In Defense of Usury Laws

Usury law is often criticized by economists for curtailing lending and thus creating deadweight costs. This paper shows that if moral hazard leads to credit rationing, a just-binding usury law creates a deadweight gain.  This property also holds in most market-clearing equilibria. Independent of social insurance benefits, or curbing present-biased preferences, interest rate caps have merit.     

In Defense of Pay-as-You-Go (Paygo) Financing of Social Security

Abstract

Today’s proposals to create larger social security funds and then invest them in the private sector are intended to create more rapid economic growth, which would make it easier to pay social security benefits in the long run. These proposals are also aimed at enhancing intergenerational equity by making today’s workers pay for a greater proportion of their future benefits.

The important public policy issues inherent in such proposals are numerous: questions of whether prefunded social security plans are demographically immune; whether prefunding social security can increase gross national savings and worker productivity; whether there are better ways to create a healthy economy; whether social security is best offered as a defined-benefit plan or a defined-contribution plan. This paper explores each of these important public policy issues in the context of the social security systems of Canada and the U.S.     

In Defense of Incentive Compensation: Its Effect on Corporate Acquisition Policy

Financial economists have long recognized that compensation design, particularly the use of equity-based compensation, can provide strong motivation for corporate managers to make value-maximizing decisions. But the perception of excesses in equity-based pay for U.S. executives has become pervasive and has led many to question its efficacy. The fundamental problem is one of measurement–while it is relatively easy to measure the cost of equity-based compensation, it is difficult to determine the extent to which equitybased compensation actually causes managers to direct corporate resources into value-maximizing ventures.
The authors of this article focus on corporate acquisition policy and argue that if equity-based pay is an effective motivator, it should limit management's inclination to overpay for acquisitions and to make unwise acquisitions. In their study of 1,719 mergers and tender offers over the period 1993–1998, the authors found that bidding companies with higher proportions of equity-based pay paid lower takeover premiums, acquired targets with stronger growth opportunities, and undertook acquisitions that were received more favorably by the market both upon announcement and over time.     

Technical Analysis and Liquidity Provision

The apparent conflict between the level of resources dedicatedto technical analysis by practitioners and academic theoriesof market efficiency is a long-standing puzzle. We explore apreviously unexamined feature of technical analysis —namely its relation to liquidity provision. We demonstrate thatsupport and resistance levels coincide with peaks in depth onthe limit order book and moving average forecasts reveal informationabout the relative position of depth on the book. Furthermore,we show that these relationships stem from technical rules locatingdepth already in place on the limit order book.     

Corporate Governance and the Goal of the Firm: In Defense of Shareholder Wealth Maximization

This essay is based on my keynote address at the 2016 annual meeting of the Eastern Finance Association. I propose that misunderstandings about the traditional model of corporate governance, with its emphasis on shareholder wealth maximization, contribute to negative societal attitudes about corporations. I discuss the implications of shareholder wealth maximization for other corporate stakeholders, the dangers of deviating from shareholder wealth maximization, and the roles that the media and the government play in the governance of corporations.     

博弈技术分析及在银行知识管理中的应用

作为知识社会的新的管理方式，知识管理有助于提高我国商业银行的综合竞争力。运用博弈论的方法，分析了商业银行知识管理中的隐性知识共享问题，指出客户经理间的长期合作和相互信任是合作的重要基础，并提出了相应的改善隐性知识共享的策略。     

技术创新企业与风险投资者的博弈分析

本文运用定性与定量相结合、规范与实证相结合、博弈论等方法对技术创新企业和风险投资者进行了分离均衡和混同均衡的博弈分析,结论认为混同均衡较难达到,分离均衡虽然在一定条件下总是存在,但却是低效率的.分析认为可以通过降低q值使之趋近于O或减轻信息不对称现象来推进上述均衡的成立.     

Reexamining the Profitability of Technical Analysis with Data Snooping Checks

In this article we reexamine the profitability of technicalanalysis using White’s reality check and Hansen’sSPA test that correct the data snooping bias. Compared to previousstudies, we study a more complete "universe" of trading techniques,including not only simple rules but also complex trading strategies,and we test the profitability of these rules and strategieswith four main indices. It is found that significantly profitablesimple rules and complex trading strategies do exist in thedata from relatively "young" markets (NASDAQ Composite and Russell2000) but not in the data from relatively "mature" markets [DowJones Industrial Average (DJIA) and S&P 500]. Moreover,after taking transaction costs into account, we find that thebest rules for NASDAQ Composite and Russell 2000 outperformthe buy-and-hold strategy in most in- and out-of-sample periods.It is also found that complex trading strategies are able toimprove on the profits of simple rules and may even generatesignificant profits from unprofitable simple rules.     

国有企业技术溢出效应的实证分析

国有企业与包括外商直接投资企业在内的三资企业之间的技术外溢不是只由三资企业溢出到国有企业,国有企业的技术创新同样会外溢到三资企业.外资企业的发展不仅有政府税收等政策的优惠,而且还得益于国有企业技术创新成果的技术外溢.     

