论碳交易平台对碳交易成本的影响--以深圳碳排放权交易体系为例

根据科斯定理,市场可以在政府不干预的情况下以有效方式消除温室气体污染的外部性。碳交易成本的大小对碳排放交易机制能否起作用有重要影响。碳交易平台对交易成本中的交易费用有直接影响,对交易成本中的管理成本和机会成本有一定程度的影响,对交易成本中的监测、报告和核查成本基本没有影响。交易平台可以从结构性和市场性两方面影响交易成本。     

交易结构与交易估价浅论

对交易价格的评估,是当今收购兼并活动运用金融技术作为实务指导最为复杂的一个环节,运用现金流贴现法(DCF),在一定假设下获得估价区间,并以此作为衡量交易价格谈判的基础,是目前国际购并业务在实用理论方面讨论最多的热点领域。本文结合交易结构设计及类型确定,以贴现现金流估价模型为基础,探讨并购类型与整合效应的价值评估关系,及实证分析交易结构设计与并购估价的关联范畴。分析旨在讨论并购估价如何利用交易结构的不同设计使并购和约双方达到购并整合效果最大化。     

Value relevance of blog visibility

This study empirically examines the effect of a non-traditional information source, namely a firm's blog visibility on the capital market valuation of firms. After controlling for earnings, book value of equity and other value relevant variables, such as traditional media exposure, R&D spending, and advertising expense, we find a positive association between a firm's blog visibility and its capital market valuation. In addition, we find blog visibility Grange causes trading, not vice versa. Our findings indicate that non-traditional information sources such as blogs help disseminate information and influence consumers' investment decisions by capturing their attention.     

论多边贸易体制下反倾销法与竞争政策的协调

WTO多边贸易体制下的反倾销法和竞争政策具有一致性,但也存在诸多冲突之处。国际社会对二者的协调提出三种方案,其中,以在《反倾销协议》中引入竞争政策的改良方案比较切合目前实际。但长远看,还是需要在WTO内建立一个协调各国竞争政策的法律框架和机制。当然,这最终取决于多边贸易体制的发展和各国实力的彼此角力。     

国外券商自营业务风险控制及对我国券商的启示

风险控制是证券自营业务风险管理的核心环节,是证券公司自营业务风险管理的关键所在。国外券商在自营业务风险控制方面各具特色且个性鲜明。在对国外著名券商自营业务风险控制分析的基础上,比较了国内券商与国外券商自营业务风险控制的差距。国外券商已经逐步形成一整套比较成热、完善的自营业务风险控制系统,对于我国证券公司自营业务风险控制改进有借鉴意义。     

Data revisions to German national accounts: Are initial releases good nowcasts?

Data revisions to national accounts pose a serious challenge to policy decision making. Well-behaved revisions should be unbiased, small, and unpredictable. This article shows that revisions to German national accounts are biased, large, and predictable. Moreover, with use of filtering techniques designed to process data subject to revisions, the real-time forecasting performance of initial releases can be increased by up to 23%. For total real GDP growth, however, the initial release is an optimal forecast. Yet, given the results for disaggregated variables, the averaging out of biases and inefficiencies at the aggregate GDP level appears to be good luck rather than good forecasting.     

Institutional stakeholdings and better-informed traders at earnings announcements

Utama and Cready [Utama, S., Cready, W.M., 1997. Institutional ownership, differential predisclosure precision and trading volume at announcement dates. Journal of Accounting and Economics 24, 129–150] use total institutional ownership to proxy for the proportion of better-informed traders, an important determinant of trading around earnings announcements. We argue that institutions holding small stakes cannot justify the fixed cost of developing private predisclosure information. Also, institutions with large stakes generally do not trade around earnings announcements since they are dedicated investors or face regulations that make informed trading difficult. However, institutions holding medium stakes have incentives to develop private predisclosure information and trade on it; we show that their ownership is a finer proxy for the proportion of better-informed traders at earnings announcements.     

中国碳金融发展的制约因素及对策

低碳经济日益成为世界各国寻求实现可持续发展的重要战略选择。碳金融作为金融体系应对气候变化的重要新型机制创新,构成了低碳经济的重要组成部分。本文在闸述碳金融发展背景的基础上,分析中国碳金融发展的现状,揭示中国碳金融发展的困境,最后提出中国改善碳金融发展的策略。