The best way of bilateral special economic zone to Sino-Vietnam economic cooperation

The Bilateral Special Economic Zones is a new idea about economic co-operation ways. It is going to be set by both countries with a common boundary for promoting the economic co-operation between two sides. It can be firstly set along the boundary between China and Vietnam. It will promote the economic co-operation between them, but China and ASEAN. It can be set along the Chinese boundary with the neighboring countries and will promote the economic co-operation between the both sides for setting up a better environment around China.     

The Wealth Effect of Domestic Joint Ventures: Evidence from Taiwan

This study presents important international evidence by examining the wealth effect of domestic joint ventures by Taiwanese firms. In opposite to United States evidence, we find that announcements of domestic joint ventures by Taiwanese firms are, on average, associated with significantly negative abnormal stock returns. We also find that the stock market response to announced domestic joint ventures is significantly positively related to the announcing firms' investment opportunities, size of investment and debt ratio, and is significantly negatively related to the business relatedness variable. In contrast, free cash flow, firm size, relative firm size and managerial ownership are found to have no significant power in explaining the market response. Our results support the investment opportunities, synergy and complementarity hypotheses as well as a broad interpretation of the free cash flow hypothesis, but reject the absolute size, relative size and alignment-of-interests hypotheses. This study makes valuable contributions to the literature by providing the first direct evidence on the role of investment opportunities, synergy and alignment-of-interests in explaining the wealth effect of domestic joint ventures     

Price Commitment versus Flexibility: the Role of Exchange Rate Uncertainty and its Implications for Exchange Rate Passthrough

The paper investigates the incentives to commit price or retain price flexibility in a model in which exporting firms face different degrees of exchange rate uncertainty. The result shows that introducing exchange rate uncertainty can lead to the endogenous emergence of a unique leader–follower equilibrium; which firm emerges as price leader depends on the substitutability of products, the magnitude of exchange rate uncertainty, and the cost structure. This study may provide one explanation as to why some exporters set price before the realization of the nominal exchange rates (“sticky price”). The results imply exchange rate variability affects exchange rate passthrough.     

The politics of ethnic integration in Singapore: Malay ‘regrouping’ as an ideological construct

Research on ethnic residential patterns is overwhelmingly empiricist in focus. The discursive context surrounding the socio‐spatial phenomenon needs to be acknowledged since it can have concrete impacts on the practice of urban social planning as well as the spatial behaviour of individuals and groups. Using Henri Lefebvre's insights into the production of social space, this article looks at how a dominant representation of space is constructed, with its implications for ‘lived’ spaces and the spatial practices which circumscribe them. The case of Singapore is examined, where the government has appropriated the discourse surrounding ‘ethnic regrouping’ in an attempt to legitimize the unpopular policy of ethnic quotas in public housing. Alleging that ‘ethnic regrouping’ had been taking place during the 1980s, this was portrayed as undesirable and contrary to the ideal of integration. The imposition of ethnic quotas was thus justified as necessary and appropriate. Systematic analysis using the index of dissimilarity, however, problematizes this representation of space. The rhetoric surrounding ethnic regrouping is revealed to be a means of social discipline whereby the government imposes a particular representation of space and seeks to manipulate the social landscape via technocratic means. Les recherches sur les modèles résidentiels ethniques débordent d'empirisme. Or, le contexte discursif du phénomène socio‐spatial doit être reconnu puisque celui‐ci peut avoir des incidences tangibles sur l'exercice de l'urbanisme social, ainsi que sur le comportement des individus et groupes dans l'espace. A partir des idées d'Henri Lefebvre sur la production de l'espace social, l'article analyse comment s'élabore une représentation dominante de l'espace, avec ses implications sur les espaces ‘vécus'et les pratiques spatiales qui les délimitent. Dans le cas de Singapour, le gouvernement s'est approprié le discours autour du ‘regroupement ethnique’ dans le but de légitimer la politique impopulaire des quotas ethniques dans les logements publics. Sous le prétexte que le ‘regroupement ethnique’ s'était déroulé dans les années 1980, il a été présenté comme indésirable et contraire à l'idéal d'intégration. Les quotas ethniques ont donc été justifiés comme nécessaires et pertinents. Cependant, une analyse systématique utilisant l'indice de dissemblance remet en cause cette représentation de l'espace. La rhétorique entourant le regroupement ethnique apparaît comme un outil de discipline sociale grâce auquel le gouvernement impose une représentation particulière de l'espace, cherchant à manipuler le paysage social par des moyens technocratiques.     

中国负债知多少？

【美国《华尔街日报》7月23日】中国的隐性债务可能成为一大麻烦。     

财政分权与义务教育财政管理体制问题探析

我国是成功实施财政分权化的国家之一。作为公共财政框架部分之一的义务教育也实行了分权化管理,义务教育办学的责任主要地落在了县、乡两级地方政府身上。而我国庞大的义务教育事业由县、乡甚至村脆弱的财力来承担,可谓“杯水车薪”：一些农村地区和贫困山区学龄儿童无学可上,无书可读等现象屡见不鲜。可见过度分权化的义务教育财政管理体制是制约当今中国义务教育发展的症结所在。     

Valuation of vulnerable American options with correlated credit risk

This article evaluates vulnerable American options based on the two-point Geske and Johnson method. In accordance with the Martingale approach, we provide analytical pricing formulas for European and multi-exercisable options under risk-neutral measures. Employing Richardson’s extrapolation gets the values of vulnerable American options. To demonstrate the accuracy of our proposed method, we use numerical examples to compare the values of vulnerable American options from our proposed method with the benchmark values from the least-square Monte Carlo simulation method. We also perform sensitivity analyses for vulnerable American options and show how the prices of vulnerable American options vary with the correlation between the underlying assets and the option writer’s assets.      

由上海周边海盐县五金产品的生产与出口观长江三角经济圈对外贸易

上海周边城市的对外贸易是一个十分值得研究的课题,本文主要从海盐紧固件出口综述、影响海盐五金产业因素分析、提出的改革意见和政策意见三个方面对浙江省海盆县五金产业进行了分析.     

浅析深圳中小企业板的发展问题

在深圳中小企业板正式设立之后,如何使其能平稳过渡到最后的创业板成为各界关注的焦点。本文通过分析海外创业板市场,总结出了一些对深圳中小企业板发展有价值的观点。