Operations of a Pension Fund after the Asian Crisis: The Thai Experience*

During and after the Asian crisis, institutional investors and pension funds in Asian financial markets have been confronted with a number of difficulties effecting their performance and the way they carry out their role within the national pension system. We analyze these problems by comparing the actual investment policy of an institutional investor with an optimal investment strategy derived from the insights of modern portfolio theory. We also analyze whether the organizational set‐up of a pension fund allows it to adequately perform its role within the pension system. As an example, we examine the operations of the Thai Government Pension Fund (GPF). We find that allowing international investments and reducing restrictions on equity investments while lowering the implicit requirements for investments in government debt would allow the GPF to further diversify its investment risk and to increase its risk‐adjusted return. We also show that some changes in the governance structure of the GPF would lower the occurrence of conflicts of interest for the management and increase the efficiency of the GPF operations.     

国际资本流动的新特点与我国利用外资的基本思路

中国正式加入WTO，标志着中国对外开放进入了一个新的阶段，本文试图在分析国际资本流动的新特点的基础上，从完善市场经济制度和投资环境，引资方式创新，发挥利用外资对结构调整战略的配合作用，以及利用外资与宏观经济目标的相互协调等方面，提出中国利用外资的基本思路。     

浅析体质投资对旅游院校的重要性

旅游业的日益兴旺大大提升了社会对高质量旅游人才的渴求，然而，目前中国大学生的体育教育不尽如人意，如何加强对学生健康第一教育，体质的投入，在一定程度上决定了培养高质量旅游人才的大问题。     

投资资本权利扩张与管制的辩证法--FTAA投资规则的规范分析

文章对FTAA有关投资规则进行了规范分析,并在与NAFTA有关规定进行比较的基础上,对FTAA投资规则草案所反映的投资资本权利扩张和东道国对其的管制之间的博弈关系进行了思考.     

Pricing of Mutual Fund Services in Retirement Plans: Evidence from Open-End Equity Funds

Management fees of mutual funds are more costly to investors than is often realized. Moreover, research indicates that in many cases, the fees are not related to performance, contrary to what might be expected from an efficient market. This study uses sample data to illustrate the consequences of inefficiency to an individual investor. It then turns to an empirical examination of the determinants of the ratio of management fees to total assets (MER), investigating market concentration, fund performance, and non-performance characteristics as explanatory variables. All of these classes of variables contributed to the variation of MERs . JEL Classification G23     

The mean-variance investment problem in a constrained financial market

This paper extends the mean-variance analysis and the two-fund separation theorem to a market with some constraints, such as, the incompleteness, prohibition of short-selling, and partial information, with stochastic interest rate, and with stochastic volatility for risky assets. By maximizing a quadratic utility of terminal wealth, we show that the efficient frontier for the problem is a straight line in the mean-standard-deviation diagram. The quadratic utility function exhibits mean-variance efficiency. Our results apply to portfolios of claims in a single period, multiperiod, and continuous time.     

发展我国养老保险的思考

本文分析了现阶段养老保险中人口老龄化的压力日益加剧，覆盖范围明显过窄，已入保群体“空账运行”，养老待遇过低等问题，提出了提高退休年龄、降低缴费比率、将社会统筹基金与个人账户基金实行分账管理、让基金保值增值加快社会保障制度立法等若干相关政策建议。     

Spatial determinants of Japanese FDI in China

Research on foreign direct investment in China has spawned an increasingly large literature. Whilst regional cleavages with respect to the distribution of foreign direct investment (FDI) are acknowledged, empirical research on the spatial determinants of FDI in China has been limited. Furthermore, research on the spatial determinants of home country FDI in China has thus far been neglected due to difficulties in accessing the appropriate data. The objective of this paper is to examine the spatial determinants of Japanese direct investment in China by using an econometric model. To that purpose, a dataset is created from the Toyo Keizai directory on the overseas activities of Japanese companies. The results show that tertiary education, inland waterways, as well as coastal location are positive and significant determinants of Japanese investment in China.     

峰荷需求、资本配置效率与中国网络型基础产业投融资机制改革——对阿弗奇-约翰逊模型的一个扩展

阿弗奇—约翰逊模型(A—J模型)表明规制对象具有过度使用资本倾向,相应的实证检验中同时存在肯定和否定的结果,但基本的A—J模型、已有扩展和实证检验都忽略了受规制行业的峰荷需求特征。本文从基本的A—J模型出发,假定生产要素单位使用成本与规制机构所认可的单位核算成本不同,考察了峰荷需求特征下受规制网络型基础产业的投资行为,提供了资本配置效率的衡量标准。本文的基本结论在于,峰荷需求条件下受规制企业不一定投资过多,这也解释了为何A—J效应的实证检验存在相互矛盾的结果。     

开放式基金投资风格浅析

近年来，开放式基金在我国发展极为迅速，在数量不断增加的同时，呈现出的风格日趋多样化。面对种类繁多的开放式基金，投资者很难分清哪种投资风格更适合自己的风险偏好，因而投资风格逐渐成为基金最重要的识别系统之一。本文首先介绍了开放式基金的定义，其次，根据财务指标对开放式基金的投资风格进行分类并描述不同类型基金的特点。最后分析了基金最终风格出现趋同的原因。