略论我国券商的内部控制

证券商是证券市场中最重要的中介机构，与国限知名券商相比，我国券商仍处于摇篮期。如果不进行脱胎换骨的自我重塑，中国券商将难以应对入世以后的剧烈竞争，该文拟从券商监管的内部层次－内部控制角度进行探讨，意在抛砖引玉，为完善我国证券公司的法人治理结构提供一点思路。     

Are Hodrick-Prescott `forecasts' rational?

We evaluate the usefulness of the Hodrick-Prescott (HP) filter as a proxy for rational expectations, using long runs of annual US inflation data. Our conclusion is that while the HP series are not fully rational in the sense of Muth (1961), they do generally meet the criterion of `weak rationality' recently proposed by Grant and Thomas (1999). They are also rational proxy predictors of direction for, following Merton (1981), agents would not change their prior in the opposite direction to these `forecasts'. However, smoother HP `forecasts' are more prone to inefficiency and less useful predictors of direction. First Version Received: May 2000/Final Version Received: May 2001     

中频数字化及数字式正交解调

<正> 战后经济思想中主张政府干预与限制政府干预的争论几乎一直没有停止过,国际贸易中的政府行为思想也表现出同样的状况。本文主要对战后对现实中的政府行为产生过重大影响的几种主张政府干预国际贸易活动的经济思想略作归纳和分析。     

国际品牌的本土化策略--语言学观点的检视

该文探讨跨国公司在中国市场进行品牌本土化的三种翻译策略：音译，意译以及音译意译相结合。通过比较这三种策略各自的特点和优势，并检视它们在实践中的运用情况，作者认为音译意译相结合的方法最有优势，在实践中应用也最广。最后作者从语言学出发对此作了理论上的解释。     

Associated consistency and equal allocation of nonseparable costs

Summary. We modified the definition of associated game with respect to Hamiache (2001) to characterize the equal allocation of nonseparable costs (EANS) by means of Pareto Optimality(PO), Translation Covariance (TC), Symmetry (SYM), Associated Consistency(AC) and Continuity(CONT).Received: 8 April 2004, Revised: 9 May 2005, JEL Classification Numbers: C71.The author is indebted to Clement Wen for many helpful comments and he is also very grateful to a referee who proposed several helpful comments to improve the paper.     

中美纺织品与服装贸易:从MFA到ATC——基于总量、价格和质量的分析

本文力图通过描述性统计和构建评价指数的方法,分别从贸易总量、进口价格和贸易品质量的角度,考察《纺织品与服装协议》在过渡期内对中美纺织品与服装贸易的影响。结论认为,2002年协议第三阶段的实施是两国纺织与服装产品贸易发展的分水岭;全面取消配额导致了进口价格和贸易品质量不同程度的下降。对此,文章有针对性地提出了今后合理应对中美纺织品贸易争端的若干政策建议。     

Agency costs and business cycles

Summary. This paper develops a model with endogenous agency costs that is otherwise quite similar to the canonical real business cycle model. The traditional assumption in the literature is that these agency costs arise in the production of investment goods. In contrast, this paper assumes that these costs are all encompassing in the sense that they arise in the production of aggregate output. The paper explores both the importance of the investment vs. output assumption for business cycle dynamics, and the conditions under which these agency models can deliver amplification and/or persistence. The paper has two principal conclusions. First, in terms of amplification and propagation, the output model performs worse than does the investment model. This arises because a variable distortion in the investment market has more of an impact than a comparable distortion in the output market. Second, in this model with optimal consumption choice by entrepreneurs, there is a clear tension between amplification and persistence. Received: December 30, 1997; revised version: April 1, 1998     

Corporate characteristics and the corporate socialization of local (Mexican) managers of U.S. multinational corporations

This paper examines the proposition that local nationals employed as (local) managers by foreign subsidiaries of multinational corporations have managerial attitutes which are generally between those of indigenous managers employed by domestic firms in both the parent and host countries. The evidence strongly suggests that the concept has validity, and that the organization attributes of capital, R&D, and marketing intensity influence the managerial attitudes of the three groups of managers and the differences among these attitudes.     

Marketing information system utilization: An application of self-concept theory

The impact of marketing information systems (MIS) has not been substantial and developed systems have not been highly utilized. Borrowing the theory of self-concept from the behavioral sciences, 46 system users' self-images, ideal self-images, and the images of a significant other (one who facilitates usage of the MIS) are measured and related to the image of a heavy user of the information system. The results shed some light on the system usage problem and provide some direction for marketing the MIS to marketing managers/ system users.     

Sales expectations and inventory changes in retail trade

In this paper a single equation inventory investment model is estimated for the United States retail sector. Monthly data for the 1970s are utilized. In estimating the model it is alternatively assumed that expectations were formed according to a seasonal model, to perfect foresight, and to a narrowly rational expectations model. We find that a model in which expected sales and the expected rate of inflation are narrowly rational can explain most of the variation in retail inventory investment during the time period studied. The results of the estimation imply that retailers have a relatively short forecast horizon, that they can react quickly to either unexpected sales or to a deviation of actual from desired inventory stocks, and that an increase in the real of interest has a statistically negative impact on retail inventory investment.