Stock Returns, Volatility, and Cointegration among Chinese Stock Markets

I. IntroductionA plethora of research has focused on therelationship between returns and volatility, andcointegration among major, well-established financial markets. It has been found that aninverse relationship exists between an individualfirm’s stock return volatility and itsstockprice. There are two popular explanations: the first one is related to the leverage effect. Itasserts that a decrease in afirm’s stock price increases the firm’s debt ratio (or decreasesthefirm’s equity ratio)…     

Labor Supply,Migration, and Long-Term Development

This article analyzes the impact of the supply of skilled and unskilled labor on the growth rate of open economies. Using an expansion-in-varieties framework, the model distinguishes between a long-term equilibrium and a medium-term adjustment path. It is demonstrated that the dynamic effects of labor supply are different in a model with expanding varieties in the consumption sector from those in a model with expanding varieties in the production sector. In addition, the outcome depends on the elasticities of substitution in production as well as the countries' production shares in world goods markets. It is shown that, in general, the supply of unskilled labor is likely to have an unfavorable effect on long-term development.     

House prices, money, credit, and the macroeconomy

This paper assesses the links between money, credit, house prices,and economic activity in industrialized countries over the lastthree decades. The analysis is based on a fixed-effects panelvector autoregression, estimated using quarterly data for 17industrialized countries spanning the period 1970–2006.The main results of the analysis are the following. (i) Thereis evidence of a significant multidirectional link between houseprices, monetary variables, and the macroeconomy. (ii) The linkbetween house prices and monetary variables is found to be strongerover a more recent sub-sample from 1985 to 2006. (iii) The effectsof shocks to money and credit are found to be stronger whenhouse prices are booming.     

中国财政改革:政府层级、事权、支出与税收安排的思路

深化我国财政体制改革应考虑从1994年财税配套改革的成果出发,按照建立公共财政框架的方向,在适当简化政府层级的前提下,依照“一级政权、一级事权、一级财权、一级税基、一级预算、一级产权、一级举债权”的原则构造完整的多级财政,同时改进和完善中央自上而下的财力转移支付制度。     

青岛海港、空港、陆港协同发展对策研究

在高质量发展的新时代,山东港口集团的成立、青岛胶州机场的启用、海陆协调发展,标志着青岛作为交通物流枢纽的地位日益重要。采用熵值法分析客运量、货运量、固定投资额、利润总额对海、陆、空3个港口的影响权重。从空港经济、货物协调与综合服务、三港运营决策主体3个方面分析青岛港存在的问题。为促进青岛海、陆、空口岸协调发展,构建促进青岛经济增长和国际枢纽城市发展的新格局,提出发展胶东空港经济圈、优化综合服务功能、协调决策主体利益等深度协同发展战略。     

THE DEVELOPMENT OF ACCOUNTING REGULATION, EDUCATION, AND LITERATURE IN AUSTRALIA, 1788–2005

Accounting involves the recording of events, the preparation and reporting of results and is a key medium in discharging accountability. It pervades organisations and institutions in every country and is a key element of the business fabric and economic development of any nation. This study examines the development of accounting regulation, education, and literature in Australia across five key phases of European settlement from 1788 to 2005 and presents an overview of the major historical trends in each of these periods. The development of accounting and the profession is intimately linked with significant economic development in Australia over 200 years.     

赣、台经贸合作的现状及问题分析

随着两岸经贸合作与交流的加强,台湾与内陆城市的经贸合作也得到很大的发展,江西作为离台湾最近的内陆城市,有着先天的自然优势,加之相关鼓励政策的出台和江西自身经济的发展,近年来,赣台经贸合作已成为两岸合作的热点。本文以赣台经贸合作的现状分析为前提,指出赣台经贸合作中存在的问题,并进一步提出相应的对策。     

Poverty,HIV/AIDS and the old age pension in Bhambayi,Kwazulu-Natal,South Africa

To date the international community has tended to direct HIV prevention programmes, treatment, care and supportive services to young adults and children, with little concern about the impact on older people. Since empirical evidence on the socioeconomic impact of HIV/AIDS on households with older persons is lacking, this paper attempts to fill this gap, using data from a household-based survey conducted in Bhambayi, a mixed formal and informal settlement north of eThekwini, KwaZulu-Natal. The findings highlight the links between the uptake of the South African old age pension, poverty and HIV/AIDS in households with older persons. The paper makes recommendations for both government and non-governmental organisations in respect of community-based support systems for such households affected by HIV/AIDS.     

