中国互联网进入马云时代

和以前“眼球经济”的提法截然相反,网络经济在经历了5年的挤泡沫和降温之后卷土重来了。与以往不同的是,这一次盈利模式明晰、资本运作娴熟!     

Transfer of Technology: An Update

This update on transfer of technology in the Asian-Pacific region takes the original survey (Enos 1989) as its model, dealing in some detail with vehicles for technology transfer, more summarily with types of technology transferred. In conclusion, this article draws attention to some issues neglected in the literature and raises the question whether, in the prevailing world political climate of deregulation, the issue of transfer of technology will remain in the political arena.     

中小企业板的推出对我国创业投资的影响

2004年5月，中小企业板在深交所获准设立，一时间，围绕中小企业板对创业投资运作影响的讨论空前热烈。笔者认为，要研究中小企业板对创业投资的影响，就必须从创业板和创业投资的内在机理出发，来研究中小企业板的制度安排是否能保证二者形成良性互动，关键的就是要研究中小企业板在制度上离一个成熟的创业板有多远。目前，学者和业内人士普遍对中小企业板的作用不甚乐观，而近一年来的实践也似乎验证了这一观点，因此，加强中小企业板的制度建设，使之尽快过渡为创业板，已经成了管理者的当务之急。     

Long Standing Friendship Continuous Cooperation

This year we celebrate the 55th anniversary of the establishment of dipomatic relations between China and Romania. As a friendly country, having long-term relations with China, what kind of economic cooperation exists between the two nations? What are the incentives that made the trade volume highly rated in the recent years, particularly this year? Which are the perspectives of the Sino-Romanian relationship? With those questions, the reporters have interviewed H.E. Ambassador Viorel Isticioaia-Budura, Ambassador of Romania to China.     

An empirical analysis of the relationship between the hedge ratio and hedging horizon: A simultaneous estimation of the short‐ and long‐run hedge ratios

This article analyzes the effects of the length of hedging horizon on the optimal hedge ratio and hedging effectiveness using 9 different hedging horizons and 25 different commodities. We discuss the concept of short‐ and long‐run hedge ratios and propose a technique to simultaneously estimate them. The empirical results indicate that the short‐run hedge ratios are significantly less than 1 and increase with the length of hedging horizon. We also find that hedging effectiveness increases with the length of hedging horizon. However, the long‐run hedge ratio is found to be close to the naïve hedge ratio of unity. This implies that, if the hedging horizon is long, then the naïve hedge ratio is close to the optimum hedge ratio. © 2004 Wiley Periodicals, Inc. Jrl Fut Mark 24:359–386, 2004     

QUADRATIC TERM STRUCTURE MODELS FOR RISK-FREE AND DEFAULTABLE RATES

In this paper, quadratic term structure models (QTSMs) are analyzed and characterized in a general Markovian setting. The primary motivation for this work is to find a useful extension of the traditional QTSM, which is based on an Ornstein–Uhlenbeck (OU) state process, while maintaining the analytical tractability of the model. To accomplish this, the class of quadratic processes, consisting of those Markov state processes that yield QTSM, is introduced. The main result states that OU processes are the only conservative quadratic processes. In general, however, a quadratic potential can be added to allow QTSMs to model default risk. It is further shown that the exponent functions that are inherent in the definition of the quadratic property can be determined by a system of Riccati equations with a unique admissible parameter set. The implications of these results for modeling the term structure of risk-free and defaultable rates are discussed.     

China and Egypt:More Cooperation Brings Prosperous Future--Interview with H.E.Ali El-Hefny,Ambassador of Egypt to China

Q:With long history and outstanding cultural achievements, China and Egypt have good cooperation in politics,economy, tourism, and education. Focusing on economy, what complementarities do you think our two countries have? What kind of potentials could be discovered and in which aspects could we enhance economic and trade cooperation?     

外贸服务公司如何开展质量管理体系审核

旧版（９４版）IS０９００１标准采用的结构是供方产品质量环形成的２０个要素的编排方式，强调体系要素对应的符合性。服务业实施此标准，对某些要素不好把握。２０００版IS０９００１标准以“过程方式”为基础构架了质量管理体系，引导组织以满足顾客要求和符合法律法规为基本出发点，把PDCA循环融入每一个过程的管理之中，适合了服务业产品／服务的提供过程。我国在加入WTO三年后，外贸将放开经营，实施登记许可制度。因此随着外贸垄断格局的进一步打破，专业外贸公司在融资能力、专业人才等方面的优势不复存在。上述的外因、内因使…     

在虚拟的刀光剑影中游走

阴霾的天气容易让人想不开，城市的纷乱，多少有些无奈。而有些人可以抛弃环境的影响，逃遁或者投入到美妙的图景中。     

ALL THINGS CONSIDERED,TAXES DRIVE THE JANUARY EFFECT

The multitude of explanations for the January effect leaves the reader confused about its primary cause(s): is it tax‐loss selling, window dressing, information, bid‐ask bounce, or a combination of these causes? The confusion arises, in part, because evidence has generally been presented in support of a particular hypothesis though the same evidence may be consistent with another hypothesis. Furthermore, prior work does not adequately control for the bid‐ask bounce. In this article we try to disentangle different explanations of the January effect and identify its primary cause. We find that tax‐related selling is the most important cause, overshadowing other explanations.