区域间净贸易量变化与区域经济波动的关系分析

区域间的净贸易量及其波动与区域经济增长及波动间的关系乃是十分密切的。区域经济竞争力强弱和贸易条件的优劣对比决定了区域间净贸易量的基本格局。同时,与对国外贸易波动和经济增长的关系异常复杂一样,区域间净贸易量变化对区域经济的影响也十分复杂:从短期看,顺差扩大与逆差减小有利于从外部需求的角度去增强本区域的经济增长动力;从长期看,则短期的贸易逆差扩大有可能从增强本区域供给能力的角度去增强区域经济的发展后劲。     

论我国网络保险的发展

网络保险．是降低保险企业营销成本、提高保险服务质量、进一步开发我国保险市场、顺应世界保险业发展潮流的一种全新的保险营销方式。同时．网络保险的发展又存在法律、人才、管理等一系列制约因素,为加快我国保险业的发展,必须采取合适的措施以促进网络保险的发展。     

浅析数字化校园

数字化校园是指利用多媒体网络技术,将学校的主要信息资源数字化,并实现数字化的信息管理方式和沟通传播方式,从而形成高度信息化的人才培养环境。数字化校园向开放式大学和终身教育迈出了最有力的一步。     

产业联系与北京优势产业及其演变

根据经济基础理论,城市经济增长源于城市外部需求.一个城市的比较优势体现在服务于外部市场的产业中.论文基于北京市投入-产出表,依据产业净流出,分析了北京市产业的比较优势及其变化.过去15年来,北京的劳动密集型和原料型制造业的优势逐渐丧失,以电子通信设备、化学工业和机械设备制造业为代表的资本和技术密集型产业正成为优势产业;服务业中,传统服务业从20世纪80年代的优势地位退居劣势地位,取而代之的是知识密集型的生产者服务业,如金融业、软件和计算机服务业、信息传输服务业、广告业、房地产开发业、商务服务、科技交流和推广服务业等.产业联系是北京产业比较优势的显著影响因素,资本、知识和技术是北京市产业比较优势的投入支撑.     

非寿险业未决赔款准备金调整行为的实证研究

保险企业破产主要原因是准备金提存不足。国外相关文献认为公司通过调整未决赔款准备金的目的有四种，但对该行为的检验方法都存在一个明显缺点，就是要等5年之后才可以研究当前行为。据未决赔款准备金估算模型，同期影响因素有保费收入与赔款支出。运用多元统计方法，建立未决赔款准备与净保费收入和净赔款支出回归模型，结果表明，我国非寿险业不存在较普遍的人为调整现象。     

Presenting Discounted Future Cash Receipts and Payments in Financial Statements

This article is about the commonly asserted view that present value, the discounted amount of future cash receipts and payments, is an attribute of assets and that it ideally should replace acquisition cost as the attribute of assets to present in financial statements. The view is based on faulty extrapolation from economics and the study of finance. Use of present value in connection with the preparation of financial statements does not contribute to performing their basic function, which is to report relevant real world conditions as they exist and existed and relevant financial effects of relevant real world events as they occurred. The view turns discounting into a magical process, it reverses the chronological order of cause and effect, and it unjustifiably substitutes the financial effects of supposed future events for the financial effects of historical events as the raw material of financial statements. The future does not yet exist and such financial events have not yet occurred; the present condition therefore can in no way depend on them. The discounted amount of future cash receipts and payments is not an attribute of assets and it should therefore not replace acquisition cost as the attribute of assets to present in financial statements.     

Do owner–operators pose a safety risk on the nation’s highways?

Despite persistent claims in the motor carrier industry of poorer safety performance of owner–operators, there is little empirical work directly comparing owner–operator safety performance to that of employee drivers. This study assesses the statistical significance of differences in the safety performance between owner–operators and employee drivers. This study also expands on previous driver focused safety models by examining how driver and carrier characteristics affect safety performance. Data for this study were derived from the Motor Carrier Management Information System (MCMIS), and the Commercial Driver’s License Information System (CDLIS) databases. Study results provide evidence that owner–operators are associated with more driver- and vehicle-out-of-service violations but experience lower crash rates than do employee drivers.     

Exploding net errors and omissions as a capital flight phenomenon: the case of Slovakia

This article empirically explores determinants of net errors and omissions (NEO) of Slovakia during the 1997–2014 period, with emphasis on the 2008–2014 sub-period when a distinct downturn in the NEO time series is observed. Given the statistically significant link between the evolution of foreign direct investments and NEO, we cannot rule out possible prevalence of tax optimization as a part of capital flight phenomenon in developed countries. Our findings also suggest that services sector plays a pivotal role in determining the adverse NEO development in the post-2008 period. However, given the absence of detailed bidirectional data for trade with services, role of misinvoicing practices in the Slovak balance of payments statistics might not be further investigated. Our results further strengthen the call for a deeper understanding of forces driving the NEO evolution in other developed and developing countries suffering from capital flight phenomenon.     

Diversification in Portfolios of Individual Stocks: 100 Stocks Are Not Enough

We examine returns and ending wealth in portfolios selected from 1,000 large U.S. stocks over a 20‐year holding period. Shortfall risk, the possibility of ending wealth being below a target, is a useful metric for long horizon investors and is consistent with the Safety First criterion. Density functions obtained from simulations illustrate that shortfall risk reduction continues as portfolio size is increased, even above 100 stocks. A slightly lower risk can be achieved in small portfolios by diversifying across industries, but a greater reduction is obtained by simply increasing the number of stocks.     

Net Asset Value Discounts for Asian-Pacific Real Estate Companies: Long-Run Relationships and Short-Term Dynamics

This study investigates the time series behavior of real estate company net asset value discount/premium (NAVDISC) in eight Asian-Pacific securitized real estate markets from 1995 to 2003. We postulate that if there is a stable NAVDISC for real estate companies in the long-run, then there should be a long-run cointegrating relation between their stock prices (Ps) and net asset values (NAVs). Employing panel data cointegration econometrics that comprises three approaches; panel unit root test, heterogeneous panel cointegration test and dynamic panel error-correction modeling (ECM), we find that long run NAVDISCs persist in individual Asian-Pacific securitized real estate markets and the regional market. All the NAVDISCs exhibit mean reversion and that the respective disequilibrium errors fluctuate around the mean values. Moreover, NAV is an important factor that statistically explains the price variations in real estate stock prices regardless of their speed of mean-reversion in the NAV discount /premium.