我国农村正规金融与非正规金融效率分析

高效率的金融制度对经济发展提供强有力的资金支持,可以提高经济的总体竞争力,促进经济增长。对农村信用社、农业银行、农业发展银行和邮政储蓄银行等正规金融机构和村镇银行、小额贷款公司等非正规金融组织的效率进行调查,从资金配置效率、适应性效率和运行效率方面进行分析,结果显示：正规金融制度的效率偏低,非正规金融组织的效率偏高;两种金融制度的效率有各自的空间,在规模和范围较小时,非正规金融制度效率更高,而超出一定的发展范围和规模,正规金融制度的优越性则进一步凸显。     

全流通过程中股票市场格局的变化趋势

本文通过一个经典的动态不完全信息信号博弈模型,分析当前中国股票市场解禁的非流通股股东与普通流通股东的博弈行为.认为当前针对大小非减持的信息披露有其积极意义,允许上市公司回购股份等也有助于估值信息的传递;同时,市场逐步走向更加合理的产业资本与金融资本互动的估值体系的预期有利于资本市场分离均衡的实现.中国资本市场在经历后股权分置时代的深刻变革之后成为经济晴雨表的功能将逐步增强.     

Efficiency Measurement in Network Industries: Application to the Swiss Railway Companies

The persistence of increasingly high government subsidies in Switzerland’s railroads has led the federal and cantonal authorities to discussing the possibility of high-powered incentive contracts such as those based on cost efficiency benchmarking. Railways are however, characterized by a high degree of unobserved heterogeneity that could bias the efficiency estimates. This paper examines the performance of several panel data models to measure cost efficiency in network industries. The unobserved firm-specific effects and the resulting biases are studied through a comparative study of several stochastic frontier models, applied to a panel of 50 railway companies operating over a 13-year period.* The authors wish to thank Michael Crew and two anonymous referees for their helpful suggestions. Aurelio Fetz provided an excellent assistance, which is gratefully acknowledged. Any remaining errors are the responsibility of the authors.This revised version was published in June 2005 with corrections in the author affiliations.     

APPLICATION OF PANEL DATA MODELS IN BENCHMARKING ANALYSIS OF THE ELECTRICITY DISTRIBUTION SECTOR*

ABSTRACT ** : This paper explores the application of several panel data models in measuring productive efficiency of the electricity distribution sector. Stochastic Frontier Analysis has been used to estimate the cost‐efficiency of 59 distribution utilities operating over a nine‐year period in Switzerland. The estimated coefficients and inefficiency scores are compared across three different panel data models. The results indicate that individual efficiency estimates are sensitive to the econometric specification of unobserved firm‐specific heterogeneity. This paper shows that alternative panel models such as the ‘true’ random effects model proposed by Greene (2005) could be used to explore the possible impacts of unobserved firm‐specific factors on efficiency estimates. When these factors are specified as a separate stochastic term, the efficiency estimates are substantially higher suggesting that conventional models could confound efficiency differences with other unobserved variations among companies. On the other hand, refined specification of unobserved heterogeneity might lead to an underestimation of inefficiencies by mistaking potential persistent inefficiencies as external factors. Given that specification of inefficiency and heterogeneity relies on non‐testable assumptions, there is no conclusive evidence in favour of one or the other specification. However, this paper argues that alternative panel data models along with conventional estimators can be used to obtain approximate lower and upper bounds for companies' efficiency scores.     

High equity premia and crash fears - Rational foundations

Summary. We show that in a Lucas endowment economy in which the process for dividends is described by a lattice tree subject to infrequent but observable structural breaks, in equilibrium recursive rational learning may inflate the equity risk premium and reduce the risk-free interest rate for low levels of risk aversion. The key condition for these results to obtain is the presence of sufficient initial pessimism. The relevance of these findings is magnified by the fact that under full information our artificial economy cannot generate asset returns matching the empirical evidence for any positive relative risk aversion.Received: 20 September 2003, Revised: 27 April 2005, JEL Classification Numbers: D83, E44, G12.I am indebted to Mordecai Kurz (the co-Editor), one anonymous Referee, Gabriele Camera, Sadayuki Ono, Olesia Verchenko, and Allan Timmermann for many useful comments. I also think seminar paticipants at the European Economic Association meetings in Stockholm (August 2003) and the Midwest Economics Association in St. Louis (March 2003).     

International asset allocation under regime switching, skew, and kurtosis preferences

This paper investigates the international asset allocation effectsof time-variations in higher-order moments of stock returnssuch as skewness and kurtosis. In the context of a four-momentInternational Capital Asset Pricing Model (ICAPM) specificationthat relates stock returns in five regions to returns on a globalmarket portfolio and allows for time-varying prices of covariance,co-skewness, and co-kurtosis risk, we find evidence of distinctbull and bear regimes. Ignoring such regimes, an unhedged USinvestor's optimal portfolio is strongly diversified internationally.The presence of regimes in the return distribution leads toa substantial increase in the investor's optimal holdings ofUS stocks, as does the introduction of skewness and kurtosispreferences.     

Knowledge misappropriation risks and contractual complexity in entrepreneurial ventures’ non-equity alliances

Small Business Economics - This paper explores the role of anticipated knowledge misappropriation risks in contract design in non-equity alliances involving high-tech entrepreneurial ventures. We...     

加强铁路企业财务管理工作的措施探讨

财务管理工作的好坏将对企业的生存和发展产生直接而重要的影响.做为铁路企业,在市场竞争日益激烈的条件下.要想在市场经济中立于不败之地,就必须采取切实可行的措施,加强财务管理工作,使企业在发展中必然占据先机,从而底赢得更大的发展空间     

A polymorphism associated with entrepreneurship: evidence from dopamine receptor candidate genes

The tendency to be an entrepreneur may be influenced by genetic variation. Sensation seeking is more common among entrepreneurs than among the general population. Twin studies show that the tendency to be an entrepreneur is heritable and that common genes influence both sensation seeking and entrepreneurial tendency (Nicolaou et al. Manag Sci 54:167–179, 2008a; Strateg Entrep J 2:7–21, 2008b). Since dopamine receptor genes have been associated with novelty seeking/sensation seeking (Benjamin et al. Nat Genet 12:81–84, 1996; Ebstein et al. Nat Genet 12:78–80, 1996; Noblett and Coccaro Curr Psychiatry Rep 7:73–80, 2005), and attention deficit hyperactivity disorder (ADHD) has been reported to occur at greater rates among entrepreneurs, we examined the association between five dopamine receptor genes and four ADHD-associated genes, with the tendency to be an entrepreneur in a sample of 1,335 individuals from the UK. We found a single nucleotide polymorphism (rs1486011) of the DRD3 gene on chromosome 3 to be significantly associated with the tendency to be an entrepreneur. This result is the first evidence of the association of a specific gene with entrepreneurship. Further studies are needed to replicate this association.     

RISK MEASURES: RATIONALITY AND DIVERSIFICATION

When there is uncertainty about interest rates (typically due to either illiquidity or defaultability of zero coupon bonds) the cash‐additivity assumption on risk measures becomes problematic. When this assumption is weakened, to cash‐subadditivity for example, the equivalence between convexity and the diversification principle no longer holds. In fact, this principle only implies (and it is implied by) quasiconvexity. For this reason, in this paper quasiconvex risk measures are studied. We provide a dual characterization of quasiconvex cash‐subadditive risk measures and we establish necessary and sufficient conditions for their law invariance. As a byproduct, we obtain an alternative characterization of the actuarial mean value premium principle.