自然保护地人地关系空间耦合分析方法 研究——以天目山自然保护区为例

人地关系是自然保护地可持续发展的核心命题。从 空间协调角度提出自然保护地环境敏感性与人类活动强度的耦 合分析方法,探讨人与地二者的空间耦合关系。通过天目山自 然保护区的案例研究,揭示了自然保护地人地关系耦合规律, 证实了负向耦合是引起生态问题的重要原因,对人类活动针对 性的调节可切实缓解人地冲突、改善生态状况。人地关系空间 耦合分析方法可相对精准地确定自然保护地的人地冲突空间, 明确冲突程度,为自然保护地精细化管理提供科学依据。     

Do FOMC minutes matter to markets? An intraday analysis of FOMC minutes releases on individual equity volatility and returns

This paper examines the 2006 to 2007 time period to determine the extent to which the release of the Federal Reserve minutes affects equity volatility and returns for 2832 individual firms. Using intraday data, we find that equity returns are essentially unaffected by FOMC minutes releases. We do find evidence of volatility effects, in that conditional volatility is lower prior to the minutes release and higher after the minutes release on release days, relative to a “control” day one week prior to the release date. These differences manifest at the 2:00–2:05 pm interval, and generally dissipate within 15 min. Consistent with previous literature, we also find evidence of both industry-specific and firm size effects in our data. Finally, we see that volatility is higher (lower) when the minutes are released after the Federal Reserve engages in restrictive (expansionary) monetary policy. Our results are robust to a variety of different definitions of the “control” dates, as well as differing industry definitions.     

新闻的自由与原则

长期以来,在理解新闻自由的本质时,总存在着歧义和误解,往往还将新闻的自由与否作为区别中西方两种制度的重要内容。实质上无论哪种制度,新闻的自由都不是绝对的,都对新闻自由有明确的界定,新闻自由是有原则的自由,它随时随地都将受到政治制度、法律制度以及道德水平的制约。透过现象看本质,在认清新闻自由相对性的同时,要有原则地去遵循新闻自由的规律,积极发挥新闻自由的理性引导作用。     

翻译价值的几点讨论

文章从阐释学的角度分析了翻译的本质，认为翻译是从文本分析出发，而终于文本的再造。并从五个方面探讨了翻译的价值。     

论我国货币错配的性质

在全球货币尚未统一的现实条件下,货币错配是一种普遍现象。根据一国对外资产与对外债务的状况,可以把货币错配分为两种类型即债权型货币错配与债务型货币错配,本文首先探讨了这两种类型货币错配对一国经济与金融的影响;其次,根据我国经济发展的现状,指出我国存在较为严重的债权型货币错配;最后,提出了防范债权型货币错配的相关政策建议。     

On the Sub-optimality of Entry Fees in Auctions With Entry

We study a variation of Myerson’s (1981) model in which we allow for uncertainty about the number of bidders. In our set-up, an appropriate reserve price in a standard auction maximizes the auctioneer’s expected revenue. However, entry fees can be optimal only under some special conditions. Basically, there must be some homogeneity in bidders’ beliefs about the number of bidders and the auctioneer must know, to some extent, these beliefs.     

How were the Federal Reserve Bank locations selected?

The Reserve Board Organization Committee decision to locate 12 Federal Reserve Banks is reviewed. Probability choice models estimate a city’s selection probability for a Federal Reserve Bank location. Results of predicted selections show reserve cities were selected for their spatial economic characteristics, including information contained in bankers’ preferences, infrastructure development, population and recent National Banking System growth, rather than Democratic Party politics. The Reserve Board Organization Committee placed Federal Reserve Banks in preeminent financial and commercial centers, and relied upon bankers’ preferences for the remaining non-obvious selections. Given 12 cities were to be selected, the conclusion drawn is the decision was in the public interest.     

治理结构与市场结构：一个金融创新的制度视角

金融创新是商业银行通过实现规模经济和范围经济,获得超额利润的必由之路,但是只有在健全的法人治理结构(总行与分支机构间信息对称、监督有效)下,商业银行才有创新的动力;即使商业银行存在创新的内部激励,在当前商业银行寡头市场条件下的“资金上存”机制会削弱其创新积极性;商业银行金融创新必须立足于改革内外激励机制,实现可持续发展。     

Monetary policy and financial stability: What role for the futures market?

This paper examines interactions between monetary policy and financial stability. There is a general view that central banks smooth interest rate changes to enhance the stability of financial markets. But might this induce a moral hazard problem, and induce financial institutions to maintain riskier portfolios, the presence of which would further inhibit active monetary policy? Hedging activities of financial institutions, such as the use of interest rate futures and swap markets to reduce risk, should further protect markets against consequences of unforeseen interest rate changes. Thus, smoothing may be both unnecessary and undesirable. The paper shows by a theoretical argument that smoothing interest rates may lead to indeterminacy of the economy's rational expectations equilibrium. Nevertheless, our empirical analysis supports the view that the Federal Reserve smoothes interest rates and reacts to interest rate futures. We add new evidence on the importance for policy of alternative indicators of financial markets stress.     

论商誉的本质及自创商誉的确认

本文认为,商誉是企业的超额获利能力,是使企业获得超额利润个性特征的总和,认识商誉的本质有利于最终解决商誉的确认计量问题。商誉的本质决定了自创商誉的确认面临逻辑悖论,自创商誉的确认无助于增加有用的会计信息。