论巨灾风险证券化与风险融资制度的发展

一、对巨灾风险内涵的再思考关于什么叫巨灾风险?一般的保险文献均指“洪水、地震、飓风等自然灾害造成的一定地域范围内大量的保险标的物同时受损,引发巨额保险索赔而对保险企业业务经营稳定带来巨大影响的风险”。诚然,这种理解已经基本概括了人们对社会生活中巨灾风险的经验     

The Relationships of Religion to Economics

The relationships between religion and economics are both complex and controversial. In this paper is explored one method for organizing those relationships. Four categories are examined which help identify possible options: economics separate from religion economics; in service of religion; religion in service of economics; and religion in union with economics. The paper begins with a definition of what is included under the headings of religion and economics. Next, each of the four categories is described and discussed. Conclusions close the paper.     

Contracting officer workload,incomplete contracting,and contractual terms

This article estimates the causal effect of retirement‐induced workload spikes on the selection of procurement terms. In a sample of 150,000 contracts from 85 procurement offices over 11 years, increases in workload decrease reliance on competitive acquisition procedures, decrease reliance on firm‐fixed‐price contracts, increase risk of renegotiation, and increase costs. These estimates are consistent with a model of endogenously incomplete contracting. The US federal government has experienced exceptional growth in acquisitions contracting over the past decade but limited growth in acquisitions manpower. This article provides some of the facts necessary to evaluate the consequences of these shifts.     

东莞发展战略性新兴产业的理性思考

战略性新兴产业具有潜力大、附加值高和风险大的特点。本文提出了东莞发展战略性新兴产业的隐忧,并对东莞发展战略性新兴产业进行了具有一定深度的理性思考。     

Hide-and-Seek in the Market: Placing and Detecting Hidden Orders

This paper investigates why traders hide their orders and howother traders respond to hidden depth. Using a logit model,we provide empirical findings suggesting that traders use hiddenorders to manage both exposure risk and picking off risk. Usingprobit models, we show that hidden depth increases order aggressiveness.Our interpretation of this empirical evidence is threefold.First, hidden depth detection is possible and frequent. Second,when traders detecthidden volume at the best opposite uote,they strategically adjust their order submission to seize theopportunity for depth improvement. Third, traders' responsewhen hidden depth is detected suggests either that they do notassociate hidden orders with informed trading or that the riskof trading with an informed trader is widely offset by the opportunityfor depth improvement.