THE HOLIDAY EFFECT IN STOCK RETURNS: EVIDENCE FROM THE OTC MARKET

The patterns of daily returns in over-the-counter (OTC) stocks are examined to determine if a holiday effect exists in the OTC market. For the sample period of 1973–1989, test results provide evidence of unusually high returns on pre-holiday trading days and unusually low returns on post-holiday trading days in the OTC market. Additional analyses indicate that other documented calendar anomalies do not cause the pre-holiday effect, but the day-of-the-week effect apparently drives the post-holiday effect.     

迎接私营经济发展的新阶段——学习十六大报告体会之一

<正> 党的十六大在经济理论和经济发展方针方面的最大贡献有两个:一是建设全面小康社会,二是进一步发展非公有制经济,二者互为条件,相互促进,共同服从于我们党发展经济的根本目的——“提高全国人民的生活水平和质量”。用这样两个经济理论和方针来指导实践,必将带来社会主义市场经济体制的完善。     

Is Index Performance Achievable? An Analysis of Australian Equity Index Funds

This article examines the performance of index equity funds in Australia. Despite the significant growth in index funds since 1976, when the first index mutual fund was launched in the U.S., research on their performance is sparse in the U.S. and non-existent in Australia. This study documents the existence of significant tracking error for Australian index funds. For example, the magnitude of the difference between index fund returns and index returns averages between 7.4 and 22.3 basis points per month across index funds operating for more than five years. However, there is little evidence of bias in tracking error implying that these funds neither systematically outperform nor underperform their benchmark on a before cost basis. Further analysis provides evidence that the magnitude of tracking error is related to fund cash flows, market volatility, transaction costs and index replication strategies used by the manager.     

"无过错责任"不是"猛虎下山"——对《最高人民法院关于审理触电人身损害赔偿案件若干问题的解释》的理解

“无过错责任”又称“无过失责任”、“客观责任”、“危险责任”、“严格责任”或“特殊侵权民事责任”，是指没有过错造成他人损害的，依法应当由与造成损害原因有关的人承担民事责任的确认责任准则。执行这一原则，主要不是根据责任人的过错，而是基于损害的客观存在，根据行为人的活动及所管理的人或物的危险性质与所造成损害后果的因果关系，它是一种不完全具备一般侵权民事责任的成立要件，也不一定直接由实施违法行为人承担主要责任的法律责任承担方式。     

德国如何成功举办世界杯足球赛

2006年德国世界杯足球赛是2008年北京奥运会之前全球最大的体育赛事。北京市发改委奥运经济高级顾问黄为专程前往德国，为北京奥运求取真经。[编者按]     

Political feasibility of structural adjustment in africa: an application of SAM mixed multipliers

The implementation of structural adjustment programs (SAPs) has often been undermined by opposition from politically powerful groups who are favored by existing policies. To assess the political sustainability of SAPs this paper uses social accounting matrices for three African countries to model the income effects of stylized SAPs on different socioeconomic groups. The analysis reveals wide variation in the likelihood for typical SAPs to be acceptable to political elites while generating growth in the rest of the economy. The presence of a rural elite or strong farm-nonfarm linkages can enhance the political sustainability of SAPs.     

构建社会主义和谐社会与公共关系

构建社会主义和谐社会,是我国全面建设小康社会、开创中国特色社会主义事业新局面的一项重大任务,适应了我国改革发展进入关键时期的客观要求,体现了广大人民群众的根本利益和共同愿望。公共关系作为组织内求团结、外求合作的传播沟通艺术,正是一种追求组织与组织,组织与社会和谐共存、和谐交往、和谐发展的社会活动。文章就公共关系的历史、本质、职能等方面谈公共关系在构建和谐社会中的作用。     

人力资源外包:提升中小企业集聚效应的新途径

一、人力资源外包服务的发展 外包是在20世纪90年代西方企业实施“回归主业，强化核心业务”的大背景下风行起来的一种企业新战略手段。其核心思想是企业在内部资源有限的情况下，为取得更大的竞争优势，仅保留其最具竞争优势的业务，而将其他业务委托给比自己更具成本优势和专有知识的企业。     

CRIME AND POVERTY: A SEARCH‐THEORETIC APPROACH*

Numerous studies document that criminal activity is positively related to unemployment and negatively related to educational attainment levels within given communities. We study this phenomenon in the context of a search‐equilibrium model, in which agents choose between formal employment and pursuing crime‐related activities (theft). Prior to their “occupational choices,” agents undertake costly schooling, raising their productivity. Crime acts, in essence, as a tax on human capital by affecting the probability that a worker's earnings (possessions) are subsequently appropriated. There are multiple equilibria. High crime, low levels of educational attainment, long spells of unemployment, and poverty are correlated across them.     

东部沿海八省市利用外资比较分析

随着引进外资量的不断增加，资金短缺局面的改善，我国应转变利用外资战略，更为重视利用外资的质量和绩效。经济发达的东部沿海地区利用了我国绝大部分的外资。本文以我国东部沿海地区三大经济区域（环渤海经济区、长江三角洲、珠江三角洲）的八个省市作为样本，对其利用外资的规模、业绩、质量、效益及潜力进行比较，客观地评价和审视其对外资的使用。