我国证券投资基金羊群行为的实证研究

国外的研究显示，发达国家市场机构投资者的羊群行为并不十分明显。作为新兴市场主体的中国机构投资者在这方面的行为特征如何呢？本文使用经典的LSV方法以及Wermers扩展方法，对我国金融市场上以证券投资基金为代表的机构投资者交易行为进行了实证研究。结果发现，我国证券投资基金之间具有较明显的羊群行为，并具有以下特点：同时使用正负反馈操作策略；在流通盘较大和较小的股票上的羊群行为显著；成长型基金的羊群行为显著等。针对这些发现，笔者探究了羊群行为产生的原因，并提出了一些避免过度羊群行为的措施．     

Deadly Drugs and the Doctrine of Double Effect: A Reply to Tully

In a recent contribution to this journal, Patrick Tully criticizes my view that the doctrine of double effect does not prohibit a pharmaceutical company from selling a drug that has potentially fatal side-effects and that does not treat a life-threatening condition. Tully alleges my account is too permissive and makes the doctrine irrelevant to decisions about selling harmful products. In the following paper, I respond to Tully’s objections and show that he misinterprets my position and misstates some elements of the doctrine of double effect. I also show how the doctrine constrains some decisions about marketing drugs with potentially fatal side-effects.     

Convergence of interest rate pass-through in a wider euro zone?

This study investigates interest rate pass-through convergence for the eight Central and Eastern European countries (CEECs) that joined the European Union. Based on a unifying empirical pass-through model that allows for thresholds, asymmetric adjustment, and structural changes, we find that the pass-through in many CEECs has become faster over time and is generally more complete than in the euro zone. We find evidence for convergence across CEECs with market concentration, bank health, foreign bank participation and monetary policy regime as conditioning factors. No convergence of the CEEC pass-through is found vis-à-vis the heterogeneous euro zone.     

Disease management programs: program intervention, behavior modification, and dosage effect

Disease management programs provide highly personalized self- management support to consumers afflicted with chronic illnesses. Program interventions include the provision of health information, ongoing motivation, and support for behavior change, adherence to pharmacotherapy, development of self-efficacy, and the distribution of self-care tools. Interactions between program and patients are structured and repetitive over time. Consumer behavior change can result in measurable improvements in quality and medical cost savings from postponement or avoidance of preventable complications. We evaluated the impact on cost and quality of a comprehensive Diabetes Disease Management Program (DDMP) across ten US urban markets. A staggered implementation allowed for ten pre–post and five pair-wise comparisons. The DDMP demonstrated significant improvements in six diabetes-related quality indicators, lower cost, and a dose-response with greater than 6 months participation. We conclude that a DDMP improves quality of care and reduce overall medical costs.     

SMW围护结构施工技术

文章结合天津地铁1号线二纬路站SMW围护结构的施工,介绍了其施工工艺、方法及为保证其止水效果所采取的技术措施。     

统一股价指数的必要性及绩效分析

股票指数是投资者分析股市动态,拟定投资策略的重要参考依据,同时也是研究和分析一国政治、经济等情况的重要指标。在我国同时存在沪深两个证券交易所,人为地造成了股票市场的分割,难以形成统一的股票价格指数体系,应尽快编制出全国统一的股价指数,促进我国证券市场的健康发展。     

粉煤灰在新安煤矿防治水注浆工程中的应用

本文介绍了粉煤灰在新安煤矿防治水柱浆工程中的应用，叙述了粉煤灰的特性和水泥粉煤灰浆的特征、注浆效果及效益分析。     

论美国多轨制对外贸易政策的形成与经济效应

20世纪70年代初,经济实力相对衰弱迫使美国对外贸易政策更加务实,构成了美国实行多轨制对外贸易政策的主要原因。实行多轨制对外贸易政策以来,美国经济结构进一步软化和其他国家的贸易摩擦进一步增加。多轨制对外贸易政策的实质是全面的贸易保护,其目的在于保护本国弱势部门,发展本国强势部门,是一种以绝对优势作为制定对外贸易政策基础的贸易管理方式。     

Underwriter Lock-up Releases, Initial Public Offerings and After-market Performance

The lock‐up agreement between an underwriter and an issuing firm's principals prohibits sale of securities for a period of time following the offering date. Investment banks must support the stock following an offering. The lock‐up assures investors that the restricted shares will not enter the market, at least for a period of time. Negative abnormal returns prior to the lock‐up release show that unrestricted investors liquidate positions prior to the scheduled lock‐up release. Negative abnormal returns are more robust for firms that are not influenced by SEC Rule 144 than for firms that are.     

Takeover Prediction and Portfolio Performance: A Note

This paper empirically tests whether it is possible to generate abnormal returns from investing in a portfolio of predicted successful takeover targets. Portfolios are formed on the basis of predictions from models similar to those estimated by Palepu (1986). However, unlike Palepu (1986), the portfolios in this paper are formed using a decision rule that results in smaller portfolios with higher average takeover probabilities. This provides a stronger test of whether share prices reflect future takeover probabilities. The results show that while the models have significant explanatory power, the portfolios fail to beat the return on the market over a 12-month holding-period.