CAPITAL STRUCTURES IN EMERGING STOCK MARKETS: THE CASE OF HUNGARY

This paper studies developments in the Hungarian capital markets during 1992–95 and investigates the determinants of the capital structures of companies listed on the Budapest Stock Exchange. Hungarian companies had very low leverage ratios. Empirical findings indicate that the negative relationship between leverage and proportion of tangible assets was primarily caused by the lack of long‐term debt financing. The relationship between leverage and the size of the company provides some indication of the importance of trade credits for the companies. The more profitable companies had less debt than less profitable ones. This is attributed to the firms’financial incentives aggravated by the segmentation of Hungarian credit markets and credit rationing within the financial environment. Manufacturing firms and firms with the state among their major shareholders enjoyed higher levels of debt financing relative to other companies.     

天赐九如,大爱无疆

相识可以恨晚,相知却永远不会恨晚.正是有了九如山瀑布群、九如山瀑布群管理者和九如山瀑布群游客的相遇相知,才组合成今天九如山瀑布群自然山林的生态共同体.     

RISK, PERSISTENCE and FOCUS: A LIFE CYCLE OF THE ENTREPRENEUR

Adapting a life cycle model from managerial literature, conclusions are drawn about the nature of colonial entrepreneurship from a case analysis of 133 New Zealand entrepreneurs, active between 1880 and 1910. Five stages in the life cycle of the entrepreneur are investigated: preparation, embarkation, exploration, expansion and transformation. Characteristic behaviours observed include the prevalence of entrepreneurial partnerships; a propensity for commencing multiple business ventures; and persistence in the face of business failure. Strategically, the colonial entrepreneur leveraged personal skills and abilities as a modus operandi for business expansion, often relying on family ownership and family management structures.     

EQUILIBRIUM FARM GATE PRICE IN THE CASE OF TWO SUCCESSIVE MARKETS WITH FIXED SUPPLY

This study aims to describe the evolution of the organisational structure of raw agricultural product markets in West African countries (the supply may be regarded as fixed) using microeconomic models to assess the evolution of the farm gate price; and focusing on the impact of the vertical integration of some firms on the producer price. This paper shows that the evolution of the commercial organisational structure of agricultural products has led to a gradual improvement in the producer price. It also shows that whatever the degree of vertical integration on these markets, it has a positive impact on the farm gate price. However, even if vertical integration also improves the price of agricultural input on the intermediary market, the intermediary firms undergo a deteriorating situation.     

THE CHANGING EFFICIENCY OF AFRICAN STOCK MARKETS

This paper classifies formal African stock markets into four categories and discuses the principal characteristics of the seven markets covered in this study: South Africa, Egypt, Morocco, Nigeria, Zimbabwe, Mauritius and Kenya. Using a GARCH approach with time‐varying parameters, a test of evolving efficiency (TEE) is implemented for periods starting in the early 1990s and ending in June 2001. This test detects changes in weak form efficiency through time. The TEE finds that the Johannesburg stock market is weak form efficient throughout the period, and three stock markets become weak form efficient towards the end of the period: Egypt and Morocco from 1999 and Nigeria from early 2001. These contrast with the Kenya and Zimbabwe stock markets which show no tendency towards weak form efficiency and the Mauritius market which displays a slow tendency to eliminate inefficiency. The paper relates weak form efficiency to stock market turnover, capitalisation and institutional characteristics of markets.     

艺术与资本的对接

陈方方艺术家,重庆501艺术基地创始人之一,中国新艺术网董事。先后在北京中国艺术研究院、中国演出管理中心工作,曾参加日本龟兹壁画原大摹本展、马来西亚当代美术家美术精品展,美国、中国水墨画展     

A COMPARATIVE ANALYSIS OF THE SYNCHRONISATION OF BUSINESS CYCLES FOR DEVELOPED AND DEVELOPING ECONOMIES WITH THE WORLD BUSINESS CYCLE

Globalisation brought about worldwide changes, including economic and financial integration between countries. The objective of this paper is to establish if there is synchronisation between developed and developing countries with the world cycle. Research results show that business cycles have become less volatile after globalisation, but there is not much consensus on whether business cycles have become less or more synchronised since globalisation. Little research has been done on co‐movement between emerging markets, such as South Africa, and the world business cycle. This paper derives common factors for developed and developing countries by applying principal component analysis (PCA) to output, consumption and investment data, which represents the countries' business cycles. The empirical analysis shows co‐movement between some countries and the world business cycle (G7 countries as proxy). The results suggest that there are idiosyncratic and globally common shocks, which play different roles over time in different countries. The paper goes on to suggest that there are clear differences in how developed and emerging markets co‐move with the world business cycle. A key finding is that the co‐movement between developing economies and the world business cycle has increased since globalisation. This research also confirms previous research that most economies follow the world business cycle when large shocks – such as the recent economic downturn – occur. This has implications for forecasting the business cycle, especially in times of economic turmoil.     

