The development of the group accounts disclosure system in Japan

The Japanese disclosure system of consolidated statements was introduced in 1977 and extensively revised in 1997. The role of the bureaucracy has been significant in these developments and seems to be part of Japan's closed culture. However, other explanations could also be applied. In particular, although Japanese firms opposed such disclosures on the basis of preparation costs, the Japanese government had to modernize the disclosure system, including consolidation, in order to develop the securities market regardless of an individual company's interests.     

Valuing the Option to Purchase an Asset at a Proportional Discount

I analyze the value of a nonstandard call option that allows the holder to purchase an underlying asset at a discount proportional to the asset's market price. Several applications for this type of option exist, including its use in employee compensation contracts. I derive the value of this option for a dividend-paying asset and for an option whose exercise price reflects a time-varying discount factor. The derived value incorporates the optimal time at which the option should be exercised. One application of this option relates to a residential real estate program in China.     

Glamour and Value Strategies on the Tokyo Stock Exchange

This paper evaluates the performance of glamour and value strategies and tests the extrapolation model for the Japanese equity market. In general, value stocks outperform glamour stocks by between 6 and 12 percent per annum for the five years after portfolio formation. Evidence from past, future and expected growth provides strong support for the story developed in Lakonishok, Shleifer and Vishny (1994). It is difficult to attribute the value premia to the difference, if any, in risk factors. In addition, the book-to-market premium is much closer to an arbitrage opportunity than the size premium.     

板峪口—上寨地区韧性剪切带的发现及其地质意义

板峪口—上寨地区位于太行山中段阜平穹褶束与五台山—恒山花岗绿岩带汇合部位。该区发育两期韧性剪切带,第一期为拆离—滑脱型韧性剪切带;第二期为逆冲推覆型韧性剪切带。本文重点总结了韧性剪切带地质特征,并对其地质意义进行了讨论。认为原五台群为由一系列韧性剪切带分割的构造岩片叠置体。板峪口组和五台群金刚库组中的部分中深变质片麻岩为“外来岩片。”原五台山群与阜平群为由韧性剪切带接触。并总结了韧性剪切带对金矿的成矿、控矿规律。     

环境污染侵权责任的认定及损害赔偿

环境污染侵权案件伴随着当代经济高速大规模发展日益增多,我国环境污染侵权责任制度已经建立了较好的基础,但在环境权确立、侵权责任认定以及责任方式与救济途径等方面仍然存在不少问题与缺陷。文章通过对上述问题进行阐述分析,借鉴国外先进理论与制度,提出了相应的对策。     

中国经济学建设的关键问题

中国经济学的根本任务归根结底是为我国经济发展、提高人民的生活水平和生活质量服务。中国经济学要从哪个方面来探索推动经济发展的路径并同其他经济学区别开,这是首先要明确的。     

On scientific expedition tourism of desert region: a case of eastern Ulan Buh Inner Mongolia

Desert-based adventure tourism is a rapidly expanding tourism market segment after the late 20^th century around the world. Perhaps the most significant factor in the development of desert adventure tourism is the extent to which common tourists are really engaged in scientific expedition. Inner Mongolia has long been considered as the resources accumulation area of desert tourism. The investigation on the Ulan Bah Desert has discovered that the desert animals, the vegetation, the insects, the fungus, tire landfrom and the climate are impressive for both the researchers and the mass tourists. After the resources investigation a survey was carried out in 2007 to get the detailed information of the tourists＇ attitude toward the planning desert scientific product in the Ulan Buh Desert. Based on the resources and market analysis, this paper tries to make a planning of the desert scientific expedition tour of the Ulan Bah Desert. The planning includes the functional division, expedition route design, tour-explaining system, facility of safety guaranty and service planning, and the professional training base.     

我国企业年金运营管理同质化原因及破解的策略

随着我国人口老龄化的趋势加快,企业年金在社会保障体系中的重要作用日益凸现,金融机构也越来越重视企业年金产品的开发与创新。然而,企业年金产品在发展过程中,同质化现象较为严重。本文系统分析了我国企业年金产品同质化的现状,探究同质化产生的原因,并提出相应的解决方案,对金融机构规划企业年金产品体系具有一定意义。     

商业银行分支机构绩效评价系统的设计与实证分析

本文回顾了商业银行分支机构绩效评价理论的发展和实践现状,从追踪战略实施效果和评价流程角度建立了一套完善的绩效评价系统。具体包括按照商业银行经营的安全性、流动性、盈利性和发展性要求建立了基本指标及其修正体系,并引入评议指标完善评价体系;运用Delphi法和AHP相结合的方法设置权重;借鉴分段函数取代传统直线型处理“倒U型”指标的不利做法;基于相对绩效评价思想,建立了评价标准体系和功效系数法评价模型;并以某商业银行为例进行了实证分析。最后给出了本文研究的局限性和后续研究建议,并特别就引入效率评价维度来完善绩效评价系统设计进行了比较分析。     

Another proof that assignment games have singleton cores only if multiple optimal matchings exist

Complementary slackness of a pair of dual linear programming problems implies the remark of Sotomayor (2003) that assignment games have singleton cores only when multiple optimal matchings exist.The author thanks Marilda Sotomayor, William Thomson, and an anonymous referee for their helpful comments. This paper was finished when the author was visiting University of Rochester. JEL Classification Numbers: C71, C78, D58