我国高铁盈利能力分析及投融资模式选择与优化

文章在分析我国高铁项目盈利能力的同时,构建了高铁经济效益财务模型,并通过模型分析认为,我国高铁在运营初期的10-15年甚至更长时间内将无法实现盈利,因此,必须对目前高铁"部省合资"建设模式进行优化。文章依据土地级差地租理论、铁路外部效益内部化的基本原理,构建了新型的"部省合资"模式,即枢纽建设与片区开发联动、高铁项目投融资与土地开发互通的新型"部省合资"模式。     

陈毅坚持政治建军的理论研究

坚持政治建军是陈毅军事思想的重要内容之一,其从人民军队的阶级属性出发,强调了革命军队为人民服务的根本宗旨;从建立党军的要求出发,突出了加强党对军队绝对领导的重要思想;从军队工作的实践出发,提出了要加强政委工作制度;从建军的高度出发,坚持加强军队的政治工作,由此体现了陈毅从政治上建军的重要军事思想,其为毛泽东军事思想的形成和发展,为马克思主义的中国化作出了重要的理论贡献。     

Price/Wage Staggering and Persistence: A Unifying Framework

Abstract.  In this paper, we provide a general unified framework to clarify the issue of persistence of real effects of money shocks in staggered wage/price models. We mainly aim to: (i) highlight which features of the underlying economy, and particularly of the labour market, are crucial for generating output persistence; (ii) analyse the differences between price and wage staggering.     

Trading volume and stock market volatility: The Polish case

Relying on the mixture of distributions hypothesis (MDH), this paper investigates the relationship between daily returns and trading volume for 20 Polish stocks. Our empirical results show that in the majority of cases volatility persistence tends to disappear when trading volume is included in the conditional variance equation, which is in agreement with the findings of studies on developed stock markets. However, we cannot confirm the testable implications of the MDH in all cases, which indicates that future research on the causes and modeling of Polish stock market volatility is necessary.     

Institutional Investors, Analyst Following, and the January Anomaly

Average stock returns for small, low stock price firms are higher in January than for the rest of the year. Two explanations have received a great deal of attention: tax-loss selling and gamesmanship. This paper documents that seasonality in returns is not a phenomenon observed only for small firms' stock or those with low prices. Strong seasonality in excess returns is reported for a sample of widely followed firms. Sample firms have unusually low excess returns in January and returns adjust upward over the year. These results are consistent with the gamesmanship hypothesis, but not the tax-loss-selling hypothesis.     

Are There Hot Hands Among Mutual Fund Houses in Hong Kong?

This paper examines the short-term performance persistence of thirty-two fund houses in Hong Kong during January 1986 to December 1995. We compute fund house returns using averages of all equity funds in each house. Then we evaluate their hot hand performance using the median return as benchmark on a rolling monthly basis. The results show that there were only two 'hot hand' fund houses. Findings using annual returns confirm the non-existence of a hot hand phenomenon. However, we find a strong correlation between conditional and unconditional probabilities of winning repeatedly in consecutive months     

会计估计变更对盈余的影响分析

企业在融资、规避特别处理及经营管理等动机的驱使下,利用会计估计变更,进行盈余管理、报表粉饰甚至利润操纵,会产生严重的经济后果,损害相关者的利益。规范企业会计估计变更行为,减少企业利润操纵空间,对促进证券市场乃至整个市场经济的健康发展,具有一定的理论及现实意义。企业应从调整固定资产推销额,计提资产减值准备上消除会计估计变更对盈余的影响,从完善会计准则,加大披露责任与惩罚力度等方面入手,加强会计估计的规范化管理。     

The Extent, Pattern, and Degree of Market Integration: A Multivariate Approach for the Brazilian Rice Market

The extent, pattern, and degree of integration are analyzed in a multivariate system with cointegrating restrictions. The extent of the market is found by identifying locations that are linked by trade and where prices share identical long run information (permanent component). The pattern of integration characterizes interdependence and is analyzed by estimating a vector error correction model. The degree of integration is calculated with persistence profiles of the long run relations. We demonstrate that bivariate models are inadequate for capturing the spatial dynamics of price adjustment. The methodology is applied to the Brazilian rice market and policy implications are discussed.     

重大会计差错临时披露的盈余信息含量分析

文章以2004-2005年期间353家发生重大会计差错更正的A股上市公司为样本,运用Wilson（2005）的一期模型．检验了重大会计差错更正披露前后的季度盈余信息含量。研究发现,重大会计差错更正披露减少了此后季度盈余公告的信息含量,特别是重大会计差错更正披露前后季度盈余的ERC呈现u形;但是这种影响是暂时的。从重大会计差错更正披露后的第二季度到第四季度,盈余公告的信息含量很快恢复到重大会计差错更正披露前盈余公告信息含量;另外,投资者对重大会计差错更正临时披露信息是有反应的,核心盈余差错更正披露减少了此后四个季度的盈余公告信息含量。