Financial crisis in Southeast Asia: dispelling illusion the Minskyan way

This paper extends Minsky's financial instability hypothesisto the case of the open, ‘liberalised’, economy,making it possible to put forward a specifically Minskyan accountof the road to the financial crisis in Southeast Asia (1997/1998).The analysis suggests that the threats to growth and employmentemanating from the financial sector which Minsky identifiedin the closed economy setting are much intensified in open,liberalised, developing economies. Financial liberalisationis an important key factor in this process. Rival explanationsof the crisis are examined and rejected in favour of the extendedMinskyan explanation. The policy implications are derived anddiscussed.     

Network externalities and long-run market shares

We study a dynamic duopoly model with network externalities. The value of the product depends on the current and past network size. We compare the market outcome to a planner. With equal quality products, the market outcome may result in too little standardization (i.e. too many products active in the long run) but never too much. The potential inefficiency is non-monotonic in the strength of the network effect, being most likely for intermediate levels. When products differ in quality, an inferior product may dominate even when the planner would choose otherwise, but only if the discount factor is sufficiently large     

融资成本、寻租行为和企业内部资本配置

本文构造了一个两层次委托代理模型,强调了外部资本市场和内部资本市场之间的相互作用,分析表明,资本配置扭曲和资本使用效率低下的关键是外部资本市场运作不完善对企业内部管理者的寻租行为的影响。本文的分析表明,融资成本偏低的外部资本市场不仅会促使企业CEO过分扩大融资规模,而且会加剧企业内部管理者的寻租行为,导致资本配置不当、投资缺乏效率的不良后果。本文的政策含义是,必须改变融资成本偏低的现状,并加强公司治理结构建设,才能解决我国企业融资过热、资本使用效率低下等一系列问题。     

中国股市市盈率分布特征及国际比较研究

本文对市盈率的内涵、计算方法、区间确定等理论问题进行了剖解 ,针对中国股市流通股、非流通股并存等特征 ,对市盈率在中国股市的计算方法进行了分析 ;在此基础上对中国股市市盈率分布特征进行实证分析和国际比较研究 ,认为目前沪深股市泡沫成份已较少 ,市盈率在合理区间之内 ,中国股市具有投资价值     

现代火成岩岩石学的某些前沿课题及其哲学思考

本文以现代火成岩岩石学的概念为出发点,从哲学的角度讨论了现代火成岩岩石学的某些前沿课题。对岩浆作用的全面认识,不仅要研究其化学过程,还必须从物理过程去探索;地幔—岩浆—C—H一O系统的研究是深部地质研究的一个侧面,深部地质过程是地表及浅部地质现象的动力来源;超地幔热柱是板块运动和大规模岩浆活动的起因,大规模的岩浆活动及板块运动是超地幔热柱在地表或地壳浅部的直接表现;开放的岩浆体系的提出,丰富了现代火成岩岩石学的内容。     

加入WTO与我国银行市场营销的发展

加入WTO使我国原有的银行市场垄断格局被逐渐打破 ,市场被重新分割 ,客户被重新组合 ,并由此促进我国商业银行“营销致胜”理念的形成 ,加快中外资商业银行营销融合 ,改善我国银行营销环境 ,提升我国商业银行营销管理水平。     

中小企业融资市场供求分析--兼论中小企业融资困难的原因与对策建议

中小企业对中国社会经济具有多方面意义，在经历一段时间快速发展之后，进入困境和瓶颈期，本首先针对中小企业的融资问题进行理论分析，尝试建立融资市场的供求分析模型，然后以银行内部政策调整和加强担保措施为例进行具体分析，希望提供理论上的解释，并导出一些解决问题的新措施。     

Traders’ choice between limit and market orders: evidence from NYSE stocks

In this paper, we examine a trader's order choice between market and limit orders using a sample of orders submitted through NYSE SuperDot. We find that traders place more limit orders relative to market orders when: (1) the spread is large, (2) the order size is large, and (3) they expect high transitory price volatility. A rise in informational volatility appears neither to increase nor decrease the placement of limit orders. We also find that a rise in lagged price volatility decreases the size of spread, which is driven by the increase in the placement of limit orders.     

Risk Aversion,Uncertain Information,and Market Efficiency

Abstract. We reexamine and extend tests of the uncertain information hypothesis (UIH) proposed by Brown, Harlow, and Tinic (1988, 1993). We find that their empirical results are sensitive to the sampling procedure employed and that their particular methodology does not sufficiently distinguish between event and nonevent periods. When the sampling procedure is modified to identify only relatively large, isolated events, the test results generally do not support the UIH. Instead, significant price shocks are consistently followed by short-lived price reversals. We observe this behavior following positive and negative events regardless of whether the event is classified as risk increasing or risk decreasing.     

Dynamic analysis of stock return volatility in an integrated international capital market

This paper examines the dynamic behavior of the stock return volatility for Canada, Japan, Germany, and the United Kingdom. The evidence indicates that international stock return volatility is mainly influenced by the U.S. stock return volatility and the exchange rate volatility, supporting the international capital market integration hypothesis. There seems to be some correlation between stock return volatility and macroeconomic volatility, but the effect is relatively weaker. In addition to the economic fundamentals, the noise component is found to be time varying, confirming the AR(MA)CH specifications in the stock return models.