改善我国股市生态的理论思考

如果从理论源头上追溯的话,传统发展观是构成我国股市生态系统脆弱的根源.股市"物理环境"即制度安排存在的巨大缺陷,股市生态系统中"生产者"生产能力低下,"生产者"与"消费者"角色错位,股市生态系统中不同"消费者"之间数量关系的失衡,股市生态系统中"分解者"的缺失,造成了我国股市生态系统的不稳定.再造健康的股市生态,我们就必须正本清源,突破传统发展观的樊篱,用科学发展观的观点认识和解决股市中的各种问题和矛盾.     

基于中国股市微观结构的流动性与执行成本分析

运用市场微观结构理论来分析中国股市的交易制度、流动性和执行成本后发现:(1)在佣金和交易税相等的条件下,B股的知情交易者执行成本普遍大于A股,导致B股的流动性小于A股,买卖价差显著大于A股,表明投资者对B股交易要求较高的风险报酬;(2)一旦控制住执行成本中普通交易者对知情交易者所要求的风险补偿,A、B股买卖价差的区别就消失了。因此,证券管理部门应在B股市场引入做市商制度并在微观结构理论的指导下,加强交易监管系统,从而提高B股的流动性并降低其执行成本。     

Rise of the gold market in China: liberalisation and market development

The Chinese gold market is rapidly rising to global prominence in the recent decades. The paper reviews the history of the gold market in China and its liberalisation process amid the country’s opening to the outside world. Details of the current market structure and its main business are presented. Global impacts of the rise of the Chinese gold market are discussed.     

Situating the Asian Infrastructure Investment Bank in the context of global economic governance

The creation of the Asian Infrastructure Investment Bank (AIIB)was welcomed by the World Bank but opposed by the Obamaadministration. The paper explains China’s positive relationshipwith the Bank and the Organization for Economic Cooperation andDevelopment (OECD) in terms of the mission of the Bank, sharedby the OECD, to develop and deepen the global economy. The AIIBand the related Belt and Road initiative promise to do this throughinvestment in infrastructure and connectivity in and around thepoorly integrated Eurasian landmass. But while the current Chineseleadership has supported an inclusive global economy based uponfree trade and supported by multilateral institutions, China’s controlof resources outside the multilateral framework and adherence topractices that challenge liberal principles prompt suspicions thatthese commitments are either disingenuous or anyway subjectto reversal. In itself, therefore, the AIIB provides no conclusiveevidence either way on China’s future course.     

Weekday seasonality of stock returns: The contrary case of China

We document that Chinese stock returns exhibit early-in-the-week effects opposite-signed to those observed worldwide. The period of analysis is 2001–2016. Dominated by individual investors, Chinese stock markets offer unique out-of-sample insight regarding the source of weekday seasonality, ascribed elsewhere to institutional investors’ trading patterns. High returns to the market and to small, speculative stocks early-in-the-week pose a refuter to the mood explanation for the conventional (negative) Monday effect. A battery of tests suggests that the patterns in the Market, SMB, and RMW factors are jointly associated with Chinese individual investors whose demand is tilted towards small, speculative stocks. Our findings point to a potential role of dominant investor type in driving weekday patterns and the RMW premium.     

Longitudinal analysis of self-employment follow-through

The Hungarian economy was based on central planning for several decades and in comparison with the dominance of the great organizations that consisted of many smaller units, the role of small-sized enterprises was marginal. The change in the political climate involved recognition of and belief in entrepreneurship and the new legal system increased the opportunity for setting up new enterprises established on private and joint capital. Nevertheless, the changes in the organizational system of companies within the national economy appear to concentrate in time and territory in Northern Hungary. Increasing unemployment inspires the start of numerous enterprises even when the experience of entrepreneurship is missing and, in addition, the inclination towards it. This may result in difficulties and danger and a study of North Hungarian small businesses is therefore useful.

The aim of this research is to examine the position of SMEs in the North Hungarian industrial area, concentrating on questions that can not be answered by means of traditional statistics. Data were collected by surveying questionnaires. The questions referred to the development of SMEs in North Hungary.

Finally, the elements in the economic environment that may hinder or help successful operation of the enterprises were analysed. With the experience gained by our investigation we would like to help in the reinforcement of SMEs working in Northern Hungary.     

媒介竞争与市场需求催化报纸专栏发展

我国媒体事业迅猛发展,报纸专栏一直深受报人喜爱和推崇。时至今日,媒体竞争日渐加剧,而专栏在报业界却始终保持永不退色。分析原因,同质、异质媒体激烈竞争和市场需求使然。     

Aging, Asset Markets, and Asset Returns: A View From Europe to Asia

The extent of the demographic changes is dramatic especially in some Asian and European countries. This paper investigates the effect of aging on global asset markets and asset returns, focusing on markets for productive capital, and especially on interactions between European and Asian economic development. Aging has complex effects on the markets for real capital. If elderly people save less than younger people, interest rates will increase. At the same time, however, the younger generation becomes smaller, which reduces the demand for new investment. The equilibrium effect is thus uncertain. Our multicountry computational equilibrium model delivers a subtle picture: there will be some decline in the return from productive capital, but it is relatively small. We find noticeable interaction effects between labor market and pension reforms in Europe on the one hand, and the demographic and economic developments in Asia, especially India and China, on the other hand.     

DISTANCE‐SEGMENTED RURAL TOURISTS

This article uses travel distance to segment rural tourists in a tourist destination in the U.S. Midwest. A distance decay pattern was identified, with more than half of the respondents traveling from a location within 200 miles of the destination. The differences in the socio‐demographic, trip‐related characteristics, and destination activities of these tourists were examined across distinct distance segments. Among other findings, the study revealed that tourists from within a 50‐mile radius participated in most of the activities, and those traveling between 200 and 600 miles made up the majority of business travelers. These two segments also had a higher participation rate in the recreational activities than did the other distance segments. The findings of the study show that simple variables such as distance travel remain viable for destinations, particularly those in the rural area, to understand the tourists for segmentation purpose.     

A Critical Investigation of the Bargaining Behavior of Tourists: The Case of Hong Kong Open-Air Markets

Shopping has long been recognized as an indispensable tourist activity. Hong Kong's open-air markets, where a multitude of bargaining activities can be observed, ranked as the second most popular of the island territory's diverse range of attractions in 2008 in terms of tourist arrivals. To develop cutting-edge marketing strategies that promote tourists' enjoyment of their bargaining adventure and ultimately enhance the overall shopping experience, the study reported in this article was aimed at identifying the dimensions underlying tourists' perceptions of the importance of 18 bargaining motivators and 12 bargaining attitudes and types of bargaining behavior, respectively, and subsequently evaluating the predictability of these underlying dimensions on tourists' shopping contentment indicators (overall bargaining satisfaction, the likelihood of a subsequent visit, and the likelihood of recommending open-air markets to others). A non-probability quota sampling technique was used to survey 203 Asian and non-Asian tourists in Hong Kong. A multivariate approach encompassing factor analysis and multiple regression was employed: Factor analysis delineated four underlying dimensions of factors affecting bargaining intentions. “Value for money” was shown to be the factor rated most important to tourists' bargaining intention; similarly, two underlying dimensions of bargaining attitudes and behavior—“bargain for psychological well-being” and “bargaining intensity”—were identified. Multiple regression results indicated the statistical significance of “bargaining for psychological well-being” and “bargaining intensity” to the existence of positive relations between shopping contentment indicators.