北宋孤幼、户绝财产检校制度辨析

财产检校制度是宋代朝廷对社会孤幼家庭的财产或者有争议财产进行代管、到期归还的一种强制性财产管理制度,主要有孤幼财产检校和户绝财产检校.其中前者直接承袭唐五代,后者于太平兴国二年正式确立.北宋前期开封府的财产检校一般由内侍省和三司临时受朝廷旨意施行,开封府检校库约于庆历四年出现,用以管理并存放检校财产,地方州军存放在军资库(元符二年后存放在常平库).这是中国古代社会产权制度一大发展.     

Systemic risk and dynamics of contagion: a duplex inter-bank network

This paper constructs a duplex banking network formed by credit relationships and information interaction via the banks’ balance sheet to model the structure of systemic risk and investigate the dynamic mechanism of contagion in terms of default and liquidity infection along with the factors that affect the extent of the contagion. We systematically explain the role that duplex banking networks play in different aspects of risk contagion. Through theoretical analysis and simulations, we conclude that asymmetric information interaction would increase the inflexibility of the system, which leads to liquidity shortage and possibly the collapse of the whole market. The weakness of systemic risk in the interior of the complex banking system can be characterized by the partial discount factor using illiquid assets in the information network. By improving the connectedness of the information network of the duplex networks, the spread of contagion can be partially slowed.     

金庸小说的主题学研究与定位——刘卫英、王立《金庸小说母题及中外比较研究》读后

《金庸小说母题及中外比较研究》一书,从多种母题、主题、意象来探讨金庸小说的民族文学特征、民族文化内蕴生成以及外来佛经故事影响。注意在一个武侠文学传统的传承性链条上,发掘金庸小说的多重文化价值。在具体母题、意象的实证探究中,非常重视主题学理论方法的运用,拓展了主题学研究的视阈与空间,进一步验证和提升了主题学研究方法的学术意义与价值。     

国企集团整体上市与国企监管的挑战和对策研究

国企集团的整体上市是深化国企改革的重大举措,也给国企监管带来了巨大的机遇和挑战。针对国企集团整体上市所带来的国企监管的新变化、新任务,应从全面把握变化、客观分析原因入手,采取各种有效的应对措施,加强和完善对国有企业的监督和管理。     

收益率差异视角下股票流动性与资本结构关系的再检验

本文在股票收益率差异视角下，选择2000年1月到2015年12月期间中国沪、深市场307家上市公司数据，采用单方程估计法和联立方程组系统估计法研究我国上市公司股票流动性与资本结构的相互影响；并分别从股权分置改革、股权再融资、牛熊市行情三个方面对二者关系的变化与差异进行深入分析。结果表明：股票流动性与资本结构之间存在显著的负向关系，并且随着股票收益率水平的提高，负向影响越来越明显；股权分置改革后、满足再融资资格的上市公司以及牛市行情下两者的相互影响更显著。     

国际资金循环测度的统计方法及应用

研究目标：本文研究如何测量国际资金循环（Global Flow of Funds，GFF），试图整合国际金融相关数据源，创建GFF统计矩阵。研究方法：讨论了GFF的基本概念，确定了国际资金循环的统计范围。按照2008SNA所提倡的From Whom to Whom 的统计基准，建立了GFF的统计框架，据此框架整合了国际金融组织之间的数据系统关系和现有的国际金融统计数据源。研究发现：利用相关统计创建了GFF矩阵模型表，试编了一个包含中国在内的由11个国家所构成的“国家×国家”的GFF统计矩阵表。研究创新：创建了GFF矩阵表，展开了以中国为主要观测对象的国际跨境资本比较分析。研究价值：建立了观测GFF统计，开辟了新的分析视野，客观揭示了中国在GFF中的状况及现存的主要问题。     

Using partial identification methods to estimate the effect of violence against women on their children’s health outcomes

A growing literature in economics seeks to estimate the costs of violence against women by examining, for example, its impact on the health outcomes of their children. However, it is difficult to assign a causal interpretation to these nonexperimental studies due to the presence of unobservable characteristics affecting violence and health outcomes simultaneously. The lack of credible instrumental variables applicable in several countries further limits our knowledge. I address this gap by using new partial identification methods to estimate the relative size of the unobservables needed to eliminate the estimated effects in nonexperimental studies. I also expand the external validity of the analysis by using data from five standardized nationally representative household surveys in Latin America. Consistent with previous studies, cross-sectional estimates show large negative associations between violence against women and an array of child health outcomes. However, when accounting for omitted variable bias, at best, two-thirds of the estimates remain robust and they are concentrated on the outcomes with the largest cross-sectional estimated impacts.     

Good governance,innovation, economic growth and the stock market turnover rate

This study is primarily aimed at testing the theory of good governance in the group of eight developing Islamic countries. Using a panel data regression model, we examined the data to determine the relationship between political economy and economic development of eight countries, for the period 2005 to 2014. The results show a significant positive correlation between the rule of law, corruption control with economic growth and stock market turnover rate proxy. The examination through an artificial neural network resulted in a higher determination coefficient and less average standard error. This, in turn, reveals that the fitting power and efficiency of this method is higher than the panel data regression model. Furthermore, the findings of this study suggest that the application of good governance theory calls for more inquiry.     

Trade credit and the joint effects of supplier and customer financial characteristics

We examine how access to bank credit affects trade credit in the supplier–customer relationships of U.S. public firms. For identification, we use exogenous liquidity shocks to supplier firms in the form of staggered changes to interstate bank branching laws. Using a variety of tests, we show that supplier firms with greater access to banking liquidity offer more trade credit to their customers. We also show that when bank branching restrictions are relaxed in the supplier’s state, the supplier–customer relationship is more likely to survive.     

Does IFRS Adoption Increase the Accuracy of Chinese Analysts’ Forecasts?

This article investigates the impact of International Financial Reporting Standards (IFRS) adoption on the accuracy of Chinese analysts’ earnings forecasts. We find that after IFRS adoption, the accuracy of Chinese analysts’ forecasts decreases rather than increasing as they do in developed countries documented by the extant literature. Further investigation finds that this decrease is associated with a fair value measurement of financial assets held for trading. Our finding provides empirical evidence supporting the argument that the effectiveness of IFRS adoption could be negative in a developing country depending on its setting and fair value measurement brought about by IFRS could contribute to the negative effect in this setting.