Financial market and housing wealth effects on consumption: a permanent income approach

The objective of this study is to examine the financial market and housing wealth effects on consumption. Housing has the dual functions as both a commodity yielding a flow of housing services and an investment asset yielding a flow of capital income. With the construction of an empirical framework based on the vector autoregression approach, the findings from this study suggest that a rise in housing price has both a positive wealth effect and a negative price effect on consumption. While the positive wealth effect is caused by an increase in capital income, the negative price effect is caused by an increase in the cost of housing services. In addition, the housing market wealth effect increases, at the expense of the price effect, with the level of housing-market leverage. These findings imply that the government policy of land supply aiming to stimulate the economy should strike a balance between the possible wealth and price effects of the housing market.     

基于机会约束的在险收益动态投资决策模型

本文在标准Black-Scholes型金融市场假设下,利用在险收益(EaR)来度量投资组合的风险,建立了基于机会约束的在险收益动态投资决策模型,讨论了最优常数再调整策略意义下的最优投资策略,给出了有效边界的显式表达式,并结合算例说明了模型的求解方法。     

中国股票型基金业绩持续性实证研究

本文采用动量检验法和回归系数法,检验了存续时间超过24个月的中国股票型基金业绩是否存在持续性.结果发现,101只样本基金的业绩在6个月存在显著的持续性.在此基础上,本文从风险收益和基金管理人能力两个角度检验了基金业绩持续性的来源,结果发现,CAPM和“三因素模型”,以及考虑了基金投资风格的管理人选股能力、择时能力及投资风格持续收益,均不能解释中国股票型基金的业绩持续性.     

耕地保护补偿制度的定位反思与规范重构

研究目的：探析耕地保护补偿制度的立法定位,准确把握耕地保护补偿制度的调整范畴,为正在制定的《耕地保护法》关于“国家建立耕地保护补偿制度”提供具体的立法建议。研究方法：规范分析法和制度目标分析法。研究结果：（1）耕地保护补偿制度在认识论层面,耕地权利设限与补偿的法权基础模糊;在本体论层面,耕地保护补偿的内涵外延尚存争议;在价值论层面,生态供益与增益的激励属性无从彰显。（2）耕地具有资源利益和生态利益一体两面共存的属性,《耕地保护法（草案）》相关条款仍是在“资源—管制”立法理念下的产物,存在显著构造缺陷。（3）以补偿目的为基准,该制度涵盖耕地资源存续补偿与耕地生态保护补偿;以补偿属性为基准,该制度包括耕地保护填平补偿与耕地保护奖励补助。研究结论：建议通过“一般规定+具体制度群”的立法模式在《耕地保护法》中完善耕地保护补偿制度,从而实现该制度维护粮食安全和生态安全的目标定位、价值导向和功能预设。     

Income smoothing from a Census X-12 perspective

Corporate income smoothing has been the focus of much attention, yet relatively little is known about the key characteristics of income-smoothing firms. To address this issue, the current study uses quarterly data with Census X-12 analysis in a novel way to identify firms where the degree of random variability in earnings is less than the degree of random variability in sales (EVAR < SVAR). Prior research views such firms as effective smoothers, since most firms have scale-free variability profiles in the opposite direction (EVAR > SVAR). Large-sample US results identify these exceptions throughout a broad cross section of firms, but smaller and less profitable firms tended to have a higher incidence rate. Results also indicate that effective smoothers exhibited higher earnings persistence.     

从控制权到收益权:合资企业的产权变动路径

本文从跨国公司对中外合资企业控制权设计与演变的角度,对中外合资企业产权变动的路径进行了动态的分析。作者指出,合作初期,跨国公司主要通过技术控制、经理权控制、合资企业数量控制以及销售区域控制等手段,达到对合资企业进行实质性控制的目的;合作后期,则主要通过“阴谋亏损”战略,谋求控股或独资,从而全面接管控制权和收益权。作者认为：除资本产权与管理技能外,技术资源优势也是控制权的一个重要来源,并且可能架空资本产权权利;跨国公司掌管控制权的终极目的,是为了独占收益权。凡此种种决定了外商独资企业将成为我国引进FDI的主要形式。