马铃薯在中国传播的技术及社会经济分析

本文从生物、技术及社会经济的角度考证马铃薯在中国传播的过程，重点对传播条件和传播障碍进行阐述，分析了20世纪中国的社会变迁和科技进步对马铃薯传播的影响，并进一步讨论马铃薯扩种对我国粮食生产和社会生活的作用。     

碳债券的估值及敏感性分析

论文以2014年5月13日中广核电附加碳收益中期票据的成功发行为背景,在假设核证碳减排量(CER)服从几何分形过程的情况下,结合分形过程的蒙特卡洛模拟,研究了中期碳债券的设计和估值问题,并分析了不同的期权条款设计带来的风险差异。研究认为相对较复杂的强路径依赖型亚式浮息碳债券,在碳现货价格波动性较大的情况下,简单的欧式浮息碳债券是更好的设计选择。     

融资融券在我国的发展研究

融资融券交易业务是与证券现货交易对应的一种证券交易业务。融资融券交易业务是证券市场上证券公司同投资者之间发生的资金或证券的借贷关系,可以分为证券市场融资交易和证券市场融券交易两方面。我国刚刚在市场上公开融资融券业务,还有很多不成熟的地方并且面临着融资融券带来的风险。对融资融券进行分析和研究,通过对比和比较的方法,选择适合我国的融资融券发展模式并提出相关对策建议,为我国的证券市场保驾护航,保障投资者的利益。     

Quote inefficiency in options markets

In an arbitrage-free economy with non-zero bid-ask spreads the existence of payoffs whose price is lower than the price of a dominated payoff cannot be discarded in general. However, when the former price corresponds to trivial portfolios which involve buying or selling one unit of the basis assets, its presence, although not an arbitrage, is a severe market anomaly which we refer to as an inefficient quote. In an empirical study, we report evidence that indicates that in options markets both the frequency and the magnitude of these anomalies are substantial and we document puzzling patterns in their behavior.     

Which financial stocks did short sellers target in the subprime crisis?

Tracing the SEC ban on the short selling of financial stocks in September 2008, this paper investigates whether such selling activity before the 2008 short ban reflected financial companies’ risk exposure in the subprime crisis. Evidence suggests that short sellers sold short stocks that had the greatest asset and insolvency risk exposures, and that the short selling of financial firms’ stocks was not significantly greater than that of non-financial firms after we match them on firm size and insolvency risk. When the short ban was in effect, the market quality of financial stocks without subprime assets exposure had deteriorated to a larger degree than that of financial companies with subprime assets exposure. The findings imply that such a regulation may mute the market disciplining effects of investors and may also be seen as a counterweight to any perceived macro or systemic risk reduction benefits resulting from such a ban.     

一种通用数字中频正交扩频调制器的实现

提出了一种适应于宽带扩频通信系统的数字中频调制的实现方案,它基于正交调制、DDS、数字上变频和数字内插等技术,采用通用硬件平台,可以生成多种中频调制信号,可广泛用于数字化扩频通信电台、宽带CDMA、软件无线电、遥控遥测等通信系统中。     

两宋时期儒学在贵州的传播

两宋时期,今贵州经制州、羁縻州和藩国并存,纳入了宋王朝大一统治理之下。贵州土著民族首领延纳儒士,兴办教育,奖掖书院。＂蛮荒子弟多读书攻文字＂,儒学进一步传播,科举中式乃至中进士者不乏其人。儒学的传播,增进了各民族之间的了解和认同,推动了地域文化、经济、社会的进步。     

The institutional ideas virus: the case of Johan Åkerman

Swedish economists have received impulses from historical or institutuionalist sources on many occasions. A couple of these economists, Gunnar Myrdal and Johan Åkerman, received obvious impulses from American institutionalism. This article deals with the case of Åkerman. To attempt a wall-to-wall chart of institutional influences on an economist is hardly possible. But what is possible is to examine occasions when he was exposed to powerful ‘jolts’, viz in conjunction with studies at an American university. Johan åkerman studied at Harvard in Cambridge in 1919–20. he evetually became – alongside Myrdal – the leading institutional economist.     

Euro area sovereign yield spreads as determinants of private sector borrowing costs

We regress long-term private-sector borrowing rates on a money market rate, a term premium and credit risk. As a contribution to the current debate about European safe assets, our interest is in quantifying the impact of euro area sovereign bond spreads on private-sector lending by employing it as a proxy for private-sector credit risk. Panel estimates show significant, albeit rather small long-run effects. Another finding is large cross-country heterogeneity. Using linear country-specific estimates, we find the effect to be significant in only some countries, but the size of the maximum effect in these countries exceeds the average one more than three-fold. Furthermore, for one country, we find an asymmetrical effect with positive spread changes having greater impact on private-sector borrowing costs than negative ones. Substantial heterogeneity of the spillover effect between euro area countries indicates the presence of financial valuation effects based not only on economic fundamentals. This, in turn, implies that spillovers may entail contagion costs. Overall, our results suggest that these costs are considerable in the euro area and will remain so until an effective form of European safe assets is created.     

西方财政学在近代中国的传播

西方财政学在近代中国的传播历经清末、北洋政府和国民政府几个历史时期,日渐深入。清末,西方财政学的传播基本上仅限于常识层面;北洋政府时期,深入到理论层面;国民政府时期,西方财政学在中国的传播达到相对成熟的阶段。西方财政学在近代中国的传播呈现出鲜明的特征:首先,瓦格纳强调以财政政策改善收入分配状况的财政理念对国人的影响特别大;其次,西方财政学的传播服务于近代中国的财政改革运动。