Initial Margin Requirements, Volatility, and the Individual Investor: Insights from Japan

Initial margin requirements represent: (1) a cost impediment to the wealth constrained investor and (2) a potential way of mitigating excessive volatility. However, prior empirical research finds that margins are not an effective tool in reducing volatility. We consider the possibility that margins primarily affect certain stocks and investors. Specifically, we test whether margins affect individuals who, as a group, we believe to be the investors most affected when margin requirements change. Our initial empirical tests, however, do not support this contention.     

集中供暖两部制定价策略研究

本文以公共事业价格制定原理及社会管理为理论基础,根据供热企业的垄断特征,解释了目前政府定价的热价制度形成的原因,同时详细阐述相对于传统供暖收费方式有利于节约资源的分户计量收费方法即两部制热价的定价方法、原理及意义。     

Can interest rate spreads stabilize the euro area?

Since the onset of the financial crisis significant interest rate spreads have arisen between euro area countries, both for public and private debt. We check whether these spreads could be made to work towards the goal of providing more stability to the euro area. In particular, we focus on reducing the imbalances that arose between the core and peripheral members of the euro area in the first decade of its existence. The idea is that stable positive spreads in peripheral countries could have decreased domestic demand, preventing the boom–bust cycles that plagued these economies. They could also prevent such developments in the future. We construct a panel model for euro area countries and estimate the relationship between real interest rates and the current account balance. Next, we use the estimated parameters to perform simulations. We find that spreads on real interest rates of 0.6–5.5 percentage points would have been necessary to stabilize external positions of the four peripheral euro area member countries.     

Home-field advantage or a matter of ambiguity aversion? Local bias among German individual investors

This paper investigates whether familiarity induced by ambiguity aversion can help explaining the local bias phenomenon among individual investors. Using geographic closeness as a proxy for investor familiarity, we find that investors pull out of (unfamiliar) remote stocks and pour into (familiar) local stocks during times of increased market uncertainty. Moreover, the magnitude of this ‘flight to familiarity’ increases in the spread of an investor's ambiguity (about expected returns) between local and remote stocks. Our results prove robust to a number of alternative explanations of local bias. Specifically, we rule out a ‘home-field advantage’, where investors are able to translate information advantages about nearby companies into excess returns on their local stockholdings. We conclude that individual investors’ local bias is induced by ambiguity aversion in the portfolio selection process rather than a trading strategy based on superior information about local companies.     

"诗"与"生活"之间--论中国现代散文的语言个性

现代散文作为一种抒情言志的文体，总是以情动人，通过情感、情绪的感染和冲击，发挥怡情功能和审美功能，所以它的语言既有浓厚的生活气息，又有作家鲜明的个性风格和饱满的感情色彩。现代散文致力于用更准确、更形象、更优美的文字，去表现作者的思想、情感。现代散文务求语言的简练含蓄，但有时作者依据传情达意的特殊需要而有意构成语言的反复与重叠。     

Ex-post full surplus extraction,straightforwardly

Consider an estimate of the common value of an auctioned asset that is symmetric in the bidders’ types. Such an estimate can be represented solely in terms of the order statistics of those types. This representation forms the basis for a pricing rule yielding truthful bidding as an equilibrium, whether bidders’ types are affiliated or independent. We highlight the link between the estimator and full surplus extraction, providing a necessary and sufficient condition for ex-post full surplus extraction, including the possibility of independent types. The results offer sharp insights into the strengths and limits of simple auctions by identifying the source of informational rents in such environments. Harstad acknowledges hospitable accommodation by the Fuqua School of Business, Duke University, and the Olin School of Business, Washington University in St. Louis, during parts of this research. We are grateful for comments and suggestions from Richard McLean and Jeroen Swinkels.     

人民币资本项目可自由兑换目标下的“双Q”制度研究

我国QFII和QDII制度是人民币资本项目可自由兑换的重要阶段。QFII和QDII近年取得较快发展,但亦面临QFII规模偏小、我国资本市场对其吸引力不够,QDII缺乏海外投资经验、亏损严重等问题。需要完善资本市场功能,为QFII制度的实施营造良好的投资环境;加强QDII风险管理,提高QDII境外投资管理能力;加强监管,健全和完善＂双Q＂制度,促进跨境证券投资持续健康发展。     

浅谈基本养老保险个人账户"空账"问题

基本养老保险个人账户“空账”问题是基本养老保险制度运行中日渐凸现的一个重要问题,如不解决,将难以应对人口老龄化对养老金的需求,制约旧制度向新制度的顺利转轨,也必将影响养老保险制度改革的进程。因此,分析个人账户“空账”形成的原因,寻找切实可行的解决办法是当前最为迫切的任务。     

思想政治教育的个体价值及其实现条件

思想政治教育的价值问题,一直是思想政治教育学科研究的热点问题,也是学科存在和发展的依据。在思想政治教育困境重重、不断受到怀疑和反思的今天,探索思想政治教育的意义和作用,显得更加必要和紧迫。在思想政治教育价值的结构中,主体、客体和中介相互联系和作用,使思想政治教育价值的实现成为可能。个体价值是思想政治教育价值的重要维度,对其科学内涵和实现条件的重新探讨有助于推动新时期人们对于思想政治教育功能和意义的再认识。