期权理论在IT项目风险管理中的应用

本文简要介绍了金融期权和IT项目期权的含义,以及期权定价模型,详细分析了IT项目期权的类型和IT项目期权的套期保值,其中对比分析了NPV方法和期权方法(B-S模型)在评估IT项目中的差异。     

加快私募基金合法化的研究

随着经济形势的趋好和证券市场的快速发展,"私募基金"的规模也在不断膨胀.私募基金合法化已成必然,它既存在潜在巨大的市场需求,又有利于弥补公募基金利益主体缺位,抑制过度投机行为.规范私募基金必须建立私募基金法律体系,健全融资信用机制.     

REIT Returns and Inflation: Perverse or Reverse Causality Effects?

Contrary to the Fisherian theory of interest, previous studies document a negative relationship between REIT (Real Estate Investment Trust) returns and inflation. In this research, we re-examine this perverse inflation behavior by testing for the causal relationships among REIT returns, real activity, monetary policy, and inflation through a vector error correction model. Our results indicate that the observations of REIT returns as perverse inflation hedges are spurious. The observed negative relationship between REIT returns and inflation is in fact a manifestation of the effects of changes in monetary policies. These findings are consistent with Darrat and Glascocks (1989) evidence of monetary effects on REIT returns.     

建立符合我国国情的存款保险制度的设想

随着我国加入WTO进行的加快,商业银行上市已是大势所趋,日益激烈的竞争加剧了我国金融业的系统性风险。目前商业银行的风险监管和救助主要依靠的中央银行和“最后贷款人”制度,这不利于推进政府市场的金融改革的宏观调控,因此,我国应借鉴发达国家的经验,尽快建立存款保险制度。     

Daily mutual fund flows and redemption policies

We examine how redemption policies affect daily fund flows in open-end mutual funds. Since short-term trading of fund shares, as manifested in daily fund flows, can have an adverse impact on returns to the fund’s shareholders, mutual funds might find it desirable to discourage short-term trading through the use of redemption fees. However, if daily fund flows are due to fund shareholders’ legitimate liquidity demands, the redemption fee would have little effect on daily fund flows and possibly adversely affect fund shareholders by imposing a liquidity cost on them. We find that the likelihood of a fund charging a redemption fee is largely a function of its overall fee structure. We also use a sample of funds that imposed redemption fees to examine whether the distribution of daily fund flows changes after the initiation of the redemption fee. We find that the redemption fee is an effective tool in controlling the volatility of fund flows.     

企业集团财务结算中心模式研究——以厦门国际航空港集团有限公司为例

近年来,企业集团不断加强对资金的管理,逐步建立起一套新型的资金管理模式。文章以厦门国际航空港集团有限公司为例,详细分析了企业集团运用财务结算中心模式的优势,并通过实证分析加以说明。     

A Test of the Persistence in the Performance of UK Managed Funds

We employ a United Kingdom data set of weekly returns from a sample of investment trust companies available on the Datastream database. We analyse the relative performance of the funds and determine whether a 'good' (above-median), past-performance is indicative of future performance. Our study focuses on within sample relative performance. We examine persistence in performance in the short and long run based on a number of tests. Overall we find that both raw and risk-adjusted returns exhibit evidence of persistence in performance in the long run but not in the very short run.     

Evaluating the Financial Performance of Pension Funds: An Individual Investor's Perspective

Pension funds require the managerial expertise of financial intermediaries, who must be paid a fee or spread. The spread significantly reduces the value of the pension fund over longer holding periods, and implies significantly greater incentive conflicts for defined contribution-funded pension funds than for defined benefit-funded pension funds. The magnitude of the intermediary spread and those factors affecting the demand for financial intermediary reputation and the marginal fee for this reputation are examined for a sample of 66 defined contribution and 54 defined benefit Australian pension funds during 1991–93. The intermediary spread significantly reduces the average net return provided to individual investors, particularly for defined contribution pension funds. Agency-related factors affecting the demand for financial intermediary reputation and its marginal fee reflect underlying contract-based differences between these types of fund.     

涡北煤矿创新物资管理工作的实践

立足物资管理工作实际,按照新区新机制要求,从加速储备金周转、改善库存结构入手,深入分析、总结了创新物资管理模式的实践过程和效果。     

中小企业融资问题分析

加强对中小企业的金融支持是促进我国中小企业发展，市场机制完善，增加城乡就业机会以及促进国民经济发展的重要举措。本文对中小企业在融资中所存在问题进行了具体的分析，并提出了解决这些问题的方法。