国际工程博茨瓦纳马地雷洛商场项目承包合同索赔浅述

工程合同索赔包含工期索赔和经济索赔。工期索赔的目的首先是延长工期，避免遭受工期延误罚款；其次是给经济索赔的合法性奠定合同基础。合同索赔是目前建筑市场中承包商利润主要来源。做好合同内索赔不但能提高承包商对国际工程施工管理的能力，而且能够给建筑商带来可观的经济效益。     

Night trading and market quality: Evidence from Chinese and US precious metal futures markets

Given a dominant exchange, how should other exchanges set their trading hours? We examine the introduction of a night session by the Shanghai Futures Exchange, allowing trading concurrently with daytime trading at the Commodity Exchange in the United States. After developing hypotheses, results for gold and silver show: trading activity has increased; liquidity in Shanghai has risen and prices are less volatile at market opening; the price discovery share of Chinese gold futures has fallen but this is not a sign of weakening market quality; and volatility spillovers increase bidirectionally. Longer trading hours have decreased market segmentation and increased information flow.     

避免亏损与公开增发盈余管理的识别与估计:来自聚束设计的实证证据

基于2002-2017年中国A股上市公司披露的加权平均净资产收益率(ROE)数据,本文识别出上市公司在0%(避免亏损)和6%(公开增发股票)两个阈值处的盈余管理动机,并对盈余管理频率和幅度进行估计。首先,数据证实A股上市公司ROE分布图在阈值0%和6%处存在明显的左侧样本缺失、右侧样本聚集现象,表明公司确实为满足政策要求在阈值附近进行了盈余管理,将公司ROE从阈值左侧操纵至右侧。其次,本文用聚束设计方法估计出3.18%的上市公司为避免汇报亏损而进行盈余管理,占真实亏损公司的59.25%,进行盈余管理的公司将ROE平均提高了2.115个百分点。为了成功公开增发而进行盈余管理的上市公司比例虽然仅有0.28%,但占到了实际股票公开增发公司的58.13%,平均盈余管理幅度为0.524个百分点。最后,异质性分析表明:2016年以前上市公司为了避免亏损而进行盈余管理的动机一直很稳定,2002-2005年是为了满足公开增发条件而进行盈余管理最严重的年份;动机强烈的ST企业和杠杆率高的企业进行盈余管理的频率更高。     

REIT Stock Prices with Inflation Hedging and Illusion

Employing dividend yield decomposition, this paper explores the inflation illusion and inflation hedging effects on REIT stock prices. Results show that changes in expected inflation explain a large share of the time series variation of the mispricing component of the dividend yield. Also, while both inflation hedging and inflation illusion effects exist for REITs, the inflation illusion effect tends to dominate the hedging effect during the 1980 to 2008 period. These results suggest that investors are unable to quickly reconcile changes in discount rates and dividend growth rates associated with inflation into stock prices. The findings also provide an alternative explanation as to why short-term REIT returns are often negatively related to expected inflation.     

Do Decomposed Financial Ratios Predict Stock Returns and Fundamentals Better?

We investigate the prediction of excess returns and fundamentals by financial ratios, which include dividend‐price ratios, earnings‐price ratios, and book‐to‐market ratios, by decomposing financial ratios into a cyclical component and a stochastic trend component. We find both components predict excess returns and fundamentals. Cyclical components predict increases in future stock returns, while stochastic trend components predict declines in future stock returns in long horizons. This helps explain previous findings that financial ratios in the absence of decomposition find weak predictive power in short horizons and some predictive power in long horizons. We also find both components predict fundamentals.     

资本市场服务“三农”发展问题探析——以河南省涉农民营企业上市融资为例

资本市场主动服务"三农"发展具有十分重要的现实意义。本文以河南省涉农民营企业发展为例,分析了涉农民营企业上市融资对"三农"发展的重要意义,指出了涉农民营企业上市融资中存在的问题,最后围绕发挥资本市场服务"三农"作用,提出了推动涉农民营企业上市的几点建议,主要包括:着力于支持涉农民营企业上市融资,提高辐射带动能力;加大省级政府对涉农民营企业的统一组织协调;加强投资银行等中介机构对涉农民营企业上市的辅导和支持;高度重视农村地区专利技术等知识产权的保护和规范工作。     

Corporate Bond Returns and Volatility

Recent literature emphasizes the relation of stock volatility to corporate bond yields. We demonstrate that during 1996–2005 corporate bond excess return volatility is directly related to contemporaneous corporate bond excess returns. In fact, the decompositions of aggregate bond volatility have a higher contemporaneous correlation with bond yields in comparison to idiosyncratic stock risk. Additionally, bond volatility and idiosyncratic risk are significant predictors of corporate three‐month and six‐month ahead bond excess returns. We also find that corporate bond volatility contains both slow moving and time‐varying components.     

应尽快推出"中国圆"造福全球华人

当年，100马克不做其他交易，在欧盟15个国家内转一圈，就只剩下50个马克，损失一半。如今，香港圆、澳门圆、新台币均与美元挂钩，然后，才能兑换成人民币。100新台币也不做其他交易，在这五种挠币中转一圈后，还能剩多少？更何况还有种种的隐患、麻烦。近几年来．两岸四地的企业家、经济学家、新闻工作、政府官员、两会代表等有识之士，先后对此给予热情地关注，积极的呼吁。为更好地探讨解决此问题，作为系列讨论章之一。本刊发表了《应尽快推出“中国圆”造福全球华人》一，虽难能一石激起千层浪，但本刊诚邀关注此问题的人士，积极参加讨论。热情推动“中国圆”的早日诞生。[编按]     

从企业文化视角谈提高企业执行力

企业执行力是企业执行并实现既定战略目标的能力，优秀企业文化是提高企业执行力的重要条件。企业没有执行力就没有竞争力，如何提高企业执行力成为管理领域一个热点问题。从企业文化层面提高企业执行力，就是要在企业中构建企业执行力文化。