中国股市与汇市波动溢出效应研究

以上证综合指数和人民币兑美元名义汇率为指标,运用多元GARCH模型对中国股票市场和外汇市场之间的波动溢出效应进行实证研究。结果表明：汇率制度改革后,我国股市与汇市存在显著的双向波动溢出效应;汇市对股市表现出较强的波动传导,而股市对汇市的波动传递则相对较弱,存在着波动传导的非对称性。     

中档叉车市场冲进一只虎

中国的叉车市场的格局如同一个金字塔。塔尖的部分由来自德国的林德、永恒力和来自美国的海斯特以及来自日本的丰田所占领。中档叉车市场的角逐者中既有来自日本的小松、力至优、日产、TCM,以及来自韩国的大宇(现已改名斗山)、现代等外资企业,也有安徽合力、杭州叉车、大连叉车等中国本土企业。由于中等价位的叉车量多面广,竞争尤为激烈。外资企业力图本土化以降低价格,中资企业大量引进技术以提高质量,因此在性价比上彼此难分上下,较量时时发生,并逐步向塔基部分大范围延伸,从而形成中国叉车的主战场。     

Markets and Islam: A Nervous Alliance

Religious restrictions on the operation of markets in Islamic countries do not necessarily depress consumer welfare in the view of Rodney Wilson, Senior Lecturer in the Economics of the Middle East at the University of Durham Traditional Islamic sanctions on free-market activity may bring satisfaction in other forms, if at a cost the capitalist West might not find tolerable     

A Theory of Fraud and Overtreatment in Experts Markets

Consumers often rely on an expert's diagnosis to assess their needs. If the expert is also the seller of services, he may use his informational advantage to induce overtreatment, which is a pervasive phenomenon in experts markets. We offer and discuss conditions leading to equilibrium overtreatment in an otherwise purely competitive model. This market failure results from consumers' ability to turn down an expert's recommendation: experts defraud consumers to keep them uninformed, as this deters them from seeking a better price elsewhere.     

A Long-Term Analysis of Regional Housing Markets and Inflation

This paper reexamines the relationship between inflation and residential property over a 30-year period. Using conventional OLS models and cointegration and causality models we examine regional markets in the United Kingdom. The OLS tests provide little evidence of a consistent and stable relationship, with large variations in the results between different regions. The cointegration results, and in particular those obtained using the Engle-Granger procedure, provide strong evidence to support the hypothesis that housing and inflation are cointegrated. Additionally, the causality results provide strong evidence to support the hypothesis that housing leads inflation.     

Capital Markets

The efficiency of security market is necessary for the harmonious growth of capital market, and more particularly in an emerging economy. This paper looks at the case of the Thai stock market, and uses statistical tests based on stratified samples of stocks on weekly data over a four year period. The tests check the normality of the price lag and the correlations over a 6 period lag. As a conclusion, the tests indicate* that only few stocks conform to the weakform efficiency market hypothesis. The authors make specific recommendations to improve the efficiency of the market as a whole.     

Chamberlin's Experimental Markets Revisited: A Computerized Journey

A bstract . Professor Edward Hastings Chamberlin conducted many experiments about imperfect markets at Harvard University, using his students as bargaining agents. He found that transaction volumes ( i.e. number of units sold) were consistently higher in these "imperfect" markets than would have been the case if the markets were "perfect." This he found surprising but explainable. He also found, however, that the average transaction prices were consistently lower than their equivalents in perfect markets. That he found both surprising and unexplainable. He finally assumed that the biased behavior of his students caused that phenomenon. In the present study, his experiments were replicated but the alleged bias was eliminated by replacing the students with a computer which was programmed to deal impartially and objectively with all buyers and sellers. On completion of the simulation, it was found that the transaction volumes were indeed significantly higher than their perfect market equivalents, but average prices were very comparable to their counterparts in perfect markets. Thus Chamberlin's hypothesis was correct on both counts. This verification of the suspect results we consider very significant, because they may have far reaching effects on welfare economics. As more 'transactions may be completed at essentially the same average price, perhaps the efficiency of these markets could be improved by making these markets less perfect rather than less imperfect.     

