The effect of social screening on bond mutual fund performance

This study measures the financial impact of screening for environmental, social and governance criteria on corporate bond portfolios. Specifically, the risk-adjusted financial performance of 103 socially responsible bond funds in the US and the Eurozone is compared with a matched sample of conventional funds. During the period 2001–2014, socially responsible bond funds outperform by one-half of one percent annually. An evaluation of fund holdings and a performance-attribution analysis suggest that this outperformance is directly related to the mitigation of ESG risks, which is achieved by the exclusion of corporate bond issuers with poor corporate social responsibility activities. A separation of crisis and non-crisis periods further indicates that the outperformance is especially likely to occur during recessions or bear market periods. We confirm this crisis-related return effect from a sample of socially screened bond indices. Moreover, our results are robust to alternative definitions of sustainability, survivorship bias, fund characteristics and stable in the US and Eurozone sub-samples.     

地方政府财政支出的民生化进程与农村居民消费——基于总量和分类支出视角下的理论分析与实证检验

基于总量和分类支出的视角,从宏观层面对地方政府民生财政支出与农村居民消费进行理论分析,并采用1998~2011年中国大陆31个省市面板数据加以实证检验,研究结果表明：地方政府民生财政支出确实有效地促进了农村居民消费,尤其是对以教育文化娱乐、医疗保健等为主的发展享受性消费的挤入程度要大于以衣食住为主的基本生存性消费;但在民生财政具体分类支出方面影响却存在着差异,即教育和医疗卫生支出对农村居民消费产生显著的挤入效应,而文化和社会保障等支出影响微弱。因此,在稳步扩大民生财政支出比重的同时,应注重优化民生财政支出结构,增加农村居民收入等,全面提高农村居民消费水平。     

入股流转中农地承包经营权的公允价值计量研究

完善农村土地流转制度是目前我国深化土地改革的重大问题和重要规划,具有深远的社会和经济意义。农地入股是农地流转的重要模式,农地入股必须解决的核心问题是农地承包经营权的价值计量。公允价值是农地入股计量的必然选择,公允价值计量模型包含了净现金流、贴现率、贴现期三个重要参数,农地承包经营权是一项特殊的无形资产,在实践中应结合我国农地承包经营权的特征来客观公允地确定这三个参数。     

北京文化创意产业投融资分析及对策

北京市政府明确提出要将文化创意产业发展成北京市的支柱产业。本文从产业融资规律出发,结合对业内企业、金融机构的调研情况,以及结合国际经验,对北京文化创意企业面临的投融资问题,尤其是融资难问题进行分析,提出了三个方面的对策建议。     

Does the stock market fully value intangibles? Employee satisfaction and equity prices

This paper analyzes the relationship between employee satisfaction and long-run stock returns. A value-weighted portfolio of the “100 Best Companies to Work For in America” earned an annual four-factor alpha of 3.5% from 1984 to 2009, and 2.1% above industry benchmarks. The results are robust to controls for firm characteristics, different weighting methodologies, and the removal of outliers. The Best Companies also exhibited significantly more positive earnings surprises and announcement returns. These findings have three main implications. First, consistent with human capital-centered theories of the firm, employee satisfaction is positively correlated with shareholder returns and need not represent managerial slack. Second, the stock market does not fully value intangibles, even when independently verified by a highly public survey on large firms. Third, certain socially responsible investing (SRI) screens may improve investment returns.     

通过资本市场处置不良资产的法律保障

长期存在的不良资产严重的削弱了我国银行的经营基础,影响其安全性和长期赢利能力,并已成为商业银行各项业务经营中的“最短的那块木板”。妥善、高效处置不良资产,需要资本市场为之提供运作场所和工具。本文在借鉴中国工商银行的研究者对通过资本市场处置不良资产的途径研究之成果基础上,认为各种有效的处置方式,都需要法律的明确认同、支持和保障,并对之提出若干具体的立法建议。     

基于“企业关系需求层次论”的关系营销实践研究

中国投资基金发展已近十年 ,日渐成熟 ,但也有待进一步成长。本文概括了中国基金业现存的四个主要问题 ,比较了与发达国家的差距 ,并运用经济学原理对此进行分析、总结 ,最后提出了入世后中国投资基金应采取的策略     

The other side of value: The gross profitability premium

Profitability, measured by gross profits-to-assets, has roughly the same power as book-to-market predicting the cross section of average returns. Profitable firms generate significantly higher returns than unprofitable firms, despite having significantly higher valuation ratios. Controlling for profitability also dramatically increases the performance of value strategies, especially among the largest, most liquid stocks. These results are difficult to reconcile with popular explanations of the value premium, as profitable firms are less prone to distress, have longer cash flow durations, and have lower levels of operating leverage. Controlling for gross profitability explains most earnings related anomalies and a wide range of seemingly unrelated profitable trading strategies.     

我国标准化与专利的关系:基于ICS分类的实证分析

专利与标准(化)在一国创新系统中发挥着越来越重要的作用。国内外现有研究标准(化)与专利之间相互关系的实证文献很少,基于我国的宏观经验数据来分析专利和标准(化)之间关系的实证研究,在变量设定以及数据收集方面存在较大的缺陷。首先在变量的设定方面纠正了现有研究的不足之处,其次严格按照布莱德的标准的国际分类(ICS)和国际专利分类(IPC)之间的对应关系收集数据,从而在变量的选择和收集以及样本量方面保证了数据分析结果的有效性。经过实证分析,研究结果表明:我国的专利申请与标准之间具有积极的相互影响的关系;同时,在不同的行业中,专利申请和标准之间的关系是不同的。