基于上海股市的资本资产定价模型的实证检验

鉴于资本资产定价模型对资产评估和资本定价的作用,以上海股票市场为对象,选取上证180指数中178家股票的相关数据,运用计量经济学的方法进行相关的资本资产定价模型的实证检验。结果显示:上海股票市场存在较大的投机行为,资本资产定价模型在上海股票市场还不适用,对于上海股票市场股票的定价还存在一定的困难。并就结论出现的原因给予了相关的解释。     

股票市场系统动力学分析：以上海股票市场为例

本文突破了传统经济理论研究的线性框架,视股票为一非线性系统,运用分形、混沌等复杂性理论对上海股票市场的系统动力学特征进行实证研究,得出了上海股票市场系统的分形特征、复杂性程度、系统演化类型及稳定性,最后,探讨了这些结论对股票市场的理论与实践意义。     

中国股票市场的“周内效应”

本文就中国股票市场是否存在显著的“周内效应”进行了实证分析。作者发现中国股票市场并不存在绝大多数发达国家股票市场和某些新兴股票市场所普遍具有的“星期一效应”。但是 ,用于度量股票收益率波动性的标准差却在星期一最大。较强的证据显示上海股票市场存在着日平均收益率显著为负的“星期二效应”和显著为正的“星期五效应”。较弱的证据显示深圳股票市场存在着日平均收益率显著为负的“星期二效应”和显著为正的“星期五效应”。本研究表明沪深两市在某种意义上都缺乏效率 ,且上海股市比深圳股市更加没有效率。     

上海股票市场有效性实证分析

以有效市场理论为基础,以2013年7月至2014年1月的上海股票市场为研究对象,旨在利用CAPM模型研究预期股票收益率和股票的实际收益率之间的关系,研究上海股票市场有效性。     

当前完善我国股票市场的几点建议

我国股票市场经过30多年的销声匿迹,又随着改革开放和经济迅速发展而悄然兴起。但股票市场从1984年上海第一张股票发行至今,却是步履艰难、困难重重。笔者就此谈一下关于完善当前我国股票市场的几点建议:     

上海股票市场的运作与发展

<正> 上海股票市场自1984年发行第一张股票算起,至今已8年有余。在这8年中,上海股市发展的经验教训是什么?有何特点和问题?今后应如何加强?这些都是值得我们从理论上给以系统阐述的问题。一、上海股票市场的产生及发展     

上海股票市场弱有效性的实证检验

股票市场的信息效率对于合理配置收益和风险起到关键作用,因此对于中国股票市场有效性的检验显得至关重要。运用ADF检验和游程检验对上证A股指数及收益率进行检验,结果显示上海股票市场已经达到弱式有效。     

上证综指收益波动性及VaR度量研究

基于对上证综指日回报序列分布分别作正态分布、t分布和广义误差分布(GED)的假设基础上,采用(E)GARCH模型和方差-协方差法,度量了上海股票市场的潜在风险和波动性。在验证了三个模型对VaR估计的有效性之后,得出AR(1)-EGARCH(1,1)-M-GED模型对上海股票市场的拟合最优,并得出了有效的VaR估值。     

基子微观结构理论的中国股市买卖价差成分研究

本文以全融市场微观结构理论为基础，运用高频数据对我国上海股票市场中买卖价差成分的分解进行了实证研究，结果发现买卖价差可以分解为信息不封称成分、指令处理成分和指令持续成分．追三种成分在上海股市显着存在。井在此基础上研究了各买卖价差成分与流动性、交易规模的关系．以及买卖价差成分的日内变动趋势，从而揭示了我国股票市场微观结构特徵，以期从更深层次来理解中国股市的微观结构，为完善股票市场运行机制提供了参考。     

上海股票市场半强式有效性实证分析

股票市场有效性是指股票价格对市场信息反映的有效化程度,如果所有股票价格都充分反映了所有相关信息,股市即达到了有效状态.股票市场的有效性是股市成熟程度的表现,根据有效性程度,其可分为弱式有效市场、半强式有效市场和强式有效市场.基于此,本文通过抽取上海股市中的30家上市公司进行实证研究进而判别上海股市是否已达到半强式有效市场.     

