浅析石油化工项目产品市场分析

市场分析是项目前期的重要工作之一，目前尚未赢得人们足够的重视。国外的投资咨询公司对石油化工项目的产品市场分析有其一套比较完整的操作程序和评估体系，以BOPP为案例介绍了市场分析的思路和方法，并且指出市场分析作为一种新的理念，必须进一步深化和细化，逐步加以完善。     

中国加入世贸组织后外贸管理体系变化研究

中国自改革开放至加入WTO,外贸法规、政策发生了很大变化,与过去相比,正向更加标准、更加透明方向迈进,逐渐接近国际标准.但目前中国外贸法体系及与之相关的实施细则有待于修正和完善,进一步适应WTO规范.     

Are Fundamentals Priced in the Bond Market?*

To date, the discussion of the Lev and Thiagarajan 1993 fundamentals in the prior literature has been exclusively in the context of the stock market. Our study is the first to examine the value‐relevance of these fundamentals for default risk. By focusing on the market for new bond issues, we examine the value‐relevance of the fundamental score using expected rather than realized returns. Also, by focusing on the bond market we provide a different perspective than that brought by prior studies relying solely on stock prices. We find the fundamentals to be priced in the market for new bond issues as indicators of expected future earnings and to be value‐relevant in enabling the market to discern differences in bond credit quality over and above the published bond ratings.     

Missing Markets and Redundant Reservoirs

This paper uses a two-sector, two-period,spatial model of groundwater usage withstochastic surface water supply to illustratethe potential for the suboptimal management ofthe timing of groundwater uses. A ``timeprofile externality' is said to exist when thetiming of groundwater extraction by one set ofusers impacts on the time profile of wateravailability to another set of users. Theexistence of the time of use externalitydepends on the presence of importantdifferences in the preferences between thecontrol and non-control sectors. It alsodepends on the absence of the markets thatwould internalise these differences. Oneimportant implication of the existence of suchexternalities is that they can inducesub-optimal insurance investments in the formof water storage capital, i.e., unnecessarysurface water reservoirs.     

Regulating Banks through Market Discipline: A Survey of the Issues

Abstract.  The interest in the application of market discipline to regulate the financial industry has boomed recently due to the proposed New Capital Accord. This paper reviews the potential role market discipline can play in financial regulation. We start with a discussion of the rationale for financial regulation and with a brief history of the current regulatory mechanisms. Next, a definition of market discipline as a regulatory mechanism is advanced. We evaluate the disciplining power various market participants have. Finally, we argue that more external risk management disclosure is a condition sine qua non in order to enable market discipline as a regulatory mechanism. In this respect, the Basle Committee has taken the right approach.     

Property Rights Reform in Rangeland China: Dilemmas On the Road to the Household Ranch

This paper contributes to the debate over land tenure in rural China by extending its spatial coverage to the country’s extensive rangeland regions. Key characteristics of pastoral tenure, identified from field appraisals in western China, include group tenure and fuzzy boundaries. Although these characteristics give rise to efficiency concerns, from a new institutional economics perspective they also facilitate the realization of certain benefits, benefits that could represent opportunity costs of further exclusiveness. The strengthening of rangeland co-management may constitute a more appropriate path to institutional improvement than the establishment of the household ranch, the current goal of national rangeland policy.     

Trades and Quotes: A Bivariate Point Process

This article formulates a bivariate point process to jointlyanalyze trade and quote arrivals. In microstructure models,trades may reveal private information that is then incorporatedinto new price quotes. This article examines the speed of thisinformation flow and the circumstances that govern it. A jointlikelihood function for trade and quote arrivals is specifiedin a way that recognizes that an intervening trade sometimescensors the time between a trade and the subsequent quote. Modelsof trades and quotes are estimated for eight stocks using Tradeand Quote database (TAQ) data. The essential finding for thearrival of price quotes is that information flow variables,such as high trade arrival rates, large volume per trade, andwide bid–ask spreads, all predict more rapid price revisions.This means prices respond more quickly to trades when informationis flowing so that the price impacts of trades and ultimatelythe volatility of prices are high in such circumstances.     

新形势下施工企业管理理念探讨

随着中国市场经济体制改革的深化，世贸经济组织的加入，建筑市场环境的变化，企业改制及经营特型的开展，施工企业如何立足于国内市场，打入国际市场，面临着又一次大发展的机遇与挑战。本文通过综合分析，对我国建筑施工企业管理思想提出了一些初步的看法，供有关管理人员参考。     

知识产权与网络经济

产权是一个社会的基本经济规则，它从根本上决定经济的组织和效率。知识产权是现代经济增长的基本因素，与企业制度的安排从而与市场效率有关。对现代经济来讲，知识产权最重要的实现形式是企业制度的安排，同时企业制度也是重要的保护知识产权的方式，法律上的保护更多的是事后救济。     

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.