纽约股票市场对中国A股市场的影响

首先，本文考察了纽约股市波动对中国A股市场的影响。一般认为，中国的A股市场由于严格的资本控制而免受外国影响。但是，通过月度、每周、每日的样本数据（1992年到2004年），经过季节性调整和汇率变动调整后，我们发现上海和深圳A股市场的变动与美国股票价格指数变动相一致。其次，我们考察国家贝塔值（country beta）在马尔可夫转换误差修正模型中的动态关系。对中国市场来说，国家贝塔值和错误纠正项的重要性紧密相连。在东亚金融危机之前，美国市场对中国A股市场的影响普遍存在，而东亚金融危机产生后，则是通过国家贝塔值来影响中国股市的收益。     

Measuring Market Orientation: Exploring a Market Oriented Approach

This paper demonstrates that applications of existing approaches to measuring market orientation are myopic, non-comparative and over-reliant on the views of single respondents. Consequently, a multi-perspective, multi-informant approach for measuring market orientation is generated which focuses on gauging customers', competitors' and intra-organizational members' perceptions of the market orientation of an organization. To evaluate the psychometric properties of this approach an application of this design in a survey of manufacturing industry is subjected to tests for inter-rater reliability, scale reliability, content validity, criterion-related validity and construct validity. The conclusion of this evaluation is that the developed measure is both a reliable and valid means of gauging market orientation. The paper concludes with a series of implications for both theorists and practitioners.     

论"入世"后我国农产品市场不利因素的逆转性

“入世”对我国农产品市场虽然会造成诸多不利因素，然而，这些因素将会得到逆转。这是因为：一方面，“入世”后，这些因素客观上具有逆转的必然性；另一方面，通过调整农村产业结构、扩大集约化规模经营以及实施各种利农政策，从主观上说，这些不利因素亦具有逆转的可能性。     

论旅游市场营销环境与旅游业可持续发展

随着科学技术的高度发展,旅游者的选择性强,旅游活动范围大,使旅游供给者面临越来越激烈的竞争。旅游企业要求得生存和发展必须要对旅游市场进行准确定位,在可持续发展观念指导下开展市场营销活动。创造良好的、协调发展的旅游市场营销环境是实现旅游业可持续发展的基础和保证。     

浅析石油化工项目产品市场分析

市场分析是项目前期的重要工作之一，目前尚未赢得人们足够的重视。国外的投资咨询公司对石油化工项目的产品市场分析有其一套比较完整的操作程序和评估体系，以BOPP为案例介绍了市场分析的思路和方法，并且指出市场分析作为一种新的理念，必须进一步深化和细化，逐步加以完善。     

Are Fundamentals Priced in the Bond Market?*

To date, the discussion of the Lev and Thiagarajan 1993 fundamentals in the prior literature has been exclusively in the context of the stock market. Our study is the first to examine the value‐relevance of these fundamentals for default risk. By focusing on the market for new bond issues, we examine the value‐relevance of the fundamental score using expected rather than realized returns. Also, by focusing on the bond market we provide a different perspective than that brought by prior studies relying solely on stock prices. We find the fundamentals to be priced in the market for new bond issues as indicators of expected future earnings and to be value‐relevant in enabling the market to discern differences in bond credit quality over and above the published bond ratings.     

Regulating Banks through Market Discipline: A Survey of the Issues

Abstract.  The interest in the application of market discipline to regulate the financial industry has boomed recently due to the proposed New Capital Accord. This paper reviews the potential role market discipline can play in financial regulation. We start with a discussion of the rationale for financial regulation and with a brief history of the current regulatory mechanisms. Next, a definition of market discipline as a regulatory mechanism is advanced. We evaluate the disciplining power various market participants have. Finally, we argue that more external risk management disclosure is a condition sine qua non in order to enable market discipline as a regulatory mechanism. In this respect, the Basle Committee has taken the right approach.     

Trades and Quotes: A Bivariate Point Process

This article formulates a bivariate point process to jointlyanalyze trade and quote arrivals. In microstructure models,trades may reveal private information that is then incorporatedinto new price quotes. This article examines the speed of thisinformation flow and the circumstances that govern it. A jointlikelihood function for trade and quote arrivals is specifiedin a way that recognizes that an intervening trade sometimescensors the time between a trade and the subsequent quote. Modelsof trades and quotes are estimated for eight stocks using Tradeand Quote database (TAQ) data. The essential finding for thearrival of price quotes is that information flow variables,such as high trade arrival rates, large volume per trade, andwide bid–ask spreads, all predict more rapid price revisions.This means prices respond more quickly to trades when informationis flowing so that the price impacts of trades and ultimatelythe volatility of prices are high in such circumstances.     

新形势下施工企业管理理念探讨

随着中国市场经济体制改革的深化，世贸经济组织的加入，建筑市场环境的变化，企业改制及经营特型的开展，施工企业如何立足于国内市场，打入国际市场，面临着又一次大发展的机遇与挑战。本文通过综合分析，对我国建筑施工企业管理思想提出了一些初步的看法，供有关管理人员参考。