境外市场客户交易信息披露经验的借鉴与思考

提高信息透明度是市场发展的努力方向之一。目前国内证券期货市场一般做到部分会员层级的数据披露;但是从最新情况来看,部分境外市场已经开始适度公开客户信息,如台湾期货市场2008年4月7日开始公布三大法人的交易及持仓数据。提高市场信息披露程度,适度公开主要交易群体的交易信息,有助于维护不同投资者之间的信息公平,能够利用市场力量来规范和抗衡市场操纵等违规企图,提高监管效率,降低监管成本,值得借鉴。     

我国电力行业发电侧市场结构变化实证分析

通过分析我国电力行业厂网分开改革的5年来五大发电集团的数据资料，以装机容量、发电量和销售收入作为市场集中度的衡量基准，对我国目前电力行业发电侧的市场结构进行测算与判定，分析其变动趋势，指出今后我国发电侧市场改革的重点是对优势发电企业的潜在垄断行为进行合理规制。     

Pricing fx forwards in OTC markets – new evidence for the pricing mechanism when faced with counterparty risk

By using daily foreign exchange (fx) market data for five major currency pairs, this article shows that, especially since the beginning of the financial crisis, pricing of fx forwards has not matched the pricing formula derived from the covered interest rate parity (CIP). This corresponds to previous empirical results. Therefore, the CIP leads to systematic over- or underpricing. Overall, four statistically significant explanatory factors for this systematic over- or underpricing have been identified – the volatility in the difference between the interest rate levels, the spot price, the fx forward spread and the counterparty risk. In particular, the high significance of the counterparty risk demonstrates that pricing models for fx forwards should be reviewed.     

Testing for weak-form efficiency of crude palm oil spot and future markets: new evidence from a GARCH unit root test with multiple structural breaks

There is a sizeable literature that tests for weak-form efficiency in commodity and energy spot and future prices. While many studies now allow for multiple structural breaks to address the criticism that conventional unit root tests have low power to reject the unit root null in the presence of structural change, the extant literature overlooks the fact that conventional unit root tests are biased in the presence of conditional heteroscedasticity. We apply a recently developed generalized autoregressive conditional heteroscedasticity (GARCH) unit root test with multiple structural breaks to crude palm oil spot and future prices and find much more evidence against weak-form efficiency than that found using tests that fail to allow for conditional heteroscedasticity. Our results point to the importance of allowing for heteroscedasticity when testing for efficiency in commodity and energy spot and future prices.     

DISTANCE‐SEGMENTED RURAL TOURISTS

This article uses travel distance to segment rural tourists in a tourist destination in the U.S. Midwest. A distance decay pattern was identified, with more than half of the respondents traveling from a location within 200 miles of the destination. The differences in the socio‐demographic, trip‐related characteristics, and destination activities of these tourists were examined across distinct distance segments. Among other findings, the study revealed that tourists from within a 50‐mile radius participated in most of the activities, and those traveling between 200 and 600 miles made up the majority of business travelers. These two segments also had a higher participation rate in the recreational activities than did the other distance segments. The findings of the study show that simple variables such as distance travel remain viable for destinations, particularly those in the rural area, to understand the tourists for segmentation purpose.     

民国年间北京城庙市与城市市场结构

庙市是伴随寺观的宗教活动而形成的具有定期定性质的市场单元，在对中国城市市场空间结构，特别是历史时期上的市场空间结构的研究中，庙市有其不可忽视的地位，北京是中国具有悠久文化历史的古都，其庙市所形成的商业结构体系在城市的商业结构中占有重要的位置，本文通过对民国年间北京城庙市的时间和地域结构的分析，进而对其形成的商业结构进行分析。     

找准发展与经济结构调整良性互动的结合部

本文就如何在发展中进行结构调整，在结构调整中推进发展进行分析。结合十五届五中全会精神，笔者认为，要找准发展与经济结构2调整良性互动的结合部，发挥市场及市场机制的作用，进一步完善社会主义市场经济体制。     

信息不对称对信贷市场结构的影响

文章通过考察信息不对称在多个时期的空间竞争模型中对信贷市场结构均衡的决定作用，特别是对银行进入和退出信贷市场的内生作用，证明信息不对称会对潜在的市场参与者造成市场壁垒——信息壁垒，从而信贷市场的整体竞争程度竞争程度受到抑制。     

按市场经济规则组织指导旅游工作

根据社会主义市场经济的规律和要求，结合旅游业的实际，就组织指导旅游资源开发、旅游产品营销、旅游企业产权制度改革和管理、旅游企业经营人才的选拔培养等工作，提出了措施。     

积极探索 深化改革 建立适应发展社会主义市场经济的矿产资源管理新体制

本文认为， 资源管理方式的转变要符合社会经济发展的要求， 地方矿产资源管理新体制的基本框架以及运行机制应以获取矿产资源储量和风险投资回报为基础， 要切实转变政府矿产资源行政管理职能