy-to-use technology tools to identify, document and map land in support of informal land administration arrangements. Actions are made towards the use of community-generated information to support land administration. Using theories from the interplay between formal and informal institutions, this paper discusses the potential outcomes in adopting Volunteered Geographic Information (VGI) in land administration in Kenya. Two case studies are presented that demonstrate the complementary-accommodating, versus the substitutive-competing approaches. These are then compared with the formal land adjudication process in Kenya. It is established that because of the direct involvement of the national mapping agency in land adjudication where VGI is utilized, the outcome is a case of formal adoption of VGI, while in the other case, where there is little or no involvement by the national mapping agency, the outcome is more of competition and substitution. The latter is an example in which the VGI is used just like any other information to inform policy making, rather than taking it as the authoritative source. We argue that since informality is – and will always be – part and parcel of land administration in many African countries as a result of ingrained social relations and power structures, adopting crowdsourced land information into existing formal land administration systems should consider the particular land administration process, satisfying innate demands and requirements, thus re-engineered to accommodate VGI.     

农村土地细碎化治理及制度变革启示——安徽省怀远县“一户一块田”的实践探索

土地细碎化是当前我国农业生产的基本格局，也是农业适度规模经营和农业现代化的主要障碍之一。土地细碎化表面上是地块的细碎化。实质上是土地产权的细碎化，而无论是土地流转还是土地整治，都未能从根本上整合细碎化的土地产权。怀远县基于方便农民耕种的需要，在基层大胆创新的基础上，充分发挥集体组织调整土地的功能，通过“三不变、两提倡、一调整”形成了“一户一块田”的耕种模式，有效解决了土地细碎化难题。我国农村土地细碎化治理及制度变革，必须强化集体组织的土地统筹权利和能力，赋予其相应的土地（地块）调整职能，并加强农村基层组织建设；要立足于小农经济为主的基本国情，保护耕作者的利益，为满足现代化小农生产提供服务；既要尊重各地群众的意愿和创造性，也要规范指导，有序推进。     

On Monetary Policy and Stock Market Anomalies

This study utilizes a macro‐based VAR framework to investigate whether stock portfolios formed on the basis of their value, size and past performance characteristics are affected in a different manner by unexpected US monetary policy actions during the period 1967–2007. Full sample results show that value, small capitalization and past loser stocks are more exposed to monetary policy shocks compared with growth, big capitalization and past winner stocks. Sub‐sample analysis, motivated by variation in the realized premia and parameter instability, reveals that the impact of monetary policy shocks on these portfolios is significant and pronounced only during the pre‐1983 period.     

转账支票两种结算方式浅析

本文分别介绍了转账支票正送与倒送两种结算方式的特点,买卖双方使用支票收付款业务的办理流程及账务处理,并分析了两种结算方式的选择因素及应注意的问题。     

论信托对现物出资财产所有权转移的保护

在公司设立中，现物出资是与现金出资相对应的一种出资方式。我国《公司法》及《公司登记管理条例》对于现物出资财产所有权转移的规定与传统民事主体理论的冲突，使得现物出资财产所有权移转的实际操作陷入了困境。通过对国内外立法例的比较研究，将现物出资财产所有权进行信托，以现物出资财产的独立性公示来明确现物出资的目的及其中的法律关系，利于解决现实存在的问题。