我国金融业经营模式改革亟需解决的几个问题

中国加入WTO后，中国金融业融入了全球激烈的竞争中。面对着国外集银行、保险、证券于一身的金融寡头的竞争，我国现行分业经营模式下的金融业的生存和发展面临着巨大的威胁。随着金融业本身发展和金融市场全球化程度的提高，混业经营的推动力日益强化。为了迎接外资金融机构的挑战，增强中国金融机构的竞争力，我们现在必须着手进行金融经营模式的改革，使金融业由分业经营逐步向混业经营转变。     

Risk measurement distortion: an improved model of return smoothing

We examine the effects of smoothed hedge fund returns on standard deviation, skewness, and kurtosis of return and on correlation of returns using a MA(2)-GARCH(1,1)-skewed-t representation instead of the traditional MA(2) model employed in the literature. We present evidence that our proposed representation is more consistent with the behavior of hedge fund returns than the traditional MA(2) representation and that the traditional method tends to overstate the degree of smoothing observed in hedge fund returns. We examine methods for correcting the distortive effects of smoothing using our representation.     

中国经济改革的回顾与前瞻

谢谢主席 ,谢谢诸位盛情参加这个研讨会。我个人的生命是同中国改革事业联系在一起的。今天的这个研讨会以改革这个重大课题为主题 ,是我个人的莫大荣誉 ,当然 ,也是对我的鞭策。现在我就个人的观察 ,对中国 2 0多年来的经济改革作一回顾 ,同时也对改革的未来作出展望 ,请诸位批评。中国的改革已经取得了很大的成就。成就的基本标志是以混合所有制为基础的市场经济的轮廓已经显现出来了。在过去的 2 0年里 ,原来国有经济的一统天下 ,已有了初步的改变。拿工业来说 ,国有企业产值占工业总产值的比例从 1 978年开始改革时的 78% ,下降到去年的…     

A revisit to the dependence structure between the stock and foreign exchange markets: A dependence-switching copula approach

This paper develops a dependence-switching copula model to examine dependence and tail dependence for four different market statuses, namely, rising-stocks/appreciating-currency, falling-stocks/depreciating-currency, rising-stocks/depreciating-currency, and falling-stocks/appreciating-currency. The model is then applied to daily stock returns and exchange rate changes for six major industrial countries over the 1990–2010 period. The dependence and tail dependence among the above four market statuses are asymmetric for most countries in the negative correlation regime, but symmetric in the positive correlation regime. These results enrich the findings in the existing literature and suggest that analyzing cross-market linkages within a time-invariant copula framework may not be appropriate.     

俄罗斯国内天然气价格改革及其影响

俄罗斯国内天然气价格实施政府定价机制,价格水平较低.俄政府从2006年开始以市场原则为基础开展天然气价格改革,开放电子交易平台,允许少量的天然气自由贸易;设定价格范围,允许新增供应天然气的价格浮动;制订新的天然气价格公式,实施国内与国外销售同等收益的原则.俄国内天然气价格的快速提升将使中国和俄罗斯的天然气价格谈判更加困难.     

The contingent value of CEO political connections: A study on IPO performance in China

This study investigates the effect of corporate political connections on IPO performance in an emerging economy. More specifically, it examines how CEO political connections affect the IPO performance of 428 firms in China from 2000 to 2004. The empirical results show that CEO political connections have a positive impact on firms’ ability to raise capital from public markets. The results also show that CEO political connections with the central government play a more important role in IPO performance than political connections with regional governments. In addition, the positive effect of central political connections on IPO performance is weaker in market-restricted regions but stronger in highly regulated industries. The findings highlight the contingent value of CEO political connections in an emerging economy.     

Measuring misleading information in IPO prospectuses

Review of Quantitative Finance and Accounting - Newly public firms may provide misleading information about their business plans in their initial public offering (IPO) prospectuses. Using textual...     

The Impact of Foreign Banks on Monetary Policy Transmission During the Global Financial Crisis of 2008–2009: Evidence from Korea

This article examines the impact of foreign banks on the monetary policy transmission mechanism in the Korean economy during the period from 2000 to 2012, with a specific focus on the lending behavior of banks with different types of ownership. Using bank-level panel data of the banking system in Korea, we present consistent evidence on the buffering impact that the foreign banks, especially foreign bank branches including US bank branches, on the effectiveness of the monetary policy transmission mechanism in Korea from the bank-lending channel perspective during the global financial crisis of 2008–2009.     

炼化企业35 kV线路变压器组接线的实践

炼化企业的35kv变电站通常采用内桥和单母线分段接线。介绍了将变电站主接线简化为线路变压器组的条件和特点,并以上海石化乙烯总降的改造项目为应用实例,对整个系统包括变电站属性、负荷性质、进线、合环、开关设备、主接线、检修安全、管理体制、继电保护、设备选型、主变压器、避雷器等进行分析,提出相应的技术措施。     

Telehealth services evaluation: a combination of SERVQUAL model and importance-performance analysis

Telehealth services provide a means of monitoring a patient’s vital signs through the use of equipment or mobile devices and have the potential to extend clinical outreach to more patients regardless of geographical locations. However, patient acceptance is essentially important for the success of telehealth implementations. Thus, it is of interest to evaluate patients’ attitudes and perceptions toward the use of telehealth services. This study combines service quality model and importance-performance analysis to evaluate telehealth services provided by a case hospital. The results show that six items belong to major weaknesses, which should be addressed immediately in order to reduce patients’ complaints. In contrast to major weaknesses, there are seven items classified as major strengths, which should be maintained to provide telehealth service excellence in order to establish better and longer relationships with patients in the long-term perspectives.