我国房地产税制的现状及改革构想

房地产税制是维护房地产市场公平竞争，实现国家对房地产业宏观调控的有力杠杆。然而，我国现行的房地产税制却存在税费不分、税制不统一、税制结构不合理等诸多问题。严重影响了其对房地产业应有的宏观调控作用。因此，适时地推进房地产税制的改革应是当务之急，应统一内外税制，合理界定税费的范围，建立统一、规范、合理的房地产税收体系。     

The Change in Productive Efficiency in Telecommunications in the United States

The question addressed here is whether the adoption of incentive regulation, which has become an important regulatory tool in the telecommunications industry in the USA, has resulted in a change in the technical efficiency of local exchange carriers in the USA. After providing an overview of the nature of incentive regulation, a methodology for measuring technical efficiency and its change is introduced. This is a multiple-output/multiple-input distance function approach to measuring technical efficiency. The results of implementing this approach for 19 local exchange carriers for the 1988-2001 period indicate that in the production of local service, intrastate toll/access service, and interstate access to local loops, there was no change in technical efficiency between the 1988-1990 period and the 1991- 2001 period, something that incentive regulation was specifically designed to promote.     

西部地区人力资本投资与知识化发展

人力资本投资在推动知识化发展的过程中存在自增强机制，通过促进人力资本保值增值，进行人力资源合理配置，改善配置环境和配置政策、完善配套措施，有助于充分发挥这一机制的功能，从而实现西部地区知识化发展。     

Age Discrimination in Employment in Canada

Issues pertaining to age discrimination in employment in Canada are analyzed with a view toward highlighting lessons that may be learned from the Canadian experience—an experience that is taking on increased policy importance. Reasons for the increased attention to age discrimination issues are outlined, followed by a portrayal of the age discrimination legislation and court interpretations in Canada, especially as they pertain to mandatory retirement. Enforcement aspects are discussed, as is the evidence on age discrimination in employment and the effectiveness of legislation with respect to age discrimination and mandatory retirement. The article concludes with a discussion of the lessons to be learned from the Canadian experience, especially with respect to the poorly understood but complicated relationship between age discrimination and mandatory retirement. Policy recommendations for strengthening age discrimination legislation are also outlined. (JEL J14 , J24 , J71 )     

Inequalities in Income Distribution in Slovenia

This article presents an empirical analysis of income distribution based on income tax data for Slovenia in 1991-2000. It presents evidence of rising inequalities in income distribution (gross income, gross wages and pensions). These results are supported by coefficients of variation, Gini coefficients and by the Lorenz curves. Inequalities increased rapidly in the 1991 to 1993 period. After a significant decrease in 1994 and a steady increase from 1995 to 2000, the peak value from 1993 was not surpassed. Atkinson's requirements for dominance comparisons are not violated. Inequalities are also present in the distribution of the benefits of economic growth among income groups.     

上海生态农业发展影响因素研究

文章分析了上海生态农业发展的影响因素,并利用计量模型进行检验,认为影响上海生态农业发展的主要因素有农业基础设施、农业劳动力资源、农业产业化水平、农业科技实力状况。     

Public participation in forestry in Turkey

Recently public participation in forestry has been seriously considered in Turkey. Participation is however quite a challenge for a country with a long tradition of top-down management and a strong bottom-up dependence on public provisioning. In such a setting, it may not be surprising that the experiences with public participation in forestry in Turkey are mixed. There are some positive initiatives like the creation of farmer's cooperatives and NGOs, but their role is quite limited and small of scale. This paper is bringing together different views based on existing studies in Turkish related to Turkey's experience with implementing public participation in forestry.     

Inter-enterprise arrears in economies in transition

In the context of economies in transition, the paper argues that an excessive liquidity squeeze could throw the economy into a persistent state of low economic activity. In such bad equilibrium, enterprise transactions become largely demonetized, with a chain of arrears, a form of involuntary credit, spreading over the entire system. The empirical analysis of the Romanian experience seems to support the view advanced in the paper.