Towards a general theory of bond markets

The main purpose of the paper is to provide a mathematical background for the theory of bond markets similar to that available for stock markets. We suggest two constructions of stochastic integrals with respect to processes taking values in a space of continuous functions. Such integrals are used to define the evolution of the value of a portfolio of bonds corresponding to a trading strategy which is a measure-valued predictable process. The existence of an equivalent martingale measure is discussed and HJM-type conditions are derived for a jump-diffusion model. The question of market completeness is considered as a problem of the range of a certain integral operator. We introduce a concept of approximate market completeness and show that a market is approximately complete iff an equivalent martingale measure is unique.     

正视新的挑战 做好培训工作--中国注册会计师协会全国培训工作会议召开

本刊讯 中国注册会计师协会全国培训工作会议于2002年3月1～3日在重庆召开.各省、自治区、直辖市注册会计师协会、资产评估师协会,计划单列市资产评估师协会、深圳市注册会计师协会主管培训工作的秘书长和负责培训工作的同志参加了会议.中注协副秘书长刘萍到会讲话.中注协培训部主任岳公侠总结了2001年培训工作,介绍了2002年度培训工作的指导思想和具体计划.中注协与北京国家会学院和上海国家会计学院还共同对2001年度培训工作先进单位进行了表彰奖励.     

A theory of acquisition markets: mergers versus tender offers, and golden parachutes

We develop a model of the acquisition market in which the acquirerhas a choice between two takeover mechanisms: mergers and tenderoffers. A merger is modeled as a bargaining game between theacquiring and target firms; whereas a tender offer is modeledas an auction in which bidders arrive sequentially an competefor the target. At any stage of the bargaining game the acquiringfirm can stop negotiating and make a tender offer. In equilibrium,there is a unique level of synergy gains below which the acquiringfirm makes only a merger attempt as it expects to lose in thecompetition resulting from a tender offer. For synergy gainsabove this level, tender offers can occur. However, to get tenderoffers, target shareholders must give their managers gold parachutesthat give higher payoffs in tender offers than in mergers.     

联迪商用荣当“金卡工程金蚂蚁”

近日,在“金卡工程”推出十五周年之际,联迪商用荣获了国家金卡工程办公室（以下简称“金卡办”）颁发的中国智能卡行业权威奖项“2008国家金卡工程金蚂蚁奖”之最佳配套产品奖。     

Reflections on the practice of research

In this essay, we consider the relevance of research. To support our argument of its relevance, we offer three cases – Hull House, the Indian Trust Fund, and accounting standard-setting – that examine the taken-for-grantedness of accountability and the ways in which the term is frequently used.     

A general theory of controllability and expectations anchoring for small-open economies

Rational expectations are often used as an argument against policy activism, as they may undermine or neutralize the policymaker’s actions. Although this sometimes happens, rational expectations do not always imply policy invariance or ineffectiveness. In fact, in certain circumstances rational expectations can enhance our power to control an economy over time. In those cases, policy announcements can be used to extend the impact of conventional policy instruments. We present a general forward-looking policy framework and use it to provide a formal rationale for testing when policymakers can and cannot expect to be able to manage expectations. To describe the relevance of our results applications are shown for policy design in small-open economies. Those are the cases where domestic policies are at their weakest and our ability to influence expectations most constrained.     

Making the best of best-of

This paper extends the analytical valuation of options on the maximum or the minimum of several risky assets in several directions. The first extension consists in including more assets in the payoff and making the latter more flexible by adding knock-in and knock-out provisions. The second extension consists in pricing these contracts in a multivariate jump-diffusion framework allowing for a stochastic two-factor term structure of interest rates. In both cases, explicit formulae are provided which yield prices quasi instantaneously and with utmost precision. Hedge ratios can be easily and accurately derived from these formulae.     

Reflections on the ontological status of risk

In this article we discuss the concept of risk in an ontological perspective. Risk per se is not a self-explaining concept that ‘exists’ by its own virtue. Our discussion is therefore based on existing methodologies and epistemological claims concerning risk. With these claims as our point of departure, we examine risk in relation to the concept of time, state of affairs (the state of the world) and events and discuss relations and constitutional issues for the risk concept. Drawing on a relation between time and state of affairs, we argue that risk is rooted in the transition from the future to the present. Risk is being constituted by the transition from a myriad of future possibilities into one present reality (one actual contingent world). This implies that risk is not ontologically something of the future, but rather something of the present. However, we argue that risk does not exist in any ontological sense. What actually exist are possible (future) states of affairs and these may or may not be interpreted to hold risk. An implication of this is that all risk claims are subjective.     

