Daily mutual fund flows and redemption policies

We examine how redemption policies affect daily fund flows in open-end mutual funds. Since short-term trading of fund shares, as manifested in daily fund flows, can have an adverse impact on returns to the fund’s shareholders, mutual funds might find it desirable to discourage short-term trading through the use of redemption fees. However, if daily fund flows are due to fund shareholders’ legitimate liquidity demands, the redemption fee would have little effect on daily fund flows and possibly adversely affect fund shareholders by imposing a liquidity cost on them. We find that the likelihood of a fund charging a redemption fee is largely a function of its overall fee structure. We also use a sample of funds that imposed redemption fees to examine whether the distribution of daily fund flows changes after the initiation of the redemption fee. We find that the redemption fee is an effective tool in controlling the volatility of fund flows.     

内部资金转移价格在国内商业银行的应用研究

内部资金转移价格在商业银行中的作用是多重的,与商业银行的定价目标、市场风险管理目标以及收益目标息息相关,内部资金转移定价的方法也有很多.中国的商业银行在引入该管理工具时需要结合本银行阶段目标合理选择最切合实际的方法.受制于金融市场、组织架构、激励机制等影响因素,中国的商业银行在FTP运用上整体较落后,但已经具备实施较先进FTP的紧迫性和可行性.商业银行应逐步建立并理顺内部定价机制,提高定价能力,缩短内部转移价格因市场调整而进行决策的周期,加强价格信息披露,进一步强化会计系统中的利率管理功能.     

江苏应对人口老龄化问题的政策研究报告

对南京、扬州、张家港等地老年人的生存和精神状况进行实地调研，深度剖析江苏人口老龄化问题及其相关政策。江苏城镇养老服务社会化工作已初见成效，但是存在老年社会保障财政压力渐显、老年社会保障差异化加剧、现行老年保障体系呈现“碎片化”状态等问题。针对现存问题，提出完善江苏老年社会保障体系的对策和路径。     

我国私募基金立法现状及展望

随着经济社会发展,我国居民财富快速增长,在此宏观背景下,私募基金发展迅速。但是与此不相协调的是,我国私募基金立法工作远远滞后于私募基金实践,立法数量少、层次低且不成体系,导致目前私募基金处于尴尬的法律灰色地带,严重制约了私募基金的健康发展。展望未来,私募基金必然成为居民理财的一大重要选择,因此应尽快制定私募基金法,从法律上确认私募基金的合法地位,规范私募基金的操作流程,加强对私募基金的监管。     

后危机时代海外共同基金业的发展

共同基金作为历史悠久、运作规范的主流投资品种,在资产管理行业中具有举足轻重的地位。在次贷危机对全球金融业产生严重冲击的背景下,全球共同基金业也未能独善其身。但随着危机热浪退去,海外共同基金业又重新显示出旺盛的生命力。本文梳理了2009年以来海外共同基金的发展状况,从规模、类型、申购、费率、交易自动化等多个角度进行深入分析,从而得出共同基金产业后危机时代呈现出的一些新特点,及其与全球金融市场之间的联动与契合。     

美国养老保险制度改革及其对我国的启示

养老保障制度已有上百年的历史,在众多的养老保障制度中,美国的养老保险制度经过长期发展和不断调整,已被公认为国际典范之一。为了应对老龄化危机,完善我国养老保障制度,提高全民养老保障水平,有必要根据我国现有的养老保障制度和社会经济发展状况,合理地借鉴美国养老保障制度的成功经验。     

Evaluating the Financial Performance of Pension Funds: An Individual Investor's Perspective

Pension funds require the managerial expertise of financial intermediaries, who must be paid a fee or spread. The spread significantly reduces the value of the pension fund over longer holding periods, and implies significantly greater incentive conflicts for defined contribution-funded pension funds than for defined benefit-funded pension funds. The magnitude of the intermediary spread and those factors affecting the demand for financial intermediary reputation and the marginal fee for this reputation are examined for a sample of 66 defined contribution and 54 defined benefit Australian pension funds during 1991–93. The intermediary spread significantly reduces the average net return provided to individual investors, particularly for defined contribution pension funds. Agency-related factors affecting the demand for financial intermediary reputation and its marginal fee reflect underlying contract-based differences between these types of fund.     

Retirement Age Considerations for Central Europe

The paper analyzes the arguments for and possible consequences of an increase in the statutory retirement age in central Europe, including the Czech Republic, Hungary, Poland and Slovakia. The analysis reflects the current and projected demographic and economic developments, and discerns the long-term trends from the specific aspects of transition. As for the long-term trends, the paper offers a simple framework for calculation of the intergenerational transfers through pensions under different reform scenarios. The calculations confirm that, in the aging central European societies, down-sizing of the existing pay-as-you-go schemes, including an increase in the statutory retirement age, is necessary to sustain solvency and intergenerational fairness in the public provision for retirement. The paper argues, however, that proposals to increase the retirement age in central European countries need to enhance their assessment of the possible counter-productive effects, which may arise due to the low working ability, poor health status and high occupational and environmental risks faced by the population.     

1999年度我院自然科学基金项目中标率高的几点思考

国家自然科学基金申报是科学性与艺术性高度结合的创造性劳动。高中标率背后离不开高效务实的科技管理。思想重视、措施得力、主攻目标明确，迎来了我院 1999年基金项目申报的大丰收。     

现收现付制——我国养老保险模式的最佳选择

目前,我国养老保险体系向部分基金积累制转轨过程中遇到了转制成本、隐形债务等一系列问题。事实上,我国不宜向基金积累制转轨,基金积累制的国际实践并不理想,其本质上具有不能增加福利、管理成本高昂、外部条件不具备等缺陷。而我国现阶段具备"艾伦条件"仍然满足、人口高龄化程度相对较低、可吸收大量新增工业人口加入养老保险体系等有利因素。对此,现收现付制仍然是我国养老保险体系的最佳选择。