金融危机下主权财富基金投资的风险控制与策略

占有总额约2万亿美元的资产,主权财富基金是近年来最受瞩目的国际投资者.此次美国次贷危机引起全球金融市场剧烈波动,且已由虚拟经济向实体经济蔓延,而以长期投资为主的主权财富基金被认为在一定程度上可对全球动荡的经济起到稳定器的作用,因此,对金融危机下主权财富基金的投资策略的研究具有重大的意义.     

The impact of sovereign wealth funds on global financial markets

If sovereign wealth funds act similarly to private investors and thus allocate foreign assets according to market capitalisation rather than liquidity considerations, official portfolios reduce their “bias” towards the major reserve currencies — the US dollar and the euro. As a result, more capital flows “downhill“ from rich to less wealthy economies. In this scenario, the euro area and the United States would be subject to net capital outflows while Japan and the emerging markets would attract net capital inflows. The potential implications of a rebalancing of international capital flows for stock prices, interest rates and exchange rates remain uncertain, however. The authors wish to thank Marcel Fratzscher for excellents comments. The views expressed in this paper are those of the authors and do not necessarily reflect those of the European Central Bank.     

The role of sovereign wealth funds in global financial intermediation

Sovereign wealth funds (SWFs) have experienced tremendous growth lately. Their combined wealth is currently estimated at $3 trillion, and the International Monetary Fund estimates that they will continue to grow to $10 trillion by 2012. SWFs' recent investments in the United States and Europe have been the focus of media and government scrutiny, given that a number of SWFs are not transparent, and emanate from authoritarian regimes, which are not political allies of the West. In this article, we provide a comprehensive overview, along with detailed summary statistics on various aspects of SWFs. We also provide recommendations to facilitate SWFs' role in global financial intermediation. © 2010 Wiley Periodicals, Inc.     

How Norway’s sovereign wealth fund negative screening affects firms’ value and behaviour

This paper examines the impact of negative screening by responsible sovereign wealth funds on the value of excluded firms. We focus on the main sovereign wealth fund, the Government Pension Fund Global of Norway, which excluded 149 firms from its portfolio during the period 2006–2018. Using an event study methodology, we document a significant decrease in excluded firms’ stock prices. Moreover, we find that the nature of screening matters: norm‐based exclusions suffer from a significant and permanent decrease in their stock value, suggesting that market participants reacted to the Government Pension Fund Global of Norway exclusions. Overall, it can be asserted that the Norwegian fund has a strong signalling effect on financial markets, in terms of social and environmental information. We conclude that sovereign wealth funds could be used by governments as investment vehicles in order to promote responsible investments on a large scale.     

Cross‐sector alliances in the global refugee crisis: An institutional theory approach

The global refugee crisis has posed severe challenges to social stability and sustainable development around the world. While the business sector is expected to shoulder social responsibility in crisis relief efforts, our initial assessment shows that refugee‐related corporate social responsibility (CSR) significantly diverged across the Global Fortune 500 corporations. To advance scholars and managers' understanding of this complex CSR issue, this study draws upon National Business System Theory to explore how country‐level factors influence the multinational corporations' CSR communication about the refugee issue. Specifically, the study focuses on the strategic cross‐sector alliances between corporations, NGOs, and IGOs. The analysis shows that in this controversial global crisis, the following factors of corporations' countries‐of‐origin can significantly affect the level of cross‐sector CSR alliances: democracy levels, economic inequality levels, and unemployment rates. Findings of this study provide practical guidelines that can help managers to anticipate societal expectations when dealing with controversial social issues in an international setting. Our findings could also assist policymakers, NGOs, and IGOs to better design strategies to mobilize the corporate resources.     

A global compass for the great divergence: Emissions versus production centres of gravity 1820–2008

We construct the world's centres of gravity for human population, GDP and CO₂ emissions by taking the best out of five recognised data sources covering the last two centuries. On the basis of a novel distortion‐free representation of these centres of gravity, we find a radical Western shift of GDP and CO₂ emission centres in the nineteenth century, in sharp contrast with the stability of the demographic centre of gravity. Both GDP and emissions trends are reversed in the first half of the twentieth century, after World War I for CO₂ emissions, after World War II for GDP. Since then, both centres are moving eastward at an accelerating speed. These patterns are perfectly consistent with the lead of Western countries starting the industrial revolution, the gradual replacement of coal by oil and gas as alternative sources of energy and the progressive catch‐up of Asian countries in the recent past.     

