论公司治理中的联合监督机制

对经营者的监督是公司治理要解决的重要问题之一。从其他国家的经验来看，内部监督机制和外部监督机制各有优缺点。基于此，结合中国的实际情况，提出利益相关者联合监督的模型，以期建立一个较为完善的监督机制，既解决对经营者的监督问题，又使各方的权责利得以平衡。     

Asset Pricing of Insurance Loss Liabilities: Some Examples

I construct examples of valuing insurance loss liabilities with asset pricing models, comparing the Rubinstein‐Leland model with the better‐known CAPM. The two models give different values only if the loss payment is asymmetric and correlated with the market portfolio, conditions which can result from the nature of the underlying loss or from the impact of insolvency on the insurer's payment.
In examples where insolvency is not possible and there is no liquidity cost of raising new equity on short notice, the value of a loss liability is equal to the value of the underlying loss, i.e., of the promised coverage, and depends neither on (1) the size of the loss pool; nor on (2) the unsystematic risk of the insurer's liabilities; nor on (3) the composition of an insurer's investment portfolio; nor on (4) the amount of insurer equity.
These factors do affect the value of a loss liability in examples where insolvency and liquidity costs are considered. Other things equal, if a factor increases the likelihood of insolvency, the fair value of a loss liability is lower because the insured is partially self‐insuring; but the liquidity cost of maintaining solvency by raising new equity on short notice is higher, implying a higher fair value of the loss liability.     

草根金融及其招安的思考

从草根金融的内涵、类型和成因分析入手 ,从法律的理念角度来分析草根金融招安的必要性 ,继而提出通过降低银行业准入的最低资本限额以建立社区性银行、建立二板市场、坚决推行利率市场化改革的招安对策 ,使草根金融由合理而不合法的地下活动转为公开、合法、透明、有序的金融活动     

民本思想与当代中国行政文化建设

民本思想一方面有着优秀的传统 ,具有历史进步性和合理性 ,另一方面又与民主有本质的区别 ,包含有伪民主和反民主的因素 ,具有历史局限性 ,因而民本思想对当代中国行政文化建设起着双重影响。主张扬弃民本思想 ,对民本思想的优秀传统进行现代转化 ,积极推进有中国特色的社会主义行政文化建设。     

Day‐of‐the‐Week Effect in High Moments

Evidence from equity markets worldwide indicates that the Day‐of‐the‐Week anomaly appears to fade from the first moment of the distribution of daily returns. We report highly significant pair‐wise weekend effects in high moments when comparing the first and last trading days of the week. The second moment alone appears to distinguish the return distribution of the first trading day from all others. A probable explanation of the phenomena appears to be information dissemination: corporate announcements released after closing of the last trading day of the week spill‐over to the opening of the first trading day, increasing its variability and carrying the closing sign.     

A role for a pan-European trade union movement?–possibilities in European IR-regulation

Steps towards internationalisation of the trade union movement are considered in the context of the process of political and economic integration taking place in the EU. The trade unions are trying–partly via the ETUC–to play a role at pan-European level. However, the European trade union movement is not a cohesive entity. Besides, it has no significant transnational power-resources. These factors suggest that any European IR-system will be based primarily on political regulation rather than on a system of collective agreements.