关于证券市场国际化的几个问题

本文在分析证券市场国际化的含义和主要表现的基础上明确提出,我国证券市场的国际化既包括证券市场的开放,也包括制度的转换,两者必须有机地结合运行;我国证券市场的国际化进程应该同人民币的国际化和资本项目下的自由化协同进行;同时必须坚持循序渐进的原则,按照一定的次序分阶段推进.     

Seasonality patterns in tanker spot freight rate markets

The aim of this paper is to investigate the existence and nature of seasonality (deterministic or stochastic) in tanker freight markets and measure and compare it across sub-sectors and under different market conditions (expansionary and contractionary) for the period January 1978 to December 1996. The existence of stochastic seasonality is rejected for all freight series while results on deterministic seasonality indicate increases in rates in November and December and decreases in rates from January to April. Seasonality is found to be varying across markets depending on vessel size and market condition. Seasonality comparisons under different market conditions, an issue investigated for the first time in the econometrics literature using Markov Switching models, reveal that seasonal rate movements are more pronounced when the market is recovering compared to smaller changes when the market is falling. This is well in line with the low and high elasticity of supply expected in expansionary and contractionary periods of shipping markets. The results have implications for tactical shipping operations such as budget planning, timing of dry-docking, vessel speed adjustments and repositioning. As expected, the out-of-sample forecasting performance of these Markov Regime Switching models is lacking somewhat, a result which is thought to be a consequence of having to predict ‘states’ simultaneously with mean values.     

西江旅游黄金带客源市场分析及拓展策略——以广西梧州为例

旅游客源是旅游业赖以生存和发展的前提条件,巩固现有客源市场和开拓潜在客源市场对旅游目的地意义重大,合理开发市场可促进旅游目的地的可持续发展。本文以西江旅游黄金带重要节点城市梧州作为研究对象,在客源市场调查和数据资料分析的基础上,从样本的人口学特征、旅游偏好、旅游行为特征等方面对梧州旅游客源市场现状进行研究,并据此提出开拓旅游客源市场的策略。     

黑龙江优势产业在东北亚市场竞争力分析

黑龙江省在东北亚经贸格局中的优势产业有两种类型：一是具有显性优势的产业,如绿色（有机）农产品及食品、医药和林木加工业等。谈类产品在对日韩的贸易中是优而不强．出口规模有限且数额起伏较大．而在与俄罗斯的贸易中表现出很强的互补性;二是具有潜在竞争优势的产业,主要是机电产品。其贸易竞争力与俄罗斯、日本和韩国之间形成很强、很弱、较强三个级别．反映出黑龙江与日本和韩国在该领域内有着巨大的发展空间。     

The determinants of net interest income in the Mexican banking system: An integrated model

This paper analyzes net interest income in the Mexican banking system over the period 1993–2005. Taking as reference the seminal work by Ho and Saunders [Ho, T., Saunders, A., 1981. The determinants of banks interest margins: theory and empirical evidence. Journal of Financial and Quantitative Analysis XVI (4), 581–600] and subsequent extensions by other authors, our study models the net interest margin simultaneously including operating costs and diversification and specialization as determinants of the margin. The results referring to the Mexican case show that its high margins can be explained mainly by average operating costs and by market power. Although non-interest income has increased in recent years, its economic impact is low.     

Measuring Market Power in the U.S. Aluminum Industry: A Residual Demand Approach

This paper applies a refined market power test to examine market power in the U.S. aluminum industry. The study conducts a two-step analysis in which the inverse residual demand facing the industry is first estimated to generate the associate elasticity to infer market power, and then the inverse partial residual demand facing the industry is estimated to produce the elasticity to measure the potential effect of inter-industry coordination. The results suggest that only the primary industry attains market power, and the market power can exert even without collusion between the primary and secondary industries.     

Stock market bubble effects on mergers and acquisitions

We investigate if and how mergers and acquisitions are affected by trends in the capital market, and particularly by a stock market bubble. Our main findings indicate that while the prevalence of M&A increased during the technology bubble, the pricing of M&A did not change. Moreover, the bursting of the bubble seems to have led to further cautiousness by investors, which extended throughout the years subsequent to the bursting of the bubble, even when prices on the exchange had rebounded. While we do not find robust evidence for changes in price multiples outside the exchange in concomitance with the changes on the exchange, we document changes in the information used by investors to value their targets. It seems that investors experienced a learning process in terms of the type of variables preferred, appearing to be more cautious since the bubble burst. This learning process investors undergo in concomitance to processes in the market seems to result in their being less affected by periodical or cyclical sentiments of euphoria and depression in the capital market.