推进利率市场化改革的基础条件和路径选择

＂十二五＂期间,利率市场化改革提速大势所趋、不可逆转。但利率市场化不可能一蹴而就,必须具备一定的基础条件,包括市场主体、市场规则、市场基准、市场监管等。进一步推进利率市场化,要着力维护良好的宏观经济运行环境,不断完善以公司治理为核心的现代企业制度,大力推进金融市场健康发展,培育和完善市场化基准利率,提高金融监管水平和宏观调控能力。     

一项关于价格水平决定的财政理论的实证研究

本文遵循Sala的五变量VAR方法发现,在绝大部分时间里,实际利率对一个标准差的实际税收正向冲击的反应为正,这就为价格水平决定的财政理论提供了来自中国的经验证据的支持。除此之外,与很多学者一样,本文还发现了实际税收冲击的非凯恩斯效应。     

Is sustainability rating material to the market?

This study examines whether information about a firm's engagement in environmental, social, and governance (ESG) practices is material to market participants. Evidence from a sample of 1856 initial public offerings (IPOs) by U.S. companies for the 2007–2018 period robustly documents that firms for which there is available ESG performance information prior to going public exhibit higher underpricing due to a positive market response. Such a reaction is validated by agency cost-reducing practices that ESG-rated firms follow prior to the IPO, the superior post-IPO market performance they exhibit in terms of equity financing, and the higher share of financially sophisticated investors they attract compared to their ESG-unrated peers. Overall, our results highlight that it pays off to do good and to have the right investors; however, firms’ good ESG practices need to be visible to the market, through rating practices, to reap the benefits.     

立体表面取点挖掘隐含条件的方法探究

立体表面点的投影分析是机械制图教学中的难点问题之一,它对学好这门课程有重要意义,正确求解此类问题的关键是挖掘出隐含已知条件,我们可以通过一句口诀快速的找出已知条件,文章结合典型实例对这一方法进行了运用,此法对老师和学生都有较强的实用价值。     

煤矿机电设备的状态监测与故障诊断

煤矿机电设备状态的监测与故障诊断可以有效的缓解此问题产生的频率、程度、及设备的故障率,可以增大煤炭企业的安全生产,减少机电事故。本文介绍了煤矿机电设备作业的特点、维修及对设备故障的提前预防的意义,特别强调了机电设备运行状态监测及故障诊断在煤矿安全生产中的应用、发展及不足之处。     

Speculative bubbles or market fundamentals? An investigation of US regional housing markets

This paper investigates the existence of speculative bubbles in the US national and 21 regional housing markets over three decades (1978–2015). A new method for real-time monitoring exuberance in housing markets is proposed. By taking changes in the macroeconomic conditions (such as interest rate, per-capita income, employment, and population growth) into consideration, the new method provides better control for housing market fundamentals and thereby it is expected to significantly reduce the chance of false positive identification. Compared with the method of Phillips et al. (2015a, 2015b), the new approach finds a dramatic reduction in the number of speculative housing markets and shorter bubble episodes in the US. It locates only one bubble episode in the early-to-mid 2000s over the whole sample period in the national housing market. At the regional level, it identifies two periods of speculation: late 1980s and early-to-mid 2000s. The early-to-mid 2000s bubble episode lasts longer and involves 16 metropolitan statistical areas.