Optimal Dynamic Portfolio Selection: Multiperiod Mean‐Variance Formulation

The mean‐variance formulation by Markowitz in the 1950s paved a foundation for modern portfolio selection analysis in a single period. This paper considers an analytical optimal solution to the mean‐variance formulation in multiperiod portfolio selection. Specifically, analytical optimal portfolio policy and analytical expression of the mean‐variance efficient frontier are derived in this paper for the multiperiod mean‐variance formulation. An efficient algorithm is also proposed for finding an optimal portfolio policy to maximize a utility function of the expected value and the variance of the terminal wealth.     

Multiperiod Scenario Development Using Group Support Systems: An Application to the Future of Hong Kong

Managers facing substantial uncertainties often find it helpful to construct scenarios describing alternative futures. Knowledgeable people may have useful information, observations, and impressions relevant to these futures, but in some organizations and societies they may also be reluctant to openly discuss their ideas. Group support systems (GSS) have been shown to be useful in constructing and analyzing scenarios under these conditions. However, much of this work is based on single-period views that describe the end state of a system without examination of intermediate states leading up to the end state. We show how GSS can be used to construct 2-period scenarios that include 1 intermediate state. In addition, one can use this information to estimate long run effects by calculating the equilibrium probabilities of a stationary Markov chain. We then apply this approach to develop 2-period scenarios that describe possible futures for Hong Kong.     

信用缺失现象的博弈分析

市场经济是信用经济,诚信原则是市场机制的灵魂和基础.信用缺失已成为当前我国社会一个严重的社会问题,其结果是社会交易成本不断提高.本文采用博弈论的分析方法,从市场交易人行为选择模式和外部制度环境两方面对信用缺失现象的内因和外因进行了分析,认为社会信用本质上是信息传递的问题,在现有的制度环境下,信用缺失是市场交易人理性选择的结果.解决信用缺失的基础在于深化产权制度改革;还要建立高效的信息传递机制,构建社会信用的技术平台;要完善法律体系,加大执法、处罚力度,构建约束失信行为的制度平台,营造公平竞争、诚实经营的市场环境.     

消费的哲学-社会学分析

"消费社会认为,不断增长的消费即意味着个人对幸福的追求.……人们现在根据所消费的商品和劳务的质量和数量来判断一个人的地位、价值和成功."…上述观念在以前决不会产生共鸣.因为,传统思维不知怎么总是囿于"重生产,轻消费"的定式.     

企业规模问题的三维综合分析

在对交易费用理论、规模经济理论及范围经济理论等有关理论进行回顾和总结的基础上,从生产链、产量以及产品种类等三个维度对企业的纵向规模、横向规模、多元化规模及其各自的影响因素进行了比较深入的分析和探讨,可以系统地理解整体规模的含意及其不同维度规模之间的关系;可以更好地解释现实中不同企业在规模结构和经济效率的差异,使企业规模的研究,不能一直停留在对有关概念的无谓争论阶段。     

城市旅游发展的竞争力分析与政策建议

目前，城市旅游发展面临着经济增长、产品创新、市场争夺、永续发展等多目标的竞争压力。决定城市旅游发展竞争优势的因素主要包括旅游发展的专门化、信息化和集团化水平，为合理配置资源，发展旅游专门化优势，必须制定相应的政策。     

A Conjoint Analysis of Quality Wine

Abstract

Weighted least squares approach for conjoint analysis is used to examine buyer preferences towards wines produced in different Spanish regions. Two producer regions are considered, Na-varra and Aragon, and three wine attributes: price, origin and grape vintage year (wine age). In both regions, differences between urban and rural consumers' preferences are tested. Results indicate that the origin of the grapes is the most important attribute for the wine consumer. Rural consumers prefer locally produced wines while Rioja wines are better considered by urban consumers. The price and the age of the wines are secondary attributes in consumer preferences. Finally, some market segments are formed based on individual consumer preferences and some of their sociodemographic characteristics in order to address differentiated marketing strategies to these segments.     

