Wolf in Sheep's Clothing: The Active Investment Strategies behind Index Performance

This paper argues that the commonly used market indices imply forms of active investment management in disguise. The selection and rebalancing rules make these indices highly exclusive and dynamic regarding their underlying components and significantly bias their performance. Any passive investment tracking these indices turns into an active strategy characterised by market timing and state‐dependent performance. Evidence is provided that exclusive indices outperform (underperform) more inclusive peer indices in upward (downward) markets. The constitution and maintenance rules of exclusive indices correspond to a set of active trading and investment rules similar to momentum strategies.     

金融稳定分析的宏观模型综述及展望

金融系统的稳定性水平是金融功能是否有效发挥的反映,加入WTO后中国政府对经济系统进行了诸多方面的改革,金融系统的稳定性得到明显提升,但也存有压力与风险。金融稳定分析的宏观模型包括扩展的宏观经济模型、动态随机一般均衡模型和网络模型。其中,动态随机一般均衡模型具有较好的现实拟合度,应用性较强。应根据中国的社会背景和特殊的金融制度,构建中国特色的动态随机一般均衡模型。     

综合考虑多因素的项目风险应对策略选择方法

描述了项目风险管理中的项目风险应对策略选择问题。综合考虑项目工期、项目完工质量和项目风险应对成本等多个因素,以项目风险应对总收益最大为目标,构建了项目风险应对策略选择优化模型,通过求解优化模型来确定适合的风险应对策略。实例分析结果表明,所给出的项目风险应对策略选择方法具有可行性和实用性。     

投资决策中个人理性与集体理性博弈分析及对策研究

针对近期多起曝光的企业对外投资、担保大案,本文应用博弈论分析方法,在强调个人理性与集体理性矛盾的基础上研究投资决策中两者的完全信息博弈及无限阶段重复博弈,并建立相应的定量分析模型,通过分析博弈参与人均衡行为,指出投资决策中寻租的存在的必然性及巨大危害,并针对性的提出了适合实际操作的对策建议.     

我国贸易谈判中商务英语的应用技巧

对外贸易离不开商务谈判,在谈判的过程中有很多因素会影响谈判的结果。因此,在进行谈判时对于一名专业的商务谈判人员来讲仅仅只是了解谈判的基本原则和熟悉有关的理论知识是远远不够的,还必须掌握和熟练使用谈判的相关技巧,结合商务英语的基本策略就可以实现共赢,只有如此才可以在谈判中掌握先机达到自己的目的。     

基于产出冲击的国际储备需求的跨期均衡分析——真实经济的视角

与现有研究相比,文章从真实经济的角度构造了一个简单的基于代表行为人的跨期均衡模型,探讨基于产出冲击和消费平滑的主动性储备需求的决定。研究表明:主动性储备需求与产出冲击发生的概率、产出冲击大小、代表行为人的相对风险厌恶系数以及代表行为人的主观贴现率呈正向关系,与经济增长速度呈反向关系,而与储备资产的相对价格呈现出非线性的关系。通过数值模拟发现,我国主动性储备约占2007年GDP的6%(相当于我国2007年底国际储备的12%),说明我国近年来增加的国际储备存在较大的被动持有部分,目前的国际储备持有额已经从一定程度上脱离了实体经济的基本需求。因此,除紧缩的货币政策外,我国政府还需要进一步运用汇率政策、贸易政策以及其他干预政策直接降低被动国际储备额。     

现阶段中小企业成长战略的几个问题

中小企业必须树立正确的经营理念,发挥比较优势,向“专,特,新”方向发展,中小企业成长过程是量的成长和质的成长相结合的过程,企业做大不等于做强,中小企业应根据不同发展阶段的特点采取相应的经营策略,寻找适宜的成长途径。     

河南省知识经济测度与发展战略

文章论述了知识经济对河南发展的重要作用，在总结知识经济测度方法研究现状的基础上，建立了评价河南经济的知识投入，知识产出和储存，知识流通和扩散以及知识学习发展水平的指标体系，测度结果表明：目前河南知识经济发展水平居全国中下游，与美国差距很大，在此基础上，提出了河南知识经济发展战略。     

Strategic management accounting in close inter-organisational relationships

This paper provides a conceptual comparison between the ‘mainstream strategic management accounting’ literature, the ‘accounting and strategising’ literature and ‘strategic management accounting (SMA) in close inter-organisational relationships’. It concludes that ‘SMA in close inter-organisational relationships’ shares some important characteristics with the ‘accounting and strategising’ literature. Important differences were found, too, though. These mainly concerned the need to understand individuals working for close partners as preparers of strategic information; the need for disaggregated accounting information about unique connections to close partners and about the role of indirect benefits that follow from close connections and the need for the company to not only collect information but also disperse diverse information within close inter-organisational relationships. Through an intensive case study of a global robot manufacturer, Robotics, this paper also provides novel empirical evidence on ‘SMA in close inter-organisational relationships’. For instance, SMA practices included indirect benefits, something mainly neglected in the existing literature on SMA. These indirect benefits involved a close customer's willingness to invest time and effort in Robotics’ technological development, thereby contributing to Robotics’ ability to attain revenue gains in its interactions with other customers. Our findings also have important implications for the ‘inter-organisational accounting’ literature, for instance, by highlighting the need to link more explicitly strategic decision-making with the current interest in the role of accounting in inter-organisational dynamics.     

Impact of culture on marketing strategy: Introduction to the special issue

This special issue of the Journal of Business Research features eleven articles selected from the papers presented during the fourth meeting of the Royal Bank International Research Seminar which took place in Montreal at the John Molson School of Business, Concordia University, September 23 and 24, 2007. They cover topics related to culture and marketing communications, consumer socialization, materialism, identity and religiosity, service quality, language effects, consumer revenge behavior and government actions.