Market Statistics and Technical Analysis: The Role of Volume

We investigate the informational role of volume and its applicability for technical analysis. We develop a new equilibrium model in which aggregate supply is fixed and traders receive signals with differing quality. We show that volume provides information on information quality that cannot be deduced from the price statistic. We show how volume, information precision, and price movements relate, and demonstrate how sequences of volume and prices can be informative. We also show that traders who use information contained in market statistics do better than traders who do not. Technical analysis thus arises as a natural component of the agents' learning process.     

XBRL技术体系结构的语言学分析与改进研究

为了深化XBRL技术结构的研究,本文依据现代语言学的基本原理,从语法形式化和语义形式化两个维度对XBRL的现行技术体系结构进行了分析,指出了其在语法形式化方面存在元素和规则定义不足,在语义形式化方面存在对句子的语义表达功能重视不够、语音意义未被利用和语境意义不足、修辞分化缺失等问题,并基于未来的发展需求提出了扩展技术规范、重构分类标准以及规范实例文档等改进策略,旨在拓展XBRL技术结构的研究视角,提高XBRL的技术品质,推动XBRL标准的应用。     

浅析企业合并中的负商誉问题

企业合并中负商誉的会计处理问题在各国会计界一直是一个争议的问题,目前国际上共有四种处理惯例,我国在新会计准则中关于负商誉的规定也体现了向国际趋同的目标。本文旨在列示这四种处理方法,并对其进行简略分析,试指出其中存在的不合理之处。     

A Test of Technical Analysis: Matching Time Displaced Generalized Patterns

We use a least squares metric to match the return pattern of a target stock with that of an out‐of‐sample‐twin. The twin with the smallest metric is found by a comprehensive period‐by‐period search of stocks in the Center for Research in Security Prices data set extending back to 1926. If technical analysis has value, targets of twins producing the highest returns in the twin postperiod should also have the highest performance in the target postperiod. Using a randomly selected sample of 66,000 return patterns, we find higher means for targets corresponding to the highest returning twin quintile. We also use regressions to risk adjust target returns and find that twin returns in the postmatch period significantly predict risk‐adjusted target returns.     

坚固第三道防线

伴随着信息科技与业务发展的深度融合,银行对信息科技这一关键资源的效率和效能、可用和安全有着越来越高的要求。任何与信息科技相关的风险事件的发生,对银行的IT审计都是重大挑战。"十二五"时期,IT审计作为银行的"第三道防线"(信息科技管理为"第一道防线"、信息科技风险管理为     

技术性贸易壁垒的理论分析与对策研究

目前,技术性贸易壁垒已成为发达国家实施超贸易保护主义政策的载体,从而使原本维护贸易公平竞争、促进国际贸易发展的措施,成为阻碍国际贸易正常发展的手段。技术性贸易壁垒扭曲了比较利益,损害了多方利益。如何应对技术性贸易,应从根源上寻找对策,关键是提高科技水平,实现在技术上超越技术性贸易壁垒的限制。     

类比法在数学分析教学中的应用

结合自己的教学实践,通过实例来说明类比法在数学分析教学中的应用。     

高利率能否捍卫汇率稳定：基于马尔科夫变换的世代交叠模型的分析

按照传统观点,在本国货币遭受投机攻击时,中央银行的典型做法是提高短期利率来捍卫货币和汇率制度。但批评者认为,提高利率会增加经济发展的成本,容易引发信用恐慌和产出减少。通过建立一个基于马尔科夫变换的世代交叠模型可以发现,利率被提的越高,汇率波动率也会随之相应增加。当高利率的货币政策使经济增长放缓甚至衰退,维持汇率稳定的可信度下降时,投机者就会发动对本币的投机攻击。最后在外汇储备耗尽的情况下,中央银行权衡得失后不得不实行浮动汇率制。     

Technical Analysis as a Rational Tool of Decision Making for Professional Traders

The psychological background of technical analysis usage is investigated to further explain the popularity and common usage of technical analysis as an investment decision tool. Attitudes toward technical analysis of professional futures market traders and neophyte investors, represented by finance students, were examined. Technical analysis is one of the most popular methods supporting investment decisions and it is much more popular among future market traders than among neophyte investors. The concept of processing information was used to explain this phenomenon. Neophyte investors are more experiential and intuition-driven while using technical analysis models, while futures market traders are more rationally driven. Technical analysis methods help professional traders on futures markets, which are less transparent than regulated stock markets, to process information; those methods are perceived by them as rational, cognitive tools supporting their decision making.     

国防知识产权的特殊性

国防知识产权是指国防科技工业系统产生和使用的知识产权,包括核、航空、航天、兵器、军工船舶、军工电子等产业的产品研发以及生产经营管理中产生的知识产权,以及这些产业中民品研发以及生产经营中产生的知识产权。     

湖南省服务业区域效率的比较分析

采用1998~2007年湖南省服务业的面板数据建立随机前沿生产函数模型,并对湖南省13个市州的技术效率进行了测算和分析。结果表明,湖南省服务业生产技术效率随时间波动且地区差异明显,因此,应加大服务业投入,调整服务商业产业结构,加强区域间合作,推动现代服务业发展。