万团大战 战火升级

如今,中国的团购网站已经超过5000家,并且还以每日新增7家的速度递增,正向1万家数量迈进。同时,整个行业的竞争进入白热化,洗牌一触即发。     

Mutual Fund Investment in Emerging Markets: An Overview

International mutual funds are key contributors to the globalizationof financial markets and one of the main sources of capitalflows to emerging economies. Despite their importance in emergingmarkets, little is known about their investment allocation andstrategies. This article provides an overview of mutual fundactivity in emerging markets. It describes their size, assetallocation, and country allocation and then focuses on theirbehavior during crises in emerging markets in the 1990s. Itanalyzes data at both the fund-manager and fund-investor levels.Due to large redemptions and injections, funds' flows are notstable. Withdrawals from emerging markets during recent criseswere large, which is consistent with the evidence on financialcontagion.     

营养的战役

媒体和公众热议的西部小餐桌问题,实际上是把中央两免一补政策中的一补摆上了桌面,本刊就此展开了深入调查。     

策动中国信用卡之战

2003年4月,备受业界关注的花旗银行与浦东发展银行合作成立的信用卡中心据称已经得到中国人民银行的批准并开始筹备,双方拟合作推出的联名信用卡也正在审批过程中,有可能在2003年下半年面市.作为一家在全球范围内经营最好的银行之一,花旗银行的行动从某种程度上实际上引领着银行业务的未来发展方向.随着新的<银行卡管理条例>即将出台,更多的中外资银行正准备进入国内信用卡市场.     

招标拉锯战

(一) 世行贷款城市环境项目城市污水处理设备更新改造国际竞争性招标,采用世行设备和生产线供货和安装一阶段招标的标准招标文件范本编制,合同估价为200万美元.     

张居正:较量与悲剧

近期,随着电视连续剧《万历首辅张居正》的热播,张居正这位临危制变的改革家的命运,再次引起了世人的关注。张居正荣登首辅宝座之后,雷厉风行地推行全方位改革,缔造了万历时期最为富庶强盛的一段辉煌;然而他死后却家产尽抄、爵封皆夺……改革者的命运,总是让人感慨莫名。张居正改革的成功之道和悲剧之源是什么?如何避免让改革的风险演化成改革者自身的风险?本期,我们在反思张居正改革的同时,也诠释了焦作改革的现代逻辑,鉴往知来,让历史告诉未来如何走出怪圈。     

房企新“战场”

新“国五条”的颁布以及各地方“国血条”细则的相继落地,意味着国家对住宅地产的调控意志可能将更强烈,这让北京链家地产销售经理刘广林变得担忧起来：     

关键词：新兴市场

中国企业拓展海外新兴市场的“号角”已经吹响。相信所有有志于将企业做大、做强的企业决策者都会关注亚洲、非洲、拉美等新兴市场的机会,选择恰当的时机大展拳脚。     

一个乡镇财政人的“呐喊”

农村税费体制改革以来,乡镇财政职能与机构发生了巨大的的变化。如何在公共财政的大框架下让乡镇财政的职能不断完善、夯实和延伸?这是一个早已引起各界广泛关注的话题。本期,让我们听听乡镇财政人自己的心声。来自底层的声音也许是朴实无华的,但也是最有穿透力的——因为,它们是最真实的。     

一家新兴企业的无忧成长

走进浙江博创科技股份有限公司(以下称博创公司)的大楼,要不是挂在墙上的一张张奖状,真看不出这就是年销售上亿元的高新科技公司。朴实这个词可以恰当地形容整个办公环境,办公区就是一个上百平米的大屋子,     

India Raises Interest Rate to Battle Inflation

Home prices rose in August from a year earlier at the fastest pace since February 2006. But the price gains slowed in many cities from July, a sign that rising prices over the last year may have peaked.     

Expectations Hypothesis and Term Structure of Interest Rates: An Evidence from Emerging Market

The integration of emerging economies with developed economies has changed the behaviour of interest rates and exchange rate fluctuation. The current study tries to analyse the implication of expectation hypothesis (EH) and term structures of interest rates between India and US. Using vector auto regressive estimates, the study tries to test the dynamic interdependence of interest rates on exchange rate fluctuation. Further, the study estimates Granger causality tests and Impulse Response Functions to test the behaviour of interest rate movements for a period of nineteen years ranging from June 1996 to June 2015.The empirical results of the study show evidence in line with the existence of EH in the case of emerging market. Nevertheless, in the case of advanced economies we do not find any evidence for EH. The findings revealed that the spread between long and short rate of India is influenced by short-term interest rates and past values of Indian spread. This implies that the fluctuations in the long rate over the short rate evidenced the strong presence of EH as far as emerging economy is concerned.To the best of our knowledge, this is the first study in Indian market, which tests the role of EH in interest rate fluctuations along with exchange rate. Since majority of the studies on term structure of interest rates focus on developed markets, the present study is an attempt to test the causal relationship between developed and developing economies.     

财务决胜供应链

2014年11月29日~30日，在中国企业营运资金管理研究中心主办、中国海洋大学承办的“2014营运资金管理高峰论坛暨混合所有制与资本管理高峰论坛”上，“基于利益相关者视角的营运资金管理”成为一个热门话题。     

Predicting Recurrent Financial Distresses with Autocorrelation Structure: An Empirical Analysis from an Emerging Market

The dynamic logit model (DLM) with autocorrelation structure (Liang and Zeger Biometrika 73:13–22, 1986) is proposed as a model for predicting recurrent financial distresses. This model has been applied in many examples to analyze repeated binary data due to its simplicity in computation and formulation. We illustrate the proposed model using three different panel datasets of Taiwan industrial firms. These datasets are based on the well-known predictors in Altman (J Financ 23:589–609, 1968), Campbell et al. (J Financ 62:2899–2939, 2008), and Shumway (J Bus 74:101–124, 2001). To account for the correlations among the observations from the same firm, we consider two different autocorrelation structures: exchangeable and first-order autoregressive (AR1). The prediction models including the DLM with independent structure, the DLM with exchangeable structure, and the DLM with AR1 structure are separately applied to each of these datasets. Using an expanding rolling window approach, the empirical results show that for each of the three datasets, the DLM with AR1 structure yields the most accurate firm-by-firm financial-distress probabilities in out-of-sample analysis among the three models. Thus, it is a useful alternative for studying credit losses in portfolios.