Stock picking,market timing and style differences between socially responsible and conventional pension funds: evidence from the United Kingdom

As far as we are aware, this study presents the first comparative analysis of the stock picking and market timing abilities of managers of conventional and socially responsible (SR) pension funds, and of their use of superior information. For the United Kingdom, the results obtained show a slight stock picking ability on the part of SR pension fund managers (although it disappears if multifactorial models are considered), and a negative market timing ability on the part of both SR and conventional pension fund managers (these results hold for multifactorial models controlled by home bias). In relation to the management styles, both conventional and SR pension funds usually invest in small cap and growth values, although it is the SR pension funds that are the most exposed to these styles. We also observed that, while conventional pension fund managers make certain use of superior information to follow stock picking strategies, managers of SR pension funds use superior information to follow market timing strategies.     

How Chinese firms learn technology from transnational corporations: A comparison of the telecommunication and automobile industries

China has been utilizing foreign direct investment (FDI) based on the strategy of “trading market access for technology” since 1978. However, there are differences in opinion regarding the performance of China's strategy. This paper examines the growth of technological capability of Chinese indigenous firms under a revised model of technological learning and catch-up based on research by Kim (1997) and Lee and Lim (2001). The paper investigates the process of industrial growth in China by developing the two cases of the telecommunication equipment industry and the automobile industry, and analyzes the aforementioned strategy from the viewpoint of technological learning and industrial catch-up. This study finds that knowledge was gained by leveraging China's huge market to “trade market access for technology”, and that indigenous firms must enhance the intensity of their efforts to assimilate acquired technologies so as to improve their technological capabilities. Through comparison of the two industries, we find that industrial policy regulating private firms’ market access directly affects the performance of the industrial catch-up.     

我国公用事业垄断体制改革断想--从供水行业引出的思考

政府与企业间关系在经济学中是一个很大的课题.近日,跟随由团中央组织的全国百支博士生"三下乡"志愿服务团,到福建省南平市开展调查研究.在南平市自来水公司调研时碰到的一个有趣现象,引发我对其中的公用事业垄断体制,特别是对供水行业的体制进行思考.     

浅议有限责任公司股东资格的认定

股东资格是取得和行使股东权利、承担股东义务的基础。股东资格的认定是公司法案件审理中经常涉及的问题，正确认定公司的股东资格是正确解决此类纠纷的前提。然而由于我国的公司法律制度不够完善，虚名、冒名股东在现实生活中屡见不鲜，股东资格的认定依然很难。在我国加入WTO的新形势下，应选择有利于公司制度的标准来认定股东资格。     

北京房价的多维观察

建设部提供的调查显示，今年4月在全国70个大中城市中，有11个城市新建商品住房价格指数同比涨幅超过7％，其中3个城市超过10％。住房供应结构不合理矛盾突出，16个重点城市新建商品房套均建筑面积高于120平方米，套型，价格与普通居民家庭的合理住房需求不相适应。房地产市场秩序比较混乱，虚假宣传，囤积土地、捂盘惜售问题不同程度存在。     

细旦涤纶混纺毛织物服用性能研究

细旦涤纶与毛混纺织物的服用性能较常规毛／涤织物,明显地表现出良好的刚柔性、悬垂性、耐磨性、透气性和断裂强力及伸长,但折皱性及抗起毛起球性能较差。     

李嘉图的经济增长思想述评

本文论述了李嘉图关于经济增长的主要思想，指出了李嘉图经济增长思想的积极意义     

山东省城市竞争力存在的问题与对策建议

全球经济一体化使城市在区域经济发展中的地位日益重要,城市之间的竞争日趋激烈。提高城市竞争力并发挥其作为区域发展的组织者角色,推动区域和国家经济的迅速增长,已被各级政府提上议事日程。基于以上认识,对山东城市竞争中存在的问题做出了较为全面的剖析,并提出提升山东城市整体竞争力水平的对策建议。     

地方政府利益、地方政府行为与经济增长

目前,对中国地方政府的经济行为的研究强调了在经济转型过程中地方政府在多样化的地方经济发展模式中的主导作用,注意到了地方政府目标的多重性,本地区社会福利最大化,政府利益最大化以及中央政府的满意程度等。对地方政府在公共产品的提供、就业、收入分配、实现社会公平等方面行为不到位方面的研究是从定性方法来论证。本文试图在定性分析基础上建立一些基本的数学模型为将来的计量研究提供一个模型框架。     

Market efficiency in the Spanish derivatives markets: An empirical analysis

This paper analyzes Granger caUSAlity between daily prices of the Spanish stock index (Ibex 35) and its futures contract using Johansen cointegration methodology. The study differentiates between short-run and long-run caUSAlity. The empirical results prove that, in the short run, the futures price causes the spot price. However, the opposite is not true. On the other hand, long-run caUSAlity is embodied in the response of futures prices after deviations from the long-run equilibrium. These results say that during the period of study, the Spanish futures market behaved as an efficient market.