On the test of the correction mechanism for mis-pricing between assets using a statistical yield spread model

This paper investigates the existence of a correction mechanism for mis-pricing between Japanese stock and bond. By this correction mechanism we mean that when deviations occur from the equilibrium levels of the expected return differentials between stock and bond — the risk premium differentials, the market will tend to correct the mis-pricing and bring the expected return differentials back to the equilibrium levels. We assume that the yield spread between the predicted earnings price ratio of stock and the yield to maturity of bond reflects the risk premium between stock and bond, and estimate the equilibrium risk premium differentials and mis-prices between stock and bond by modelling their behaviors with a statistical yield spread model (SYS). Empirical results strongly indicate the existence of the mis-pricing correction mechanism, suggesting the inefficiency of securities markets.     

我国市场经济初建时期知识经济的思考

债转股是防范金融风险和加快国有企业扭亏为盈的重要举措 ,但债转股的推行又产生了一系列的法律问题 ,本文借鉴国外的相关立法并结合我国的具体情况 ,就债转股的四个方面法律问题进行了讨论 :债转股与资本真实原则 ;债转股与公司治理结构 ;债转股与债权人利益保护 ;债转股与股     

反腐倡廉亟需加强干部经济责任审计

本文结合当前干部队伍中的一些经济犯罪和腐败现象,对建立和加强干部经济责任审计制度的紧迫性和必要性,以及在反腐倡廉中的重要作用进行了论述,并针对工作中的实际问题探讨了审计方法。     

Option Trading and the Intervalling Effect Bias in Beta

Prior studies show that the beta coefficient of a security changes systematically as the length of measurement interval is varied. This phenomenon, which is called the intervalling effect bias in beta, has been attributed to the friction in the trading system that causes the delays in the price-adjustment process. This study shows that option listing is associated with a decline in the beta intervalling effect bias. The decline is most pronounced for small firms. We also find that our sample firms grow significantly after option listing. Since prior research indicates that market value is a major determinant of the magnitude of the intervalling effect, we re-examine our results using a subsample that controls for market value. The results indicate that the decline in the beta bias from the pre-listing to post-listing period is still prevalent after we control for the change in firm size. Overall, the evidence is consistent with the notion that option trading reduces the delays in the price-adjustment process, which in turn reduces the intervalling effect bias in beta.     

把握新生的特点加强工作的针对性

新生具有自豪感减退、心态失衡、适应环境的能力差、学习上的盲目性等特点.做好新生工作必须具体分析、因材施教,深入了解、勤于疏导,健全制度、规范管理.     

论我国经济转型时期新一轮经济结构调整的任务及政策取向

在计划经济向市场经济转轨的条件下 ,我国宏观经济出现了由供给约束向需求约束的转型 ,在转型中宏观经济的结构性矛盾日益严重。这一结构性矛盾具有综合性、深层次性、萎缩性特征。在转型时期 ,新一轮经济结构战略性调整的任务是积极发展高新技术产业 ,搞好国有企业的职能定位 ,优化经济结构 ,提高国民经济的整体素质。新一轮经济结构调整政策取向的内涵是 :全面推进市场化改革 ,形成以市场为基础的经济结构调整 ;解决结构优化过程中的制度缺位问题 ;进一步调整国有经济结构 ,加快非公有制经济的发展 ;发展特色经济 ,提升产业结构。     

近10年日本宏观经济的理论分析与展望

近10年日本经济停滞不前，一方面对外经济状况不佳：日元对美元汇率技术下跌。且不断加剧；出口增长放缓，贸易顺差连续下滑，另一方面国内宏观经济状况严峻；失业率不断上升，内需不振；通货紧缩逐步加深；工业增长持续低迷，工业生产与效益下降，究其原因，用内外均衡模型理论分析得出，日本经济没有达到均衡的0点，内外均衡遭到了破坏，而展望今后的日本经济和日元走势，基于日本财政状况的恶化及货币政策的失效，估计还不会导致资本的大量外流。也不会对资本流动产生重要的影响，而结构改革也将可能引致日元升值。     

优化河南投资环境途径探析

投资超常增长是促使经济快速发展的重要因素，河南投资环境基础比较好，应该扬长避短进一步优化，其具体途径可以从投资的国际经济环境、投资的国内经济环境、投资的区域经济环境入手。     

论商标反向假冒行为及其法律规制

商标反向假冒行为妨碍了他人对自己商标的正常使用，扰乱了正常的市场秩序，欺骗了广大消费者和公众。很多国家的立法都明文对其进行规制，我国现行法律亦从不同角度对其进行规制。当前，对严重的商标反向假冒行为，应予以刑法调整。     

Why are Small Firms Different? Managers’ Views

Do incentives differ between large and small organizations? Results from a representative survey of compensation managers are used to shed light on the issues. I find that (i) small establishments rely less on pecuniary incentives, and have a significantly more hostile attitude towards incentive schemes based on competition and relative rewards; (ii) large units are more vulnerable to mechanisms of efficiency wages, effects that remain even after controlling for differences in monitoring ability; (iii) large units are more prone to indicate that negative reciprocity is important, and that their employees care about relative pay. I argue that these findings fit with behavioral stories of incentives and motivation, in particular those stressing group interaction effects, inequity aversion and gift exchange.