共查询到20条相似文献,搜索用时 375 毫秒
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We investigate the dynamic behaviour of conditional correlations between the US market, gold and two gold financial proxies using a multivariate dynamic conditional correlation model over different market regimes. A comprehensive period of time is analysed covering approximately 37 years of daily data, from August 1976 to March 2013, as well as a shorter period, of about 15 years, from September 1998 to March 2013. Both periods include the recent sub-prime financial crisis. Market regimes are defined using bull/bear states and alternatively using volatility regimes from a three-state Markov-switching variance model. An index of US mining companies and a value-weighted portfolio of US gold mutual funds are treated as potential proxies for an investment in gold. Two important conclusions emerge from our study. The first is that, even in the context of a dynamic correlation analysis, gold is always a safe haven; negatively correlated with the stock market under adverse market conditions. The second is that, although the gold proxies considered here exhibit a low correlation with the stock market and therefore offer diversification benefits, they cannot be considered perfect substitutes of gold due to their lack of negative correlations with the market in times of turmoil. 相似文献
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银行卡不仅是储蓄消费的工具,还成为便民生活,利民生活的高科技金融电子化服务载体。日益广泛的多应用将成为银行卡发展的主要趋势,中国农业银行金穗C卡突破以往银行卡发展的诸多瓶颈,在银行卡产业内实现了多个创新,树立起基于银行卡增值服务的应用典范。本文就金穗C卡增值业务的多个创新进行逐一解析,希望能为行业发展贡献一些智慧和价值。 相似文献
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Richard G. Lipsey 《International Tax and Public Finance》2007,14(4):349-364
The origin of the second best article is described and criticisms assessed. Distortions making impossible the achievement
of either first or second best optima are outlined. Attempts to establish the applicability of first best rules are criticised,
as are general rules for making piecemeal efficiency improvements. Both often use models containing empirically invalid assumptions
and a selected few of the full set of distortions. Practical policy advice requires more parochial objective functions than
community welfare; must rely on formal and appreciative theory, empirical evidence, and large doses of judgment; and should
concentrate on making piecemeal improvements in context-specific situations. 相似文献
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《Journal of Banking & Finance》1997,21(6):825-848
This paper examines whether golden parachute adoptions in the banking industry during the eighties aligned the interests of CEOs with those of regulators and or shareholders. Our results provide evidence supporting concerns expressed by regulators: that boards of directors behaved opportunistically by adopting golden parachutes prior to large bank failures in order to exploit the FDIC guarantee. Parachute adoption was correlated with poor performance ex ante and ex post. Moreover, adoption of parachutes virtually ceased when the FDIC guarantee was withdrawn by FDICIA. 相似文献
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按照中国传统文化和纪年方式,2009年是己丑(牛)年.2008年11月22日,中国人民银行隆重推出了2009年中国己丑(牛)年金银纪念币一套.该套纪念币共13枚,其中金币7枚,银币6枚,有圆形、长方形、扇形、梅花形,枚枚光彩耀眼,块块牛气十足--群福牛正迈着春天的脚步,向我们不急不徐地走来. 相似文献