开展股指期货交易--我国证券市场发展的现实选择

作为一种创新型金融衍生产品，股指期货丰富了市场交易品种，而双向交易机制的引进可以规避系统性风险，从而有利于资本市场的平稳运行。但是，股指期货交易的开展必须基于一国的基本国情，本文从股指期货的比较优势入手，结合我国当前实际情况，对我国股指期货的开展进行了分析。     

居民收入分配评价中基尼系数与价值判断相容性分析

根据基尼系数与价值判断的性质对二者相互关系的分析表明:在完全没有误差的前提下,基尼系数也只能测度居民收入的相对离散程度,不能对收入差距是否合理做出精确判断.对居民收入分配状态进行全面评判需要价值判断标准.居民收入分配评价体系中,基尼系数与价值判断的相容性使得将价值判断标准引入收入分配评价体系的设想具备了可能,通过广泛的信息基础可使收入分配评价体系更加完善.     

消费者价格指数与生产者价格指数:谁带动谁?

消费者价格指数(CPI)与生产者价格指数(PPI)是相互联系并有显著区别的概念。两者之间的因果关系或非因果关系有多种可能情形。本文对中国消费者价格指数(CPI)和生产者价格指数(PPI)2001年1月至2008年7月数据的格兰杰因果检验结果显示,在所考察时期内,消费者价格指数是生产者价格指数变动的格兰杰原因,后者经过1—3个月左右的时滞对前者的变动作出反应。这个结果很可能意味着,在所考察时期内,在影响以消费者价格指数(CPI)来衡量的国内通货膨胀中,需求方面的因素相对大于供给方面的作用,尽管需求因素和供给因素都共同地影响了国内通货膨胀的走势。     

Ranking quality of life using subjective well-being data

Indices ranking the quality of life in cities based on climatic, environmental and urban conditions have a long tradition in the hedonic literature. In this paper we propose an alternative set of indices based on subjective well-being (SWB) data linked to regional level amenities. SWB indicators provide a direct, self-reported evaluation of life satisfaction and can be used to rank quality of life among different locations in the absence of data on housing prices and wages. Using SWB data in Ireland, we show how to rank quality of life in regions in three different ways: 1) using a simple unconditional average of SWB across locations, 2) conditionally, controlling for personal characteristics of individuals and the environmental amenities in their area and 3) weighting the environmental endowments in each location by the marginal rate of substitution between income and the amenity. The results show a very high correlation between the three indices and suggest that variation in SWB across locations is not random, but is driven to a large extent by the endowment of location-specific amenities across locations.     

国外城市规划指标的特点及启示——以美、英、法、德、日等国规划案例为例

科学的城市规划一定要有科学的规划指标体系作为保障.论文通过分析关、美、法、德、日等国外发达国家城市规划个素指标体系的构成、分类、内容及作用,总结上述国家城市规划指标体系内容的主要特点,以供我国现阶段城市规划指标体系的完善及城市规划工作借鉴.     

How Spanish options market smiles in summer: an empirical analysis for options on IBEX-35

This paper examines the behaviour of the smile in the Spanish Stock Exchange during 2011 and 2012 summers. In these periods, the value of the main index of the Spanish Stock Exchange market IBEX-35 had fallen down a maximum of 2103.60 points in summer 2011, which made a drop of 20.05% in this period. On the contrary, in summer 2012, it had raised a maximum of 2165.70 points. That means a rise of 26.31%, whereas the Spanish risk premium had raised dramatically. By linear interpolation, implied volatilities for moneyness points needed were calculated. Then, we construct 3288 smile curves and the same quantity of distortion levels. Thousand six hundred and forty-four smiles are for both call and put option contracts, and for all summer 2011 and 2012 maturities (June, July, August and September). Next, we compare all smile curves with 1 of the 17-typical shape patterns for calls, puts, different dates, etc. Afterwards, we take the value of the distortion level calculated before and include the smile in one A–E class of distortion. We can notice that the most popular types are only two, for both calls and puts, Left Smirk (LK) rather than Reversed Right Smirk (RRK); all smiles are formed in the same way, and they are all from ‘D’ class. The changes between LK and RRK occur only on, or one day after, expiring dates, thus are jumps in distortion. Afterwards, we make a comparison with 2013 and 2014 summers' smiles which are not marred by the short-selling ban imposed by the Spanish Securities Exchange Commission in 2011 and 2012.     

Creation of an Islamic stock index in West Africa

Islamic finance, which has become inescapable has entered into financial markets by offering solutions consistent with the precepts of the Shariah. The objective of this paper is to propose the creation of an Islamic stock index in West Africa. The choice of market values ​​requires extra financial and financial screening system. The results show that 10% of the securities in Nigeria Stock Exchange , the Regional Stock Exchange (Brvm) and the Ghana Stock Exchange (Gse) were selected to form the Islamic index " Ecowas Shariah index.     

我国区域残疾现患率与人类发展指数相关性研究

根据第二次全国残疾人抽样调查(2006)以及2006年全国统计年鉴等相关数据资源, 分别计算反映我国不同区域残疾水平的残疾现患率指标, 以及反映我国不同区域社会经济发展水平的人类发展指数指标。探求残疾的罹患与社会经济发展之间的相关关系, 证明不同社会经济水平条件下, 残疾罹患水平具有区域差异性。在理论和实际两个方面为不同社会经济水平地区的残疾人保障和康复扶助工作提供了指导和政策支持。     

股票指数期货套利文献评述

股票指数期货套利是股票指数期货市场中一种重要的交易行为,股指期货价格的合理定价,对促进股指期货市场功能的有效发挥以及促进现货市场的发展有着重要作用,但对现货市场有不利影响。对国外近20年来股指期货套利相关文献进行评述,希望能够对中国即将推出的股指期货交易提供套利方面的理论研究支持和政策建议。     

沪深300股指期货仿真交易价格风险实证分析

本文拓展了股指期货无套利区间定价模型,对沪深300股指期货仿真交易的定价进行了实证检验,并对两岸三地同品种、同时段的股指期货进行了比较分析。从无套利价格区间、期—现联动性和波动性等方面深入分析,发现沪深300股指期货仿真交易存在较严重的实际价格与无套利价格背离现象。分析认为,虚拟资金、无风险套利机制缺失和股票现货大牛市等是价格背离的重要原因。