Quantitative Analysis of the Investment in Chinese Urban Infrastructure

The proper amount, the suitable structure and the tentative sources of urban infrastructure investment are the main focuses of urban policy makers. Firstly the amount of urban infrastructure investment is combinatory forecasted based on historical statistic databases of China. Then the interrelationship of urban infrastructure investment with GNP and the whole society investment in fixed assets are analyzed to work out quantitative coherent relationship. Finally the paper analyses the present and the future development trends of investment structure and capital resource respectively.     

我国证券投资基金羊群行为的实证研究

国外的研究显示，发达国家市场机构投资者的羊群行为并不十分明显。作为新兴市场主体的中国机构投资者在这方面的行为特征如何呢？本文使用经典的LSV方法以及Wermers扩展方法，对我国金融市场上以证券投资基金为代表的机构投资者交易行为进行了实证研究。结果发现，我国证券投资基金之间具有较明显的羊群行为，并具有以下特点：同时使用正负反馈操作策略；在流通盘较大和较小的股票上的羊群行为显著；成长型基金的羊群行为显著等。针对这些发现，笔者探究了羊群行为产生的原因，并提出了一些避免过度羊群行为的措施．     

9308房屋建筑的震害预测方法

随着城市建设的发展和人口密度的增大,地震对人类的危害越来越大,因此,做好房屋建筑震害预测工作,具有重要的现实意义,文章用结构易损性分析方法分别对房屋建筑的几种常见的结构的震害进行了预测分析。     

正确认识合肥市房地产发展中的几个问题

1998年以来,合肥市房地产业在国民经济中的地位逐步上升,但市场化、产业化程度远远不够,成为支柱产业尚需时日。房地产开发投资规模不断扩大,占全社会固定资产投资比重已超过1/3,投资过热的苗头已经显现。每年商品房新开工面积、施工面积、竣工面积同时增长,由于竣工面积大于     

U.S. Saving and Investment: Policy Implications

Some economists have argued that the close association between domestic saving and investment rates justify polices aimed at altering domestic saving flows so as to influence domestic investment flows. This interpretation assumes an endogenous investment response. Equally likely, theoretically, is that the close association is maintained by movements in saving. The present paper explicitly examines the endogeneity of the U.S. saving and investment flows. Overall the results suggest that while the domestic saving rate responds endogenously, the domestic investment rate does not. This finding may limit the potential benefits of saving policies.     

Eating at School: How the National School Lunch Program Affects Children's Diets

This article examines the impact of participation in the National School Lunch Program (NSLP) on children's dietary intake at lunchtime and over 24 hours. Using a fixed effects model to control for selection bias, we find that NSLP participation leads to increased 24-hour intake of six vitamins and minerals—calcium, magnesium, phosphorus, zinc, vitamin B12, and riboflavin—as well as dietary fiber. Participation also leads to a trade-off between children's intake of dietary fat and added sugars whereby participants have higher intakes of dietary fat than nonparticipants but lower intakes of added sugars.     

A portfolio approach to a cross-sectoral and cross-national investment strategy in transition economies

This paper takes a systematic look at the portfolio choice problem faced by Investment Banks or Funds investing in transition economies. We relate the performance of projects in the transition economies to the broader macroeconomic and international environments, which affect the project through their input-output structures and financial balance sheets. Among the macroeconomic determinanst of enterprise behaviour are productivity growth, real wage growth, movements in the international terms of trade, shocks to the relative price of traded and non-traded goods, domestic and foreign interest rates, currency depreciation and the rate of inflaction. We evaluate the attractiveness of alternative investment strategies and provisioning rules from the perspective of portfoio theory.     

我国企业对外直接投资方式之比较分析

我国企业对外直接投资有购并与新建、合资与独资等四种方式;它们各有利弊、互有长短。     

An Analysis of Contrarian Investment Strategies in the UK

The performance of contrarian, or value strategies – those that invest in stocks that have low market value relative to a measure of their fundamentals – continues to attract attention from researchers and practitioners alike. While there is much extant evidence on the profitability of value strategies, however, most of this evidence pertains to the US. In this paper, we provide a detailed characterisation of value strategies using data on UK stocks for the period 1975 to 1998. We first undertake simple one-way and two-way classifications of stocks in which value is defined using both past performance and expected future performance. Using sales growth as a proxy for past performance and book-to-market, earnings yield and cash flow yield as measures of expected future performance, we find that that stocks that have both poor past performance and low expected future performance have significantly higher returns than those that have either good past performance or good expected future performance. Allowing for size effects in returns reduces the value premium but it nevertheless remains significant. We go on to explore whether the profitability of value strategies in the UK can be explained using the three factor model of Fama and French (1996). Broadly consistent with the results for the US, we find that using the one-way classification the excess returns to almost all value strategies can be explained by their loading on the market, book-to-market and size factors. However, in contrast with the US, using the two-way classification there are excess returns to value strategies based on book-to-market and sales growth, even after controlling for their loading on the market, book-to-market and size factors.