Capital market trading volume: an overview and some preliminary conclusions

This paper suggests an explanation for the heavy trading volumeobserved on the US capital markets, the world's largest. Heterodoxeconomic theory puts much of this volume down to speculation.Mainstream theory tends to support this thesis, either directlyor indirectly, by giving space to the idea that trading activityis for the most part exogenous to the functioning of the capitalmarkets. The central hypothesis of this paper is that the tradingvolumes observed are an endogenous feature of the capital markets,because they are to a great extent determined by the needs ofthe institutional investors who predominate on these markets.This endogeneity of trading is posited in connection with theemergence of a new ‘core–satellite’ paradigmin institutional investment, a development that essentiallymanifests the asset-management industry's transformation froma small industry serving a few wealthy clients to a mass industryserving large sections of the population.     

Glamour and Value Strategies on the Tokyo Stock Exchange

This paper evaluates the performance of glamour and value strategies and tests the extrapolation model for the Japanese equity market. In general, value stocks outperform glamour stocks by between 6 and 12 percent per annum for the five years after portfolio formation. Evidence from past, future and expected growth provides strong support for the story developed in Lakonishok, Shleifer and Vishny (1994). It is difficult to attribute the value premia to the difference, if any, in risk factors. In addition, the book-to-market premium is much closer to an arbitrage opportunity than the size premium.     

资本约束下我国商业银行的风险偏好现状与对策研究

随着巴塞尔协议Ⅲ和中国银监会印发的《中国银行业实施新监管标准指导意见》的出台,确立了我国银行业实施新监管标准的政策框架。受此影响,当一部分银行资本充足率不迭标时,可以约束盲目信贷扩张,抑制经济过热的手段之一,调控商业银行整体风险水平;当大部分银行都达到了最低资本充足率要求时,资本约束效应将明显弱化,其他政策工具将是调控信贷的主要手段;而大部分银行为了降低风险。会选择“分母”对策,调整其资产组合。监管部门应我国银行业现状出发,以平滑信贷供给的过度波动为目标,逆风向调整资本充足率,以满足监管要求。     

当前我国政府绩效管理问题探析

当前,我国政府绩效管理中存在的问题,主要是政府绩效管理缺乏统一的政策指导和制度保障,对政府缋效管理的理论研究与实践发展滞后,社会参与机制不完善,激励制度匮乏等。我国应通过立法来推进政府绩效管理的制度化和规范化;学习和借鉴西方先进思想,加强政府绩效管理的理论研究,建立有效的绩效评估指标体系和完善的激励制度。从而提高我国政府效能。增强政府管理能力。     

我国三农问题的现状及其对策研究

自20世纪90年代后期,三农问题逐渐成为全社会关注的焦点。笔者认为,三农问题的核心是农民问题,而农民问 题的实质是农民的增收问题,一切破解三农问题的措施都应围绕这个中心来进行。为此,应该打破城乡分割的二元格局发展 城市经济,调整国民收入分配格局,支持乡镇企业的发展。     

Contrarian Investment in the Dutch Stock Market

The efficient markets hypothesis states that at any times security prices fully reflect all available information. Contrarian investment strategies do not recognize the efficiency of capital markets. They call for buying undervalued stocks, i.e. stocks with a low price relative to their fundamentals. The idea behind such a strategy is to take advantage of the extrapolation behaviour of naive investors. Using a fresh and extensive data set from the Dutch stock market, we found that these strategies yield an outperformance without a higher risk. Our results make it hard to maintain the efficient market hypothesis.     

卖空者与内幕交易——来自中国证券市场的证据

本文研究上市公司内部人减持、年报、诉讼、分析师评级、停复牌以及高送转等重大公告前后卖空交易行为的变化,系统考察卖空者是否参与内幕交易以及何种因素影响卖空者参与内幕交易,发现卖空率较高的股票具有较低的未来收益,表明卖空者拥有信息优势,属知情交易者;卖空者拥有非常精确的择时交易能力,在重大利空公告前显著增加卖空量,而在利好公告前则显著减少卖空头寸,表明卖空者作为知情交易者的信息优势源自内幕消息;公司内、外部投资者的信息不对称程度越低或公司所在地的法治水平越高,卖空者参与内幕交易的行为就越少。因此,监管机构应密切关注公司重大消息发布前后卖空量的异常变动,同时,完善信息披露规则、健全证券分析师制度并强化法律法规的执行力度,才能有效防范卖空者参与内幕交易。     

网购平台信用评价体系系统研究

近年以来,网络购物取得了爆发式增长,给人民带来便利的同时,网络诚信问题也随之凸显。网购平台的信用评价系统是解决网络诚信问题的重要工具。本文以国内最大网购平台淘宝为例,系统研究了淘宝信用评价系统的优劣,存在的问题及原因,并就如何优化淘宝的信用评价系统给出了相关建议。     

企业间专业化分工与产业集群组织发展——基于交易费用的分析视角

从劳动的专业化分工入手,本文通过揭示产业集聚降低区域企业交易费用,指出发生在产业关联企业间而不是企业内的专业化分工是产业集群组织发展的基本动力。大量的产业关联企业在区域内聚集发展,不仅能够降低企业内生交易费用,而且能够降低外生交易费用,使人们劳动的专业化分工深化沿着大量地理接近的企业间而不是数量有限的企业内进行,从而为产业集群发展给出了一个具有新制度经济学含义的理论解释。