Operations of a Pension Fund after the Asian Crisis: The Thai Experience*

During and after the Asian crisis, institutional investors and pension funds in Asian financial markets have been confronted with a number of difficulties effecting their performance and the way they carry out their role within the national pension system. We analyze these problems by comparing the actual investment policy of an institutional investor with an optimal investment strategy derived from the insights of modern portfolio theory. We also analyze whether the organizational set‐up of a pension fund allows it to adequately perform its role within the pension system. As an example, we examine the operations of the Thai Government Pension Fund (GPF). We find that allowing international investments and reducing restrictions on equity investments while lowering the implicit requirements for investments in government debt would allow the GPF to further diversify its investment risk and to increase its risk‐adjusted return. We also show that some changes in the governance structure of the GPF would lower the occurrence of conflicts of interest for the management and increase the efficiency of the GPF operations.     

英汉被动语态的异同分析

被动语态在英语和汉语中都是非常重要的语法项目。由于受到汉语的干扰和影响,中国学生在学习英语被动语态时经常出错。本文从结构、用途两方面对英汉被动语态进行比较研究,分析其异同,希望将汉语的干扰变成促进英语语言学习的有利因素.     

心理电影赏析：大学生心理健康教育的新途径

心理电影借助电影这一载体普及心理健康知识,能够给大学生带来生活的启发和感悟,帮助他们学会自我心理调适,从而以和谐健康的心态面对美丽的人生。心理学影片赏析是对心理学电影在专业维度上的心理学探讨,不仅能展现心理学的奇特魅力,探寻人类心灵深处的奥秘,更能让大学生在获得知识和思索自身的同时,满足视觉享受,放松心灵。大学应该开设心理电影赏析课,精心选择适宜的影片,并有针对性地进行解析。     

本币升值对股市的影响——基于日本的经验研究

作为一国经济晴雨表的股票市场,不可避免地受到汇率变动的影响。文章以日本为例,分析本币升值对股市的影响。分析表明,本币升值在短期内推动本国股市繁荣,往往伴生股市泡沫,但继续升值预期一旦消失,股市往往出现大幅度下跌。因此,在人民币持续升值的背景下,必须根据我国的实际情况慎重考虑其对股市的影响。     

人民币汇率形成机制改革的多层面考察

人民币汇率形成机制改革的经济效应可以从宏观、微观和金融市场三个层面进行考察。从宏观层面看,汇率改革能够提高我国货币政策的独立性,但是对减少贸易失衡和调整国际收支的作用并不明显,反而由于持续的升值预期导致大规模资本流入,影响经济金融稳定。从微观层面看.人民币升值对纺织业等行业产生了比较明显的冲击,非贸易品部门则受益于人民币升值,FDI 投资区位的选择也发生了变化,这些都有利于我国转变过度外向型的经济结构。从市场层面看,更大的汇率弹性使企业和金融机构面临的外汇风险上升,但同时也有利于促进外汇市场发展和推动资本账户开放。     

审美教育与大学生创新能力的培养

从美与创新的关系看,美具有创新的特征;从内涵的角度来看,美育与创新能力的培养具有一致性;从功能的角度来看,美育与创新能力的培养具有统一性;美育在人才培养的过程中,对大学生创新能力的培养具有重要作用。     

被动防护网在遵义市某危岩带治理工程中的应用

危岩体通常存在于高陡边坡及陡崖上,是山区常见的地质灾害类型之一,在我国每年都造成大量的人员伤亡和经济损失。     

Price Discrimination and Pricing to Market Behavior of Canadian Canola Exporters

The role of exchange rate fluctuation on the pricing behavior of Canadian canola exporters to Japan, Mexico, and the U.S. is examined using a model identifying noncompetitive and exchange rate related pricing behavior. Price discrimination was identified for Canadian canola exports to the three destinations over the period of 1993–99. Results also suggest that Pricing to Market strategies were employed for Japanese imports. Canadian canola exporters used local currency price stabilization to dampen the effects of relative price changes in the Japanese currency, perhaps linked to the large size of Japanese imports relative to Mexico and the U.S.     

新媒体时代建构主义在音乐鉴赏中的价值研究

建构主义在新媒体时代的应用模式不断得到创新。本文结合新媒体技术的特点,深入剖析建构主义理论在音乐鉴赏课程教学中的重要价值。     

浅谈数字化变电站中的光电互感器

对数字化变电站中光电互感器的工作原理、结构上的特点和优点进行简单分析,同时阐述光电互感器的应用对电能计量方面的影响。