How to measure mutual fund performance: economic versus statistical relevance

In the present paper a comprehensive assessment of existing mutual fund performance models is presented. Using a survivor‐bias free database of all US mutual funds, we explore the added value of introducing extra variables such as size, book‐to‐market, momentum and a bond index. In addition to that we evaluate the use of introducing time‐variation in betas and alpha. The search for the most suitable model to measure mutual fund performance will be addressed along two lines. First, we are interested in the statistical significance of adding more factors to the single factor model. Second, we focus on the economic importance of more elaborate model specifications. The added value of the present study lies both in the step‐wise process of identifying relevant factors, and the use of a rich US mutual fund database that was recently released by the Center for Research in Security Prices.     

The cost of collusion：economic thinking on the uniform accommodation price of the hotel industry in Kunming,Yunnan

This paper studies the case of the collusive price of the hotel industry in Kunming by economically analyzingthe unsustainability of the collusive price and instability of collusive organizations, doubts about the collusive behavior,and thinks that the collusive price is not helpful to the development of tourism industry, the pillar industry in YunnanProvince.     

Tari–tax reforms and market access

Reducing taris and increasing consumption taxes is a standard IMF advice to countries that want to open up their economy without hurting government finances. Indeed, theoretical analysis of such a tari–tax reform shows an unambiguous increase in welfare and government revenues. The present paper examines whether the country that implements such a reform ends up opening up its markets to international trade, i.e. whether its market access improves. It is shown that this is not necessarily so. We also show that, comparing to the reform of only taris, the tari–tax reform is a less efficient proposal to follow both as far as it concerns market access and welfare.     

论＂无为而无不为＂命题的伦理依寓

＂无为而无不为＂命题只有依寓在道德王国里才能获得现实可能性。该命题的行为主体所指——圣人内涵着对崇高品性追求的伦理预设,其前提条件＂无不为＂和＂无为＂必然关涉到圣人＂为天下式＂和＂功遂身退＂的道德内蕴,＂圣人之道为而不争＂决定了该命题的语境性质全在伦理一维。     

窨井盖设计:创意与功能的定位考察--从城市规划的文化品位视角

本文介绍了欧美国家及日本的城市窨井盖创意思路,剖析了我国城市规划中窨井盖设计的问题及现状,提出了在保证窨井盖实现其市政设施功能的同时,赋予其更多的功能,如：指示路标功能、广告宣传功能、传承地方文化功能等。本文意在强调要以新颖的设计创意与多元功能定位的思路,给予窨井盖以持久鲜活的生命与活力,增添文化元素,提高窨井盖功能,这有助于提升市政规划的文化品位。     

US elections and monthly stock market returns

Using monthly market returns over a period of 104 years, we investigate possible relationships between stock market performance and various occurrences in American elections. Unlike most prior studies, we find little relationship between the two. In the relatively few cases where we do find statistically significant relationships, the degree of explanatory power is quite small. Specifically, market returns do not appear to vary based on partisan control of the government, a result that is robust to the inclusion or exclusion of macroeconomic control variables. Further, the often-discussed “second-half” effect, which predicts higher returns during the second half of a given presidential term, turns out to be both weaker and less straightforward than is commonly believed. Overall, neither election results nor the election cycle appears to offer much help in predicting stock market returns.