An Analysis of the Deposit-taking Market of Hong Kong

This paper analyzes the deposit-takingmarket in Hong Kong prior to the deregulation ofinterest rates in 1994. We argue that bankingregulations, in the forms of branching restrictionsand interest-rate ceilings, had created amonopsonistic market for short-term bank deposits. Asa result, banks in Hong Kong had earned asubstantially wider interest-rate margin than banks inother Asia-Pacific countries and the United States. We provide procedures to estimate the economicsignificance of the foregone interest and find themonopsonistic rent to be in the order of 1% of theGross Domestic Product of Hong Kong for the period1987 through 1994.     

An analysis of Japanese earnings forecast revisions with application to seasoned equity offerings

Using the bootstrap method, we explore the characteristics of revisions in Japanese earnings forecast data. We find that forecast revisions exhibit a downward trend over time as the actual earnings announcement date approaches, and are serially correlated with three significant lags. Using these characteristics we develop a model to estimate abnormal forecast revisions, and illustrate the model's use with a sample of Japanese companies announcing seasoned equity offerings (SEOs). In contrast to results obtained by studies using American data, our findings indicate significant positive upward revisions when Japanese firms announce an SEO.     

A Dynamic Model of Export Competition, Policy Coordination, and Simultaneous Currency Collapse

This paper shows that the "price wars during booms" logic of Rotemberg and Saloner ( American Economic Review , vol. 76, 1986, 390–407) provides an explanation of contagious currency crises. The idea is as follows. When a group of countries relies on exports to a common foreign market, pressures for competitive devaluations arise. In response, competing exporters peg their exchange rates to the currency of their export market. However, it must be in each country's self-interest to adhere to its peg, and a common adverse external shock can make an existing (implicitly) cooperative arrangement unenforceable. Maintaining the arrangement requires a collective devaluation that reduces the unilateral incentive to devalue.     

国际贸易理论演化中的哲学逻辑和历史线索

本文对国际贸易理论演化中潜在的哲学逻辑和历史线索进行提炼和总结,借用＂道生一,一生二,二生三,三生万物＂的中国古代哲学思想来阐释经典国际贸易理论体系演化的内在哲学逻辑,并从推动理论发展的三大动因的角度来说明国际贸易理论演化的历史线索,试图探寻国际贸易理论发展中存在的潜在规律性,并在此基础上,对国际贸易理论今后的发展进行适当的展望。     

沪港产业结构对西部产业发展的启示

近年来,沪港作为国内国际大都市经济发展速度很快,产业结构不断趋于合理,它们在经济发展、产业提升过程中所表现出来的许多特质对西部产业发展有许多重要启示.     

为"多元化经营"正名

多元化对企业来说只是企业扩张过程中可供企业采用的一种重要的经营战略，多元化和专业化并没有优劣之分，成功的多元化与企业在所经营的各个领域内的有效的专业化是分不开的，核心竞争能力是企业进行多元化经营的依托，同时也决定了企业多元化的边界。     

2-己酮糖的还原特性概述

2-已酮糖有四种同分异构体,分别是山梨糖、塔格糖、阿罗酮糖和果糖.酮糖被还原时理论上生成一对等量的差向异构体糖醇.果糖是人们最了解的典型的也是自然界中存在最普遍的2-已酮糖.本文从解析果糖的一些特性为切人点介绍2-已酮糖的一些共同的还原特性.     

Auditing Standards in China—A Comparative Analysis with Relevant International Standards and Guidelines

The continuing and deepening economic reforms in China have brought many changes both socially and economically to the society. The primary function of auditing in China has begun to shift away from the traditional tax compliance assessment towards the credibility lending to financial statements. The economic reforms and the development of the Accounting Standards for Business Enterprises have necessitated the parallel development of auditing standards in China. While some significant differences exist, the new Chinese auditing standards are, in a number of important aspects, similar to the professional standards promulgated by the International Federation of Accountants. The development of a comprehensive body of standards, auditor independence, the role of certain auditing techniques, and certified public accountant (CPA) population are the major areas that China needs to improve. Opening up the Chinese accounting industry will trigger significant advances in the implementation of Chinese standards and the development of the Chinese accounting profession.     

Are there long-run implications of analyst coverage for IPOs?

Analyst coverage has been cited increasingly as an important attribute in the selection of an underwriter for a firm about to go public. However, it has also been alleged that affiliated analysts provide biased research. In this study, we examine these interrelated issues by examining the long-run performance of IPOs with coverage from their managing underwriters in a 1993–2003 sample. We find that (1) analysts’ research coverage from their managing syndicate is not related to long-run performance; (2) long-run performance is not different for firms that receive all-star analyst coverage; and (3) investors are not systematically worse off for following lead underwriter recommendations.     

研发产业集聚与扩散——基于新经济地理学与深圳案例的分析

研发产业的空间集散与一般产业相比既有共性又有区别,对城市和区域的产业选择及定位具有特殊意义,值得关注和研究。基于新经济地理学框架和深圳案例的分析表明,规模报酬、要素成本及交易费用是研发产业集散的内在动因,中心与外围的联系互动是其与制造业及其他产业之间关系的空间形态,其产业扩散具备特殊的内部、外部路径。据此,研发业者、中心城市和周边区域可分别采取相应的产业攻略并加强发展互动。