In search of an optimal strategy for yuan’s real revaluation

International commentators seem to have a consensus view that the Chinese yuan is substantially undervalued and the Chinese monetary authority must take speedy actions to redress the currency misalignment by rapid nominal revaluation. This paper argues for a gradualist but comprehensive strategy for adjusting the renminbi’s exchange rate. Taking into consideration the facts that the yuan’s undervaluation is caused by an array of domestic and international factors and that the Chinese central bank cannot effectively invest its growing holdings of foreign reserves, we develop a framework to provide a theoretical underpinning for the optimal strategy for the renminbi’s gradual revaluation. With this strategy, the renminbi undervaluation problem is gradually redressed through a combination of nominal appreciation and higher inflation plus some other structural and macroeconomic policies. This strategy can also allow absorption of external imbalances, hence strengthening the foundation of China’s long-term growth.     

机构投资者持股与公司治理间关系的实证研究——基于代理成本的视角

利用2001—2011年我国上市公司的相关数据,从代理成本的视角,对机构投资者在强化上市公司的外部监督、改善公司内部治理方面的作用进行了研究。实证结果显示:机构投资者的存在及发展能够完善公司治理、降低管理层的代理成本,但该影响的经济效果较微弱。指出:有必要进一步创造条件,促使机构投资者在提升公司治理水平、促进证券市场健康发展方面发挥更大作用。     

阿莫西林克拉维酸钾薄膜衣片的制备工艺研究

目的本研究主要对阿莫西林克拉维酸钾的薄膜衣片进行了制备工艺的研究。方法通过对制剂处方的筛选和考察生产工艺的条件,确定最佳阿莫西林克拉维酸钾的薄膜衣片制备工艺。结果与结论本制剂工艺的实验可行,工艺稳定可靠,所制备的薄膜衣片符合相关要求。     

Outperformance Certificates: analysis, pricing, interpretation, and performance

In this paper we introduce a new financial product named Outperformance Certificates. We study the €43 billion sample by examining 1,507 issues of the certificates outstanding in August 2005 issued by banks in Europe. We present formulas to price the certificates and empirically examine the profits in the primary market for issuing the certificates. We find that issuance of the certificates is profitable for the issuers in our sample. Issuers sell the certificate at prices 3–5 % above the fair value based upon the components of the underlying assets. We also find that the dividend yields and ex-dividend dates play an important role in the profitability of the certificates. The underlying securities tend to have high dividend yield and large market capitalization. We also find the certificates tend to mature soon after the ex-dividend dates of the underlying assets.     

Product differentiation and efficiencies in the retail banking industry

We empirically quantify the welfare implications of bank entry in the United States between 2000 and 2008. We use a fully structural framework that combines a differentiated demand model with an endogenous product model to investigate the market outcomes. We find no evidence for under- or over-entry. Compared with the socially efficient outcome, there is a mild welfare loss resulting from banks entering wrong locations in product space. Compared with the observed outcome, consumer surplus drops by 20–38% and bank profits decline by 48–59% when banks are homogeneous. Therefore product differentiation significantly improves welfare under free entry.     

Do voluntary disclosures of product and business expansion plans impact analyst coverage and forecasts?

We investigate whether voluntary disclosures of product and business expansion plans affect analyst coverage and forecasts. We find that the level of analyst coverage is positively associated with the incidence of disclosures of product and business expansion plans. We also find that product and business expansion disclosures increase the informativeness of analyst earnings forecasts. We find no evidence that product and business expansion disclosures increase analyst forecast errors. Overall, our study contributes to understanding the role of product and business expansion disclosures in analyst forecast behaviour.     

低碳经济下企业节能减排技术改造进化博弈分析

为了分析低碳经济环境下环境监测部门与企业在节能减排技术改造过程中的博弈,假设博弈双方在有限理性条件下,建立了环境监测部门和企业在各自不同的策略选择时的成本争收益模型,运用进化博弈理论研究了博弈双方的稳定性策略.博弈分析结果表明:企业的技术改造成本和通过技术改造后为企业带来的收益、政府对企业是否进行节能减排技术的奖励和惩罚,以及环境主管部门的重视都将直接影响企业的行为选择.     

在体育课中对学生创新能力的培养

面对 2 1世纪教育的发展趋势和现代社会对人才的要求 ,体育教学的指导思想 ,发生了巨大的变化。教育的根本目标是培养有创造力、身心健康的人才 ,培养学生的创新能力就成了体育教学追求的目标。     

浅谈海洋平台应急电源系统检验

应急电源系统作为海洋平台上在紧急状态下的重要电源，必须在平台处于异常状态下能发挥重要作用，以保证平台应急系统的用电要求。因此海洋平台上的应急电源系统必须要满足有关安全标准规范的要求。     

市场化劳动用工制度的构架——人才派遣机制分析

对人才派遣机制作了分析,主要谈了八个问题,即人才派遣的涵义;人才派遣的优势;人才派遣的适用范围;人才派遣的主要形式;人才派遣的办理程序;人才派遣的服务内容;人才派遣的服务机构;人才派遣存在的主要问题,并提出这一机制将对深化用工制度改革发挥积极有效的促进作用.