Hedging,Financing and Investment Decisions: A Simultaneous Equations Framework

We empirically investigate the interactions among hedging, financing, and investment decisions. We argue that the way in which hedging affects a firm's financing and investing decisions differs for firms with different growth opportunities. We find that high growth firms increase their investment, but not leverage, by hedging. However, we also find that firms with few investment opportunities use derivatives to increase their leverage.     

中国商业银行市场结构分析——基于Panzar-Rosse模型

运用Panzar--Rosse模型这一国际上前沿的市场结构判定方法，分析中国商业银行的市场结构，发现其目前正处于垄断竞争状态，垄断性较强。在此基础上本文提出了降低市场准入门槛、改善市场竞争环境的政策措施。     

Managerial Ownership, Information Content of Earnings, and Discretionary Accruals in a Non–US Setting

This study employs Danish data to examine the empirical relationship between the proportion of managerial ownership and two characteristics of accounting earnings: the information content of earnings and the magnitude of discretionary accruals. In previous research concerning American firms, Warfield et al. (1995) document a positive relationship between managerial ownership and the information content of earnings, and a negative relationship between managerial ownership and discretionary accruals. We question the generality of the Warfield et al. result, as the ownership structure found in most other countries, including Denmark, deviates from the US ownership configuration. In fact, Danish data indicate that the information content of earnings is inversely related to managerial ownership.     

Accounting for Option–based Compensation: The Economic Cost Approach

The intrinsic value approach amortizes over the life of the option, the difference between the stock price on the date of the grant and the exercise price of the option. The fair market value approach amortizes over the life of the option, the market value of stock options on the date of the grant. These approaches do not reflect the changes in the option–based compensation cost after the grant date. This paper proposes an economic cost approach that not only adjusts for the changes in the value of the options during its life but also records the issuance of the stock at fair market value on the exercise date.     

Relative Guarantees

Many real-world financial contracts have some sort of minimum rate of return guarantee included. One class of these guarantees is so-called relative guarantees, i.e., guarantees where the minimum guaranteed rate of return is given as a function of the stochastic return on a reference portfolio. These guarantees are the topic of this paper. We analyse a wide range of different functional specifications for the minimum guaranteed rate of return, hereunder both so-called maturity and multi-period guarantees. Several closed form solutions are presented.     

公有制和其它经济成份并存的效应分析

本文以我国公有制和其它经济成份并存这一重要经济现象为研究对象,从“并存”的一系列纷繁复杂的后果当中提炼出了最突出的问题,并给以多视角的分析,最后给出了“并存”优化的对策建议。     

Issues in the estimation and application of latent structure models of choice

Our paper provides a brief review and summary of issues and advances in the use of latent structure and other finite mixture models in the analysis of choice data. Focus is directed to three primary areas: (1) estimation and computational issues, (2) specification and interpretation issues, and (3) future research issues. We comment on what latent structure models have promised, what has been, to date, delivered, and what we should look forward to in the future.     

论生态经济系统稳态

本文论述了生态经济系统非平衡稳定态的概念、特性及其实现的途径。指出生态经济系统稳态,是非平衡的,对外全面开放、激烈竞争、充分利用涨落作用,对内协同、有序、自组织、自适应、自催化、且有非线性作用和支配性、良性运转、进展演替的耗散结构状态。生态经济系统平衡的提法应被生态经济系统稳态的概念所取代。     

我国市场经济初建时期知识经济的思考

债转股是防范金融风险和加快国有企业扭亏为盈的重要举措 ,但债转股的推行又产生了一系列的法律问题 ,本文借鉴国外的相关立法并结合我国的具体情况 ,就债转股的四个方面法律问题进行了讨论 :债转股与资本真实原则 ;债转股与公司治理结构 ;债转股与债权人利益保护 ;债转股与股     

论我国经济转型时期新一轮经济结构调整的任务及政策取向

在计划经济向市场经济转轨的条件下 ,我国宏观经济出现了由供给约束向需求约束的转型 ,在转型中宏观经济的结构性矛盾日益严重。这一结构性矛盾具有综合性、深层次性、萎缩性特征。在转型时期 ,新一轮经济结构战略性调整的任务是积极发展高新技术产业 ,搞好国有企业的职能定位 ,优化经济结构 ,提高国民经济的整体素质。新一轮经济结构调整政策取向的内涵是 :全面推进市场化改革 ,形成以市场为基础的经济结构调整 ;解决结构优化过程中的制度缺位问题 ;进一步调整国有经济结构 ,加快非公有制经济的发展 ;发展特色经济 ,提升产业结构。