未预期货币政策冲击与股票价格

货币政策影响股票价格的理论机制清晰确凿,实证检验的主要挑战是资本市场对货币政策冲击可能存在事先预期。基于货币政策公告后的国债收益率变动,文章识别了未被市场充分预期的货币政策冲击,并实证考察了 2000 年以来历次法定存款准备金率调整和贷款基准利率调整,发现未预期货币政策冲击对股票市场价格产生显著影响,1% 的未预期“降准”会引起上证指数和深证综指上涨 1.39% 和 1.415%,1% 的未预期“降息”会引起上证指数和深证综指上涨 0.662% 和 1.01%。     

Equity culture development in Central and Eastern Europe: The role of institutional and managerial factors

In this paper we argue that the development of equity culture in the CEECs is dependent on the presence of a combination of factors stemming from the external institutional and internal managerial environments of the firm. We adopt an inductive approach by firstly analysing two levels of data followed by a conceptualisation based on gained results. We examine data for ten CEECs (all current EU members) for four years 1996, 2000, 2004, and 2008. To examine the characteristics of the institutional and managerial environments of the CEECs and assess their similarities to four benchmarks (UK, USA, Germany, and Japan) we apply a Co-Plot methodology. We find that the presence of an advanced and well developed institutional framework together with the existence of specific managerial conditions is a necessary condition for equity culture development. One could argue that in the CEECs the transition process of institutional conditions necessary for the development of a sound financial system is in place but with some limitations. Furthermore, we find that managers in countries with the best potential for equity culture development are highly motivated, high-skilled people with international corporate experience.     

关于财政审计一体化条件下部门预算执行审计方法的探讨

目前,财政审计一体化为中央部门预算执行审计带来明显变化。对派出审计局而言,这也是深化部门预算执行的一个良好契机。如何适应这些变化,对于深入落实科学发展观,树立财政审计理念,更新知识,拓宽审计思路,意义重大。今后,应进一步坚持派出审计局"严格查处、立足整改、规范提高"的工作方针,不断研究探讨部门预算执行审计的方法。     

Do rating agencies’ decisions impact stock risks? Evidence from European markets

This article analyses the effect of rating agencies’ decisions on stock risks for European issuers concerning five kinds of events. Our approach is an extension of dummy variable regression event study methodology, using a GARCH(1,1) estimation to capture simultaneously the impact on both systematic and specific stock risks. This new methodology allows us to obtain both global results by categories of rating decisions and individual results, event by event. We document, globally, a positive impact of upgrading on systematic risk, a negative impact of rating confirmation on specific risk, and no significant impact in all other cases. Regarding event-by-event results, the proportion of rating actions exhibiting a significant effect on risk is almost always observed between 20% and 30%. The weak evidence of a global effect on systematic risk may be due to the lack of informational content of the rating decisions on the stocks’ risk, or the existence of rebalancing effects between systematic and idiosyncratic risks. Furthermore, it should be noticed that the decline in volatility in case of a rating affirmed is an insight of the certification role played by the agencies.     

Assessing Different Spatial Grouping Algorithms: An Application to the Design of Australia's New Statistical Geography

Abstract

Algorithms have been used to assist in the design of statistical geographies which define areal groupings for which official data are collected. Typically the groupings based on different parameter values or different algorithms are not formally compared, but summary statistics based on each solution can be constructed, some of which are based on fuzzy set principles. These principles can also be used to make incremental adjustments to solutions, based on different criteria. In this paper, we adopt the above methodology to compare the new statistical geography for New South Wales developed by the Australian Bureau of Statistics with that generated by an amended version of the Coombes algorithm.

RÉSUMÉ On a utilisé des algorithmes pour faciliter la conception de géographies statistiques définissant des groupements par zone pour lesquels des données officielles sont recueillies. En général, on ne compare pas officiellement les groupements basés sur différentes valeurs paramétriques ou différents algorithmes, mais il est possible de créer des statistiques sommaires sur la base de chaque solution, certaines desquelles sont fondées sur des ensembles de principes flous. Ces principes peuvent également être utilisés pour effectuer des modifications progressives sur des solutions, sur la base de différents critères. Dans la présente communication, nous adoptons la méthodologie susmentionnée pour comparer la nouvelle géographie statistique pour la province des Nouvelles Galles du Sud, créée par l'Australian Bureau of Statistics, avec celle qui a été produite par une version modifiée de l'algorithme de Coombes.

