Sovereign Wealth Funds: Investment and Governance Practices

Sovereign wealth funds (SWFs) are large, growing, and concentrated investment vehicles, with a current estimated value of U.S. $3 trillion. The combination of low transparency and government ownership has raised questions about political agendas, national security, and transfers of technology. In this article the authors report on the current status of SWFs in terms of investments, regulation, governance, and transparency of activities. They also review some recent studies on SWF investments and their impact on financial markets.     

京港沪三地服务业引资政策建议——基于影响因素实证分析

目前国内的服务业引资研究主要集中在整个国家层面或单个城市,很少分地区对影响因素进行研究,选取三个城市即较具代表性且数据获得性较高的香港、北京、上海对引资影响因子进行研究及比较,分地区来研究服务业利用外商直接投资的影响因素。各地应该提高服务业开放程度,进一步使服务业市场化,提高人力资本存量。而第一、二产业劳动增长率与服务业引资呈负相关关系,各地应合理分配资源有侧重且协调发展好各个产业。     

Knowledge sharing and the dynamics of social capital

Mutual aid often entails the sharing of knowledge. We investigate how, in turn, knowledge sharing affects the long-run dynamics of mutual aid. In our economy, agents with specific knowledge are “held up” by their principals. Inside communities, agents aid each other by sharing their specific knowledge. This process generates a new type of knowledge which exacerbates the specificity of the existing types and induces more agents to engage in mutual aid. However, since the knowledge generated is shared, it progressively renders agents inside communities more flexible and, thus, less dependent on mutual aid. We characterize conditions under which in the long-run mutual aid spreads or is abandoned.     

The influence of pension funds on corporate governance

Although pension funds have gained importance in the last two decades, their role has not been described in detail by economic models. This article focuses on the scope of these institutional investors when they are not satisfied with a management team of a company in which the pension fund holds a block of shares. Stock holdings by pension funds are largely dispersed. Therefore, any intervention by pension funds in corporate governance requires the formation of a coalition of pension funds. The realization of a coordinated intervention, in turn, is subject to the problems related to the provision of public goods, such as free riding. We find that the stock dispersion and the combined share of pension funds, coordination costs and the attractiveness of the exit option are relevant factors for determining the probability of the success of interventions.     

社会保障资金的概念、过程与成本

社会保障资金的有效运行是社会保障制度发挥其功能的前提，因此控制社会保障资金的运行成本对社会保障制度的可持续发展有非常重要的意义。因此，有必要对国内外学者关于社会保障资金的概念，社会保障资盒筹集、投资运营、支付过程中的共识与争议，以及社会保障资金运行的成本等方面的研究文献进行梳理，并给予适当的评价。     

主权财富基金投资法律环境新变化——评IMF“圣地亚哥原则”

主权财富基金在国际金融发展中的地位日益重要，由于其具有浓厚的政府控制特质，因而受到投资接受国的严格监管。为避免严格监管引发金融保护主义、阻碍跨国投资，由各方共同参与制定的国际规则将成为平衡彼此利益的有效手段，国际货币基金组织（IMF）组织制定的“圣地亚哥原则”是这一进程中最受瞩目的成果之一。对主权财富基金投资法律环境新变化的考察与研究无疑会对我国主权财富基金具有启发与借鉴意义。     

Noise trading and prime and score premiums

This paper documents that a common element drives the time-series variation of the premium pricing of Primes and Scores. I argue that this common element is noise trading. The noise trading model of Delong, Shleifer, Summers and Waldmann (1990) predicts that returns on assets that are predominantly traded by noise traders will be correlated, since the misperceptions of noise traders are cross-sectionally correlated. Consistent with the noise trading hypothesis, changes in the average premium of Primes and Scores, which are predominantly traded by individual investors, are correlated with both changes in average discounts of closed-end funds and small firms returns. These empirical facts provide additional evidence that noise traders can affect security prices.     

The role of co-skewness in the pricing of real estate

The current study investigates whether systematic skewness offers an alternative perspective as to why the risk-adjusted returns on real estate should be similar to that for stocks. This is not a trivial issue since an affirmative finding implies that we might be incorrectly measuring real estate risk from both a pricing and a portfolio allocation perspective. A multivariate test of the Kraus-Litzenberger model is used to investigate this skewness proposition with the K-L CAPM tested against several alternative versions of the CAPM. The study finds that the Kraus-Litzenberger model offers additional insights into the measurement of real estate risk. Evidence is also found that both the zero beta and the consumption-oriented CAPM hold, which is consistent with the recent literature in real estate.     

企业财务筹资风险的预测与控制

在市场经济条件下企业财务风险加大，特别是筹资风险更大，因此，应加强企业财务风险管理，规避筹资风险，加强预测和控制，以使企业财务康稳健运营。     

保险资金参与创业投资的国际经验与借鉴

本文针对国务院关于允许保险资金开展创业投资试点的意见精神,从统计数据和案例分析两个角度总结了发达国家的基本经验,并提出了我国保险资金开展创业投资试点的多项策略建议。