Does bank competition promote financial inclusion? A cross-country evidence

The idea of financial inclusion has recently been discussed as one of the key strategies to enhance economic development (World Bank 2014). We move this discussion forward by examining if bank competition is a crucial component enforcing financial inclusion, which is arguably a finance supply-side driven process. In this study, we compute the financial inclusion index built on Sarma (2008) approach to better reflect banks’ willingness and capability to provide financial services. Applying System Generalized Method of Moments to the panel of 93 countries, we find that bank competition promotes financial inclusion.     

LIQUIDITY AND ASSET PRICING UNDER THE THREE‐MOMENT CAPM PARADIGM

We examine whether the use of the three‐moment capital asset pricing model can account for liquidity risk. We also make a comparative analysis of a four‐factor model based on Fama–French and Pástor–Stambaugh factors versus a model based solely on stock characteristics. Our findings suggest that neither of the models captures the liquidity premium nor do stock characteristics serve as proxies for liquidity. We also find that sensitivities of stock return to fluctuations in market liquidity do not subsume the effect of characteristic liquidity. Furthermore, our empirical findings are robust to differences in market microstructure or trading protocols between NYSE/AMEX and NASDAQ.     

嫘祖归来兮

嫘祖这位伟大的人文始祖,德配黄帝,衣被天下,福泽万民,功高日月。但许多人却不知道,她生于盐亭,葬于盐亭。     

Capital structure around the world: The roles of firm- and country-specific determinants

We analyze the importance of firm-specific and country-specific factors in the leverage choice of firms from 42 countries around the world. Our analysis yields two new results. First, we find that firm-specific determinants of leverage differ across countries, while prior studies implicitly assume equal impact of these determinants. Second, although we concur with the conventional direct impact of country-specific factors on the capital structure of firms, we show that there is an indirect impact because country-specific factors also influence the roles of firm-specific determinants of leverage.     

浅论我国农村环境的法律体系建设

本文分析了我国农村环境法律体系在立法、执法等方面存在的问题,据此提出了健全和完善农村环保法制的一些设想。     

企业成本模型及其应用

随着企业生产工艺越加复杂，而产品种类不再单一，生产要素的投入愈加繁多，这对企业精确核算成本大小、严格把握成本投入并预测成本大小从而控制流动资金带来很大难度。本文从企业成本的意义出发，对目前常用的四种企业成本模型进行简单介绍，说明了它们的特点以及最大的不足即无法考虑到随机的无法控制的因素对成本大小的影响。从这点出发，引进成本会计中的核算方法并加以变化得到了本文要介绍的模型，也就是从生产要素组成入手，在考虑到生产中的不确定因素的情况下的成本模型。通过例子详细说明在运用贝叶斯方法下充分利用历史资料以及生产人员经验来考虑随机因素特别是废品率对成本大小的影响并核算企业成本，最后介绍了这种模型方法的特点。     

Characterizations of negative multinomial distributions based on conditional distributions

In this paper characterizations of negative multinomial distributions based on conditional distributions have been studied.     

Inter-market competition for exchange traded funds

We examine how the different mix of informed and liquidity trading in the market for ETFs affects the nature of inter-market competition. We find that both the characteristics of the securities and the structures of the competing markets jointly determine the nature of inter-market competition. Given the superior execution quality on the ECNs and the low adverse selection costs in the ETF market, anonymous market such as the ECNs, attract both liquidity and informed traders. We also find that markets compete in a subset of ETFs. In addition, we find that quotebased competition is prevalent in the market for ETFs.     

公共投资建设项目决策建立听证制度探讨

公共投资建设项目的投入源自公共资源，项目的建设与公众利益息息相关，在项目决策中建立听证制度来广泛征求社会公众的意见具有重大的现实意义。本文分析了在公共投资建设项目决策中建立听证制度的作用，并从制定依据、制度形式、制订主体等八个方面对听证制度做了详细的探讨。     

冀北超基性岩地质特征

冀北超基性岩带位于华北地台北缘，受崇礼－隆化深大断裂控制。该岩带从西往东可分为赤城、丰宁－滦平和承德－平泉三个超基性岩群。各岩群的形态、产状、岩石类型、矿物成份、化学成份各有特点，表现出一定的规律性。Ｋ－Ａｒ及Ｓｍ－Ｎｄ同位素年龄表明，这些超基性告形成于中元古宙、海西期及印支期。