创新是社会改革的灵魂--王莽改制的历史启迪

王莽改制是顺应历史潮流的举动，但其改制理论利用的不是儒家思想中勇于创新的一面，而是其守旧、复古的一面；他在政治、经济方面的改制实践中一味地“慕古法”，而不思进取。结果以失败告终，其悲剧启示着人们：一个顺应时代潮流的改革家。必须具有创新思想和创新能力。这是其进行社会改革的先决条件。     

RUNNING FOR THE EXIT: DISTRESSED SELLING AND ENDOGENOUS CORRELATION IN FINANCIAL MARKETS

We propose a simple multiperiod model of price impact from trading in a market with multiple assets, which illustrates how feedback effects due to distressed selling and short selling lead to endogenous correlations between asset classes. We show that distressed selling by investors exiting a fund and short selling of the fund’s positions by traders may have nonnegligible impact on the realized correlations between returns of assets held by the fund. These feedback effects may lead to positive realized correlations between fundamentally uncorrelated assets, as well as an increase in correlations across all asset classes and in the fund’s volatility which is exacerbated in scenarios in which the fund undergoes large losses. By studying the diffusion limit of our discrete time model, we obtain analytical expressions for the realized covariance and show that the realized covariance may be decomposed as the sum of a fundamental covariance and a liquidity‐dependent “excess” covariance. Finally, we examine the impact of these feedback effects on the volatility of other funds. Our results provide insight into the nature of spikes in correlation associated with the failure or liquidation of large funds.     

The regulatory evolution of the post credit crisis fund management industry

The credit crisis that developed as a result of the problems in the US sub-prime mortgage market has consequences for the future shape of regulation of the fund management industry. The author examines the exposed agency problems, poor risk management, and the lack of liquidity in many fund offerings that have led to a number of new onerous regulations (as distinct from ‘acquired regulations’). The new regulations are changing the industry microstructure. Post credit crisis valuations are 73% of the pre credit crisis five-year levels, implying the markets are evaluating the industry differently in view of the many new challenges that it now faces.     

一部研究中国当代哲学的扛鼎之作——评杨洪林教授的《杨献珍哲学思想通论》

《杨献珍哲学思想通论》是杨洪林教授历经18年之久，从事杨献珍哲学思想研究的理论结晶；是他在发表大量有关杨献珍哲学思想论文的基础上形成的专著；是我国第一部从哲学理论上全面、系统、深入研究杨献珍哲学思想的力作。具有内容全面、体系完整理论研究的独创性和揭示杨献珍哲学思想形成发展的规律性等特征。     

服务型政府视域下的中国市场经济建设

成熟的市场经济是服务型政府构建与运转的重要基础。文章在论证市场经济的这种基础性作用的基础上,分析了中国市场经济不成熟性的种种表现,并结合服务型政府建设的需要对中国市场经济的完善和发展提出了建议。     

Leadership and the Provision of Safe Food

Modern food production typically involves many interacting stages and two or more decision makers. There is reason to believe that inputs in determining quality likely complement. And it is not possible to regulate many of these inputs. In a food production system possessing these characteristics, we show that leadership by one or more firms through communicating actions may be used as a mechanism to increase overall food quality. As there may be no private incentive to lead, there may be strategic merit in assigning liability through legislation. We also suggest the possibility that genetics are leadership instruments in hog production systems.     

中国系统重要性银行的市场识别法有效性研究

宏观审慎监管需要识别出系统重要性机构（SIFIs），目前已有相关研究，但还没有就如何有效识别达成共识。首先阐述MES法、SRISK法和CoVaR法三个主流的市场识别法原理与计算，在统一的DCC-GARCH模型相关性分析框架中，对它们做了理论比较。然后，以中国上市银行为样本，收集市场交易数据，用DCC-GARCH模型拟合相关结构，分别进行了中国SIFIs识别，根据各指标的理论特征分析了各系统重要性排序结果的有效性及其经济意义。     

金融生态理论研究：进展与评述

金融生态理论的发展历程大致可分为起源、形成和发展三个阶段。当前,已有的研究对金融生态的系统性认识和量化研究关注不够,在一定程度上制约了金融生态理论的进一步发展和完善。因此,未来在金融生态理论的研究中应重点关注以下三个方面内容：一是把握金融生态理论的核心议题;二是明确和量化金融生态系统内外部因素的作用和影响;三是科学认识和评价金融生态系统的平衡和突变。     

2010年上海世博会参观人次的系统动力学预测

运用系统动力学方法对2（）10年上海世博会参观人次进行了预测。结果表明,在展览内容一般,潜在游客转化率一般情况下,参观人次仅略多于5000万,而在展览内容精彩,潜在游客转化率乐观的情况下,参观人次可接近9000万,在其他7种情况下,参观人次则介于5000万-9000万之间。