挺进奥地利——辐射欧洲市场的首选之地

常驻香港的奥地利商务专员公署领事及高级商务专员郭励之博士,不久前在广州强调,作为欧盟的一个活跃成员国,奥地利是进入西欧市场的理想桥梁,同时也是连接东欧新崛起国家的重要纽带。奥地利是欧洲心脏地带的一个稳固可靠的商业伙伴。很希望与中国进一步加强经济、技术、贸易和投资合作。     

外资钢铁逆风"跃进"

中国是世界最大的钢铁消费国，也是世界第一大钢铁生产国。然而，中国钢材市场供求格局中存在明显的结构性问题。在这种情况下，外资钢铁巨头看好中国市场并加大了投资力度。分析人士表示，外资钢铁巨头集中上演“跃进”秀，其中蕴藏着一定的市场风险。     

发扬"港汇"精神

港汇广场,是香港恒隆集团投资的一家外资企业。1999年12月28日正式开业以来,历经7年的磨合、调整,已经走上了良性发展的轨道。在上海商业领域中开出的这朵奇葩,已成为广大消费者心目中购物、休闲的好去处,海内外企业的办公福地,也是购物中心这个新兴商业业态在上海扎根、拓展的领头羊,同时,还是上海外资企业获得成功的优秀代表。港汇广场取得     

互动通,一路勇往直前

一年一度的互联网广告界盛会＂第四届富媒体广告趋势论坛＂11月26日即将在上海隆重召开。本次论坛将邀请众多互联网领域的顶级专家和商业应用界的模范领军人物出席。互动通每届论坛的成功举办都会给整个富媒体广告行业带来很多新的理念和机遇。这次互动通又会给我们带来什么呢？众人拭目以待。     

Backward stealing and forward manipulation in the WTO

Motivated by the structure of WTO negotiations, we analyze a bargaining environment in which negotiations proceed bilaterally and sequentially under the most-favored-nation (MFN) principle. We identify backward-stealing and forward-manipulation problems that arise when governments bargain under the MFN principle in a sequential fashion. We show that these problems impede governments from achieving the multilateral efficiency frontier unless further rules of negotiation are imposed. We identify the WTO nullification-or-impairment and renegotiation provisions and its reciprocity norm as rules that are capable of providing solutions to these problems. In this way, we suggest that WTO rules can facilitate the negotiation of efficient multilateral trade agreements in a world in which the addition of new and economically significant countries to the world trading system is an ongoing process.     

岭南凉茶，一路向北多坎坷

相传岭南之地多瘴气，在这样的瘴疠之地世世代代繁衍生息，在与酷热潮湿的气候环境的长期斗争中，聪明的广东人民发明了凉茶，用以舒心润肺。如今，广东的凉茶业正从区域性的饮料走向全国，势头蒸蒸日上，却也一路荆棘。     

Decision rules for an investor in forward exchange markets

This paper obtains decision rules for a risk-averse, expected-utility-maximizing investor in forward exchange markets who may simultaneously combine covered arbitrage, spot and forward speculation. The introduction of margin requirements makes rates of return on all alternatives directly comparable, and causes initial wealth to constrain investment in all alternative. It is shown that combinations involving more than two alternatives need not be considered, and that a comparison of (expected) rates of return alone is sufficient to choose between the relevant combinations. The inadequacy of the ‘functional’ approach for analyzing individual decision-making is demonstrated.     

A multiperiod theory of forward exchange

The purpose of this paper is to extend the theory of forward exchange developed by S.C. Tsiang and Egon Sohmen by adding to it an important relationship between the speculative demands for foreign exchange. With this extended theory of forward exchange it is relatively easy to clearly and carefully analyze complex problems involving the interaction of spot and forward markets in different time periods. To illustrate this point the theory is used to analyze the same problem that Tsiang attacked unsuccessfully – determining the deferred effect of government intervention in the forward exchange market.     

The year 2000: Looking forward

Following up on their article in the last issue, the authors reflect and speculate upon the evolution of the discipline of marketing. In so doing, they make connections to key social and intellectual developments in the past that shape its current course and point to radical ends in view that could fundamentally change how marketers, consumers, and scholars may come to view themselves and the subject matter of marketing. © 2000 John Wiley & Sons, Inc.     

Trading forward: The Paris Bourse in the nineteenth century

Contrary to what law and finance theory would predict, the Paris Bourse was highly liquid at the turn of the twentieth century: the traded volumes amounted to four times the French GDP. This magnitude was mainly due to forward trading. The Bourse had developed as a forward market, despite a ban on forward transactions. The guild-like body running the Bourse played a key role in legitimizing and legalizing these operations, previously equated with gambling. The 1885 legalizing act initiated a new field of law (‘securities law’) and paved the way for the heyday of the Paris Bourse.     

On the calibration of mortality forward curves

In 2007, a major investment bank launched a product called “q‐forward,” which may be regarded as a forward contract on a mortality rate. The pricing of mortality forwards is similar to the pricing of other forward‐rate contracts, such as interest‐rate forwards or foreign exchange forwards. In particular, since investors require compensation to take on longevity risk, the forward mortality rate at which q‐forward contracts will trade will be smaller than the expected mortality rate. The relationship between the forward rate and the time to maturity is called a mortality forward curve. In this study, we contribute a method for calibrating mortality forward curves. This method consists of two parts, one of which is the generation of the distribution of future mortality rates, and the other of which is the transformation of the distribution into its risk‐neutral counterpart, using the idea of canonical valuation developed by Stutzer, M. ( 1996 ). To illustrate the method, mortality forward curves for English and Welsh males are calibrated. © 2010 Wiley Periodicals, Inc. Jrl Fut Mark     

De facto Monetary Union through forward interventions

The crises suffered in 1992/93 by the old EMS with its narrow exchange rate bands were largely due to the fact that the central banks' unlimited spot intervention obligations held little credibility for speculators. How can a credible exchange rate guarantee be achieved by improving the intervention mechanism?