Global Warming Policy and the Pennsylvania Economy: A Computable General Equilibrium Analysis

Most studies of the impacts of global warming policy have been performed at the national level. However, national averages obscure the fact that some regions may be affected much more than others. We formulated a regional computable general equilibrium model to analyze the impact of a carbon tax on the Pennsylvania economy. The model incorporates special features relating to labor mobility, trade and energy substitution for this purpose. Our results indicate significant negative overall impacts on the Pennsylvania economy, primarily because it is a major producer and user of fossil fuels, especially coal, and because it is highly industrialized. Sensitivity analyses on key parameters and model assumptions indicate that our results are robust.     

Internal Finance and Corporate Investment

This paper examines Pecking Order/Free Cash Flow behavior in small ($25–$50 million), medium ($100–250 million), and large ($1000 million and over) firms. The purpose is to proffer an explanation for the important role of cash flow on the investment expenditure of firms that is more complete than the commonly given accounts. The Pecking order theory (PO) emphasizes the value‐enhancing influence of cash flow, while the free cash flow hypothesis (FCF) underscores its value‐destroying effect. Using the vector error correction model, we find that although the overall behavior of small firms support the pecking order theory, the cash flow of these firms does not have any causal effect on their investment. We further find evidence of free cash flow theory in large firms.     

美国房地产抵押贷款证券化及其启示

在分析美国房地产抵押贷款证券化发展历程及其主要特点的基础上，对推进我国房地产抵押贷款证券化提出了几点建议。     

论《金融学》课程的框架建构

随着经济金融的纵深发展,设计和完善新的金融学专业课程体系已迫在眉睫。作为学科基础课和专业主帅课的《金融学》课程建设是后续课程革新的先锋。本文从教学理念、教学内容、教学方式、教学手段和教学考评等方面对《金融学》课程进行全方位的规划,试图形成一套较为完善的框架建构。     

我国金融监管模式的现实选择

一个合理有效的金融监管模式应该在既尊重传统与现实的同时又考虑到理想和未来金融发展趋势的基础上,符合经济学意义的成本——有效性原则。本文认为在设计我国未来金融监管模式,或者对现行监管模式进行适当调整的过程中,我们应以从本国国情出发为原则,借鉴国外先进经验和教训,坚持低成本与高效率、协调性与独立性、前瞻性与历史性的有机结合为前提条件,改革现行金融监管模式,通过金融监管专业化水平的不断提高,循序渐进地完善向混业监管过渡的演进路径：第一阶段,协调式金融监管委员会；第二阶段,牵头武金融监管委员会；第三阶段,金融监管局。     

资产组合风险度量与选择之文献述评

根据资产组合理论的本质，理解和掌握资产组合理论具有重要的意义。本文主要从风险度量方法比较、现实金融资产收益的实际分布与相关性、以及金融资产收益的动态变化特征等角度：对资产组合风险度量与选择的相关文献进行回顾与评述。     

安徽省财政文农资金总量与效益问题评析

地方政府的财政支农资金对于促进农业经济发展具有重要的推动作用。本文对农业大著安徽财政支农资金总量和效益问题进行了实证研究和评析，并针对该省财政支农资金存在的问题提出了改进思路。     

养老保险缴费水平与财政负担能力——以辽宁养老保险改革试点为例

为进一步完善养老保险制度,我国政府选择辽宁省作为养老保险改革的试点省份。对辽宁养老保险改革试点时的企业缴费能力、职工缴费能力及财政负担能力进行了实证分析,并得出相应结论。     

顶端开口碳纳米管的制备新方法

该文研究了采用无水乙醇作为碳源，利用化学气相沉积法（CVD法）制备纳米碳管的制备工艺，并运用TEM、Raman光谱等方法对制备的样品进行分析，讨论了碳纳米管形态、结构，度其与催化剂和生长条件之间的关系。实验表明，相比于其他方法合成的碳纳米管，利用无水乙醇分解制备的碳纳米管具有大内径、缺陷少和顶端开口的特点，在储氢等方面应具备更为优良的效果，从而有着潜在的应用前景。