Nature,Economy, and Equity: Sacred Water,Profane Markets

Numerous conflicts over natural resources can be overcome by restoring reciprocity between public and private sectors of the economy. Chapter 1 reviews two competing forms of environmentalism: one that accommodates business interests by giving public resources to them, and one that sacralizes the bond between society and nature by protecting both environmental quality and social equity. Chapter 2 discusses problems around the world that can be traced to mismanagement of natural resources, including land grabs and poverty. It also reveals a natural confluence between environmental, economic, and social concerns. Chapter 3 shows problems created by California's water tenure laws. California's 19^th century equitable solution (the Wright Act) is examined, along with inequities in legal regimes of India, Pakistan, South Africa, and the Philippines. Chapter 4 is a case study of how water laws have affected one river in California's Central Valley by preventing efficient water use. Chapter 5 shows why “water markets,” the standard panacea offered by most economists, have failed to improve either the efficiency or equity of water allocations in California and why such schemes are likely to fail for other natural resources. The missing element in such plans is a method of creating reciprocity by compensating the public, as the original owners of all natural resources. Chapter 6 concludes with four principles derived from the foregoing analysis.     

Predictability and Regional Integration of Pacific Basin Equity Markets

Between 1986 and 1990, returns on equity indices in Pacific Basin markets can be partially predicted by a set of information variables whose time series coefficients reveal at most one latent variable in the four-market system. A single-factor model implies that the reward for bearing a unit of common covariance risk is the same across markets which, in turn, implies that the markets are integrated. Total sample evidence, however, is driven by price movements in the first two subperiods and is also sensitive to other seemingly trivial adjustments to forecasting specifications. Thus, the predictability of Pacific Basin equity returns is inconsistent. To the extent such inconsistencies suggest imperfect regional integration, the costs to non-Asian firms of providing indirect diversification for their shareholders by investing in real assets in Pacific Rim countries will be high.     

Accounting Accruals and Stock Returns: Evidence from European Equity Markets

Abstract

In this paper, I show a generalisation of the negative relation of traditional accruals and percent accruals with future returns in 11 of 16 European countries. Positive abnormal returns from hedge portfolios on both accrual measures summarise the economic significance of this generalisation. The magnitude of returns obtained from traditional accruals is higher than that obtained from percent accruals, contrary to existing evidence from the U.S. capital market. The magnitude of the accrual effect on stock returns based on both accrual measures is stronger in countries with higher individualism, lower uncertainty avoidance, higher equity-market development, higher equity-market liquidity, lower transaction costs, higher analyst coverage, lower analyst optimism, and lower ownership concentration. In markets where minorities have legal protection against expropriation by corporate insiders and where accrual accounting is permitted, the accrual effect based only on percent accruals is positive. Earnings opacity does not appear to exhibit a significant influence. Overall, the evidence suggests that cross-country differences in culture, equity-market setting, analysts' research output, investor protection, and ownership structure play an important role in explaining variation on the magnitude of the accrual anomaly in Europe.     

社会主义:混合经济,社会公正和社会所有

马恩经典作家所描述的“未来社会”是与两个等式相联系的 ,即 ,资本主义 =私有制 =市场经济 ,社会主义 =公有制 =计划经济 ,而邓小平理论则对这两个等式作了实质性的修改。按照邓小平理论和中国改革开放 2 0年的实践 ,社会主义可以用这一等式表述 :社会主义 =混合经济 +社会公正 +社会所有。混合经济是社会主义在经济上的表现形式 ,它是“看不见的手”与“看得见的手”的有机结合 ,包含有市场经济一般特征和内容 ;社会公正是社会主义的本质特征 ,离开了社会公正 ,也就没有社会主义 ,社会公正包括公平的价值观和高度的民主政治 ;社会所有是社会公正的基础 ,也是社会主义的基础 ,包含以下三层意思 :个人积累的财富很大一部分转化为社会所有 ,社会每个成员可以充分享受社会财富的积累给个人带来的好处 ,生产资料以个人所有的集合体形式出现。中国的社会主义实践正在不断丰富和深化上述认识。     

转型期股票市场和经济增长:微观行为机制分析

本文对股票市场与经济增长的关系进行了微观分析。在建立模型的基础上分析了股票市场对经济增长作用的传导机制,结合中国转型期经济的实际情况对股票市场和经济增长的关系进行了考察和假设。从总体上说,中国的股票市场对经济增长的作用影响不大。     

公平、效率与环渤海区域经济协调发展

从公平和效率的关系入手,运用相关理论,指出了环渤海区域经济发展中公平与效率的内在矛盾,努力探寻二者相统一的目标,最后提出了实现环渤海区域经济协调发展的路径选择.     

耕地资源利用的代际公平原则与社会经济可持续发展

论文在界定耕地资源代际公平内涵的基础上,阐述代际公平原则对传统经济学理论的挑战,接着指出了我国目前耕地资源利用存在着数量存量失衡和功能存量的危机,最后提出了我国耕地资源利用代际失衡的原因及对策.     

