Does educational diversity of managers matter for the performance of team‐managed funds?

We study the effect of the educational diversity of managers on the performance of team‐managed mutual funds using a large sample of U.S. equity funds from 1994 to 2013. We consider diversity in terms of both final educational degree and field of educational specialisation. We find that, in general, both types of diversity have a positive impact on fund performance, and our results are robust over a wide range of performance metrics and changes in market conditions.     

隐性杠杆约束、流动性风险和投资者情绪

本文以2003—2019年间开放式主动管理型的股票型和偏股型基金为样本,以持仓占比为权重估算基金投组中A股的总市场风险暴露,检验结果表明,该序列上升反映了基金面临的隐性杠杆约束收紧,刻画了市场的弱流动性。内在逻辑在于,流动性收紧时,投资者难以通过融资直接增加杠杆,更倾向于重仓持有高市场风险头寸的股票而间接实现杠杆。本文发现隐性杠杆约束所刻画的风险在股票或基金收益截面上的无条件定价基本失效,而条件定价则依赖于低市场情绪与弱流动性。分解基金持股的敞口,进一步发现,因中小盘基金在流动性收紧时具有更强的流动性偏好,其持股的市场风险头寸能够更敏锐地捕捉到弱流动性风险。     

Some Potential Linkages for Input-Output Analysis with Flow-of-Funds

Three major, interrelated accounting statements, at the frontiers of quantitative economic analysis, are three interrelated systems, namely: (1) National income and product accounts (NIPA), (2) The input-output tableaux, (IO), and (3) flow-of- funds accounts (FF). The third-mentioned system is somewhat less available and used in only limited areas of macroeconomic analysis. This paper is mainly concerned with use of FF accounting systems. This system shows where financial resources originate, and where they go in support of real capital formation. In this respect, interest rates and other market-based financial rates are of key importance. While much macroeconomic analysis is based on the rates that fit the yield curve, showing the interest rate structure over various maturities of debt associated with a given degree of risk. In contrast, the FF accounts throw light on the whole spectrum of interest rates, across maturities and debt qualities. For example, in analysis of the real estate market and funding of capital formation there, it is important to have a full understanding of the course of mortgage rates of different maturities and qualities. In short, it is necessary to develop a full appreciation of supply and demand forces in the mortgage market, which often is not obviously related to movements of the operative rate for monetary policy, such as very short-term inter bank rates or call money rates. This paper attempts to provide material from the flow-of-funds accounts that would make it possible to analyze the movement of relevant mortgage rates or whatever other rates are needed to understand the financing of capital formation in real estate.     

谈高校资料室网上信息资源的开发利用

面对浩如烟海的网络信息资源丰富又无序、新颖又形象、急需开发利用。本文探讨了开发利用网上信息资源的必要性,介绍了如何开发利用网上信息资源,为用户充当网络信息导航员,发掘网上信息,丰富现有信息源等几种方法。     

网络财务软件功能与企业财务会计

网上理财服务以整合实现企业电子商务为目标提供互联网环境下财务管理模式、财务工作方式及其各项功能的财务管理软件系统、网络财务软件的各项功能都对企业财务会计产生深远影响。     

Macroeconomic interdependence under incomplete markets

This paper uses a two-country, flexible-price model with overlapping generations of infinitely lived households to study the role of net foreign asset dynamics in the propagation of productivity shocks. Absence of Ricardian equivalence ensures existence of a unique steady-state level of net foreign assets, to which the economy returns following temporary shocks. Model dynamics are significantly different from those of a setup in which terms of trade movements perform all the international adjustment and net foreign assets do not move. The difference relative to a complete markets economy in which net foreign asset movements play no role in shock transmission is smaller. It is amplified if the substitutability across goods rises and if shocks are permanent.     

我国证券投资基金业绩的持续性研究

以上海证券交易所上市的10只同质的基金为样本,分三个阶段对基金业绩的持续性进行了实证分析,结果表明我国证券投资基金的业绩并不具有持续性.     

略论中国基金市场的走向

21世纪，基金业正成为最具成长性的行业之一。在中国，投资基金的发展还很不完善，但将成为新的投资热点。以市场化方式促进基金发展，设立开放式基金是我国基金业的发展方向。私募基金的产生源于市场的需求，走向合法化才是它的出路。     

建筑装饰企业资金管理问题与对策思考

对于建筑装饰类企业而言,资金对企业发展的影响力和重要性都非常大,建筑装饰企业也开始根据企业自身发展来对资金管理进行合理规划.通过科学、合理的资金管理模式,可以有效提升企业的资金利用率,降低企业资金风险,进而提升整体的经济效益.目前,建筑装饰企业在资金管理上还存在很多问题,企业在进行一些项目时,需要在前期进行大量垫资,整个工程的资金占用量非常大,并且后期阶段的资金回笼情况不佳,体现出建筑装饰企业资金管理的严重问题,整体编制缺乏准确性,执行力有待进一步加强,内部控制管理制度不够完善.     

社保基金监管的现状、问题与建议

目前,我国已经初步确立社保基金监管体制,取得了明显的成效.但依然存在着局部地区违规操作、管理体制不顺畅和相关法制、监管建设滞后等问题.从世界范围社会保障基金监管实践看,依托完备法律法规体制实施社保基金监管,确立社保基金监管部门、监管结构,赋予执法权威,社保基金监管向专业化、市场化发展成为社保基金监管的共同点.借鉴国际先进管理经验,我国应提高立法层次、建立完善的法律体制;强化监管力量,适当集中,构建主辅分明、多重监管的社保基金监管结构;推进社会保险基金监管的市场化.