绿色经济发展中政府介入时机与政策选择——基于技术采用均衡时间的比较静态分析

发展绿色经济推进经济转型是实现科学发展的核心。市场自身转型的滞后是影响绿色经济发展的重要因素。转型具有公共物品的性质,公共财政的本质意味着政府介入从而消除滞后的合意性。绿色新技术采用的滞后是造成转型滞后的关键,新技术采用路径的均衡时间受多种因素影响从而滞后的程度也就不同;但均衡时间的比较静态分析结果表明,新技术创新的强度、市场需求、贴现率、技术采用成本、既有生产成本以及企业行为等因素的改变都会影响均衡的采用时间,这些都为政府的介入提供了基础。     

风险投资对风险企业IPO功效研究——以我国深市中小板为例

风险投资是专业化投资过程,IPO是参与各方首选退出方式。我国风险投资起步晚、发展缓慢,基于发达国家资本市场得出的有关风险投资的结论未必适用于我国。本文使用深交所中小板相关数据检验风险投资在我国风险企业IPO过程中的具体作用,并对检验结果进行分析。通过对风险投资与风险企业IPO关系研究,为我国风险投资的发展提出合理化建议。     

我国建筑业市场进入壁垒为何失效

我国建筑业具有典型的分散型产业组织特征,市场集中度偏低的主要原因在于进入门槛较低。规模经济、产品差异化、必要资本量、绝对费用等结构性进入壁垒没有起到限制企业进入的作用,而企业资质管理作为一种市场准入制度,虽然构成了建筑市场最主要的进入壁垒,但在等级设定、专业划分等方面缺乏长期性和稳定性,长期来看对于抑制过度进入和优化产业结构的作用比较有限。     

Recent evidence on the performance and riskiness of contrarian portfolios

The paper assesses the most recent performance, persistence and riskiness of contrarian portfolios. Evidence from the major world and European market of France shows that such portfolios appear profitable on average, but their performance is not persistent from one holding period to the next; hence there exist inherent risks, especially for investors that remain in markets for up to two consecutive investment periods. These risks, as measured by the CAPM (traditional, and less traditional versions that are meant to capture timing) and the Fama–French model, are not systematic and they are not related to market timing. Overall, taking only long positions in normal markets and hedged positions following market shocks seems to be the most promising route for contrarians in France.     

Assessing Selectivity and Market Timing Performance of Mutual Funds for an Emerging Market: The Case of Turkey

This paper derives and analyzes the selectivity and market timing performance of the mutual funds for the Turkish economy for the financial crisis period by employing high-frequency data. The determinants of these derived abilities are investigated within a regression analysis. The results suggest weak evidence about selection ability and some evidence about superior market timing quality. They also indicate that management fees are negatively correlated with the ability measure, which is quite surprising. Experience emerges as an important factor, especially for market timing ability.     

Portfolio analysis of intraday covariance matrix in the Greek equity market

The intraday nonparametric estimation of the variance–covariance matrix adds to the literature in portfolio analysis of the Greek equity market. This paper examines the economic value of various realized volatility and covariance estimators under the strategy of volatility timing. I use three types of portfolios: Global Minimum Variance, Capital Market Line and Capital Market Line with only positive weights. The estimators of volatilities and covariances use 5-min high-frequency intraday data. The dataset concerns the FTSE/ATHEX Large Cap index, FTSE/ATHEX Mid Cap index, and the FTSE/ATHEX Small Cap index of the Greek equity market (Athens Stock Exchange). As far as I know, this is the first work of its kind for the Greek equity market. Results concern not only the comparison of various estimators but also the comparison of different types of portfolios, in the strategy of volatility timing. The economic value of the contemporary non-parametric realized volatility estimators is more significant than this when the covariance is estimated by the daily squared returns. Moreover, the economic value (in b.p.s) of each estimator changes with the volatility timing.     

一种适用于宽带短波通信OFDM系统符号定时同步的新方法

针对宽带短波通信正交频分复用（OFDM）系统,提出了一种不需要数据辅助的高效符号定时同步方法。该方法利用OFDM符号中的空载波不传输任何数据这一特性,通过最小化空载波上的数据能量来将符号定时点锁定在安全区域内,从而完成符号定时同步。该方法可以有效对抗多径效应,适用于短波通信系统。最后将该方法与Al-Dweik同步方案在宽带短波信道条件下进行了仿真对比,结果表明该方法有着更精确的符号定时同步性能,并且适用于各种星座图调制。     

我国汽车产业技术赶超的进入成本

本文在对技术赶超进入成本理论进行探讨的基础上,对我国国内汽车产业技术赶超的进入成本条件及成本效应进行了分析,以期明确国内汽车产业技术赶超的进入成本约束状况。     

知识默会性对服务企业国际化进入模式及演化的影响

进入模式是一种组织和执行国际商务活动的制度安排.相对有形产品来说,服务更具有知识的特性,服务企业的国际化具有更明显的知识转移特征,知识的默会性对服务企业的进入模式选择产生了不可忽略的影响.从知识基础观出发,研究知识默会性对服务企业国际化进入模式的选择及其演化的影响,具有重要学术价值.     

入世后两岸若干经贸法律问题的理论争议与实务分析

"非歧视待遇"原则的适用、"陆资对台投资"法律问题、"运用DSU/DSB解决两岸经贸争端"一直是入世后两岸经贸交流中的"热点"法律议题。对上述议题从理论层面进行回顾与探讨,从实务层面进行检视与分析,对于推动两岸经贸关系的发展将有积极意义。