How to measure mutual fund performance: economic versus statistical relevance

In the present paper a comprehensive assessment of existing mutual fund performance models is presented. Using a survivor‐bias free database of all US mutual funds, we explore the added value of introducing extra variables such as size, book‐to‐market, momentum and a bond index. In addition to that we evaluate the use of introducing time‐variation in betas and alpha. The search for the most suitable model to measure mutual fund performance will be addressed along two lines. First, we are interested in the statistical significance of adding more factors to the single factor model. Second, we focus on the economic importance of more elaborate model specifications. The added value of the present study lies both in the step‐wise process of identifying relevant factors, and the use of a rich US mutual fund database that was recently released by the Center for Research in Security Prices.     

Why are Small Firms Different? Managers’ Views

Do incentives differ between large and small organizations? Results from a representative survey of compensation managers are used to shed light on the issues. I find that (i) small establishments rely less on pecuniary incentives, and have a significantly more hostile attitude towards incentive schemes based on competition and relative rewards; (ii) large units are more vulnerable to mechanisms of efficiency wages, effects that remain even after controlling for differences in monitoring ability; (iii) large units are more prone to indicate that negative reciprocity is important, and that their employees care about relative pay. I argue that these findings fit with behavioral stories of incentives and motivation, in particular those stressing group interaction effects, inequity aversion and gift exchange.     

From T-Bills to Stocks: Seasonal Anomalies Revisited

This paper employed eleven data series which consist of stocks, bonds, bills, equity premiums, term premiums, and various default premiums to investigate whether January seasonality reported in existing literature is robust across different states of the economy as this has important trading implications. For the periods 1926–1990, small stocks, small stock premiums, low grade bonds, and default premiums (spread between high grade, low grade and government bonds) reveal January seasonality and that the seasonality is robust across different states of the economy except for low grade bond returns and default premiums. January seasonality for low grade bond returns and low grade bond default premiums are primarily driven by results found during periods of economic expansion. Overall, January seasonality is more evident during the economic expansion periods although the magnitude of default premiums is larger during periods of economic contraction. Furthermore, prior findings of strong summer equity returns are primarily driven by the results found during the periods of economic contraction. It is also found that equity returns are generally higher during periods of economic expansion.     

社会养老保险新政的运行效果分析——基于沈阳市国有大型企业的调查

利用调查数据重点考察了社会养老保险新政的实际运行效果,指出了目前存在职工参保意愿不强烈、政策有效性尚不明显、对制度长期建设缺乏信心等现实问题,以期对养老保险制度的改革完善提供理论和政策依据。     

The cost of collusion：economic thinking on the uniform accommodation price of the hotel industry in Kunming,Yunnan

This paper studies the case of the collusive price of the hotel industry in Kunming by economically analyzingthe unsustainability of the collusive price and instability of collusive organizations, doubts about the collusive behavior,and thinks that the collusive price is not helpful to the development of tourism industry, the pillar industry in YunnanProvince.     

Tari–tax reforms and market access

Reducing taris and increasing consumption taxes is a standard IMF advice to countries that want to open up their economy without hurting government finances. Indeed, theoretical analysis of such a tari–tax reform shows an unambiguous increase in welfare and government revenues. The present paper examines whether the country that implements such a reform ends up opening up its markets to international trade, i.e. whether its market access improves. It is shown that this is not necessarily so. We also show that, comparing to the reform of only taris, the tari–tax reform is a less efficient proposal to follow both as far as it concerns market access and welfare.     

试论“如何正确发挥意识能动作用”命题的辩证含义

传统教科书中对“如何正确发挥意识的能动作用”命题所作的解释，过多的强调了客观条件，而对主观方面的条件和因素重视不够，不利于在实践中发挥意识的能动作用。本文从主客观统一的视角剖析了传统理解的局限性，阐述了“如何正确发挥意识的能动作用”命题的辩证含义及其理论和现实意义。     

“地铁房地产”投资动力机制研究——基于行为博弈视角

地铁建设不仅极大地改善了城市的交通状况,还促进了沿线房地产的飞速发展。通过对“地铁房地产”投资主体进行分类,在此基础上构建相关行为博弈的均衡模型,分析其投资动力的内在机理,进而指出备投资主体只有愿意部分让出自己的利益时,才能最大程度享受“地缺效应”所带采的巨大潜在收益。     

新经济社会学视角的中小企业国际化绩效研究——基于社会资本、核心资源的中介效应

中小企业通过识别和积累社会资本获得参与国际竞争的核心资源,进而实现成功进入国际市场的发展目标。获得国际化绩效是企业国际化的目的,积累核心资源是企业国际化的基础,而运用社会资本是企业国际化的出发点。基于这一思路,文章将传统企业国际化理论中的资源基础观同新经济社会学中的社会资本理论相结合,通过实地调查中小企业并构建结构方程模型,采用跨学科的研究视角探讨了中小企业社会资本、国际化绩效及核心资源三者间的影响机制,从而进一步丰富和扩展了现有中小企业国际化研究的思路。     

税负效应与除息日股票价格行为研究——来自A股市场的实证证据

本文基于我国A股市场相关数据对除息日股价行为的税负效应进行全面检验,实证结果表明股息和资本利得税率对除息日股价波动行为具有显著影响,税负效应理论存在于A股市场,但除息日股价波动行为不能完全由税负效应进行解释,另外实证研究还发现我国A股市场不存在税收诱导客户效应。