两合计划:从政府需要角度透视其职能转变

立足政府需要,从侧面对当前政府职能转变过程进行分析和探讨,希望以政府本身作为理性实体的运作为基础,对该问题进行解释。     

Contrarian Investment in the Dutch Stock Market

The efficient markets hypothesis states that at any times security prices fully reflect all available information. Contrarian investment strategies do not recognize the efficiency of capital markets. They call for buying undervalued stocks, i.e. stocks with a low price relative to their fundamentals. The idea behind such a strategy is to take advantage of the extrapolation behaviour of naive investors. Using a fresh and extensive data set from the Dutch stock market, we found that these strategies yield an outperformance without a higher risk. Our results make it hard to maintain the efficient market hypothesis.     

The saving–investment correlation puzzle is still a puzzle

A number of simulation studies claim to have solved the Feldstein–Horioka puzzle by demonstrating that a high time-series correlation between saving and investment naturally arises from business cycle shocks. This paper uses panel data of saving and investment controlled for business cycle shocks to empirically test the significance of cyclical shocks — productivity, fiscal and the terms of trade shocks — in explaining a high saving–investment correlation. The estimation results reveal that conventional aggregate shocks only partially explain the high saving–investment correlation. Moreover, country differences in the size of the GNP and the non-traded sector do not significantly affect the saving–investment correlation. The saving–investment correlation puzzle remains a puzzle after all.     

Investment, uncertainty and irreversibility

This paper investigates the irreversibility of investments and the impact this has on the nature of the relationship between investment and uncertainty. The empirical analysis uses firm‐level data and is based on a survey of 210 rice‐milling firms in the Mekong River Delta in Vietnam, which was carried out during the year 2000. We show that uncertainty reduces investment of rice millers in the presence of irreversibility, as is predicted by the real options approach to investment. We do not find evidence that the negative association between uncertainty and investment is influenced by the degree of irreversibility.     

我国救济性投资的现状、问题及对策

我国救济性投资的救济力度远远低于救济需求,在社会救济意识、救济管理、资金来源、投资形式等方面存在不足,投资增长缓慢,且存在城乡失衡和地区失衡.应创新公民的社会保障观念和思维模式,建立健全救济性投资的管理机制,着力解决救济性投资的不平衡问题,并且投资形式要向着多元化、多层次的方向发展.     

新时期中国-伊朗跨国投资领域及实施初探

中国加入WTO后,面临着国内产业结构升级换代和企业海外发展的现实抉择.考虑到中国在能源、交通、机电、轻工、水力水电、大坝、机械等方面有明显的比较优势以及伊朗在传统手工地毯、开心果栽培等方面拥有的独特技术优势,积极开展新时期中国-伊朗跨国投资便成为中-伊两国的自然选择.从跨国投资理论、产业结构演变理论、区域规划理论等角度来分析新时期中伊两国间开展跨国投资的领域、投资方式和投资战略设计,并提出相应对策,更能有效地推动两国日益紧密的经贸联系进入新阶段.     

经济全球化对我国投资条约缔约实践的影响

经济全球化背景下国际投资规则呈现自由化、多边化的发展态势，中国在日益激烈的吸引外资的竞争中应该积极参与区域投资条约，制定参与WT0框架下多边投资条约的战略。     

Past Returns and Investment Trust Discounts

Abstract:   The relationship between past net asset value returns and the current discount on investment trusts is investigated. The relationship is weaker for the component that is common to all trusts in the same sector, and is significantly stronger for more liquid trusts. The time lag before returns have their full impact on discounts is consistent with the requirements of distinguishing 'skill' from noise. Although discounts vary widely even within the same sector, the range of variation appears to be consistent with an arbitrage equilibrium, in which the profits of exploiting apparent pricing anomalies are just insufficient to invite arbitrage trades.     

Stock Market Valuation of Deferred Tax Assets: Evidence from Internet Firms

Abstract:   We use the provisions of SFAS No. 109 , Accounting for Income Taxes , to examine the extent to which stock prices of Internet firms were associated with expectations of future profitability before versus after the 'market correction' in early 2000. We find that the valuation of deferred tax assets of firms with business models reliant on the level of web site traffic was significantly greater after the market correction. In our view, this evidence is consistent with pre‐correction mispricing.     

Technical Efficiency Estimates of Scottish Agriculture: A Note

Within the UK there has been a lack of studies of technical efficiency at the Scottish level. This note compares the results obtained using Scottish data with a recent study by Hadley [Journal of Agricultural Economics (2006) Vol. 57, pp. 81–100] for English and Welsh farms. Four major sectors are investigated, namely: (i) cereals, (ii) dairy, (iii) sheep and (iv) beef over the period 1989 to 2004. Some distinct differences in efficiencies, returns to scale and causes of efficiency are found.