得文化者得市场

从前，企业只需要员工的双手；后来，企业还需要员工的知识：现在，企业更需要企业文化。唯有企业文化，才能抚慰高高在上的头脑之下那颗善解人意的心。得人心者得天下，得文化者得市场。     

在路上，见证成长的足迹

鸟儿被赐予翅膀是为了让它们去翱翔蓝天,花朵被赐予馨香是为了让它们予人芬芳,而我们被赐予角色和责任,就是为了让我们在人生的舞台上创造奇迹。     

DEVELOPMENT, THE ENVIRONMENT, AND THE SOCIAL RATE OF DISCOUNT

This article examines the role of the discount rate in makingdecisions that will have significant implications for the environment.The authors begin by providing a rationale for discounting ingeneral and by describing the main factors that determine thediscount rate. These factors—the private and social ratesof time preference, the opportunity cost of capital, risk anduncertainty, and the interests of future generations—allhave an environmental dimension. The article goes on to examinethat dimension and to explore the connections between the choiceof the discount rate and environmental concerns, such as excessiveexploitation of natural resources, inadequate investment inconservation, and insufficient attention to the irreversibleloss of certain environmental resources. The authors conclude that, in general, environmental concernsare not best addressed by lowering the discount rate—anaction that might have both benefits and costs for the environment.A more promising course would be to incorporate a criterionof sustainability into certain aspects of decisionmaking. Howsuch a criterion could be made operational is touched upon butnot developed in this article.      

打造生态文明建设“美丽中国”

曾经有这样一部纪录片深深打动过记者,她的名字叫《美丽中国》。从绵延万里的长城到天际下广阔无垠的草原、富饶的热带海洋,从中华文化发源地黄河流域到中国第一大河长江以及蜿蜒曲折的1．8万公里海岸线,从极寒的珠穆朗玛峰到酷热的西双版纳雨林,这是怎样的一种令人惊叹的美丽？     

MACROECONOMIC FACTORS, THE APT AND THE UK STOCKMARKET

This paper examines the macroeconomic sources of risk priced in the UK stockmarket between 1983 and 1990 using monthly data on 840 stocks to form both beta-sorted and market value sorted portfolios using the methodology proposed by Chen, Roll and Ross (1986) and Chan, Chen and Hsieh (1985) for the US. We find that several intuitively plausible macroeconomic variables were priced over this period using the beta sorted portfolios and that once these variables are included there is little role for the return on the market. However, when the market value sorted portfolios were used only inflation and a measure of equity market 'expense' relative to gilts was priced; furthermore with the market value sorted portfolios a role for the market return was found.     

多一分金融了解 多一分生活保障

＂这次来参加活动才知道,除了把钱存在银行外,还可以选择其他理财方式,比如买黄金、基金或者做些银行理财业务。这些以前我都不熟悉,现在可好了,     

THE COMOVEMENTS OF STOCK,BOND, AND CDS ILLIQUIDITY BEFORE,DURING, AND AFTER THE GLOBAL FINANCIAL CRISIS

Using both marketwide and firm-level illiquidity measures of the stock, bond, and credit default swap markets, we find that comovements of illiquidity across markets increase significantly during the recent global financial crisis. Moreover, the degree of comovement remains significantly higher in the postcrisis period and regulatory period than in the precrisis period. Specifically, the distribution of firm-level comovements is notably different before and after the crisis (e.g., a much larger portion of firms with positive pairwise correlations between illiquidity measures in the postcrisis period than in the precrisis period). Our results provide suggestive evidence of the financial crisis effects and the subsequent postcrisis regulations on the comovements of illiquidity across markets.