Economic development and capability expansion in historical perspective

This paper is the text of a lecture given by the author at the Academic Conference on Charitable Services and Social Forces in History, at the Chinese University of Hong Kong, on 8 December 1999.     

安全经济活动的“弹性”分析

安全经济的研究虽然取得了进步,但还远远跟不上经济和时代的发展,投入和事故不确定性之间的经济关系,决定着安全经济活动的动态和弹性,安全经济活动是由其供求关系决定的,通过对安全经济需求和投入的弹性分析,探讨安全经济的公共产品特性、安全预期值和评价值的关系,提出用弹性思想对安全经济活动进行分析和计量.     

S医院医用耗材采购管理优化

随着医疗技术的发展和研发投入的增加,医用耗材的采购量不断增加,但目前我国民营医院的医用耗材采购管理模式落后于实际需求,如何在保证质量的前提下有效降低采购成本,直接关系到民营医院的可持续发展水平。本文以S医院医用耗材采购管理为研究样本,对其采购管理现状及问题进行分析,有针对性的提出改进措施及保障措施,为S医院提升采购管理效率、降低采购管理成本提供指导性意见。     

Inter-industry differences in layoff announcement effects for financial institutions

This study expands the examination of workforce layoffs by banks to include non-bank financial institutions and explores inter-industry differences in market reactions to layoff announcements. In examining inter-industry differences, we control for variables that influence the market’s reaction to a layoff announcement, such as firm size, the size of the layoff, the reason given for the layoff, and the governance structure of the firm. We provide evidence of inter-industry differences in market reaction to layoff announcements by financial institutions, with banks experiencing more favorable stock-price reactions than other types of regulated firms. These results provide evidence that bank regulation reduces asymmetric information surrounding managerial announcements to a greater degree than the regulation of other types of financial institutions.

我国股市行业投资组合及启示—基于Markowitz资产选择的E-V模型

本文根据马克维茨的资产组合理论,以我国股市现存的行业布局和估值现状为研究背景,系统分析了行业配置的可行组合和有效组合,并在有效组合的基础上,以分散投资方式考察了投资比例变动对收益和风险的影响。统计结论在肯定收益和风险对等性的前提下,指出由于我国行业间估值关联度高且区间波动大,影响了分散投资的效果,此外,完全市场化投资并非最优投资选择。     

Analysts' Forecasts: Low-Balling,Market Efficiency,and Insider Trading

The phenomenon of low-balling reported in the financial press involves downward biased projections of earnings by managers or analysts, thereby artificially lowering market expectations and creating a positive earnings surprise when actual earnings are announced. This study reports that the stock market does respond to such surprises relative to analysts' reported forecasts. Further, the proportion of insider buy-transactions in the period prior to the earnings forecast is significantly higher for the sample with high positive earnings surprise than for the control sample with zero forecast errors. The study cannot distinguish whether managers or analysts are the source of the low-balling and therefore makes no statement on the legality of such insider trades.     

对传统财政本质理论的反思

传统财政本质理论尽管有值得借鉴之处,但存在明显缺陷。界定财政本质必须分析制约财政发展演变过程的内在矛盾,并说明财政的起源及各个历史发展阶段。财政的本质是协调私人需要和公共需要矛盾的手段或方式。如此界定财政本质具有重要意义。