新经济与旧规则--2000年风险投资与互联网回顾与展望

在2000年终了回顾新经济、创业和风险投资,不禁叹言:What a difference a year makes!无庸讳言,我们正在经历着新经济的艰难时期,市场经过了惨跌,我们业已看到互联网行业中的伤亡正在增加.在新闻媒体中,dot com(互联网公司)成为了dotbomb(互联网炸弹),e-tailing(网上零售)成为了efailing(网上失败),BtoC和BtoB也变成了Back to Consulting(返回咨询业)和Back to Banking(返回银行业).我们也听到了许许多多的议论,到底这是终结的开始抑或是开始的终结.     

论新经济与人力资源管理的创新

文章根据新经济时代的内涵和特征,对新经济时代的企业所需人才的类型、素质进行了论述,提出了新经济时代的人力资源管理创新思路.     

An Empirical Analysis of International Accounting Standards, Equity Markets, and Economic Growth in Developing Countries

The International Accounting Standards Committee receives widespread support for its efforts to 'harmonize' international accounting. International Accounting Standards (IASs) are, however, controversial, particularly in the context of developing countries. The authors report the results of an exploratory study empirically examining the relationships between the adoption of IASs, equity market development, and economic growth in developing countries with equity markets. They analyzed 27 developing countries by means of a cross-national sociological research design and partial least squares. The results indicate no major association between developing countries' equity market development and economic growth due to adoption of IASs. Questions for future research are proposed.     

硅谷华府餐饮助力中关村经济

中关村广场堪称为中国信息产业科技的前沿领地。数十座信息化的商务大厦群聚西区广场，商业布局初具雏形。海归华侨踊跃，科技类公司投资热潮高涨，国际化IT大公司的追捧，搬离中关村的科技企业逐步回流……作为北京核心商务区之一，中关村成为各行业投资的焦点。     

循环经济:西方国家的经验做法及对中国的启示(上)

资源是社会发展的基础条件.资源供给不足将成为今后社会发展的长期约束条件.随着可持续发展战略的普遍采纳,发达国家正在把发展循环经济、建立循环型社会,作为实现环境与经济协调发展的重要途径.而我国面临的资源约束矛盾日益凸显,大力发展循环经济尤显重要.应借鉴发达国家经验做法,推进我国循环经济发展,从而全面建设和谐社会.     

循环经济:西方国家的经验做法及对中国的启示(二)

三、西方国家的主要经验及其做法　发展循环经济,国情不同,各国的切入点也各异.日本、德国主要是适应本国固体废弃物管理战略转变的需要,因此,日本从资源减量化入手,以建设循环型社会为主旨,德国则从环境保护入手,主要通过建立废弃物资源化的双元系统来发展循环经济.西方国家主要经验做法是：     

产业园区循环经济标准体系框架研究

文章在分析产业园区循环经济标准体系框架所遵循的原则基础上,确定了标准体系构建的过程方法;并以模块化理念为技术依据,运用该过程方法分别构建了便于推广的工业和农业产业园区的循环经济标准体系框架。     

资本市场有效性与企业并购绩效研究方法选择——基于中国上市公司的实证分析

对上市公司并购绩效研究结论的不一致源于研究方法的不同,研究方法的有效性则依赖于资本市场有效性.采用事件研究法和会计研究法综合分析上市公司并购绩效并对不同研究方法和分析指标所得结果进行比较后发现:并购能给并购企业股东带来超额收益、提升企业价值,但盈余指标提升不明显,研究方法不同导致研究结果迥异;我国资本市场是不完全的半强式有效,研究并购绩效事件研究法局部适用,盈余指标不适用;对于总体并购事件以及不同类型并购,事件研究法和会计研究法中的自由现金流与EVA指标分析结果一致,事件研究法可以被使用;对于是否关联交易的并购绩效研究结论则相反,市场存在“关联交易恐惧”,事件研究法不适用.     

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.     

The Usefulness of Earnings and Book Value for Equity Valuation in Emerging Capital Markets: Evidence From Listed Companies in the People's Republic of China

This paper examines the relative value relevance in equity valuation of two sets of accounting information of listed Chinese companies which issued the so-called B shares to foreign investors on the Chinese stock exchanges. These firms are required to prepare two sets of financial statements: one based on China's accounting regulations (domestic GAAPs) and the other based on International Accounting Standards (IASs). The study adopted the Ohlson (1995) model and used the Davidson-MacKinnon J-test to assess which one of these two competing sets of accounting information is more closely associated with the share prices. The results showed that earnings and book value reported based on IASs have greater information content than those based on domestic GAAPs. The results of yearly regression analysis generally suggested that the explanatory power of these earnings and book values for share prices increased over time.