货币政策、股票流动性与股票价格暴跌风险

目前中国股市还存在较多制度性缺陷,股价波动频繁且暴跌风险较高。本文以2003年至2013年中国A股上市公司为样本,检验作为激发机制的货币政策以及作为外部生成机制的股票流动性对中国股票价格暴跌风险的影响。研究发现：股票流动性与公司股票价格暴跌风险具有显著的敏感性,即随着股票流动性的下降,公司股票价格暴跌风险显著上升;货币政策越宽松,股票价格暴跌的风险越大;而且宽松的货币政策增强了股票流动性与股票价格暴跌风险的敏感性。区分市场势态的进一步分析表明,市场为熊市时,股票流动性对股票价格暴跌风险的影响更显著,货币政策的放松越容易激化股票价格暴跌风险,且对股票流动性与股票价格暴跌风险的敏感性的放大作用更为突出。     

Changing faces of Japanese defense policy: Past and future 1

During the Cold War, Japan played a strategic role by contributing to the global containment against the Soviet Union. After the Cold War, Japan became more active operationally and better prepared legally. However, it did not play significant strategic roles in shaping the post‐Cold War international order. The question now is whether Japan will play strategic roles in the future. Given the changes in the domestic political outlook, political capital necessary for redefining Japanese defense policy seems to be forthcoming. Japan could play strategic roles particularly in ballistic missile defense and U.S.‐Japan defense cooperation.     

美国的土壤保护和启示

美国的土壤侵蚀经过６０年的治理得到了明显的减轻,但还存在一些问题,土壤侵蚀形势依然严峻。６０年来美国开展了大量的土壤侵蚀治理项目,土壤保护经历了由注重减轻田间土壤侵蚀,增加土壤生产力到注重减轻土壤侵蚀对环境影响的转变。这对中国的土壤保护有一定的启示作用。     

Comparing EthicalIdeologies AcrossCultures

Using measures developed by Singhapakdi et al. (1996, Journal of Business ethics 15, 1131–1140) the perceived importance of ethics and social responsibility (PRESOR) is measured among MBA students in the United States, Malaysia and Ukraine revealing a stockholder view and two stakeholder views. Relativism and Idealism are also measured. The scores of MBA students are compared among each other and with those of the U.S. managers who were part of the original study. Managers' scores tend to be significantly higher on the Stockholder and Stakeholder II views, and much lower on Relativism than the MBA students. The Malaysian MBA students scored higher than did the American MBA students on Relativism, Idealism and the Stockholder view. The Ukrainian MBA students' scores on the three PRESOR factors are generally similar to those of the American MBAs, while they had the highest scores of any group on the Relativism scale. Overall, the patterns of responses, as much as the significant differences on specific scales, support the notion that culture, however defined, affects both values and ethics. Several directions for future research are identified.'     

Dating business cycles in the United Kingdom, 1700–2010

This paper constructs a new chronology of the business cycle in the United Kingdom from 1700 on an annual basis and from 1920 on a quarterly basis to 2010. The new chronology points to several observations about the business cycle. First, the cycle has significantly increased in duration and amplitude over time. Second, contractions have become less frequent but are as persistent and costly as at other times in history. Third, the typical recession has been tick-shaped with a short contraction and longer recovery. Finally, the major causes of downturns have been sectoral shocks, financial crises, and wars.