Identifying permanent and transitory risks in the Chinese property insurance market

This paper develops a theoretical model to identify various risks in the Chinese property insurance market. Consequently, we apply a structural VAR model to quantify the magnitude, historical timing of these risks, and their dynamic impacts on the permanent and transitory components of the insurance premiums. The results indicate that the enormous amount of speculative funds flowing into China has aggravated insurance premiums as well as helped accelerate market volatilities due to its uncertain nature to the domestic economy and its short-term characteristic of investing. In particular, the speculative shock is shown to be the primary factor responsible for the transitory fluctuation of insurance premiums while the supply shock explains the preponderance of insurance premiums’ permanent growth in recent years.     

The Performance,Asset Allocation,and Investment Style of International Equity Managers

This paper evaluates the performance of 114 international equity managers over the January 1988–December 1997 period. Performance tests are conducted using Sharpe (1966) and Jensen (1968) performance methodologies. The managers are divided into mutual fund (n=54) and separately managed fund (n=60) investment management categories. Each management category is further divided by foreign and world (global) investment objectives. Three major findings are reported. First, international equity managers, on average, were unable to outperform the MSCI World market proxy during the sample period. However, world managers did perform better than their foreign counterparts. Second, geographic asset allocation and equity style allocation decisions enhanced the performance of international managers during the sample period. Third, separately managed funds outperformed mutual funds during the period studied when mutual fund returns are measured net of management fees. The apparent managed performance advantage abates, however, when mutual fund returns are adjusted to include management fees. Thus, we find no significant difference in the performance of the management categories when returns are measured gross of fees.     

Pacific Rim Stock Market Integration Under Different Federal Funds Rate Regimes

This study uses Sims-type vector autoregression technique to examine the stock markets integration among the US and four major Asian-Pacific stock exchanges during 1993 and 1994. The two different sample periods capture the change in US monetary policy in 1994. Empirical results show that when the US was targeting the federal funds rate in 1994, the variations in US stock returns much better explain the variations of stock returns in Hong Kong, Singapore and Australia.     

New Zealand mutual funds: measuring performance and persistence in performance

The present study investigates the performance of New Zealand mutual funds using a survivorship‐bias controlled sample of 143 funds for the period of 1990–2003. Our overall results suggest that New Zealand mutual funds have not been able to provide out‐performance. Alphas for equity funds, both domestic and international, are insignificantly different from zero, whereas balanced funds underperform significantly. There is no evidence of timing abilities by the fund managers. In the short term, significant evidence of return persistence for all funds is observed. This persistence, however, is driven by ‘icy hands’ rather than ‘hot hands’. Finally, we find the risk‐adjusted performance for equity funds to be positively related to fund size and expense ratio and negatively related to load charges.     

Evaluating the Performance of Ethical and Non‐ethical Funds: A Matched Pair Analysis

Abstract:   This paper studies the performance of 60 European funds from four countries. The paper extends the UK matched pair approach for fund evaluation developed by Mallin et al. (1995) to a European setting. The findings suggest that there is no difference between ethical and non‐ethical funds according to the performance measures employed. Neither type of fund displayed any ability to time the market. Finally, the results indicate that the management fee is a significant explanatory variable for the Jensen measure as Chen et al. (1992) and Grinblatt and Titman (1994) suggested.     

期货合约会计核算的探讨

期货合约会计的研究在我国刚刚起步，本文试就期货合约会计的科日设置、入帐时间以及期货合约损益的会计等问题进行了初步探讨，并在此基础上举例说明期货合约会计处理的市价法和保值递延法。     

我国企业隐性物流成本的构成与核算

流动资金占用成本在物流成本中的比重不断增大,构成了企业隐性物流成本的主要部分。本文基于国家标准《企业物流成本构成与计算》(GB/T20523—006)及隐性物流成本构成的把握,给出了企业隐性物流成本的具体算法,为现阶段我国企业准确计算物流成本提供了可行方案。     

广开筹资渠道支持高校改革

资金短缺是制约高校发展的主要原因。高校要充分利用智力密集、人才荟萃、信息灵通、设备先进的优势,广开筹资渠道,使学校收入最大化。同时,强化适度举债的办学意识,走“举债办学”的道路;引进社会资金,加快后勤社会化改革,实现教育产业化、市场化。     

引资西进存在的问题与对策

改革开放以来，中国经济理论界围绕东部地区的引资问题进行了大量的研究和探索，形成了不少对沿海、沿边和沿江地区的经济和社会发展有重大指导意义的理论；与此相反，受西部地区经济发展现状和国家宏观经济政策的影响，中国经济理论界对于西部地区如何极有效地引资研究的不多。因此，适应新时期中国经济发展的客观需要，从西部地区的经济实际出发，探索在国内外经济环境发生较大变化后，西部引资可能遇到的问题和难点，是时代赋予中国经济理论工作者的神圣使命，西部引资问题的研究，将有利于深化中国涉外经贸理论；而从全局的角度出发，审视西部引资面对的种种机遇和挑战，将更加具有前瞻性和宏观指导意义。     

THE STRUCTURE AND CONTENT OF EXECUTIVE AGENCY FINANCIAL STATEMENTS

This paper reports the results of a survey of the published financial statements of executive agencies entering the Price Waterhouse Best Agency Report and Accounts Competition. The survey illustrates the application of GAAP designed for one environment in a different context and the difficulties that result under these circumstances from the absence of direct analogies for some classes of event. Some suggestions for improvements in reporting are made, includ- ing: the publication of standardised, sector-wide, guidance; standardisation of formats and terminology; the use of the 'expenditure less income' format for the operating statement in appropriate cases; and the clarification of insur- ance arrangements.