我国物流市场的现状及发展对策

我国物流市场虽有一定的发展,但总体上,仍处于起步阶段,存在着企业物流发展滞后,物流人才短缺等问题.发展我国的物流市场,应以工业企业为核心,发展第三方物流,注入第四方物流,同时大力培养物流人才,以满足物流市场发展对人才的需要.     

Impact of Bovine Spongiform Encephalopathy on Agribusiness in the United Kingdom: Results of an Event Study of Equity Prices

This article assesses the impact on agribusinesses of the United Kingdom Government's announcement of a possible link between Bovine Spongiform Encephalopathy and human health. Three approaches are employed to derive benchmark models against which abnormal returns are estimated, a simple market model, Scholes–Williams approach, and an autoregressive distributed lag model. Abnormal returns are estimated for single firms and for subsectors over an eight-day event window. The autoregressive distributed lag model performs best and indicates significant negative abnormal returns in the beef, pet food, animal feed, and dairy sectors and positive abnormal returns in the other meats sector.     

International asset markets and real exchange rate volatility

The real exchange rate is very volatile relative to major macroeconomic aggregates and its correlation with the ratio of domestic over foreign consumption is negative (Backus–Smith puzzle). These two observations constitute a puzzle to standard international macroeconomic theory. This paper develops a two country model with complete asset markets and limited enforcement for international financial contracts that provides a possible explanation of these two puzzles. The model performs better than a standard incomplete markets model with a single non-contingent bond unless very tight borrowing constraints are imposed in the latter. With limited enforcement for both domestic and international financial contracts, the model's asset pricing implications are brought into line with the empirical evidence, albeit at the expense of raising real exchange rate volatility.     

论商品税发展的阶段性原则

商品税是税收体系中的重要税种,在不同的发展阶段,商品税具有不同的定位。其原因在于在不同的经济发展阶段商品税对产业发展、消费结构、资源环境约束和对税收收入的影响不同。为此,在商品税的实施过程中应当贯彻阶段性原则。     

论商品包装设计与记忆

商品的包装设计与人的记忆有紧密的关系.消费者对商品包装的记忆能使其在进行购买行为时受脑中记忆的影响.设计师在进行包装设计时会通过各种方式运用这一原理以增加设计效果.并针对商品包装设计中的记忆程序与增强记忆的策略作了初步的分析.     

连续竞价市场的股权结构、非对称信息与流动性

本文采用分笔交易的高频数据研究了股权结构对指令驱动的连续竞价市场中流动性和非对称信息的影响。研究表明,机构投资者对股票流动性有正的影响,且机构投资者能够显著减少交易过程的信息不对称程度,从而降低流动性成本。以国有股权和法人股权为代表的公司内部人对股票流动性没有显著影响,但能够降低交易过程的信息不对称程度,对减少流动性成本有积极作用。上市公司持股比例越分散,信息不对称程度越低,流动性成本越低。     

关于国际市场变化对国内企业影响的思考

随着世界政治经济形势的发展,国际市场发生了较大变化,中国作为最大的发展中国家,外向型经济发展使之与世界市场的联系越发紧密。国际市场大宗商品价格上涨对国内企业生产成本具有直接的传导效应;国际市场需求减少,影响了国内企业产品出口增量、产品价格、利润空间,导致国内出口企业经营困难;国际经济环境变化也进一步给国内企业带来困难。     

促进中国进口贸易发展的思考

改革开放以来,中国进口贸易发展迅速,带动了经济的持续增长。但进口贸易在高速发展过程中也面临一些问题,如进口商品结构不合理,对战略资源和外资的进口依存度过高,对引进技术设备的消化、创新能力不足,货物进口与服务进口发展不协调,环境监管不力造成对生态环境的严重污染等。应实施多元化战略,优化进口贸易结构,提高自主创新能力,扩大服务贸易进口,加大环境监管力度,推动进口贸易实现良性增长与可持续发展。     

Model Exit in a Vertically Differentiated Market: Interfirm Competition versus Intrafirm Cannibalization in the Computer Hard Disk Drive Industry

What characteristics of a product’s local market make its withdrawal more likely? This study investigates the importance of intrafirm “cannibalization” of a product’s demand by products manufactured by the same firm versus interfirm competition from others’ products. While both forces impact product withdrawal, cannibalization has a more robust and significant effect. Hedonic price regressions also reveal higher discounting of older models’ quality-adjusted prices, strengthening the argument for caution when treating list prices as proxies for transaction prices.     

Parallel cartoons of fractal models of finance

Summary. Having been crafted to welcome a new scientific journal, this paper looks forward but requires no special prerequisite. The argument builds on a technical wrinkle (used earlier but explained here fully for the first time), namely, the authors grid-bound variant of Brownian motion B(t). While B(t) itself is additive, this variant is a multiplicative recursive process the author calls a cartoon. Reliance on this and related cartoons allows a new perspicuous exposition of the various fractal/multifractal models for the variation of financial prices. These illustrations do not claim to represent reality in its full detail, but suffice to imitate and bring out its principal features, namely, long tailedness, long dependence, and clustering. The goal is to convince the reader that the fractals/multifractals are not an exotic technical nightmare that could be avoided. In fact, the authors models arose successively as proper, natural, and even unavoidable generalization of the Brownian motion model of price variation. Considered within the context of those generalizations, the original Brownian comes out as very special and narrowly constricted, while the fractal/multifractal models come out as nearly as simple and parsimonious as the Brownian. The cartoons are stylized recursive variants of the authors fractal/multifractal models, which are even more versatile and realistic.This revised version was published online in January 2005 with corrections to the Cover date.