企业年金基金投资:基于理论模型和实践经验的研究

本文回顾了西方养老基金投资领域的研究文献。国际经验研究说明企业年金的投资组合和发起企业的经营活动现金收益率有密切关系。本文提出了一个考虑发起企业的经营活动现金回报率之后的年金组合理论模型,分析了当前我国三类企业年金的投资组合现实,提出了相应政策建议。     

Financial Markets for Unknown Risks if Beliefs Differ

We consider a general equilibrium model with individual and collective risks. The article builds on a contribution by Chichilnisky and Heal, who show that contingent Arrow–Debreu equilibria can also be supported in economies with Arrow securities and mutual insurance contracts. However, they show this to be true in general only if beliefs are identical, a very restrictive assumption in the context of unknown risks. Moreover, they claim complete insurance in equilibrium to be impossible if beliefs are different. We show that even with different beliefs, firstly, complete insurance is possible in each statistical state, and secondly, contingent equilibrium can still be supported in economies with insurance and securities.     

高校向事业法人实体转化中的预算管理

本文探讨了在多渠道筹资办学的新形势下，高校财务在预算管理方面的意义、作用以及建立预算管理新体系的原则、方法。     

迈向互利共赢的开放之路

本文从成本收益的经济学角度,回顾了中国对外开放三十年的历程,认为我国对外开放经历了"部分让利"、"互利"和"共赢"三个阶段,并在此基础上系统而深入地剖析我国互利共赢对外开放战略提出的时代背景、战略内涵、战略目标和实施重点,希望有助于我国互利共赢对外开放战略理论的完善和战略的实施。     

关于建立环境污染健康保障基金的构想

现代社会在发展经济的同时也在以前所未有的速度破坏着人类赖以生存的环境,环境破坏又反过来影响人类的生存和发展,于是环境与健康成为了人们关注的焦点。环境污染危害了人类健康,建立与此相适应的健康保障基金,可以缓解社会矛盾,解决受害人群在日常生活与看病就医时资金不足与短缺问题,有利于和谐社会的共建。     

Multimarket contact and sales growth: evidence from insurance

Research on pricing, profits, and firm survival has shown that multimarket contact causes mutual forbearance against competition, but has not considered the consequences of imperfect observability of competitive moves. Here, predictions are developed to explain how mutual forbearance occurs—but sometimes fails—in markets with imperfect observability. Mutual forbearance means that firms do not seek to take market share from each other through price cuts or nonprice competition, and thus that sales grow at uniform rates. Firms defect from mutual forbearance, and hence have higher sales growth, if the potential rewards are high and the likelihood of being discovered is low. This theory is tested on a panel of firms operating in the Norwegian general insurance industry. The evidence suggests that sales growth is most rapid in firms that do not meet many multimarket competitors in a given market and firms that are economically troubled. Growing or highly concentrated markets have higher heterogeneity of growth rates. Copyright © 2007 John Wiley & Sons, Ltd.     

变电站电气设备的异常运行

本文简要介绍了变电站电气设备的异常运行分析。     

传输线间互感系数计算的探讨

随着高校转型步伐的稳步推进,教学方法及教学内容的改革是一个非常重要的方面。电磁场中一些抽象的理论教学,应化抽象为形象,某些教学内容如求自感中磁通的计算等应适当增加一些形象的补充说明和推导过程,锻炼学生的思维、增强解决问题和应用知识的能力,现从电场线的特点和磁通的定义出发,化抽象为形象,给出传输线间互感系数的计算过程。     

农村资金互助组织的生发基础思辨--基于社会资本视角

社会资本是以信任、互惠和社会规范为基础的人际关系及关系网络,封闭性的社会结构是社会资本发挥作用的条件,也是社会资本产生消极功能的根本原因。本文通过在农村资金互助组织的生发基础研究中引入农村社会资本,对组织所处的农村社会网络、规范和信任进行分析,发现农村社会结构的相对封闭性在组织设立初期起到积极作用,但它制约组织的长远发展和成员的创新活动。     

Foreign Institutional Ownership and the Global Convergence of Financial Reporting Practices

This paper investigates whether foreign institutional investors affect the global convergence of financial reporting practices. Using several measures of reporting convergence, we show that U.S. institutional ownership is positively associated with subsequent changes in emerging market firms’ accounting comparability to their U.S. industry peers. We identify this association using an instrumental variable approach that exploits exogenous variation in U.S. institutional investment generated by the JGTRRA Act of 2003. Further, we provide evidence of a specific mechanism—the switch to a Big Four audit firm—through which U.S. institutional investors affect reporting convergence. Finally, we show that, for emerging market firms, an increase in comparability to U.S. firms is associated with an improvement in the properties of foreign analysts’ forecasts.