VARIANCE BOUND TESTS OF BOND MARKET EFFICIENCY

In this paper we examine variance bound tests of the joint hypothesis that (1) bond markets are efficient and (2) the term structure is determined by the expectations hypothesis. Both the Singleton and Shiller tests are shown to be seriously biased toward rejecting the joint hypothesis in finite samples. Flavin's test is unbiased but has a very high variance leading to many false rejections of the joint hypothesis. When corrected as suggested by Flavin, Shiller's test is unbiased and has a relatively low variance. Unfortunately, it is also sensitive to measurement error.     

德国如何成功举办世界杯足球赛

2006年德国世界杯足球赛是2008年北京奥运会之前全球最大的体育赛事。北京市发改委奥运经济高级顾问黄为专程前往德国，为北京奥运求取真经。[编者按]     

黑龙江省外贸依存度测评浅析（1990—2007）

外贸依存度是对外贸易总额与国内生产总值的比值,它不仅用来衡量一个国家或地区的经济对国际市场的依赖程度,也同时反映一个国家或地区的经济开放程度。与全国水平相比,黑龙江省外贸依存度还比较低,始终与全国保持20个百分点以上的差距。随着改革开放和招商引资的力度加大,全国外贸依存度呈现较快提高,相比之下,黑龙江增长比较缓慢。应采取加强政府间联系,进一步发展对俄贸易;调整产业结构,优化出口商品结构;拓展新市场,分散国别风险;加大经贸往来,增加经济外向度等措施,进一步促进黑龙江经济发展。     

The impact of market orientation on patient loyalty: the mediation of relationship quality

In health services, how to establish good relationships with patients and enhance patient loyalty has been crucial for service managers. We explore the impact that patients’ perceptions of market orientation direct effect on patient loyalty to a hospital as well as indirect effect via the mediation of relationship quality. Self-administered questionnaires were employed to collect data from outpatients. 450 questionnaires were valid. Results showed that market orientation had a direct positive impact on patient loyalty to the hospital and an indirect positive impact via the mediation of relationship quality and patient loyalty to a physician.     

神经网络在实验室检测工作质量管理及控制中的应用

对实验室检测工作质量中存在的风险因素进行研究,形成风险评价指标体系,并运用BP神经网络建立风险分析评价模型,对风险评价指标进行量化评价,最终获得量化的实验室整体检测工作质量风险数据,为实验室有效管理提供科学决策依据。     

广西亚热带作物研究所植物种质资源寒害调查简报

南宁遭受50年一遇的长期阴冷型天气,使广西亚热带作物研究所多种植物种类（品种）遭受寒（冻）害,本文重点调查收集了龙舌兰麻、棕榈类植物、热带亚热带果树、园林绿化乔灌木等植物受害情况,并提出寒害植株的处理措施,为今后热带亚热带植物种质资源的收集保存提供宝贵资料,并对其开发利用提供科学依据。     

破解现代长江航运业发展难题的思考

用科学发展观析评长江航运业现状,阐释现代长江航运业发展面临的主要问题,提出解决问题的思路。     

Sustainability and consumption

We consider the implications of the three pillars of sustainability (environment, economy and social justice) on consumption in a wealthy country. Building a theoretical model that includes consumers, business, government, the environment, and economic and political relations between nations, we explore how sustainability should affect the consumption behavior of consumers, charitable aid to poorer countries, and responsible environmental practices by businesses. Our model enables us to provide normative implications for consumers, society and business. Importantly, we assume that all stakeholders will optimize their self-interest, and that altruism will only partly explain behavior consistent with sustainability. Among the more non-obvious findings are that (1) the poorer the poor countries are, the less the rich countries should consume, (2) the more sensitive the global political climate is to economic inequity between the rich and poor nations, the less the rich countries should consume, and (3) if aid to poor countries is effective enough, then the more materialistic the society is, the more charitable aid it should give. We also confirm a number of more intuitive findings, such as that business should use more green technology as the taxes on pollution and/or efficiency of green technology increase, and the more resource-intensive consumption is, the less consumers should consume. Taken as a whole, the findings imply that societal consumption patterns should be sensitive to aspects of environmental impact and social justice, even if altruistic motivations are absent.     

长汀县『公司+农户+政府』产业运作模式的探索

长汀县是福建省的贫困山区县,近年来在总结发展各产业经验教训的基础上,探索出"公司+农户+政府"产业运作的"长汀模式",使区域性支柱产业呈现稳健发展的良好态势.本文以长汀河田鸡产业为例,就"公司+农户+政府"产业运作方式和应注意的问题谈点粗浅看法.     

名义账户制下与金融市场相融合的养老保险自动财务稳定机制

瑞典为了应对人口老龄化、经济衰退等外部因素对养老保险制度带来的冲击,进行了制度创新,引入了名义账户,并设计出了自动平衡机制以确保养老保险制度的财务稳定。通过对该机制的分析,笔者提出了与金融市场相融合的自动财务稳定机制的设想,建议把未来参保者缴纳的终身净税收收入作为名义账户的产权,并将现金流予以证券化,把这些新证券中的一部分在金融市场上进行交易。