我国物流市场的区域差异分析

首先运用因子分析法对我国31个省（区、市）物流市场的差异作了分析，得出3个主要因子。然后以这3个主要因子为新变量，采用聚类分析法将31个省（区、市）分为5个层次，分别代表不同的物流需求程度。最后结合我国物流市场的实际情况加以定性分析。     

内部资本配置效率研究的新进展

文章系统地梳理了内部资本配置效率的理论和经验研究,主要包括两方面内容:一是影响内部资本配置效率的外部因素;二是影响内部资本配置效率的内部因素。评价现有文献的价值和存在问题,为我国企业内部资本市场的理论研究和实践提供启示。     

对国内外物流市场发展的研究与思考

介绍了当前国内“物流热”的一些表现,并对国内第三方物流市场发展中存在的问题进行了地对上述问题,通过对欧美物流思想以及第三方物流提供商在发展与厂商关系,变革供应链的创新方法的研究,为国内物流企业提供了新的思路。     

广义有效资本市场:财务理论的新视野

以深市1998-2006年的349家A股上市公司为样本,实证检验了广义有效市场假说(GEMH)的财务管理理论。广义有效市场假说用价格的分形引子来表示风险资产的收益;并把风险的定义从收益的方差或标准差复原为资本的耗散程度,从而用耗散资产定价模型(DAPM)来替代资本资产定价模型(CAPM);用双β财务政策理论来替代MM理论;而市场效率可以用给定市场的资本效率吸引子与其均衡市场的资本效率吸引子之间的比率来进行评价。     

Make Markets Work

In previous issues leading public figures have indicated the desirable con tent of British economic policy. Roger Fox, an economist, and Kenneth Judge, a sociologist, who advise the SDP, argue, first, that more me should be made of the market, even where it disturbs established interests, and, secondly, that private financing should be used for social services.     

Keynes On Markets

A bstract . The heart of modern economics is the study of "the market," eventually ensuing in the General Equilibrium model. J. M. Keynes ignored, this line of inquiry but from 1907, when he was at the India Office, to the 1940s, when he made proposals for the post-war reconstruction of the financial system , he often addressed himself to the functioning of markets. He is critical of many markets for promoting instability , and especially for embodying low values (greed, fears). It is suggested that Keynes' views on markets were shaped by his personal experiences as an investor; by his realistic, non-theoretical approach; by his anti-Benthamite values and by his sensitivity to the unemployment and "chaos" they often caused.     

Property Markets At Sea

Explotation of seabed resources will be inefficient unless markets are established in seabed property rights. Professor Denman draws an implicit parallel between the Enclosure Movement which produced rapid improvements in agricultural efficiency, and privatising the ocean floor, and offers specific proposals for its implementation.     

Intermediation in Search Markets

In markets, in which exchange requires costly search for trading partners, intermediaries can help to reduce the trading frictions. This intuition is modeled in a framework with heterogeneous agents, who have the choice between intermediated exchange and search accompanied by some bargaining procedure. The equilibria of such a game are characterized. In the case of a monopolistic intermediary, the tradeoff between the bid-ask spread and the costs of delay during private search determine the intermediary's clientele. In equilibrium the monopolist charges a positive spread. Traders with large gains from trade prefer to deal with him, whereas traders with relatively low gains from trade engage in search. In case of competition among intermediaries, the classical Bertrand result obtains, and bid and ask prices converge to the (unique) Walrasian equilibrium price. Thus, in the confines of the model, the Walrasian auctioneer of the market under consideration can be replaced by competing intermediaries. In addition a multiplicity of subgame perfect Nash equilibria emphasizes the coordination problems inherent in models of intermediation.     

Competition in Political Markets

The political 'convergence theorem' argues that, in countries where there are two main parties or coalitions, their policies tend to converge. In Economic Affairs, January-March 1985, Professor Josef Molsberger traced the rise and fall of the social market in Germany. With the ascent in Britain of the Social Democratic Party and the demise of Labour, Lord Bruce-Gardyne and Dick Taverne reflect on the prospects for convergence between SDP and Conservatives, on policies to liberalise the British economy. Both are Treasury Ministers.