中韩贸易的实证分析

中国与韩国建交以后,贸易依存度猛增。本文首先分析了两个国家间的进出口趋势。其次通过实证分析研究两国的贸易情况,把韩国对中国FDI、货币的兑换率、中国加入WTO的影响当作决定贸易额的解释变量,衡量3个解释变量之间贡献的大小。在指出两国间存在的贸易问题的同时,分析其原因,进一步探寻两国贸易发展方向。     

有利于穷人的经济增长之规范性分析

中国改革开放20多年虽然在经济上取得了巨大成就，但是随着经济发展与财富增长，国内民众利益再次出现分化。中国的实践再一次表明经济增长并不会自动、均等地惠及所有人。在2000年联合国提出“千年发展目标”以后，“有利于穷人的经济增长”（PPG）在国际范围引起经济研究者的广泛关注，而它对于中国广大的经济爱好者似乎还是一个新名词。基于国内研究现状，本文主要对PPG及其相关内容进行规范性分析，内容包括有利于穷人增长的类型、内涵、特点及其度量指标体系。     

A Content Analysis of Retail Web-Sites

Abstract

A content analysis is presented of Web-sites maintained by the top 100 U.S. retailers. The prevalence of Web-based retailing, sales, merchandise presentation, sales promotion, corporate communication and customer service are examined. Results indicate that while 64 of the top 100 retailers have established Websites, few are using the electronic retail sites for sales, corporate communication or customer service. This study establishes a foundation for theory building and empirical examinations of Web-based retailing. Future directions for research in this area are suggested.     

基于综合分析的货币国际化研究

货币国际化是发行国(地区)政治经济实力提升的表现和结果,是其国际政治经济权力增强的重要方式和途径,也是对现行国际货币体系的修正。货币国际化战略的实施需要满足一系列内核条件和支撑条件,这些条件在一定程度上决定了货币国际化的收益和成本。国际货币体系的不稳定性和不平衡性引致了改革的需求,也为新兴经济体的货币国际化提供了契机。货币国际化是一个不断推进的过程,货币发行主体应该根据已经具备的条件,并在成本-收益分析的基础上实现货币国际化的时间演进、层次深化和空间拓展。     

个人所得税征管的博弈分析

通过对国家政府、税务机关与纳税人之间的委托-代理关系的分析,构造了两个不完全信息动态 博弈模型,并对这两个模型进行了比较分析,在此基础上,得出了国家政府对税务机关的有效激励机制, 以促使税务机关努力工作,从而实现税收征管的预期目标。     

A Behavioural Analysis of Co-operative Marketing Organisations

Most research to date on co-operative marketing has focused on large organisations. This paper explores co-operation that takes place between smaller businesses for the purpose of marketing the generic elements of their product. A review of literature discusses the business and social objectives of co-operative marketing organisations. It is suggested that the social element of such groups may be more important than in the strategic alliances of larger organisations. A proposition is developed that co-operative marketing groups have a tendency to begin life with a business focus, but over time a social focus becomes more important. The proposition is tested by a qualitative study of co-operative tourism marketing groups. While business objectives were cited by most co-operative groups as their primary goal, evidence within this study suggests that a drift toward more social objectives occurs as associations mature. Adopting a social role may be a means of extending the lifecycle of an association, while the missionary zeal of newer associations provides a focus for co-operation which has more clearly defined business objectives.     

企业文化的博弈分析

博弈论(囚徒困境模型)论证了企业文化的重要功能,即坚定的共享价值观念(Shared Value)能够摆脱囚徒困境,解决囚徒两难问题。对于企业来说共享价值观能够减少员工不确定性预期,促进合作,降低机会主义行为倾向和信息传递成本,能有效地提高企业的效率。企业领导者应充分认识到企业文化(特别是精神文化)的作用,并在实践中要有意识地倡导、培育这种有利于企业的文化。     

中美服务贸易的比较分析与启示

利用RCA指数和TC指数对中美两国在服务贸易领域的优势和劣势进行了定量分析，计算结果显示，美国服务贸易相对中国总体优势略有下降，但在知识和技术密集型的服务产业仍然保持显著的优势，我国在劳动密集型的服务产业可望得到较大的发展。并据此提出了提升我国服务产业竞争力的主要措施。     

浅析商标平行进口

随着平行进口贸易发生日益频繁，平等进口问题逐渐引起人们的关注，其中尤以商标平行进口争议较大。本试图通过分析商标平行进口的表现形式、成因、经济影响以及比较各国立法现状和实践，对商标平行进口问题作初步的探讨，并针对我国国情提出了相应的对策。     

FDI的技术效应的实证分析

利用FDI(外商直接投资 )对于经济发展具有资本形成、技术外溢、产业升级、贸易创造和就业等多方面的效应。我国在利用FDI方面发展迅速 ,利用FDI的资本、技术和贸易来调整国内产业结构 ,已成为许多新兴工业化国家和地区的成功之道。回顾我国改革开放的历程 ,对技术进步率和FDI之间的关系进行相关性测度 ,以揭示FDI的引进对于我国技术进步的作用。