Here come the men in black Technology and anxiety in the postmodern age

This review of the film Men in Black argues that what used to be alarming in the science fiction genre has now become its main source of humour. As a reactionary response to the dystopic X-Files, MiB is an elaborate parody which seeks to recuperate ideological ground lost by the X-Files' examination of gender and technology in contemporary culture. Anxiety about the roles of technology, gender and the state are replaced by humour about the notion of anxiety itself. Anxious we may be at the close of the millenium, but MiB tells us to just laugh it all away.     

The Relations between Minimal Martingale Measure and Minimal Entropy Martingale Measure

We consider incomplete markets, where each risky asset fluctuation is a continuous semimartingale, and study a subset of Equivalent Local Martingale Measures in which Minimal Martingale Measure minimizes relative entropy.We also discuss, as special cases, some models with the risky assetfluctuation represented as a solution of some stochastic differential equations.Finally, we mention that the predictable representation property is essentialin order that Minimal Martingale Measure coincides with Minimal Entropy Martingale Measure.     

Phoenix rising: Legal reforms and changes in valuations in Finland during the economic crisis

Finland experienced an extremely severe economic depression in the early 1990s. As a part of the government's crisis management policies, significant new legislation was passed that increased supervisory powers of financial market regulators and reformed bankruptcy procedures significantly decreasing the protection of creditors. We show that the introduction of these new laws resulted in positive abnormal stock returns. The new laws also lead to increases in firms’ Tobin's q, especially for more levered firms. In contrast to previous studies, our results also suggest that public supervision of financial markets fosters rather than hampers financial market development.     

Minimal Entropy Martingale Measures of Jump Type Price Processes in Incomplete Assets Markets

We consider the incomplete assets market and assume that the market has no-arbitrage. Then there are many equivalent martingale measures associated with the market. Among them, a probability measure which minimizes the relative entropy with respect to the original probability measure P, has a special importance. Such a measure is called the minimal entropy martingale measure (MEMM). In a previous paper, we have proved the existence theorem of the MEMM for the price processes given in the form of the diffusion type stochastic differential equation. In this article we discuss the MEMM of the jump type price processes, or especially of the log Lévy processes, and we give the explicit form of MEMM.     

巴西企业海外上市现象研究

近二三十年以来，巴西证券市场发展滞后，新股首发募集资金量少，在本土挂牌的公司数量逐年减少，而在美国上市的公司数量不断增多。除了宏观因素外，忽视对中小投资者保护的证券法规建设是导致这种现象的主要原因。巴西的经验教训对于我国发展资本市场大有裨益。     

上市公司实际控制人、多元化经营与投资者保护

本文从上市公司实际控制人利用多元化经营侵占中小股东利益的视角，检验了其在上市公司中的控制权与现金流权分离度对多元化经营程度的影响。结果表明，控制权与现金流权分离度越高，多元化经营程度越高，且控制层级的增加会弱化控制权与现金流权分离度对多元化经营程度的影响，从而验证了我国民营上市公司的实际控制人存在利用多元化经营侵占中小股东利益的动机，并倾向于采用以较低控制层级实现较高控制权与现金流权分离度的方式实现对上市公司的控制。因此，如何保护投资者的合法权益，抑制上市公司实际控制人自利动机的多元化经营行为，成为应该关注的问题。     

论我国加入WTO后的农业保护

本文分析了农业保护的含义和作用 ,阐述了我国加入WTO后加强农业保护的必要性 ,根据WTO农业规则对农业发展的要求 ,提出了加强农业保护的主要对策 ,并对这些对策的可行性进行了分析