Regulation Fair Disclosure and Earnings Information: Market, Analyst, and Corporate Responses

With the adoption of Regulation Fair Disclosure (Reg FD), market behavior around earnings releases displays no significant change in return volatility (after controlling for decimalization of stock trading) but significant increases in trading volume due to difference in opinion. Analyst forecast dispersion increases, and increases in other measures of disagreement and difference of opinion suggest greater difficulty in forming forecasts beyond the current quarter. Corporations increase the quantity of voluntary disclosures, but only for current quarter earnings. Thus, Reg FD seems to increase the quantity of information available to the public while imposing greater demands on investment professionals.     

民营中小企业成长的瓶颈--兼对小农意识的批判

小农意识严重阻碍了民营企业的发展。论文对小农意识的特点及产生过程进行了分析，在此基础上将小农意识与企业家精神做了对比研究，认为发展市场经济一定要大力摈弃小农意识，树立企业家精神，在变化万千的环境中不断突破自己，使企业的发展与时代同步。     

Self‐Fulfilling Early‐Contracting Rush*

In markets for entry‐level professionals, the insurance motive drives some participants to sign early contracts. The rush to early contracting can be self‐fulfilling, as both its effect on expectations about demand–supply balance in the subsequent spot market and the effect on it from changes in the demand–supply balance can be nonmonotone. Matching markets with more risk‐averse participants, a greater uncertainty regarding relative supply of positions, or a more polarized distribution of applicant qualities are more vulnerable to self‐fulfilling early‐contracting rushes. Employers can have a collective interest in preventing early offers to a few promising applicants from starting the rushes.     

小盘股基金：海外运作经验及其借鉴

小盘股基金是海外基金行业一支活跃的力量,在追求高收益的竞争中,形成了其独到的运作经验.本文对海外小盘股基金的收益、资产规模、持股集中度、换手率、行业组合、选股特征、信息披露等基金运作的全部过程进行了研究.在我国刚刚推出了中小企业板之际,发展我国的小盘股基金,对促进多层次资本市场的建立和发展具有现实意义.     

三线铁路荷载作用下箱梁桥荷载横向分布系数

文章运用有限元程序对三线铁路预应力混凝土连续箱梁桥进行了模拟,分析了三线铁路荷载作用下箱梁的受力特性及在各种荷载工况下荷载横向分布规律,给出了荷载横向系数的实用值。     

论柔性战略在中国邮政发展中的应用

文章阐述了柔性战略的含义和特征,阐述了中国邮政实施柔性战略的必要性,提出了邮政企业实行柔性战略管理的推进策略,以提高邮政的应变能力,适应市场的变化。     

中国共产党对农民工社会属性的新论断

农民工是中国社会经济发展的必然产物，农民工已经开始成为中国工人阶级的一部分。中国共产党关于城市农民工社会属性的新论断，是我党实事求是的必然结果，这一论断有重大的理论价值和现实意义，对于促进城市农民工向工人阶级的转化，彻底解决“三农”问题有十分重要的作用。     

The effects of transition on the distribution of income in China

Using two large samples for 1988 and 1995 we decompose the Gini coefficient of household income according to type of income with the purpose of analyzing reasons for the rapid increase of inequality. The results show that the change in relative size of money income and its changed profile are found to be the major processes behind the rapid increase of income inequality in rural China. Changes in housing allocation and an increased number of retirees in combination with higher benefits have made inequality increase in urban China and in China as a whole. JEL classification: D31, P27.     

银行存款收费问题的理论分析

4月4日，香港汇丰银行宣布不再向客户提供免费服务，对存款不啼5000港元的储户，每月将收取40元手续费，对存款低于1000港元的将不支付任何利息。人们预测，新制度的推出，对银行业以至消费都将产生巨大影响。在汇丰的影响下，其他银行也将纷纷效法。据说、香港汇丰银行对储户实行分层收费的全新利率制度宣布后，有5万市民冒雨在汇丰的各分行门口排起长队，准备取出存款，或是把向个户头合并以减少要缴的月费。不过，我认为，此举最重要的影响就是引发了理论界关于国内银行要不要收费问题的热烈讨论。本拟从微观经济学的基础理论出发，来对此问题作一分析。     

契约角度的资本结构优化

企业作为一系列契约的耦合体,在组织形式上表现为通过对企业契约的控制权与剩余索取权的对应配置而形成的治理结构,在广义会计上则表现为企业的资本结构。从资本结构的主要构成内容来看,债券或债务与股票都是规制资本交易的两种契约手段,故从契约角度研究资本结构便日益受到重视。本文在前人研究的基础上,从会计等式的契约属性出发,从而实现契约与资本结构的对接,并在分析股权契约与债务契约的特点和功能的基础上,提出了通过股权契约与债务契约的适度耦合来优化资本结构的新思路。