吃喝腐败、税收寻租与企业成长——来自中国企业的经验证据

税收的弹性空间使低成长率的企业能够借助吃喝腐败进行税收寻租以促进其成长,这破坏了公平的市场竞争环境,导致了资源误置。本文运用2005年世界银行对中国企业的调查数据,分析吃喝腐败和税负对企业成长的影响。分位数回归结果发现,重税负阻碍企业成长,吃喝腐败有助于缓解企业税负对其成长的不利因素。但这种润滑剂作用主要体现于低成长的企业,使其能在权力庇佑下继续生存,对高成长的企业这种作用并不明显。在运用工具变量解决税收的内生性问题和一系列的稳健性检验后,以上结论仍然成立。进一步根据企业规模和制度质量进行的分样本研究发现,吃喝腐败缓解企业税负以促进其成长的润滑剂作用在中小企业和制度质量低的地区表现得更为突出。因此,结构性减税与建立公平的市场竞争环境是释放企业成长空间的关键。     

调配产权收益完善资产负债结构

国资监督机构在深化国资国企过程中应集中调配产权权益,完善资产负债结构,优化资源配置,通过资本运营和良好的市场环境,充分发挥中央和地方政府的职能,在互为尊重的前提下,杜绝侵权行为的发生。     

Non-traded Goods,Technical Progress and Wages

We use a general equilibrium model of trade to show that technical improvement may indeed cause a fall in the wages of unskilled workers. Under some modest conditions, the wages of skilled workers may go down too.

粤港澳紧密合作区:内涵、思路和路径选择

"粤港澳紧密合作区"是广东在区域经济合作发展中贯彻落实科学发展观的表现,是广东构想的以政府为主导、市场为纽带、企业为主体、项目为载体的粤港澳互惠互利合作新模式。目前推动"粤港澳紧密合作区"的建设,一是要结合实际,明确紧密合作区的内涵、思路和合作重点;二是要选准项目,确定载体,明确路径,并能完善相应的对策措施。根据CEPA协议内容和目前粤港澳经济发展现实,广东应选择能体现粤港澳优势以及有示范效应的港深河套地区在深化合作发展高新产业方面,率先在合作体制和政策上实现创新与突破,以此来带动"粤港澳紧密融合区"的建设。     

关于医院高收费及医院管理和改革问题的分析与思考

文章针对目前医院普遍存在的高收费和群众看病难问题，从医院管理体制、具体运行方式、收费与分配制度、以及监督与管理等方面存在的缺失与问题进行分析，文章特别提出了医院今后改革要格外关注的几个问题。     

生产力增长、智慧生产力与人的自由全面发展

文章认为,生产力是一个涵盖劳动者、劳动对象、劳动手段及交通、能源、管理、信息、科学技术等多种因素在内的而且人的自由全面充分发展、个人生产力和智慧生产力在其中的主导地位日益突出的庞大的集合体和有机的超大的系统。物质生产力的发展是人类实现自由全面发展的基础和从必然王国向自由王国迈进的条件。科技进步为人的自由充分发展创造了条件,人必须充分发展以适应新科技革命。文章指出,就现代科技革命和社会主义市场经济发展而言,全面充分发展个人生产力即智慧生产力才是发展社会主义的社会生产力的最重要和最根本的途径。     

科技创新提升幸福东莞的意义、难点及对策建议

本文论述了科技创新提升幸福东莞的必要性和可行性,指出了科技创新提升幸福东莞的难点,提出了科技创新提升幸福东莞的对策建议。     

杭州市农村土地流转的发展、问题及对策建议

文章通过调查分析浙江省杭州市农村土地流转的发展、主要特点、存在问题等,提出了因地制宜加快创新土地流转模式,实现农地规模经营,推动杭州市农业集约持续发展的一些对策建议。     

城乡统筹、城乡和谐与胶东半岛城乡一体化研究

社会和谐的一种重要反映就是城乡和谐.城乡一体化是城乡和谐的路径.只有以城乡统筹理念为指导,才能真正实现城乡一体化目标.胶东半岛是山东的发达地区,拥有发展城乡一体化的条件,但是,由于种种原因,其城乡一体化的水平并不高.文章结合胶东实际,统筹全局,创新思路,走组团式城镇群之路、发展特色产业集群、推进社会主义新农村建设是次尽胶东城乡一体化发展的可靠路径.