The legal theory of finance and the financial instability hypothesis: Convergences and possible integration

This article presents the legal theory of finance (LTF) and compares it with the financial instability hypothesis (FIH), identifying points of convergence and divergence. The study aims to contribute to the literature by connecting these theories and provides the following main conclusions. First, the LTF incorporates aspects of the FIH, as the theories share several key elements, particularly the presence of fundamental uncertainty, the constraint of liquidity, and the necessity for governments to act as lenders of last resort. Second, the liquidity concept used in the LTF can be better comprehended with the use of Keynesian and post Keynesian literature on the topic. Third, the LTF aims to advance and update certain aspects of Minsky’s theory, particularly with regard to the globalization of markets, power relations, and the interdependencies of the political economy of finance. The study concludes that the theories are more complementary than divergent and future studies should create an analytical framework that integrates the theories’ most insightful aspects.     

Fractional integration in daily stock market indices at Jordan's Amman stock exchange

Using daily data on five sectoral indices from 2006 to 2014, this paper aims to investigate the possibility of fractional integration in sectoral returns (and their volatility measures) at Jordan's Amman stock exchange (ASE). Empirical analysis, using the log-periodogram (LP) and local whittle (LW) based semi-parametric fractional differencing techniques suggest that all sectoral returns at ASE exhibit short memory. However, in the case of volatility measures, we found evidence of long memory. Following the recent literature that argues that structural breaks in a time series could also explain the presence of long memory, we tested the volatility measures for the presence of structural breaks. We found that long memory in some volatility measures could be attributed to the presence of structural breaks. Furthermore, using impulse response functions (IRF) based on ARFIMA, we found that shocks to sectoral returns at ASE exhibit short run persistence, whereas shocks to volatility measures display long run persistence.     

当代青年的文化视野

文化是人掌握世界的独特方式,社会存在的复合条件,自我相关的中介系统,文明进步的动力源泉,生活实践的总体尺度,价值世界的意义标识。当代青年要摆脱“西方中心论”,肃清殖民地文化心理,挺直民族文化的脊梁,就必须了解和认识中国文化的历史渊源与现实发展,进行正确的文化选择。同时,在青年的文化视野里,网络文化、媒体文化、服饰文化、娱乐文化、东西方文化、华夏文明、儒家思想等都是不可或缺的重要内容。     

并购潮的动因:国内研究的新进展

本文大致以2000年为界将国内理论界关于企业并购潮动因的研究划分为两个阶段,首次以政府主导论、管制驱动论和价值转移论对第二阶段的研究进展进行总体概括,并指出进一步深入研究并购潮动因的可能方向。     

保险产业市场结构和市场绩效的关系研究

对于市场结构和市场绩效的关系问题,理论界存在两个较为权威的假说,即市场力量假说和效率结构假说。笔者通过实证分析检验这两个假说在我国保险市场中的适用性,认为在我国保险市场存在传统的市场结构—市场行为—市场绩效假说,保险市场可以通过增加有效率企业的数量,引入竞争机制,最终通过市场自然选择的过程,形成少数新的规模大并能够具有市场力量的保险公司,从而提高保险业的绩效水平。     

Price gap anomaly in the US stock market: The whole story

This paper analyses the price gap anomaly in the US stock market (comprised of the DJI, S&P 500 and NASDAQ) covering the period 1928 to 2018. This paper aims to investigate whether or not price gaps create market inefficiencies. Price gaps occur when the current day’s opening price is different from the previous day’s closing price due orders placed before the opening of the market. Several hypotheses are tested using various statistical tests (Student’s t-test, ANOVA, Mann-Whitney test), regression analysis, and special methods, that is, the modified cumulative returns and the trading simulation approaches. We find strong evidence in favour of abnormal price movements after price gaps. We observe that during a gap day prices tend to change in the direction of the gap. A trading strategy based on this anomaly was efficient in that its results were not random, indicating that this market was not efficient. The momentum effect was found to be temporary and no evidence of seasonality in price gaps was found. Lastly, our results were also contrary to the myth that price gaps tend to get filled.     

Just looking for a good game: competitive balance in the Korean Professional Baseball League

Rottenberg’s uncertainty of outcome hypothesis is about preferences that can vary across fans and sports. We provide the first evidence of the empirical power of the hypothesis in the Korean Professional Baseball League (KPBL). In a panel data set, team-level aggregation over years shows that fans of this league attend in ways consistent with the hypothesis at the level of game uncertainty and consecutive season uncertainty, but only the first is statistically significant. KPBL fans appear to just be looking for a good game. This is consistent with the nearly complete concentration of post-season participation among a very few teams outside of the major population centre in Seoul and a lack of local team identification among KPBL fans. Our work adds to the diversity of league structures in the competitive balance literature since talent levels in KPBL are the result of parent company advertising choices rather than geographic identification. There are research questions and a policy implication.     

内部人改制的理论争议

当前国有中小企业改制过程中,存在着国有企业管理层和职工共同购买原国有企业产权,将国有企业改成员工所有制企业的改制模式,本文将其称为内部人改制。针对内部人改制,理论上争论颇多,本文综述了支持内部人改制的理论假设和质疑内部人改制的理论假设,以期加深对当前内部人改制的认识,也可为下一步实证研究提供理论准备。     

经济学视野中的学报运营

学报是具有较强正外部性的商品,但政府并没有对这种正外部性给予专项补偿,因此它的运作缺乏激励机制和约束机制.根据经济学中的"理性人"假设,对学报的出资方、编辑、读者、作者的行为进行分析,得出结论:该市场参与者各方从"理性人"角度,为了获取最大利益,进行了最有利于增加自己收益的行为选择.他们的行为选择最终导致学报运营效率低下,资源浪费现象严重,因此,学报运营机制的改变是提高学报社会效益的根本出路.     

中国农业生产率增长的地区差距与收敛性分析

在利用非参数的DEA曼奎斯特生产率指数方法对中国农业全要素生产率进行求解的基础上,论文运用经济增长收敛理论对农业TFP（Total Factor Productivity）增长在1978～2005年转型期的收敛性情况进行检验,这包括从σ收敛、绝对β收敛到条件β收敛的全面检验。论文基本结论表明,整个转型期中国农业TFP增长并不存在显著的σ收敛和绝对β收敛性,但存在显著的条件β收敛性。论文最终还认为,通过一定政策性措施来实现中国农业TFP增长的绝对收敛是可能的。