样板间:ChART Contemporary的策展实验

寻找房子——在我们开始样板间策展之前2009年的时候我们面临着两项挑战,这两项挑战促使我们重新定义了ChART Contemporary的策展轨迹。其一是我们感受到了全球经济衰退的影响,     

Residents’ perspectives of a newly developed ecotourism project: an assessment of effectiveness through the lens of an importance–performance analysis

Understanding the perceived importance and performance of various components of ecotourism to residents living in the area it is undertaken is crucial to the overall success of an ecotourism development project. This study examines residents’ perceptions of the importance and performance of ecotourism components (i.e. environmental conservation, economic wellbeing, promotion of local arts and culture, local participation, and fair share of resources), including overall ecotourism development, at the Gaurishankar Conservation Area (GCA) – a recently implemented ecotourism development project in Nepal. This study also examines the effect of socio-demographic, economic, and psychological factors on a perceived gap between the importance and the performance of ecotourism components. Findings suggest that the ecotourism development project at the GCA should concentrate on improving the economic wellbeing of residents, and on overall ecotourism development. Findings also suggest that residents’ inclusion in benefit-sharing mechanisms was associated with a reduced perceived gap between the importance and performance of ecotourism components. A comparison among different geographical segments of residents indicated that the perceived gap between importance and performance varies across different locations.     

Auctions for transferable objects: Theory and evidence from the vehicle quota system in Singapore

This paper studies the hypothesis that auctions with resale markets result in higher prices. The vehicle quota system introduced in Singapore in May 1990 provides the setting. The Certificates of Entitlement (COEs) necessary to purchase new cars were initially transferable for all quota categories. After October 1991, COEs for four major categories became non-transferable. Our results indicate that while the conversion to non-transferability eliminated speculation, it has also intensified competition among car distributors. Auctions for non-transferable COEs in fact led to higher COE prices in three of the four categories.An earlier version of this paper was presented at the Symposium on Law and the Social Sciences, 7 August 1992, at the Regional English Language Centre, Singapore. We want to thank our colleagues for discussions on the subject, the Chief Editor and two anonymous referees of the journal for their constructive comments and suggestions, and the Registry of Vehicles of Singapore for providing us with the data for this study. Financial Support from NUS Grant RP900048 is gratefully acknowledged. We are solely responsible for the errors in the paper.     

Intraday volatility in the stock index and stock index futures markets

We examine the intraday relationship between returns and returnsvolatility in the stock index and stock index futures markets.Our results indicate a strong intermarket dependence in thevolatility of the case and futures returns. Price innovationsthat originate in either the stock or futures markets can predictthe future volatility in the other market. We show that thisrelationship persists even during periods in which the dependencein the returns themselves appears to weaken. The findings arerobust to controlling for potential market frictions such asasynchronous trading in the stock index. Our results have implicationsfor understanding the pattern of information flows between thetwo markets.     

芝加哥商交所的革新之路

从2008到2010,世界经济从危机中蹒跚而出,艰难复苏。然而,宏观经济无论身陷囹圄还是逐步企稳,那些在国际化大型交易所挂牌交易的外汇期货、期权交易却始终如火如荼地进行,并不断获得发展的动力。"危机是金融资本走向成熟的必由之路!"芝加哥商业交易所(Chicago Mercantile Exchange-CME,以下简称"CME集团")外汇利率产品管理总监德     

The performance of Japanese mutual funds

We analyze the performance of Japanese open-type stock mutualfunds for the 1981-1992 period. The results show that, regardlessof the performance measures and benchmarks employed, most ofthe Japanese mutual funds underperform the benchmarks by between3.6% and 10.8% per annum. These funds tend to invest more inlarge stocks with low book-to-market ratios. But this featuredoes not explain the underperformance. A potential explanationis the dilution effect caused by inflows of funds. In Japan,a new investor of an open-type fund only pays in the after-taxvalue of the net asset value. We conduct a bootstrap experimentto assess the magnitude of this dilution effect.