南宁，中国-东盟区域教育“桥头堡”

9月22日下午，南宁国际会展中心。动听的古筝伴音中传出朗朗读书声：“大学之道，在明明德……”来自东盟国家的18名留学生和南宁小朋友一起朗读《大学》，这是在南宁召开的第10届“国际学交会”的重头戏。     

Determinants of Repayment in Microcredit: Evidence from Programs in the United States

Many microcredit programs have been created in the United States in the past decade that replicate design features of their counterparts in the third world. Yet few systematic studies have been carried out to examine what determines these programs’ loan repayment performance. We attempt to fill this gap by studying the determinants of loan repayment for four of the oldest group–based microcredit programs in the US. Our findings suggest that these programs are faced with a set of social and institutional environments that are both similar to and different from those faced by their third–world counterparts. On the one hand we find that higher levels of education and proximity to the lending agency increase the chances of loan repayment. Low transaction costs for accessing loans and high borrower–costs in the event of default also enhance loan repayment performance. On the other hand key variables such as gender and homogeneity of borrowers are not significantly related to loan repayment. We conclude by examining the implications of these findings for program design in the US. Au cours des dix dernières années, ont été créés aux Etats–Unis de nombreux programmes de microcrédit reprenant des concepts de leurs équivalents du Tiers monde. Cependant, on a mené peu d’études systématiques pour examiner ce qui décide de la qualité de remboursement des prÁts de ces programmes. En tentant de combler cette lacune, l’article étudie les déterminants de ces remboursements pour quatre des plus anciens programmes de microcrédit américains associés à des groupes. D’après les résultats, les programmes sont confrontés à un ensemble d’environnements sociaux et institutionnels à la fois similaires et différents de ceux que rencontrent leurs équivalents du Tiers monde. D’une part, les niveaux supérieurs d’éducation et de proximité de l’organisme de prÁt augmentent les chances de remboursement. Des frais de transaction faibles pour l’accès aux prÁts, de mÁme que des charges élevées pour l’emprunteur défaillant, favorisent également la réalisation du remboursement. D’autre part, des variables–clés, comme le sexe et l’homogénéité des emprunteurs, n’ont pas de liens significatifs avec le remboursement. En conclusion, sont étudiées les implications de ces résultats sur la conception des programmes américains.     

THE VALUATION EFFECTS OF OUT-OF-THE-MONEY CALLS OF CONVERTIBLE SECURITIES

We examine the valuation effects of out-of-the-money calls of convertible securities. In general, out-of-the-money calls generate positive abnormal stock returns. These returns are higher when the call price exceeds the market value of the called securities (positive premium calls), compared with when the market value exceeds the call price (negative premium calls). Furthermore, Value Line Investment Survey net operating income forecasts are significantly higher after call announcements for positive premium calls, while the revision is insignificant for negative premium calls. The results are consistent with the hypothesis that positive premium calls signal positive information.     

我国商业银行资本紧缩效应的实证分析:以国有商业银行为例

本文首先对资本监管的紧缩效应进行了理论分析,并运用季度数据,对我国国有商业银行1998～2001年存、贷款增长率的下降进行了实证检验。实证结果表明,在样本时期,我国资本充足率监管对银行资产负债有紧缩作用,资本比例低的银行其紧缩效应更明显,同时,资本监管对不同规模银行的紧缩程度不一样。     

主产区农业政策性金融信贷风险及其防范——以安徽省为例

随着国家全面放开粮食收购和销售市场,实行购销多渠道经营,农业发展银行改革与发展已经进入了一个新阶段,面对的风险会更大,经受的考验会更多。对信贷风险的探讨就显得尤其及时、必要。本文就是结合安徽省推行的“两放开、一调整”为主要内容的粮食补贴方式改革,对农业发展银行信贷风险的产生及防范措施作了些初步探讨。     

论政策调整给房地产评估业带来的机遇与挑战

房地产评估行业的发展与国家的房地产发展政策密切相关,本文针对近期已经和即将出台的一些政策调整,如税费改革、农村集体建设用地使用权流转改革、征地补偿的市场化改革等方面来分析其对房地产评估业的发展将带来那些机遇、问题及影响。     

美国公司确定资本成本的方法分析

资本成本已成为财务理论中信息含量最为丰富的概念,如何确定资本成本是企业和投资者必须解决的问题。本文介绍美国公司确定资本成本的方法,以期对我国企业的理财提供参考。     

“风高”后的“云淡” 郭家学 窝心的7.5亿

郭家学喜欢“9”，都说这是郭的幸运数字。     

Weekly pattern in higher moments: An empirical test in Hong Kong stock market

This paper provides a direct test on the day-of-the-week effect on higher moments of stock returns and compares across different industrial sectors of the Hong Kong market. Empirical results show that daily returns of six different industrial sectors on all weekdays are non-normally distributed. The hypothesis of equal higher moments is rejected by most pairs of weekdays, particularly the Monday-Tuesday pair, for all indices, supporting the existence of the day-of-the-week effect on higher moments. The results also show that the weekly pattern on volatility and higher moments cannot help explain the weekly pattern on mean returns through the concept of risk premium. Further analysis shows that Rogalski’s effect exists on the higher moments because the day-of-the-week effect exists only in non-January months.     

丰田佳美3VZ-EFI电控发动机各传感器的检测

电控发动机传感器主要是用来控制发动机的喷油正时、喷油量、点火时刻以及其他的修正信号,传感器出现故障时影响发动机的正常运转。发动机出现故障时除了机械故障以外,大多数出现在发动机的传感器和控制电路方面,掌握传感器的检测对维修是非常必要的,为了使维修人员在维修过程中尽快找出故障,本文针对丰田3VZ—EFI发动机传感器的检测方法进行论述。