云南旅游产业发展研究

本文力图通过云南旅游产业的现状、资源优势以及存在的问题进行综合分析和研究，其目的是使旅游产业结构优化和再造更趋于科学合理和规范，充分发挥旅游业作为支柱性产业的重要作用。     

基于CAPM的中国股市羊群行为研究——兼与宋军、吴冲锋先生商榷

本文首先对宋军和吴冲锋的《基于股价分散度的金融市场羊群行为研究》一文进行了分析 ,指出其在分析方法和论证逻辑两方面存在的问题。随后 ,本文以资本资产定价模型 (CAPM)为基础 ,建立了一个更为灵敏的羊群行为检验模型 ,并据此对我国股市进行了实证检验。研究结果表明 :在政策干预频繁和信息不对称严重的市场环境下 ,我国股市存在一定程度的羊群行为 ,并导致系统风险在总风险中占有较大比例     

交易透明度与信息揭示制度：国际趋势与启示

由于经济文化环境、交易制度、市场结构，技术模式和投资者分布等方面的差异，不同交易所在交易信息揭示的种类，数量和程度方面有所区别。本文首先总结了采取指令驱动的主要交易所的交易信息揭示制度和市场透明度，在比基础上分析了交易所交易信息揭示制度变革与市场透明度的发展趋势．希望能对我国证券市场交易信息揭示制度的发展提供一点有益的借鉴和启示。     

机动车辆保险招投标过程中存在的问题与对策

在机动车辆保险市场快速发展和竞争日益激烈的情况下，通过招投标方式投保车辆保险逐渐成为众多大客户的选择。但受目前保险市场体系不完善、竞争不规范等因素的影响，车险招投标存在着诸多的弊端。保险业应当正视存在的问题，采取公平合理的投标方式，确保保险招投标工作正常有序地进行，从而促进财产保险业持续健康发展。     

证券投资基金评价的净值模拟方法及实证分析

随着我国证券投资基金市场的不断壮大,对基金产品进行有效的评价,既可以为监管机构的监管决策提供服务,又可以为投资者的投资决策提供参考。目前国内主流的基金评价方法分为事后评价和事前评价,事后评价的方法相对成熟,事前评价方法仍处于探索阶段。本文使用5种随机模型对基金复权净值进行不同期限的模拟,对模拟结果进行了不同层面的分析,验证了将净值模拟方法运用到基金事前评价中的合理性和有效性。     

Leisure,international retirement migration,and retirement adjustment: insights from the best exotic marigold hotel movies

ABSTRACT

International retirement migration (IRM) is a growing phenomenon linked to increased longevity, early retirement, and improved financial status. Encompassing both travel and leisure experiences, IRM is a topic relevant to both tourism and leisure studies. By analysing the fictional movie series The Best Exotic Marigold Hotel (2012) and The Second Best Marigold Hotel (2015) from psychological, gerontological, and sociological theoretical perspectives, this paper examines motivation, goal setting, continuity and change, and identity development in IRM experiences within tourism and leisure contexts. This paper (a) identified motivations for IRM as finance, romantic relationships, social relations, self-esteem, self-fulfilment, and social norms; (b) in turn, time perception and attitude influence IRM emigrants’ priority and emotional fulfilment; (c) innovation extricates IRM emigrants from role loss and facilitates role change; and (d) IRM emigrants experience various identity development processes. A conceptual framework for IRM is proposed that purports to explain the IRM experience process and indicates that such an understanding of IRM should incorporate psychological, gerontological, and sociological perspectives.     

Are nontariff measures and tariffs substitutes? Some panel data evidence

Using new estimates of ad valorem equivalent of nontariff measures (NTMs) over time, this paper examines NTMs and tariffs’ relationship for a sample of 70 economies for 4,949 products at the 6‐digit harmonized system level over the period 2003–2015. A panel data methodology models the lagged adjustment of NTMs to tariffs, consistent with a causal relationship. Trade policy substitution is found when the models are estimated in both levels and changes; with this holding for both OECD and non‐OECD countries, but not for the agriculture sector in OECD countries. Overall, there is a fairly complete substitution between policy instruments in absolute terms.     

Pricing vulnerable options with correlated jump-diffusion processes depending on various states of the economy

In this paper, we use a Markov-modulated regime switching approach to model various states of the economy, and study the pricing of vulnerable European options when the dynamics of the underlying asset value and the asset value of the counterparty follow two correlated jump-diffusion processes under regime switching. The correlation is modelled by both the diffusion parts and the pure jump parts which describe the uncertainty of the value of the risky assets. We develop a method to determine an equivalent martingale measure and a parsimonious representation of the risk-neutral density is provided. Based on this, we derive an analytical pricing formula for vulnerable options via two-dimensional Laplace transforms, and implement the formula through numerical Laplace inversion.