Pacific Rim Stock Market Integration Under Different Federal Funds Rate Regimes

This study uses Sims-type vector autoregression technique to examine the stock markets integration among the US and four major Asian-Pacific stock exchanges during 1993 and 1994. The two different sample periods capture the change in US monetary policy in 1994. Empirical results show that when the US was targeting the federal funds rate in 1994, the variations in US stock returns much better explain the variations of stock returns in Hong Kong, Singapore and Australia.     

引资西进存在的问题与对策

改革开放以来，中国经济理论界围绕东部地区的引资问题进行了大量的研究和探索，形成了不少对沿海、沿边和沿江地区的经济和社会发展有重大指导意义的理论；与此相反，受西部地区经济发展现状和国家宏观经济政策的影响，中国经济理论界对于西部地区如何极有效地引资研究的不多。因此，适应新时期中国经济发展的客观需要，从西部地区的经济实际出发，探索在国内外经济环境发生较大变化后，西部引资可能遇到的问题和难点，是时代赋予中国经济理论工作者的神圣使命，西部引资问题的研究，将有利于深化中国涉外经贸理论；而从全局的角度出发，审视西部引资面对的种种机遇和挑战，将更加具有前瞻性和宏观指导意义。     

关于地勘单位实行资本经营的探讨

地勘单位实行资本经营,是抵御各种竞争压力、进行产业结构调整、实现规模经营和技术积累、开拓市场、突破行业壁垒的必然选择。地勘单位实现资本经营要抓好经营理念、经营模式、经营重心和运营体系等四个关键节点;地勘单位实现融资有五个主要渠道:争取政府补贴、争取合作经营、实行直接并购、进行同业合并、适时搞好重组。地勘单位实行资本经营中应注意的四个方面:①对自身实力的正确估计;②谨防企业文化冲突;③建立健全风险防控机制;④争取优惠政策的支持。     

New Zealand mutual funds: measuring performance and persistence in performance

The present study investigates the performance of New Zealand mutual funds using a survivorship‐bias controlled sample of 143 funds for the period of 1990–2003. Our overall results suggest that New Zealand mutual funds have not been able to provide out‐performance. Alphas for equity funds, both domestic and international, are insignificantly different from zero, whereas balanced funds underperform significantly. There is no evidence of timing abilities by the fund managers. In the short term, significant evidence of return persistence for all funds is observed. This persistence, however, is driven by ‘icy hands’ rather than ‘hot hands’. Finally, we find the risk‐adjusted performance for equity funds to be positively related to fund size and expense ratio and negatively related to load charges.     

THE STRUCTURE AND CONTENT OF EXECUTIVE AGENCY FINANCIAL STATEMENTS

This paper reports the results of a survey of the published financial statements of executive agencies entering the Price Waterhouse Best Agency Report and Accounts Competition. The survey illustrates the application of GAAP designed for one environment in a different context and the difficulties that result under these circumstances from the absence of direct analogies for some classes of event. Some suggestions for improvements in reporting are made, includ- ing: the publication of standardised, sector-wide, guidance; standardisation of formats and terminology; the use of the 'expenditure less income' format for the operating statement in appropriate cases; and the clarification of insur- ance arrangements.     

Evaluating the Performance of Ethical and Non‐ethical Funds: A Matched Pair Analysis

Abstract:   This paper studies the performance of 60 European funds from four countries. The paper extends the UK matched pair approach for fund evaluation developed by Mallin et al. (1995) to a European setting. The findings suggest that there is no difference between ethical and non‐ethical funds according to the performance measures employed. Neither type of fund displayed any ability to time the market. Finally, the results indicate that the management fee is a significant explanatory variable for the Jensen measure as Chen et al. (1992) and Grinblatt and Titman (1994) suggested.     

高校利用信贷资金发展问题浅析

利用信贷资金发展高等教育事业，拓展了高校筹资渠道，是高校快速发展中缓解资金矛盾的必然选择，体现了高校面向社会自主办学的筹资主体地位。高校应在科学决策的基础上合理确定信贷规模，防范和控制风险，确保信贷资金的合理有效使用，促进高等教育事业健康发展。     

土地征收补偿受益资格探析

失地农民集体上访已经成为影响社会稳定的突出问题之一，上访的焦点之一是土地征收补偿的分配，解决问题的关键是确定补偿受益资格。土地征收补偿受益人应同时符合两个条件：一是具有本村户籍，二是履行集体经济组织成员的义务。     

我国企业隐性物流成本的构成与核算

流动资金占用成本在物流成本中的比重不断增大,构成了企业隐性物流成本的主要部分。本文基于国家标准《企业物流成本构成与计算》(GB/T20523—006)及隐性物流成本构成的把握,给出了企业隐性物流成本的具体算法,为现阶段我国企业准确计算物流成本提供了可行方案。     

Changes in the liquidity of closed-end country funds after the introduction of World Equity Benchmarks

In 1996, the first exchange-traded funds (ETFs) designed to track a subset of the Morgan Stanley Capital International country indices were approved under the name World Equity Benchmarks (acronym “WEBS”™). We examine the impact of early WEBS-trading on the liquidity of corresponding closed-end country funds (CECFs), previously one of the main avenues for retail investors to achieve country-specific equity exposure. We document a decline in both the trading volume and the trading frequency for CECFs, suggesting that some investors migrate to WEBS. At the same time, the market depth for CECFs increases and the bid-ask spread for CECFs decreases following the introduction of WEBS. Our results support the hypothesis that despite the decline in volume and trading frequency, the liquidity of CECFs is favorably affected by the advent of WEBS.