Unusual operating cash flows and stock returns

The current financial reporting of cash flows from operations does not present individual sources of these cash flows, making it difficult for investors to assess a firm’s future performance. I hand-collect individual cash flows from unusual operations and examine their characteristics for predicting future cash flows. The results show that the unusual individual cash flow items contain a significant incremental predictive ability for future cash flows. Additional return tests show that stock prices fail to fully reflect their predictive value, suggesting that the current reporting practice may mislead investor perceptions of a firm’s cash generating ability and investors could benefit from a more explicit presentation of cash flows from operations.     

中、美国际贸易差额探析

中、美贸易中中国持续顺差的地位引起了美国对中国的强烈不满,从此,中、美贸易摩擦不断。本文以2006年为例,从中美贸易微观视角上分析了外汇成本和出口成本、从贸易理论上探析了贸易利益分配,从中、美贸易统计方法的不同等几个方面对中美贸易的实际利益进行了分析,得出中、美贸易顺差对中国来说只是数字,美国才是实际获利者。     

2000年来四个直辖市经济增长与空气环境质量变化的实证分析

本文选取2000年－2006年的北京、上海、天津、重庆四个地区大气环境质量及经济增长率的统计资料，运用面板数据建立了相应的计量模型，实证结果表明，经济的快速增长，并不必然伴随着环境质量的持续下降，市场经济发展也可创造改善环境质量的内生动力，并且政府环保政策在环境质量的改善方面也起到了重要的作用。     

湖南省财政收入与区域经济增长的实证研究

财政收入与区域经济增长之间存在着相互促进、相互制约的关系.近年来湖南省经济增长与财政收人出现迅速增长的势头,但在全国而言优势并不明显.文章用计量模型分析了湖南财政收入与区域经济增长之间的关系,并提出若干优化财政收入的政策建议.     

我国汇率的市场化进程模式探析与展望

我国的汇率市场化是政府推进型的汇率市场化。这一特点显示：政府在促进我国汇率市场化进程的同时，也不可避免地产生重汇率水平调节。轻市场培育的问题。这就与政府的目标不一致，它反而阻碍了汇率的市场化。所以,为了促进汇率的进一步市场化，我国政府应该将外汇市场的市场培育作为其一贯目标，以使得汇率的市场化走上一条良性循环的道路。     

数字语音处理软件及其接口电路设计

语音模块是一些数字终端的重要组成部分。文中讨论了笔者研发的语音模块中数字语音处理软件及其接口电路设计，涉及到语音数据的压缩与解压、接口电路及信今系统的开发，以及多主流程软件设计等方面的内容。     

人民币实际汇率与外商直接投资的实证分析

本文通过运用协整分析和格兰杰因果关系检验方法对1980-2004年间的外商直接投资与人民币汇率的关系进行了研究,文章认为外商直接投资的增加会导致人民币汇率的升值,其研究结果表明:人民币汇率与外商直接投资之间存在着长期的均衡关系,而且外商直接投资是人民币汇率的格兰杰原因。     

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.     

汇率升值对就业影响的中日比较

关于就业问题,以往的研究主要从就业总量与就业结构两个角度进行探讨,本文对就业结构的研究进行了拓展,在实证研究中引入汇率,运用协整和误差修正模型对日中两国实际汇率与第三产业产值比重和就业比重之间的关系进行了国别比较。实证结果表明,从长期看日本第三产业就业比重上升与实际汇率升值正相关,而中国的相应变量间不存在类似长期关系。比较分析得出结论:只有在汇率适度浮动,资源在部门间流动壁垒减少这两个条件满足时,汇率升值才会产生资源配置作用,推动劳动向非贸易部门转移,逐步优化就业结构。     

Macroeconomic stabilization through monetary and fiscal policy coordination: Implications for European Monetary Union

In a two-country model, we consider the implications of monetary and fiscal policy coordination for macroeconomic stabilization. We show that the optimal regime is one of monetary and fiscal policy coordination under flexible exchange rates. In the context of the European Community, this suggests that the desire to fix exchange rates may not be costless. In addition, we show that fiscal coordination requires a relatively high degree of flexibility in fiscal policy. This result suggests that limits on the flexibility of fiscal policies, as suggested in the Delors Report, may hinder macroeconomic stabilization.