EXTRACTO Se han utilizado algoritmos para ayudar en el diseño de geografías estadísticas que definan los agrupamientos de áreas para los que se recopilan datos oficiales. Típicamente, los agrupamientos basados en valores de parámetros diferentes o algoritmos diferentes no se comparan formalmente, pero pueden construirse estadísticas resumidas basadas en cada solución, algunas de las cuales se basan en principios establecidos difusos. Estos principios también pueden emplearse para hacer ajustes incrementales a soluciones, basados en diferentes criterios. En este estudio, adoptamos la metodología anterior para comparar la nueva geografía estadística aplicable a Nueva Gales del Sur, desarrollada por la Australian Bureau of Statistics, con la generada por una versión modificada del algoritmo de Coombes.

摘要 : 在统计地理学设计中人们引入一些算法来定义采集官方数据的不同区域

分组 。通 常情况下 ' 基于不同参数或者算法的分组方式之间不会进行正式比较 ' 但是我们可以基于每种方法构建统计概要 ' 其中有一些使用了模糊集合理论 。这些理论也可用来根据不同准则对方案进行增量调整 。本文中 ' 我们使用上述方法比较了澳大利亚统计局为新南威尔士州建立的新统计地理学和采用修订的Coombes算法 得到的统计地理学 。     

The challenge for women expatriates and spouses: some empirical evidence

This is an exploratory study examining issues associated with women expatriates and their spouses. Individuals representing three groups - organizations, women expatriates, male spouses - were interviewed to identify their experiences and concerns. The authors conclude that this issue will pose a dramatic challenge for international organizations in the coming decades, and that it is timely to investigate the issue in more depth.     

The sceptic as an economist's philosopher? Humean utility as a positive principle

Whereas in philosophy David Hume was long regarded as a negative thinker to be criticized rather than read, many thinkers interested in social and economic theory from Adam Smith onwards found key concepts, distinctions and problems as developed by Hume useful and inspiring. This applies not only to his seminal contributions to technical problems in economics. It is argued that the way in which Hume employed ‘utility as a positive principle’ (most notably in his ‘experimental’ moral theory) is of pivotal importance in this context. It allows for:

a. distinguishing between internal motifs and external circumstances and constraints; and for

b. making explicit the abstract logic of social interaction structures, mechanisms and processes.

Both are necessary conditions for employing the logic of social situations and mechanisms in the explanation of social institutions and economic processes. It moreover prepares the ground for the use of simplified or cartoon-like models of individual agency in economic and social theory, but also for its critique. On this basis, Hume's influence on various strands of social and economic thought, but also the specific differences with regard to more ‘rationalistic’ approaches (such as Hobbesianism or important versions of neoclassical economics) can be assessed more clearly.     

Towards developing a methodology for doing qualitative research: The dynamic-comparative case study method

This discussion integrates key concepts from case research methodology, theory development, the configurational approach to organizations, and actual research experience, in order to suggest a “systematic process” for doing qualitative research, described as the Dynamic-Comparative Case Study Method (D-CCSM). It is believed that D-CCSM is especially appropriate for researchers who: (1) are interested in studying new topical areas in organizations; (2) want to develop testable, midrange, theory from the processual analysis of case studies; (3) would like to replicate their studies in multiple research settings; and (4) have limited research resources. Insights and suggestions for using the D-CCSM approach are also included.     

经济伦理学方法论之研究

经济伦理学的方法论问题也就是如何进行经济伦理学研究的问题。学科定位的不同对方法的要求也不同。研究和叙述材料的手段有多种,既要确立哲学上的指导方法,又要注重作为具体方法的各学科成果。同时,保持创新是一门新学科对方法论的根本要求。