现货市场与衍生品市场跨市监管研究

随着国内金融衍生品市场的逐渐兴起，发生在现货市场和衍生品市场的操纵更加难以发现，这种操纵对市场的危害性更大。本文通过研究现货和衍生品跨市场价格操纵现象，并借鉴成熟市场的监管措施，从法律法规、合约设计、日常监管、跨市场信息共享和联合监管、跨市场危机处理程序等角度提出了建议，希望能对国内跨市场监管提供借鉴。     

金融体系变革与机构投资者发展研究

有效的金融体系是经济持续增长的重要基础。目前存在两类典型的金融体系：银行主导和市场主导金融体系。金融体系“市场化”是20世纪后期全球金融体系变革的重要趋势之一，而以养老基金为代表的机构投资者是全球金融体系市场化的重要推动力量。随着中国进入一个新的历史时期，传统银行主导金融体系与社会经济变革存在明显不适应，因此，进一步壮大机构投资者规模，加快金融体系市场化进程，建立以机构投资者为基础的市场主导型金融体系，是中国经济可持续增长的重要战略选择。     

萨班斯法案的立法理念及影响刍议

萨班斯法案突出“以刑治市”的基本理念，标志着美国资本市场全面进入“依法治市”时代，使“依法治市”无论在理念上还是在实践上都得到了全面的贯彻和落实。本文从法律角度分析了该法案的影响及其揭示的资本市场发展和法制建设的一般规律，为我国资本市场发展及其法制建设提出相关建议．     

借鉴美国的监管方式强化我国的金融监管

全球金融市场面临越来越大的风险,监管日益成为重要课题。怎样把金融资源放到最有效的地方去,同时使风险得到最好的控制,这是我国金融体制改革亟待解决的问题。因此,借鉴美国的监管方式,研究我国金融现状,提出完善金融监管的措施,是当前金融体制改革的重点。     

中国股票市场对上市公司违规行为有治理效应吗?

中国股票市场对上市公司的违规行为是否进行了有效治理,上市公司投资者是否对上市公司发生的违规行为给予了惩罚。研究结果表明。股票市场并未对上市公司的违规行为进行惩罚,通过股票市场产生的外部治理机制失效。因此.除了以更科学、合理的制度安排等事前契约来规范主体行为外,客观上还必须要有更具指导性的行为准则——公司治理的伦理道德体系。     

An Analysis of the Deposit-taking Market of Hong Kong

This paper analyzes the deposit-takingmarket in Hong Kong prior to the deregulation ofinterest rates in 1994. We argue that bankingregulations, in the forms of branching restrictionsand interest-rate ceilings, had created amonopsonistic market for short-term bank deposits. Asa result, banks in Hong Kong had earned asubstantially wider interest-rate margin than banks inother Asia-Pacific countries and the United States. We provide procedures to estimate the economicsignificance of the foregone interest and find themonopsonistic rent to be in the order of 1% of theGross Domestic Product of Hong Kong for the period1987 through 1994.     

Cooperative R&D and the Value of the Firm

In this paper, we investigate the stock price responses of listed firms in the U.S. markets to announcements of R & D collaborations. We find that abnormal returns of stocks are significantly positive after R & D collaborations are announced. The positive stock price response towards the R & D cooperation initiations can be partially explained by the nature of the collaborations and the characteristics of the participating firms. We also find that the stock prices of rival firms respond negatively to announcements of R & D cooperation. This result seems to support the hypothesis that cooperative R & D improves economic efficiency of the cooperative firms that gain competitive advantage. We do not find evidence supporting the hypothesis that R & D cooperation creates collusive, anticompetitive effects in the product market.     

关于项目竞争力分析的探讨

从总量平衡与目标市场,产品完全成本,竞争策略,经济评价与竞争力分析等四个方面对项目竞争力进行了探讨,提出项目竞争力分析是项目经济评价的重要补充,对提高项目前期评价水平具有重要的意义。     

The effect of host country Internet infrastructure on foreign expansion of Korean MNCs

This study examines the effect of host country Internet infrastructure on a multinational corporation (MNC) foreign expansion. Using Heckman’s selection model on a sample of 2589 subsidiaries of 487 Korean MNCs between 1990 and 2011, we find that host country Internet infrastructure is important in MNC expansion decisions. In addition, we find that a well-developed Internet infrastructure within a host country leads to more investments from MNCs producing consumer over industrial goods and is more attractive to domestic market followers than market leaders. We find that the host country’s Internet infrastructure is important for an MNC foreign expansion decision, suggesting that efficient communication within an MNC is critical in coordinating globalized MNC subsidiary operations.     

Assessing the needs of international markets against an emerging market company's capabilities: A tool for internationalization

Senior managers in emerging markets often strive to ensure that their companies develop sufficient capabilities to confront the needs they encounter in international markets. However, extant research and practice remain unclear as to how senior managers in emerging market companies can approach assessing the needs of their international markets against their own company's capabilities, to aim for a balance between both. This article offers an innovative approach for assessing the needs of international markets against an emerging market company's capabilities. Based on the assessments of 100 senior managers leading emerging market companies, we explain how this approach can provide two key insights. First, evidence of a balance between the needs of international markets and an emerging market company's capabilities, that indicates the company's competitive position is focused; or evidence of an imbalance between the needs of international markets and an emerging market company's capabilities, that indicates the company's competitive position is either vulnerable or overqualified. Second, an understanding of where the gaps between the needs of international markets and an emerging market company's capabilities are, that enables improving the company's competitive position by closing these gaps. Drawing on this approach, we offer an open access tool that allows senior managers in emerging markets to identify and improve their own company's competitive position for internationalization. Using this tool, senior managers can lead their emerging market companies toward a focused competitive position in international markets, providing better chances of successfully capturing potential benefits.