股票价值分布曲线及其应用

基于股票价值的不确定性,我们可以建立股票价值的分布曲线。通过股票价值分布曲线,不仅可以明晰股票价格的决定机制,推导出股票市场的供给、需求曲线,而且还可以解释许多股票市场现象和问题,如:小盘高价大盘低价现象、价格操纵等问题。     

How much can illiquidity affect corporate debt yield spread?

We present a structural method for measuring the upper bound for the illiquidity risk of liabilities issued by a levered firm. The method calculates the upper bound of illiquidity spread of a corporate bond given its duration and the issuing firm’s asset risk and leverage ratio. Consistent with the empirical literature the illiquidity spread is positively related to the issuing firm’s asset risk and leverage ratio and the illiquidity component increases with a bond’s credit quality. The term structure of illiquidity spread has a humped shape, where its maximum level depends on the firm’s leverage ratio. Finally, we demonstrate how the method’s implied restricted trading period can be used as a measure for illiquidity in the bonds’ market.     

循环经济的国外实践与中国发展条件分析

循环经济是一种新的经济增长模式。在德国、日本和美国等发达国家,循环经济正在成为一股潮流和趋势。从中国当前的情况来看,发展循环经济既是一种必然选择,同时也是一种机遇和挑战,应追求经济和环境相协调发展之路,注重经济增长的质量和效益的一致性。     

对“吉芬商品”的重新解释及实证分析

“吉芬商品”作为一种反常的经济现象,引起了众多经济学家的兴趣。在西方传统的经济学理论中,对其做出了较为详细的解释。笔者通过对反常经济现象的观察和思考,利用凯恩斯经济学中最基本的供需曲线对其做了全新的解释,并且通过对深圳市房地产市场的实证分析,进一步验证了新解释的可靠性。     

Determinants of spreads on new high yield bonds of shipping companies

This paper investigates determinants of pricing of new high yield bond offerings of shipping companies. New high yield bond offerings issued by shipping companies in the US market, during the period 1993–1998, are used in the investigation. The empirical results suggest that credit rating is the major determinant of the price spread of the bond offerings. Financial leverage and shipping market conditions also account for a significant part of the price variability.     

Long-run determinants of pollution: A robustness analysis

This paper examines how robust economic, political, and demographic variables are related to water and air pollution. Employing Bayesian Averaging of Classical Estimates (BACE) for a cross section of 47 countries, 34 variables and 3 proxies for air and water pollution over a period from 1980 to 2000 we confirm the environmental Kuznets curve hypothesis and highlight the relevance of variables that are not directly related to production.     

创新粤港澳合作模式探讨

香港澳门地区早已进入后工业化时期。广东,珠三角正处在工业化中后期,受资源、能源和劳动力成本高等制约,产业结构迫切需要转型和优化升级;而粤北山区以及东西两翼仍停留在工业化中期阶段,甚至是初级阶段。基于产业梯度转移原理,在产业链分工合作层面,粤港澳合作模式应当创新:港澳地区主导营销服务型经济;珠三角力求成为研发设计中心;通过产业转移,粤北山区和东西两翼定位加工组装环节。     

江苏失业与物价水平权衡关系的实证研究

保持经济持续增长、物价水平基本稳定和实现充分就业是政府经济宏观调控的主要目标。文章基于江苏省物价水平的自相关性,建立了滞后一期的附加预期的菲利普斯曲线模型,使用江苏1987-2011年的CPI数据和城镇登记失业率,实证测算了江苏省物价水平、失业率以及物价水平预期之间的关系和相关检验。通过研究发现,在江苏省物价水平上升1%时,在保持物价水平预期不变的情况下,失业率可下降0.532%,失业率对当期物价水平的影响度为74%,物价水平预期对当期物价水平的影响度为26%。因此,江苏省政府部门应当在控制失业率和保持物价稳定的同时,寻求三者之间的最佳结合点,使物价与失业保持适度均衡。