最赤裸的人生旅途

奥斯陆,北欧四国之一挪威的首都。据说,奥斯陆原意为＂上帝的山谷＂,它依偎在曲折迂回的奥斯陆峡湾旁,背后是巍峨耸立的霍尔门科伦山,苍天映绿水,既富有海滨城市的旖旎妩媚,又极具依托高山密林之地所特有的雄浑气势。     

美食之都满城飘香

三月,八方来宾,渝州云集。号称“天下第一会”的第76届全国糖酒会在重庆国际会展中心举行。与此同进,中华特色小吃展、第三届中国(重庆)火锅美食文化节相继拉开帷幕。美食美味交相辉映,巴渝美食文化风韵纷呈。     

济南资本市场全面提速

2010年1月6日,诸城得利斯食品股份在深圳证券交易所中板上市交易。一开盘股票就从发行价13.18元涨到21元。涨幅达59.33％,最后又一路飙升到23.98元收盘。     

MOVEMENTS IN THE AVERAGE AGE OF THE CAPITAL STOCK

ADOPTING an approach suggested by Richard Nelson (1964), thepaper reports a model which both identifies the (proximate)determinants of the average age of the capital stock and whichmay be used to obtain an index number series for the averageage from readily available data. The method is illustrated byapplying it to data for the Net Capital Stock in the U.K. overthe period 1948–1981. Oxford Econ. Pap., March 1985, 37(1), pp. 64–70.     

刘国松的艺术人生

<正>山东博物馆推出的《山东名人馆》系列展之一——《刘国松现代水墨艺术馆》将于4月26日开馆,这堪称2013年不可多得的艺术盛事。为支持家乡文博事业的发展,表达浓浓的桑梓之情,画家刘国松先生将自己一生辛勤创作的百幅精品无偿捐献给国家,交由山东博物馆永久收藏。对于20世纪60年代以后的台湾画坛而言,刘国松的名字并不陌生。他用半个多世纪的时间,专注于现代水墨的探索与实验,为中国绘画艺术传统的现代革新,     

茶意人生

李晓玉说：＂于众多茶品之中。我独爱黑茶。如陶潜独爱菊之高雅、无争。我独爱黑茶之红、浓、陈、醇,随着生命的成长,茶汤入岁,愈陈愈香。＂农历10月的济南,晨起10点的初冬,无疑是一年之中最为明媚动人时节。几许寒凉新至,几分温热还留,秋风且不曾走远,桔叶尚于枝头闲挂。随着气温的变换,轻摇慢捻,俨然一副框景冬日的画家杰作。若再手伴一壶茶的禅意,岂不美哉。笔者一行,一早便如约行至位居老屯茶城的七茶居,赶赴掌门人李晓玉的茶意之约。李晓玉,何许人,一说广西梧州市六堡山茶叶有限公司山东省总代理,亦说此间七茶居的负责人。她说：＂我更喜自称茶友,以茶会友。     

悬棺下的日常生活

一片荒野,一条起伏的公路,将一些稀稀落落的房屋呈现到视野里。这个地方名叫麻TANG坝。它是离此数公里外的洛表镇下属的一个村,从地图上看,这里已地处四川边地,到自己的县城巡场要比到云南的威信县城远得多。我不知道它应该写作麻塘坝还是麻糖坝,塘和糖,在本地人的方言里,都念作“汤”——如果这个小村落和洛表以出产皮薄味香的猪儿粑闻名相似,以出产四川人爱吃的麻糖——也就是米花糖著称的话,那它无疑就是麻糖坝。否则,就是麻塘坝。可惜,找不知道在我们无法目睹的古代,那些     

地下“生命线”的科技力量

回首刚刚过去的十一五．济南的城市面貌发生了翻天覆地的变化。当我们留连于各大公园广场．徜徉于美丽的夜景之中时．是否想到了城市繁华与舒适的所有载体不仅仅是眼前的景物？在城市路网逐步完善、高楼大厦鳞次栉比的同时．一项看不见的工程架构——城市地下管网．如同一个隐形载体,默默承载着城市的繁华与梦想。     

毕东江的人生航线

作为长江旅游现代化的创始人和美国维多利亚游船公司总裁,毕东江把海外现代化游轮先进的设施、理念和成熟的管理经验运用于长江旅游事业,让海外游客在赞叹长江三峡鬼斧神工瑰丽风光的同时,醉心于巫峡神女的神奇传说,领略到中华文化的源远流长、万般深邃。