The fragile capital structure of hedge funds and the limits to arbitrage

During a financial crisis, when investors are most in need of liquidity and accurate prices, hedge funds cut their arbitrage positions and hoard cash. The paper explains this phenomenon. We argue that the fragile nature of the capital structure of hedge funds, combined with low market liquidity, creates a risk of coordination in redemptions among hedge fund investors that severely limits hedge funds' arbitrage capabilities. We present a model of hedge funds' optimal asset allocation in the presence of coordination risk among investors. We show that hedge fund managers behave conservatively and even abstain from participating in the market once coordination risk is factored into their investment decisions. The model suggests a new source of limits to arbitrage.     

中央财政森林保险保费补贴六省试点调研报告

为加快森林保险的发展,根据党中央、国务院有关文件精神,中央财政自2009年7月1日起在福建、江西和湖南三省启动了森林保险保费补贴试点工作,2010年7月1日起试点省又增加了浙江、辽宁和云南三省。我们通过书面调研、实地座谈、深入访谈等方式对试点六省的试点工作进展情况进行了较为广泛和深入的调查研究。同时,对11省的林业部门和人保财险17个省公司开展了问卷调查,并对问卷调查结果进行了统计分析。通过调查研究,总结了中央财政森林保险保费补贴政策试点以来取得的成效和存在的问题,分析了造成问题的原因,并在此基础上提出了政策建议。     

On the Legislative Investigation and Analysis of Criminal defendant’s Access to the Right to counsel

我国法律规定了被告人享有辩护权,并且这种权利的行使可以得到律师的帮助,律师在刑事诉讼中的职责就是依据事实和法律为委托人进行辩护,维护其合法权益。但是从现行制度下被告人和辩护律师所享有的权利来考察,很难说被告人真正地、充分地享有辩护权,因为在刑事诉讼中被告人和辩护律师所享有的权利十分有限,辩护律师在刑事诉讼中也不享有完整的辩护权,同时司法现况与被告人获得律师帮助权的基本要求差距甚大。本文对我国被告人获得律师帮助权制度及其运行进行了考察,并对相关问题进行了分析。     

就业权：概念的建构与分析

依其本质特性所在,就业权应被界定为是劳动者得向国家和雇主主张的、以获得和保持职业工作机会为核心利益,从而实现其生存与发展目的的劳动权利。就业权包括工作自由权、平等就业权、解雇保护权、就业服务权和失业保障权等项内容,蕴含着利益、诉求、自由、权能、豁免等权能要素,具有新兴权利、复合性权利、工具性和目的性兼备之权利等学理特征。     

国内外养老保险关系转移接续经验借鉴

养老保险关系转移接续是过渡时期我国养老保险体系整合的必经阶段,转续经验借鉴非常重要。本文从国内外转续典型入手,分别介绍了美国公务员养老保险转续、欧盟流动人口养老保险转续案例和我国城镇职工养老保险转续、成都市城乡居民养老保险转续制度,认为在权威法律的基础上,成立专门组织,明确转续基金比例和养老地判别标准,提高转续技术手段,构建转续平台,能够更好地完成转续目标,为全国养老保险的整合奠定基础。     

农村劳动力市场发育对农村土地流转的影响分析——基于农户调查的实证研究

利用农户调查数据,运用多元回归模型实证分析了农村劳动力市场发育对农地流转的影响。模型估算结果表明：在表征农村劳动力市场发育程度的四个变量中,工资自主决定程度对农地转出率影响最大,回归系数达到了0.528,即该变量每增加一个单位将会使农地转出率增长52.8%。就业流动自由度对农地转出率的影响也比较大,回归系数为0.423。就业市场服务体系完善程度对农地转出率的影响相对较小,回归系数为0.126。在此基础上,得出相应的政策启示。     

New evidence on the efficiency of Italian airports: A bootstrapped DEA analysis

A bootstrapped DEA procedure is used to estimate technical efficiency of 18 Italian airports during the period 2000-2004. Departing from previous studies, we separate the efficiency related to ability to manage airside activities (operational) from that related to the management of all business activities (financial). In general, Italian airports operate at poor levels of efficiency, with slightly better performance in terms of their financial activities. In the current study, selected intrinsic and environmental characteristics are considered as possible drivers of Italian airport performance. In particular, we found that: (i) the airport dimension does not allows for operational efficiency advantages, (ii) on the other hand, the airport dimension allows for financial efficiency advantages for the case of hubs and disadvantages for the case of the smallest airports (iii) the type(s) of concession agreement(s) might be considered as important source of technical efficiency differentials for those airports running marginal commercial activities; (iv) the introduction of a dual-till price cap regulation might create incentives which lead to the increase of financial efficiency at the detriment of the operational performance. Lastly, the development of a second hub (Milano Malpensa), has negatively affected the performance of the country’s national hub (Roma Fiumicino).     

进口贸易、吸收能力与国际研发技术溢出的实证分析

本文研究了以进口贸易为传导机制的国际技术溢出对我国全要素生产率的影响.结果表明,贸易伙伴国溢出的研发与我国全要素生产率之间存在着稳定的长期均衡关系,但是具体促进程度受到中国人力资本和贸易开放程度等吸收能力因素的制约.在此实证研究的基础上,本文提出了相应的政策建议.     

论常规兵器试验中试验任务要求的确定

文章探讨了常规兵器试验中“与产品有关的要求”确定的时机、人员职责、要求、内容及程序,提出了确定试验任务要求的建议与意见。为承担常规兵器试验的组织及相关人员进行试验任务要求的确定提供借鉴与参考。     

中部地区现代信息服务业成长上限基模分析及管理对策

作为我国社会、经济和政治战略腹地的中部地区,受外部环境与自身条件影响,现代信息服务业起步晚,整体实力偏低。人才、技术、资本、政策环境是影响现代信息服务业发展的关键因素,挖掘并消除其发展过程中的成长上限,是促进中部地区现代信息服务业发展的重要举措。