关于消费信贷立法的思考

消费信贷对推进金融服务的创新和信贷体制的完善有重要的意义,本文在分析我国消费信贷立法现状的基础上,对我国消费信贷立法及配套制度的建立和完善提出相关建议。     

发展商业银行国际保理业务的认识与思考

国际保理业务（International Factoring)，又称保付代理业务，是指出口商以挂账，承兑交单等方式销售货物时，保理商买进出口商的应收账款，并向其提供资金融通、进口商资信评估，销售账户管理、信用风险提保、账款催收等一系列服务的综合金融服务方式，根据保理业务涉及保理商的情况，保理业务通常可分为双保理模式和单保理模式，其中双保理模式是目前国际上最为流行的形式，在欧洲和北美洲开展的国际保理业务中，大多数都采用这一方式，而单保理模式则更多地被运用在国内保理业务中。     

两次辉煌背后的思考——重访中国工商银行山东省分行营业部济南大观园支行

1995年,山东济南大观园储蓄所以“微笑服务”成为全国银行服务业的一面旗帜。2008年,大观园支行贵宾理财中心以“助你财富增值”为口号,再次成为同业瞩目的焦点,无疑,是“优质服务”成就了大观园的两次辉煌。但是,大观园支行曲折的发展之路让我们不禁思索,这两次辉煌仅仅是历史的重复吗？为什么两次辉煌之间也经历过低谷？“如果一个理财建议能让客户资产增长百分之一。比给他一百个微笑都有用！”从沈荣勤行长的话中,我们似乎能体会到解答这些问题的端倪——在一日千里的市场发展中,“优质服务”是一个永无止境的话题。     

对会计教学改革的思考

知识经济时代需要大批高素质的新型会计人才,而只有构建起先进的会计教学体制,才能培养出适应现代经济发展需要的新型会计人才.传统的会计教学体制在教学目标、观念、方法、内容以及教师继续教育等方面存在诸多缺陷,必须进行改革.     

对"金融约束论"的反思

金融约束论是新凯恩斯经济学家总结东亚经济迅速发展的经验从信息不完全视角提出的新理论,认为政府通过对经济的适度干预为民间部门创造租金机会可以促进经济增长,对发展中国家经济发展初期阶段的政策制定具有一定的借鉴作用。但随着亚洲金融危机的爆发,引起了人们的质疑。根据对该理论主要内容的全面评析,认为该理论不适合中国,现阶段市场增进论可能是对政府作用的一个较好的定位。     

关于银政合作的思考

随着金融创新和银行业改革的不断深入，商业银行和各级地方政府的全方位合作迅速展开，成为商业银行新的利润增长点和业务拓展方式，但银政合作又蕴含着风险和不确定因素因此，对银政合作既要高度关注和积极参与，又要冷静分析，客观判断，做到趋利避害.     

A general equilibrium model of changing risk premia: theory and tests

We derive and test a dynamic discrete-time model of asset returns.Both the risks of individual securities and equilibrium riskpremia change predictably in the model, but these changes canbe attributed to movements in the returns and prices of onlytwo well-diversified portfolios. Any other components of returnsshould be unpredictable. Using the generalized method of moments,the model is estimated and tested on portfolios of equities.We find the data supportive of the model's restrictions, evenwhen instruments designed to capture the January effect areemployed.     

年终盘点之二:中国建设银行信息技术管理部总经理 张益民

2004年中国建设银行科技工作的重点是打基础。我个人体会，2004年建设银行的科技工作处在“大规模战役”之前的准备阶段。我们经过两年的思考和准备，已经确定了科技的整体规划和实施规划，并且在一些项目上有所推进，未来两年将是从规划到任务，从蓝图到实施的攻坚阶段，我们将集中解决怎么“打好仗”的问题。     

中国证券市场投机问题研究

界定证券市场投机与投资行为的异同,分析证券市场中的庄家问题,阐明中国证券市场的投机驱动及其运行机制,提出降低证券市场投机程度的对策。