金融期货价格波动限制机制探讨

金融期货价格稳定机制延缓了价格发现过程，并造成了流动性干扰，但从降低期货、现货交易总成本来讲，它还是利大于弊，因此设置价格波动限制是一种可行的政策，而且在期货、现货市场同时设定的效果最好。此外，从不同价格波动限制方式的影响来看，选择弹性涨跌幅限制可较好地发挥价格限制的好处，减小价格限制的不利影响。     

R&D Progress, stock price volatility, and post-announcement drift: An empirical investigation into biotech firms

I investigate the effects of R&D progress on the dynamics of stock price volatility and the post announcement drift to provide insights into whether or not and how capital markets react to corporate R&D progress in the context of the biotech industry. I find both stock price volatility and the post announcement drift decrease in R&D progress. More importantly, the decrease is proportional to the increase in the drug development success rate driven by R&D progress. Findings suggest that R&D progress conveys useful risk-relevant information, and plays an important role in explaining stock price volatility change and market anomalies.     

电网企业优化购电成本方法研究与实证分析

通过购电成本结构分析,指出了当前发电计划编制及执行中存在的问题和当前发电计划编制对电网购电费的影响。重点研究了有关降低电网购电成本的方法及实证,并为政府价格相关部门提出创建节能型社会的政策建议。     

Board Members and Company Value

This essay surveys research about the value of individual members of boards of directors. When directors join or exit corporate boards, company stock prices respond, often in magnitudes of 1% of firm value or more. Related research shows that when a significant event impacts the stock price of one company, the effects are transmitted to other companies that share board members in common with the primary company. Share price reactions are sensitive to variables such as a director’s occupation, independence, and professional qualifications. Together, this evidence suggests that a well-functioning market for directors might already exist, making direct regulation unnecessary and possibly counter-productive.     

印花税调整对股票价格影响的实证研究

印花税下调在短期内对大盘股指产生显著影响,但这种影响随时间的推移而逐渐减弱;税率下调对沪市和深市单只股票具有冲击效应,个股产生正的超额收益;税率下调对两市的大盘波动性产生显著影响,刺激了"噪声交易者",在短期内产生了噪声效应。目前印花税仍然存在一些不足,建议:拓宽税基,改双向征税为单向征税,尽快开征股票交易税。     

Two Views of Accounting Measurement

The two views to be addressed here are the Chambers/Sydney view that accepts only one measurement method—current net realizable price—and the Staubus/mainstream view that accepts several measurement methods in the same financial report. These two views became well-established in the literature of accounting in the 1960s and their proponents have clung tenaciously to their oft-criticized positions for some forty years. However commendable their original expositions may have been, their continuing existence does no credit to the small coterie of accountants now interested in theory.
This article is aimed at 'narrowing the areas of difference' between adherents to the two views by isolating fundamental bases for them and exposing the reasoning supporting their structures. In a nutshell, they differ in their objectives and they can be expected to survive unless their adherents agree on the objectives of financial reporting.     

经评审的最低投标价法的实践

随着中国建筑业管理体制改革的不断深化，招投标制度在中国得以推广应用，但目前以标底为中心的评标方法存在不足，有待完善。合理低价中标，具备不低于成本价、在合理的范围内两个条件，它代表着市场竞争的发展要求和方向，能够有效地减少一些人为因素。推进合理低价中标，应该把好资格审查关、标书评审关、招投标监督关，并要实行担保制，引入索赔机制。     

运用经济杠杆促进错峰调荷——安徽省峰谷电价分析

阐述了安徽省峰谷电价的实施背景、方案的主要内容和创新特点,2004年上半年的实际执行情况及取得的效果。结合安徽省实际情况,对下一阶段如何优化峰谷电价方案、进一步发挥价格杠杆作用提出了建议。     

关于输配电价几个重要问题的探讨

我国电力企业将要由传统的垂直垄断的模式转变为网厂分开、竞价上网的模式。电网公司作为一个独立的经营实体分离开来,有着独立的收益需求。在市场运营过程中,通过输配电价取得收益就成了电网公司取得收益的主要手段。在输配电价的制订过程之中,管制方式、输配电成本、输电定价方法、价格水平及电网投资、输配电价价区、电网提供的辅助服务等六个问题十分重要。文中就这六个问题的解决作了一些有价值的探讨。     

权证行权若干问题之思考

本文首先结合权证行权适用条件及权证价格有关影响因素,对权证行权时间选择的一般情形做出分析.在比较港台地区及内地市场权证的行权交收期,并结合权证发行人和投资者的利益以及行权需求对行权效率的选择进行分析的基础上,本文对国内目前的行权制度提出了相关建议.