The mean-variance investment problem in a constrained financial market

This paper extends the mean-variance analysis and the two-fund separation theorem to a market with some constraints, such as, the incompleteness, prohibition of short-selling, and partial information, with stochastic interest rate, and with stochastic volatility for risky assets. By maximizing a quadratic utility of terminal wealth, we show that the efficient frontier for the problem is a straight line in the mean-standard-deviation diagram. The quadratic utility function exhibits mean-variance efficiency. Our results apply to portfolios of claims in a single period, multiperiod, and continuous time.     

论我国税收制度和会计准则关系模式的选择

税收和会计既紧密相关，又相互区别。会计是征税的基础，而征税结果又反过来影响企业的经济效益和会计信息。在我国市场经济条件下，两者既有分离的必要，又有缩小差异的现实要求，即适度分离。     

对股权分置改革对价水平影响因素的分析

通过对45家已实施股权分置改革的上市公司对价水平影响因素的分析，发现目前各公司的对价水平趋同，但对价影响因素不同。结合理论分析，建议从统一对价的标准上来稳定股改的预期，这更有利于股市的发展。     

中国城市居住分异研究

对城市居住空间的研究是城市社会学的一个重要内容.自建国以来,我国城市居住空间经历了逐渐分异的历史变迁过程.如果不对居住分异加以适当的调控就会出现居住空间极化与隔离问题.城市居住空间极化是社会不公正在居住空间上的表现.城市政治经济转变与城市规划、土地制度改革与房地产开发、住房制度改革与住房商品化是转型过程中城市居住分异形成的三个主要原因.扩大中等收入群体规模、增加社会自组织力量、制定公正的社会政策是优化城市居住空间结构的有效途径.     

上市公司终极控制人两权分离度的决定因素分析——基于2004年上市公司经验数据研究

本文以2003-2004年我国上市公司的股权结构、资产状况、现金收入与发展前景等方面的数据,采用理论分析、描述性统计与多元回归假设检验等方法,分析了我国上市公司两权分离度的影响因素。结果发现:上市公司终极控制人两权分离度的大小主要取决于上市公司的企业规模、企业资产可控性、现金流状况、企业发展前景、第一大股东持股比例、终极控制人控制层级与股权性质。     

盲分离技术识别发动机的噪声源

以柴油机为研究对象,对盲分离技术识别发动机噪声源进行了研究.用测得的混叠信号,盲分离技术能分离出各个噪声源,从而识别出噪声源.对比其他办法,该办法测试简单、测试仪器少、试验环境的条件要求低.用试验验证了新办法识别噪声源的有效性.     

论企业分立涉税事项计税依据的界定及其会计处理

企业分立涉税事项计税依据的确认应遵循分立目的合理性原则、适度扶持原则和反避税原则。三者具有内在的顺序性和逻辑性。由于现有的政策性文件不能解决此项重组活动涉税业务的复杂问题，因此宜采取理论与实践相结合的方法对分立企业与被分立企业涉税事项的计税依据及其会计处理进行规范。     

投资银行声誉与IPO超额回报率相关分析

国外理论与实证研究表明,投资银行声誉与IPO超额回报率负相关。本文选择2002~2006年在沪深证券市场发行上市的股票为样本,同时考虑股票发行定价方式及股权分置等证券市场制度改革的影响,分时段、分市场进行分析,结果显示,声誉型投资银行相对普通投资银行所承销的股票具有较高的平均抑价率,就声誉型投资银行内部而言,其声誉水平与IPO抑价率呈负相关,但其关系并不显著,即投资银行声誉假说在我国不成立。     

Competition and Regulation in Franchise Bidding

In this work we show that the separation property identified in the franchise bidding literature depends strictly on the hypothesis of coincidence of the regulator's beliefs with those of the competing firms. Nevertheless, in many contexts it is more truthful to hypothesize that the regulator's information is vaguer than that of the producers, so we introduce the possibility that the regulator is dealing with a double informational asymmetry as compared to the firms. In this case, the separation property is no longer valid, and the optimal tariff becomes a decreasing function of the degree of competition exercised during the auction.     

The Prosecution of Public Figures and the Separation of Powers. Confusion within the Executive Branch – A Conceptual Framework

Criminal investigation and prosecution of politicians, top civil servants and other public figures are topics frequently discussed in the media. The nature of the investigating or prosecuting authority varies between countries – from the general public prosecutor, through magistrates to independent counsels or parliamentary investigation commissions. This paper analyzes the role and status of public prosecutors within the separation of powers-concept. Prosecutors are usually part of the executive and not the judicial branch, which implies that they do not enjoy the same degree of independence as judges, and are ultimately subordinated to the directives of the minister of justice or the government. Conflicts of interest may hence arise if members of government can use the criminal process for their own or partisan interests. The incentives of public prosecutors in different jurisdictions are compared.