后危机时代全球金融秩序调整、发展趋势研究综述与评论

本文在综合多位学者论述的基础上对当前的国际金融危机进行研究和评论,认为,美国次贷危机引发的金融流动性危机,逐渐演变为全球性金融危机,其后果的严重性,引发我们对目前全球金融格局及金融秩序的关注。后危机时代的国际金融秩序已不再适合当今全球经济的健康、可持续发展,调整不合理的全球金融秩序已不可避免。而金融秩序调整过程中可能会出现的问题以及调整的趋势,也需要更多的思考。在后危机时代,中国在完善金融监管制度以保证国家金融安全的基础上,还应把握全球金融秩序调整的良好契机,调整国内产业结构,转变经济增长方式,适当调整财政、税收和汇率政策,加强国际金融合作与监管,积极推进人民币国际化进程,参与国际金融体系建设,将中国制造转变为中国创造,提升政治、经济地位。     

城乡关系的自然顺序及其演变——亚当·斯密的城乡关系理论解析

经济地理学的理论渊源之一亚当.斯密关于城乡关系的系统理论阐释及其意义,却被经济地理学者忽视了。自然顺序揭示了城乡关系的本质和初始状态,认为城乡之间是一种基于产业分工而形成的互为市场的互利关系,并强调城镇的增设应该与农村和农业发展成比例。发展经济学家忽视了这种初始状态的意义,经济地理学家侧重于空间分布的解释。城乡关系主要受政策—文化和地理—贸易两组变量的制约与影响。特定的产业保护政策形成的风俗习惯以及地理条件(主要是临海的区位)的先天差异改变了自然顺序,导致反自然的演变结果和趋势。亚当.斯密历史和逻辑相结合的分析方法,贯穿于他对影响城乡关系的地理、经济、文化等诸要素的综合集成研究中,非常值得当代经济地理学家借鉴。     

加强流通理论研究 推动流通产业发展

相对于其他领域的经济理论研究而言 ,流通理论研究仍是比较薄弱的一个环节 ,进入新世纪应加强对流通概念和流通基本理论的研究 ;对流通体制改革的研究 ;对流通产业发展与创新的研究 ;对流通秩序、市场行为以及流通领域的供求和价格问题的研究。     

Nasdaq Trading and Trading Costs: 1993–2002

Nasdaq spreads decline from 1993 to 2002, largely independently of tick‐size reductions. Trade size declines, consistent with greater retail investor activity. Using the method of Chordia, Roll, and Subrahmanyam (2001), we find that concurrent market returns strongly affect liquidity and trading activity. Liquidity exhibits distinct day‐of‐the‐week patterns. There is little evidence that macroeconomic announcements or changes in key interest rates affect Nasdaq stocks overall; but in the bear market, we find a relation between some of these variables and effective spreads, which we interpret as consistent with Nasdaq participants' paying greater attention to fundamentals after the market crash.     

Price Movement Effects on the State of the Electronic Limit‐Order Book

This paper investigates public‐trader order‐placement strategies by examining the relations between the state of the limit‐order book and previous price movements. There is support for an information effect, as traders become more aggressive in buying and more patient in selling after previous positive stock returns. The widening of the bid‐ask spread also causes traders to place less aggressive orders. However, there is no evidence of the options effect on limit‐order trading. This study also reveals that orders at the best quotes react faster and complete the adjustment earlier than orders that are far away from the best quotes.     

争议事项可仲裁性浅析

本文首先确定了可仲裁性事项的含义—仲裁协议客体的可仲裁性 ,并通过比较各国立法 ,总结归纳了争议可仲裁的几个要件 :可和解性、商事性、财产权益性等等 ;最后分析了各国立法确立这些要件的理论依据和中国的实践与趋势。     

公共住宅秩序与公共住宅政策

文章提出公共住宅秩序的概念,认为公共住宅秩序是利益相关者利益冲突与协调的结果,公共住宅政策有效与否应当针对特定的公共住宅秩序而言.而后,结合人类"知识问题"和有限理性等两方面对公共政策制定进行分析,认为公共政策规则性低效率是客观存在的,并认为提高公共政策效率的途径在于建立一种机制,用以反映动态的公共住宅秩序,用以运用尽可能多的政策相关者的知识.最后对美国和我国的公共政策设计进行比较分析,并提出改进我国公共政策设计效率的措施.     

论市场秩序与企业信用

本文从市场秩序的现状、造成市场秩序混乱和反经济信用行为的原因分析入手，提出了强化社会信用意识、建立有效的企业信用管理和企业信用评价体系，从而健全和完善公平竞争和有效运行的市场秩序的构想。     

Product development strategies for established market pioneers,early followers,and late entrants

At the time of entry, market pioneers are known for emphasizing major product development projects. After being in the market for many years, however, do market pioneers, early followers, and late entrants maintain different product development strategies? Data from 2273 established manufacturing businesses reveal that market pioneers have the highest probability of engaging in product development, which covers product R&D spending as well as new product sales. Even so, market pioneers and early followers tend to emphasize minor projects, such as product improvements and line extensions. Late entrants are less likely to engage in product development, but those that do tend to emphasize major development efforts. Copyright © 2002 John Wiley & Sons, Ltd.     

Rain or Shine: Where is the Weather Effect?

There is considerable empirical evidence that emotion influences decision‐making. In this paper, we use a database of individual investor accounts to examine the weather effects on traders. Our analysis of the trading activity in five major US cities over a six‐year period finds virtually no difference in individuals’ propensity to buy or sell equities on cloudy days as opposed to sunny days. If the association between cloud cover and stock returns documented for New York and other world cities is indeed caused by investor mood swings, our findings suggest that researchers should focus on the attitudes of market‐makers, news providers or other agents physically located in the city hosting the exchange. NYSE spreads widen on cloudy days. When we control for this, the weather effect becomes smaller and insignificant. We interpret this as evidence that the behaviour of market‐makers, rather than individual investors, may be responsible for the relation between returns and weather.