Exclusive Contracts And Market Power: Evidence From Ocean Shipping

There is a substantial theoretical literature on the potential effects of loyalty contracts, but relatively little empirical work. We employ the event study methodology to examine the competitive effects of exclusionary contracts in the ocean shipping industry, where they were the subject of an extended legal and political struggle. We find that some of the most important events in this conflict caused significant changes in shipping firms' stock returns, indicating exclusive contracts increased their profits. We then examine the effect of these events on net exporting industries' stock returns, and provide evidence that these contracts contributed to carriers' market power.     

Some Further Results on the Tempered Multistable Approach

This article provides new results on the tempered multistable approach. After a preliminary section recalling the main definitions, we show the correspondence between a series representation and a characteristic function representation for asymmetrical field-based tempered multistable processes and for asymmetrical independent increments tempered multistable processes. We also show that both processes are semimartingales, which is a convenient property in finance. Next, we study the structure of autocorrelations that is conveyed by this approach. Finally, we provide an illustration showing the term structures of Value-at-Risk that can be obtained with this model.     

银行监管理论的发展趋势——监管有效性理论

新的金融环境下,传统的监管理论遭遇挑战,其有效性受到置疑。监管有效性理论立足新问题,着重从资本监管、市场纪律和激励相容三个方面予以改进,试图提高银行监管的有效性。鉴于我国银行监管缺乏效率的现状,监管有效性理论具有一定的借鉴价值。     

我国县域经济可持续发展问题与对策探析

县域经济已经成为我国国民经济的重要组成部分。目前我国县域经济存在发展不平衡、产业层次和劳动力素质低下、自然资源浪费、生态环境恶化、产业要素缺乏、国家投入不合理等问题。我们应该制定县域经济的发展规划,加强对县域经济的分类指导;积极推进农业产业化,切实提高农民收入;提高劳动力素质;节约使用自然资源,保护生态环境;积极推进城镇化,促进城乡协调发展。     

欧盟成员国金融排斥水平及破解:比较与借鉴

利用欧洲晴雨表数据对欧盟成员国金融排斥状况作了比较,发现一国经济发展水平和收入分配状况与其金融排斥程度紧密相关。通过梳理金融排斥成因、影响及破解金融排斥的经验,并根据六维模型描述了当前我国存在的金融排斥困境,本文认为加强对金融排斥状况的调查研究,处理好政策引导和市场基础性作用、经济增长与收入分配、金融公平与金融效率、金融机构盈利诉求与社会责任四方面关系并最终构建包容性的金融体系有助于解决我国金融排斥问题。     

管理层语调能预示公司未来业绩吗?——基于我国上市公司年度业绩说明会的文本分析

本文基于我国上市公司年度业绩说明会的文本数据来研究公司管理层语调是否有助于预测公司未来业绩。我们基于上市公司2005-2012年在全景网召开年度业绩说明会的相关文本数据研究发现,管理层净正面语调与公司T+1年业绩显著正相关,以及管理层正(负)面语调与公司T+1年业绩显著正(负)相关。这些结果说明,在控制了T年公司业绩等因素之后,业绩说明会上的管理层语调仍能够提供关于公司未来业绩的增量信息,也从事后验证的角度表明管理层语调具有较好的可信度。本文的研究发现意味着,管理层披露的文本信息有信息含量且有一定可信度,这对在中国高度依赖语境的文化背景下加强研究了解投资者等是如何挖掘和解读文本信息有重要意义。同时,也说明我国上市公司业绩说明会利用先进信息技术的信息披露实践在一定程度上是有效的。     

Estimation of investment costs in fish processing plants

Investment costs for fish processing plants are hereby presented along with a detailed analysis of different types of processes in relation to economies of scale.The cost-capacity factor for fish industry is estimated as 0.84, except for fish meal plants where the cost-capacity factor is 0.61.It is also discussed how technology, capacity and location in developed and developing countries can affect investment costs for fish processing plants, while cost-capacity factors remain unchanged.The concept of minimum limit for industrial capacity is included. Investment costs for minimum size plants or plants below minimum size are even greater than what would correspond to the correlation line. This is due to the need to incorporate one or more oversized pieces of equipment.     

西部地区新农村建设中一个亟待解决的问题

建设社会主义新农村是我国改善和发展农村面貌,发展和谐社会的重大举措。由于我国东西部发展的不平衡,西部农村经济发展相对东中部落后,如何建设西部地区新农村是一个值得探讨的问题．而要实现西部新农村建设这个目标的重要因素就是解决资金问题。