从国债价格和收益率的关系谈我国国债市场的发展

随着我国加入WTO，金融市场的发展和利率市场化改革问题日益引起大家的关注。从国外经验来看，国债价格机制市场化改革往往走在整个金融市场改革的前沿。笔从利用有关国债价格决定和变动理论对我国国债价格及收益率之间的关系进行了验证。并针对国债发行和流通市场上存在的有关问题，提出了促进国债价格机制市场化和促进国债市场发展的政策建议。     

Asset-light business model: An examination of investment-cash flow sensitivities and return on invested capital

The purpose of this study is to investigate the effects of the asset-light business model on investment-cash flow sensitivities and return on invested capital in the lodging industry. Little research has explored the link between investment and asset ownership structure. The current study provides an alternative approach to examining investment behavior and return on invested capital, focusing on the unique characteristics of asset ownership among lodging firms. The findings of this study provide important implications for lodging investors and shareholders regarding the strategic use of the asset-light business model for aiding lodging firms’ efficient investments and delivering high return on invested capital.     

信息不对称与股票价格变动--我国证券市场信息传导机制的经济学分析

本文从简化的假设和模型出发 ,从理论上得到资本资产定价模型与信息不对称之间的关系 ,从而从原理上说明信息向资产价格传导的机理。本文得到的主要结论是 :(1 )在其他条件相同的情况下 ,如果投资者对资产的预期提高 ,则资产的均衡价格升高 ;反之则相反。 (2 )如果是有利的信息 ,那么获得信息的投资者的比例越小 ,资产的均衡价格就越高 ,收益就越大 ;如果是不利的信息 ,那么获得信息的投资者的比例越大 ,则损失越大。 (3 )获得信息的投资者的比例越大 ,则整个市场的风险溢价水平也越低。这些结论可以部分解释我国证券市场存在的一些现象和问题。针对利用信息不对称操纵股票价格的问题 ,本文提出了政策建议     

农村工业化以及人力资本在农村劳动力市场中的角色

农村劳动力市场从多个渠道给教育带来了回报。用Heckman模型估计 ,教育的工资回报在 1 991— 1 997年为 0— 5% ,而且不显著。但是教育显著提高了人们到工业部门工作的机会 ,由此带来的回报在 5%— 7%。教育还提高了人们到高工资部门工作的机会 ,改善了人们的工作方式。     

中国上市公司并购绩效EVA回报率评价

市场经济的发展带动了中国企业的并购热潮。本文运用修正了的EVA指标对1998年至2000年发生并购行为的213家上市公司进行了实证分析,通过跟踪其并购前到并购后三年为股东创造价值的能力的变化,发现中国上市公司在进行并购后往往绩效下滑,使其股东遭受到财富的损失。     

China Pavilion:Human and Water Return to Harmony

As early as June 29,2006,Zaragoza World Expo welcomed a new participant-China,the first ever developing country that will host for Shanghai 2010 exhibition.It has been almost two years since China's official announcement for its participation,and the 2008 Zaragoza World Expo is approaching with only several ten days to countdown.Is China ready for the crucial show in Spain?     

Do Commodity Traders Herd?

We test for herding using data on aggregate trader positions for four commodities over 20 years. We show that while the positions of commodity traders are highly related, the relatedness falls short of herding. The cross‐commodity relatedness in trader positions is almost entirely explained by common demand and supply factors.     

Causal and Dynamic Relationships among Stock Returns,Return Volatility and Trading Volume: Evidence from Emerging markets in South-East Asia

This paper examines the causal and dynamic relationships among stock returns, return volatility and trading volume for five emerging markets in South-East Asia—Indonesia, Malaysia, Philippines, Singapore and Thailand. We find strong evidence of asymmetry in the relationship between the stock returns and trading volume; returns are important in predicting their future dynamics as well as those of the trading volume, but trading volume has a very limited impact on the future dynamics of stock returns. However, the trading volume of some markets seems to contain information that is useful in predicting future dynamics of return volatility.     

股改对流通股股东财富影响的实证研究

我国股市的二元制结构在长期中对证券市场造成了很多的困扰,其中最大的问题是使得证券二级市场的风险增高,从而流通股股东承担着相对过高的成本.2005年4月开始,股权改革开始坚决地实施,本文就股改的结果做出实证检验,发现在股改改后的一段时间里流通股股东利益得到了补偿,并且股改的对价方案对流通股股东的利益影响是最大的.     

Investor attention, overconfidence and category learning

Motivated by psychological evidence that attention is a scarce cognitive resource, we model investors’ attention allocation in learning and study the effects of this on asset-price dynamics. We show that limited investor attention leads to category-learning behavior, i.e., investors tend to process more market and sector-wide information than firm-specific information. This endogenous structure of information, when combined with investor overconfidence, generates important features observed in return comovement that are otherwise difficult to explain with standard rational expectations models. Our model also demonstrates new cross-sectional implications for return predictability.