Stock Price and Volume Effects Associated with Compositional Changes in European Stock Indices

This paper provides further evidence of price and volume effects associated with index compositional changes by analysing the inclusions (exclusions) from the French CAC40 and SBF120 indices, as well as the FTSE100. I find evidence supporting the price pressure hypothesis associated with index fund rebalancing, but weak or no evidence for the imperfect substitution, liquidity and information hypotheses. The results improve on recent evidence from the S&P500 index. The evidence for the FTSE100 additions shows, in particular, that markets learn about an imminent inclusion and incorporate this information into prices, even before the announcement date.     

水压作用下房屋地下室底板开裂的结构处理

地下水压力过大引起房屋地下室底板钢筋混凝土开裂,甚至被破坏,文章介绍采用钻孔桩加固技术进行结构处理,并新作防水层防水。     

Static and dynamic efficiency of pollution control strategies

A great deal of the economic literature on pollution control strategies concentrates on the efficiency of environmental policy instruments. Most analytical studies in this field show that market instruments are more efficient with respect to the cost of pollution abatement of a given number of polluters than non-market instruments. According to several analytical studies, market instruments should also be more efficient with respect to innovation in pollution abatement equipment than non-market instruments. In the empirical literature a great number of case studies exist with estimations of the savings of abatement costs of market instruments in a situation without technological progress. Empirical studies about the impact of environmental policy market instruments on the abatement costs in situations with technological progress are lacking.The purpose of this paper is to fill this gap. The paper deals with an empirical estimation of abatement costs for the emission of SO₂ of coal-fired electricity units in the Netherlands from 1985 to 2000. First, the working of market instruments and non-market instruments (the existing environmental policy of the Dutch government) is simulated in a static situation. Second, we analyse the learning effects of flue gas desulphurization. The efficiency advantage of market instruments turns out to be larger in a situation of technological progress than in a static situation.     

公司财务控制机理:一个基于制度博弈的分析

财务控制的目标是对出资者和经营者之间形成的代理契约的冲突进行管理和协调.以出资者与经营者的制度博弈模型为分析基础,可以清楚表明财务控制机理特征:首先,财务控制本身具有的制度成本(控制成本)是制约控制成效的关键因素;其次,财务控制作为一种制度安排,应具备使经营者违背代理契约的外部成本内部化的功能;最后,财务控制本质是一种契约安排,是出资者和经营者之间多次动态博弈的结果,因此需要不断进行修正完善.     

网络环境下企业内部控制探讨

网络技术和经济促进了企业控制环境的变革、会计系统体系结构重组及企业内部控制程序的完善 ,同时也增加了安全控制的难度。相应的网络安全策略     

干预行为——经济法中的“法律行为”

在我国法学界,"法律行为"有两种不同含义,一是民法上的含义,意指意思效果行为。这也是法律行为的原初含义。另一是法理学上的含义,意指具有法律效果的行为。经济法的法律行为应采何意?从相关的论述看,多是在法理学意义上使用的。笔者之见,法律行为应回归其原初含义,而最能反映经济法特征的法律行为就是"干预行为",即公共经济组织的"公意"表示及执行行为,包括宏观调控和市场规制行为。     

加拿大商业银行风险管理的实践与借鉴

加拿大银行业具有健全的风险管理体系与机制、制度与流程、计量工具与技术以及不良资产处置方式。在开放经济条件下，借鉴加拿大银行业成熟的风险管理经验，对加快我国商业银行风险管理体系建设，推行全面风险管理有着重要的理论和现实意义。     

证券投资基金“老鼠仓”问题研究

所谓"老鼠仓"是指庄家在用公有资金拉升股价之前,先用自己个人的资金在低位建仓,待用公有资金拉升到高位后个人仓位率先卖出获利.它实质上是利用内幕信息进行违规的利益输送问题,是一种损害证券投资基金持有人利益的不道德行为.主要针对"老鼠仓"形成的原因进行了分析,并提出构建"老鼠仓"防火墙的对策措施.     

从美国公司财务假帐丑闻看公司治理和社会制约的完善

美国公司财务假帐频繁产生的原因有：公司管理制度和公司治理结构方面的变化对企业的约束力下降在社会中介机构的独立审计制度下部分中介机构与造假公司同流合污，法律制度的缺陷与不完备，以及政府对企业投资银行和征券行业的监管机制不健全等。有鉴于此，我国公司应建立、健全监音管理机制，并加强公司内部控制。