商业银行服务营销战略透析——以中国银行为例

美国次贷危机波及全球金融体系、金融产品及金融衍生产品的受信度受到质疑。我国的商业银行受此冲击强度较小，很大程度上取决于银行战略眼光和营销运作的成功。本文从营销战略的角度，结合中国银行服务营销的运行状况，对中国银行发展走势及营销战略进行深度透析。     

Extending working hours: why not work 42 h rather than 38?—a CGE analysis for Germany

Faced with a record level of unemployment, the present debate in Germany is to extend the weekly hours of work. In this paper the employment effects of an economy-wide increase in weekly hours are quantified on the basis of a computable general equilibrium model for different specifications of the wage setting rule and the use of additional policy-induced public income. The simulation results back the argument of the opponents of longer working time that not more jobs will be created. However, when the higher tax revenues from GDP growth are used to reduce social security contributions, then the claim of the proponents that more jobs will be created can be supported.     

完善我国证券市场监管体制研究

如何完善我国的证券市场监管体制是保证我国证券市场能够持续、健康、稳定发展的重要课题.本文首先对市场监管失灵的理论进行了介绍,然后深入分析了我国证券市场监管体制的形成过程及其特点,最后就如何完善我国的证券监管体制提出了建议.     

Stock Repurchase and the Role of Signaling： A Comparative Analysis between U.S. and China

This paper compares different methods used for stock repurchase and examines the role of signaling in the U.S. and China＇s capital markets. We find that the ways to buyback stocks are very different in the two countries. Most U.S. stocks are repurchased through open market and the signals sent to the market through open market repurchase are getting weaker. Even though stock repurchases are at their early stage in the Chinese stock market and the dominated way to buyback is through a negotiated repurchase agreement for non-floating shares, the power of signaling seems much stronger. Examining stock prices pre- and post-repurchase, we find that stock repurchase records an average abnormal return of 3.42% on the announcement date and 3.24% on the date of actual renurchase.     

从“大萧条”看中美两国应对当前金融危机之策

本文站在历史的角度，审视与检讨中关两国政府在应对当前由次贷风暴引发的金融危机中的得与失。历史是一面镜子，发生在20世纪30年代的世界性大萧条与今日美国金融危机在很多方面具有相似之处。以史为鉴，在百年一遇的危机面前，各国政府应携手并进，同舟共济，避免陷入更深的困境。当前的局势为中国充分展示负责任大国的形象提供了契机。     

Asymmetric volatility in the foreign exchange markets

We examine the presence or absence of asymmetric volatility in the exchange rates of Australian dollar (AUD), Euro (EUR), British pound (GBP) and Japanese yen (JPY), all against US dollar. Our investigation is based on a variant of the heterogeneous autoregressive realized volatility model, using daily realized variance and return series from 1996 to 2004. We find that a depreciation against USD leads to significantly greater volatility than an appreciation for AUD and GBP, whereas the opposite is true for JPY. Relative to volatility on days following a positive one-standard-deviation return, volatility on days following a negative one-standard-deviation return is higher by 6.6% for AUD, 6.1% for GBP, and 21.2% for JPY. The realized volatility of EUR appears to be symmetric. These results are robust to the removal of jump component from realized volatility and the sub-samplings defined by structural-changes. The asymmetry in AUD, GBP and JPY appears to be embedded in the continuous component of realized volatility rather than the jump component.     

入世对中国期货市场发展的优势分析

经济全球化的要求使各国经济必须融入世界经济运行的大循环。作为融入世界经济的重要渠道，入世将会极大地影响中国的金融市场。期货市场作为金融市场的一个有机组成部分。也将深受影响。它将通过入世的宏观与微观效应，获得进一步的发展。     

The Random Walk Hypothesis in the Emerging Indian Stock Market

This paper examines the random walk hypothesis in the emerging Indian stock market using daily data on individual stocks. The statistical evidence in this paper rejects the random walk hypothesis. The results suggest that daily returns earned by individual stocks and by an equally weighted portfolio show significant non–linear dependence and persistent volatility effects. The non–linear dependence takes the form of ARCH–type conditional heteroskedasticity and does not appear to be caused by nonstationarity of underlying economic variables. Though conditional volatility is time varying, it does not explain expected returns.     

现代企业财务风险的测定和防范

在市场竞争环境下，现代企业面临的各种风险不断增多，财务风险作为企业特有的风险日益突出，是企业利用融资财务杠杆的直接后果，企业必须重视财务风险的测定和防范，以增强企业财务实力。     

发展先进文化在发展中国社会主义市场经济中的作用

发展先进文化在发展社会主义市场经济中具有重要作用 ,它对于市场机制的建立具有促进作用 ,对市场经济具有文化制约作用 ,此外 ,文化是社会生产力 ,发展先进文化对市场经济的发展具有要素性作用。