中国城市居民媒介与消费行为十年的发展变化

<正>伴随着中国经济的高速发展和社会的不断变迁,CTR中国城市居民调查(CNRS-TGI)已经走过了10多年的历史,它囊括了中国城市居民生活的方方面面,全面反映了从宏观经济到人们生活方式的变化,用数据记载着中国城市的记忆,并且还会一直向未来延伸。近期,中国城市     

金融产品监管的国际实践及启示

此次国际金融危机显示,过快的金融产品创新和国际化发展在缺乏有效监管的情况下,可能成为引发系统性风险的导火索。危机后,各国当局将金融监管的触角延伸到金融产品层面。以产品监管为核心的功能性监管的确立,是金融监管发展过程中的一个重要里程碑,它实现了金融监管活动向金融体系最微观、最基础元素的延伸。当前,各国在金融产品监管领域的实践,对于我国开展金融产品监管具有重要的启示意义。     

香港人民币债券市场发展动态及趋势分析

近来香港人民币债券市场的蓬勃发展吸引了各方广泛关注。香港人民币债券市场的发展对于推动人民币国际化、建设香港离岸金融中心有着重要的意义。文章介绍了香港离岸人民币市场发展现状,分析了近期香港人民币债券市场发展动态以及未来的趋势,并从人民币合成债券和点心债券协调发展、后续政策措施对香港人民币存量及人民币债券市场的影响的角度,探讨了香港人民币债券市场的未来发展。     

Alpha and Persistence in Real Estate Fund Performance

This paper investigates whether fund managers investing in the direct real estate market can systematically and persistently deliver superior risk-adjusted returns. The research that has been published has typically focused on the performance of managers trading public real estate securities. Our study draws on a unique data set of commercial real estate funds collated by the Investment Property Databank (IPD) in the United Kingdom, covering up to 280 funds over the period 1981 to 2006. The widespread finding is that very few managers appear to be able to generate excess risk-adjusted returns. Furthermore, there is little evidence of performance persistence in either fund returns or risk-adjusted fund returns.     

从购物动机到商店选择:中国西北消费者的购物行为探索(英文)

虽然中国已经成为世界上最大的消费者市场,但是有关中国消费者的购物行为研究还没有广泛开展,特别是针对中国内地的购物人群而言。本研究探索的是中国西北消费者的购物经历。深度采访显示,那些被访者更多地展现出一种消费者角色,这种角色能够同时满足个人和社会地位需求的购物特征。除此之外,在选择零售商店(购物)时,商品、商店和服务标准也是重要的影响因素。本文为研究中国消费者的商店购买行为提供了参考文献资料,同时也为零售商拓展中国西北市场提供了非常有价值的观点。     

RISK ATTITUDES AMONGST AUSTRALIAN FARMERS

A procedure for the measurement of risk attitudes is developed and applied. The data for the analysis were obtained from a survey in which 201 farmers throughout Australia were asked to provide points of indifference between sure amounts of income and risky prospects. Although the conclusions from this pilot study are of a tentative nature, it is suggested that risk aversion is the most prevalent risk attitude in the agricultural sector. However, the average degree of risk aversion is relatively small and, in an expected utility context, farmers gave a wide variety of responses. The latter result highlights the need to consider the size distribution of risk attitudes in economic modelling. Influences of socioeconomic and other variables on risk attitudes are examined. The results, when considered jointly with other studies, emphasise the desirability of further research into the determination of risk attitudes.     

Smoothing, Nonsynchronous Appraisal and Cross-Sectional Aggregation in Real Estate Price Indices

In this article three econometric issues related to private-equity return indices, such as real estate indices, are explored (smoothing, nonsynchronous appraisal and cross-sectional aggregation). Under certain assumptions, it is found that index returns based on appraisals follow an ARFIMA(1, d , 1) (autoregressive fractionally integrated moving average) process, where the long memory parameter ( d ) explains the level of smoothing and the AR and MA parameters represent the level of persistence in marketwide fundamentals and the nonsynchronous appraisal, respectively. The empirical results show that: (1) the level of smoothing in appraisal-based real estate indices is far less than assumed in many academic studies (2) there is weak evidence of nonsynchronous appraisal in the UK, IPD (Investment Property Databank) index and (3) marketwide fundamentals are highly persistent for the IPD index returns. On the other hand, there is no evidence of nonsynchronous appraisal or a persistent common factor in the U.S. NCREIF (National Council of Real Estate Investment Fiduciaries) index.     

Homemade equity offerings via dividend reinvestment and stock purchase plans

This paper investigates equity issuances through dividend reinvestment and stock purchase plans (DRSPPs). Using a unique sample collected from security registration filings, we show that firms can issue new shares through DRSPPs without using underwriters and consequently, save a large part of direct costs. This economical form of equity offering helps high dividend paying firms retain a substantial amount of cash flow from operations. With this innovative strategic practice of capital-raising, we provide direct evidence showing that the pecking order still drives firms' financing. Furthermore, equity offerings via DRSPPs can avoid negative stock market reactions around the issuance date.     

加强同业拆借现场检查的体会

近年来,同业拆借市场取得了快速发展,市场参与主体不断增长,交易量大幅增加,市场利率波动幅度加大。文章从工作实践出发,对现场检查的具体案例进行了深入剖析,引出当前人民银行分支行在履行同业拆借监管职责中的体会和思考,并提出了构建同业拆借监管整体框架、完善相关监管制度和规程,促进同业拆借业务健康发展的建议。