从均衡财富的角度探讨经济危机的成因及应对途径

在不同类型的经济危机中,有一个共同的现象,就是财富不均衡。尽管产生经济危机的原因是多元的,但解决经济危机问题,关键是要消除财富不均衡,减少贫富差距。尤其在社会化大分工的条件下,财富不均衡对社会经济系统的破坏要比自给自足经济系统更为严重。所以,社会化大生产水平越高,越要注重财富的均衡问题,关注社会的贫富差距问题。     

Supporting the global e‐teacher

This paper describes the scope of the challenge needed to support university teaching staff to become effective global e‐teachers. This challenge involves teachers in broadening their understanding of cultural diversity, as well as acquiring new skills in educational design and online teaching and learning. Three ways of supporting teachers are described: growth of individual teachers’ skills and confidence, a focus on curriculum and educational design, and development of appropriate university policy. In reality, support is needed in all three areas. Finally, some general principles for staff development of the global e‐teacher are suggested.     

2008—2009：国际金融危机下的中国经济分析与预测

本文分析了中国改革开放以来的四个经济增长周期,认为2008年在美国次贷危机引起的国际金融危机影响下,中国经济开始进入了第五个周期。文章较为全面地分析了2008年中国经济形势,并对2009年中国经济增长趋势进行了分析和预测。     

Derivatives do affect mutual fund returns: Evidence from the financial crisis of 1998

Using a unique data set of detailed balance sheet information on mutual funds, we find that most mutual funds using derivatives do so to a very limited extent that has little discernable impact on returns. However, there exist two types of funds that make more extensive use of derivatives, global funds and specialized domestic equity funds. The risk and return characteristics of these two groups of funds are significantly different from funds employing derivatives sparingly or not at all. Fund managers time their use of derivatives in response to past returns. Evidence during the financial crisis of August 1998 supports the hypothesis that the effects of derivative use are most pronounced during the periods of extreme movement. © 2010 Wiley Periodicals, Inc. Jrl Fut Mark 31:629–658, 2011     

金融危机对我国汽车出口的影响

本文根据汽车出口贸易的现状,对汽车出口形势进行了分析,分析了金融危机对我国汽车出口的影响,并提出了对策建议,以减少金融危机对我国汽车出口的不利影响,实现汽车出口行业的健康可持续发展.     

Examining the global reach of the 2008 US economic downturn

This article analyzes how the 2008 US economic downturn propagated through the global trading system, creating an economic contagion around the world. Consistent with previous global crises, the reach and impact of this crisis is not the same across different regions. This article contributes to the literature by examining the effect of dependency on the country of origin of a crisis, openness to international trade, and the role a country plays in the global trading network to explain the variation in the reach and the impact across countries. The article concludes with policy recommendations to avoid future economic contagions or reduce their impact. © 2011 Wiley Periodicals, Inc.     

后金融危机时代我国船舶工业运行态势分新

一、2010年世界船舶工业生产经营概况近年来世界航运业快速发展,而2008年爆发的金融危机对船舶行业冲击较大,在造船业三大指标上主要表现为2008～2009年新接订单量大幅下降,但手持订单量始终保持在较高水平,造船完工量仍旧大幅增长。2010年,全世界造船业三大指标均实现了不同程度的提升。其中造船完工量14607．4万载重吨,     

Gender‐based perceptions of equity in China's state‐owned enterprises

Despite the emphasis on equality in China's state‐owned enterprises, analysis of data collected from 900 Chinese in 10 state‐owned enterprises indicated that statistically significant pay differences exist between male and female employees. However, differences between male and female employees' perceptions of equity in these enterprises were found to be statistically significant only among those employees with fewer years of work experience and those with lower levels of technical skills. Perceptions of equity were also found to be related to the job satisfaction of both male and female employees. These results are discussed within the context of the Maoist ideology of egalitarianism and the post‐Tiananmen movement toward the forging of links between employee compensation and performance. © 2002 Wiley Periodicals, Inc.     

The global chess game … or is it go? Market‐entry strategies for emerging markets

Two contrasting metaphors of market‐entry strategy for emerging markets are developed in this article: the Global Chess Game and the Game of Go. Understanding these paradigms is critical for business success and for building robust theories of international competitor analysis in emerging markets, particularly in Asia. The Game of Go represents a long‐term strategy of Japanese companies, dominant foreign direct investment players in the region, and it represents the global strategy of many Asian emerging market companies as they grow within the region and beyond. A Competitor Analysis Framework for Emerging Markets is proposed that incorporates culture and other antecedents as precursors of competitor analysis and strategy formulation. © 2005 Wiley Periodicals, Inc.