From T-Bills to Stocks: Seasonal Anomalies Revisited

This paper employed eleven data series which consist of stocks, bonds, bills, equity premiums, term premiums, and various default premiums to investigate whether January seasonality reported in existing literature is robust across different states of the economy as this has important trading implications. For the periods 1926–1990, small stocks, small stock premiums, low grade bonds, and default premiums (spread between high grade, low grade and government bonds) reveal January seasonality and that the seasonality is robust across different states of the economy except for low grade bond returns and default premiums. January seasonality for low grade bond returns and low grade bond default premiums are primarily driven by results found during periods of economic expansion. Overall, January seasonality is more evident during the economic expansion periods although the magnitude of default premiums is larger during periods of economic contraction. Furthermore, prior findings of strong summer equity returns are primarily driven by the results found during the periods of economic contraction. It is also found that equity returns are generally higher during periods of economic expansion.     

普京内政外交新动向探析

在当今世界,俄罗斯在解决国际重大争端,处理全球重大事务等方面具有不可或缺、不可替代的重要地位和作用.因此,研究普京的内政外交新动向意义重大.在内政方面,普京正在全力实施以能源、武器和原材料生产为核心的中长期经济振兴计划,提出了10年内翻番的目标.在对外事务中的布局层次是--独联体是重中之重,欧洲及美国是首要,亚太一些周边大国是关键,东欧、中东、非洲和拉美不可忽视.     

纯氧曝气的研究进展

介绍了纯氧曝气的生化机理、应用领域、供氧方式、污泥性能等以及它与普通空气曝气相比在技术、经济方面显示出的优越性。随着纯氧曝气的发展和国家新标准增加了脱氮除磷方面的排放要求，使得纯氧曝气在城市污水处理老厂的改造和新厂的建设中具有很好的前昔。     

Are Securitizations in Substance Sales or Secured Borrowings? Capital‐Market Evidence*

Two standard‐setting approaches have emerged globally to guide the choice of accounting for securitizations: the control and components approach (SFAS No. 125 and SFAS No. 140) and the risks and rewards transfer approach (IAS No. 39). A lack of consensus about derecognition accounting is a major impediment to achieving convergence in global standards that must be resolved. Thus, both SFAS No. 140 and IAS No. 39 will be reexamined, and evidence pertinent to the debate is timely and important. In this study, we present evidence consistent with the view of credit‐rating analysts, who view many securitizations as, in substance, secured borrowings. Specifically, for a sample of originators applying sale accounting guidance in SFAS No. 125 / 140 during the period 1997‐2003, we show that off‐balance‐sheet debt related to securitizations has, on average, the same risk‐relevance for explaining market measures of risk (that is, CAPM beta) as on‐balance‐sheet debt. We also find that, in a returns and earnings association framework, the pricing multiple on securitization gains declines as the amount of off‐balance‐sheet debt increases, implying that investors take off‐balance‐sheet debt into account when assessing the valuation‐relevance of such gains. For those who advocate the control and components approach to securitization accounting, our results suggest that, at least for frequent securitizers, the put option arising from implicit recourse is a “missing piece” that is not currently accounted for when calculating securitization gains. Our results challenge the extant measurement standards in SFAS No. 140.     

论精神文明建设与发展生产力

精神文明建设是社会主义的重要特征，其直接目的是为了全面提高人的素质，发展和推广科学技术，为物质文明的发展提供精神动力、智力支持和思想政治保证，从而推动生产力的发展。因此，精神文明建设也是解放和发展生产力。     

试论评估对加快我院改革与建设的作用

开展高职高专院校人才培养工作水平评估,给我院带来了新的发展契机,对加快改革与建设起到了积极地推动作用。通过两年来迎评促建工作的开展,学院的办学指导思想更加明确,全院教职工增强了凝聚力,办学条件得到了改善,师资队伍建设得到了加强,教学改革进一步深化,专业建设迈上了新台阶,学生素质教育结出了累累硕果,学院的办学实力和整体竞争力得到了提高。     

中外纳税人权利问题比较研究

世界各国尤其是发达国家一贯重视纳税人权利问题,在税法中把征纳双方平等的权利与义务作为重要的内容予以规定。与国外相比,我国纳税人权利不论从法律规定还是贯彻落实上都存在一些不足,纳税人地位没有得到应有的提高。通过分析中外纳税人权利地位现状,提出尊重纳税人权利,提高纳税人地位的可能措施。     

当前我国中西部地区民间投资状况的透视与思考——以山东西部城市菏泽为例

经过20余年的经济发展,在东部沿海的私营经济发展如火如荼的同时,我国中西部地区的民间投资也日趋活跃,本文试图以山东西部城市菏泽为例,对目前我国中西部地区的民间投资状况予以透视与思考。     

"隐形冠军"的市场垄断及其对我国中小企业的启示

“隐形冠军”能够在所在市场中处于垄断地位，有其深刻的原因。分析他们取得成功的经验，对我国中小企业的进一步发展具有很大的意义。     

DEFAULT RISK AND DIVERSIFICATION: THEORY AND EMPIRICAL IMPLICATIONS

Recent advances in the theory of credit risk allow the use of standard term structure machinery for default risk modeling and estimation. The empirical literature in this area often interprets the drift adjustments of the default intensity's diffusion state variables as the only default risk premium. We show that this interpretation implies a restriction on the form of possible default risk premia, which can be justified through exact and approximate notions of "diversifiable default risk." The equivalence between the empirical and martingale default intensities that follows from diversifiable default risk greatly facilitates the pricing and management of credit risk. We emphasize that this is not an equivalence in distribution, and illustrate its importance using credit spread dynamics estimated in Duffee (1999) . We also argue that the assumption of diversifiability is implicitly used in certain existing models of mortgage-backed securities.