Past Returns and Investment Trust Discounts

Abstract:   The relationship between past net asset value returns and the current discount on investment trusts is investigated. The relationship is weaker for the component that is common to all trusts in the same sector, and is significantly stronger for more liquid trusts. The time lag before returns have their full impact on discounts is consistent with the requirements of distinguishing 'skill' from noise. Although discounts vary widely even within the same sector, the range of variation appears to be consistent with an arbitrage equilibrium, in which the profits of exploiting apparent pricing anomalies are just insufficient to invite arbitrage trades.     

Consistency of UK Pension Fund Investment Performance

Transition matrix techniques are used to relate the past and present performance of pension fund portfolios. In particular, funds are ranked to study the tendency of portfolios to remain in the same quartile of the ranking as they were in the previous period. For raw returns, funds in both of the top quartiles are found to be more likely to remain in the same quartile than would be expected by chance. This result can be taken as limited evidence for the consistency of performance. Similar systemic effects are observed on a risk-adjusted basis. There appears to be clear evidence that some fund managers can offer a degree of consistent good performance.     

政府采购制度:强化财政支出管理的必由之路

长期以来,我国财政资金使用效益不高,开支浪费大,监督机制不健全,并由此产生腐败现象,阻碍了经济的发展。建立政府采购制度是解决上述问题的重要途径,也是强化我国财政支出管理的必由之路     

论高校危机管理的思想政治教育创新——基本原则与实践路径

思想政治教育是公共危机管理的重要方式和手段,在高校危机管理中具有预防危机、规范导向、整合资源、稳定局势、修复秩序等功能。创新高校危机管理中的思想政治教育,这既是新时期高校有效治理危机和维护校园和谐稳定的必然要求,也是推进高校治理体系和治理能力现代化的重要课题。高校危机管理中思想政治教育创新应坚持以人为本、预防为主、组织动员、迅速反应的原则,并从强化师生主体地位、增强思想政治教育预防功能、推行思想政治教育网格化、改革思想政治教育方式路径等四个维度来展开。     

论企业基层党组织三大能力的提升

党的十八大对新时期党的建设提出了新的要求。新形势下进一步加强学习型党组织建设,为改革、发展、稳定保驾护航,成为摆在全党面前的重要任务。企业基层党组织可以借鉴学习型组织建设的科学理念,结合企业党的建设实际,认真思考,积极探索,不断改进,全面提升基层党组织的学习能力、服务能力和创新能力。     

ALTERNATIVE WEIGHTING APPROACHES TO COMPUTING INDEXES OF ECONOMIC ACTIVITY

This paper compares the weighting schemes in the traditional, principal component and dynamic factor approaches to summarizing information from a number of component variables. To facilitate the comparison, we propose a framework to discuss the approaches with respect to their implied loadings in a latent variable model. We also propose a way to transform the dynamic factor index into an analogous index which is a weighted average of the components. The framework shows the strengths and weakness of the alternative weighting schemes and the sense in which the dynamic factor approach has the advantage of capturing both the significance and the variability of the components.     

招投标竞争:汶川地震灾后部分重建专项资金分配运作的探索

汶川灾后重建专项资金的分配应该与重建项目有机契合,部分灾后重建资金可以探索招投标竞争方式分配运作.以招投标竞争方式分配运作部分灾后重建专项资金具有重要的战略意义.以招投标竞争方式分配运作灾后重建专项资金,关键要建立与完善招投标的程序及其相应的比选指标体系.为此,我们应该按照政府引导市场、市场公开交易、交易规范运作、运作统一监管的思路,完善灾后重建专项资金招投标竞争分配运作的制度安排.     

铁路个性化货运产品的设计分析与实现方案研究

随着市场经济和铁路运输业的快速发展,个性化运输需求和铁路自身的发展要求推动着产品战略的转型。本文从铁路货运产品的特征入手,讨论了个性化产品设计的基本原则,提出了一种结构体系,并结合铁路生产实践给出了实现方案。     

湘西州城镇体系建设的基本构想

城镇体系是一定区域内的城镇聚集体,它的形成与发展有赖于发达的经济和便利的交通条件。湘西州地处偏远山区,自然地理环境较差,交通闭塞,经济贫困,城镇化水平低,城镇体系不健全。文章透视了该地区城镇体系发展现状,并对未来城镇体系建设进行大胆构想,提出了具体的建设措施。     

意大利应对老龄化问题的对策及其启示

在全球老龄化的趋势下,意大利也面临着老龄化严重问题,其老龄化率居欧洲各国之首。意大利在应对老龄化方面采取了一些积极的具体做法,积累了经验,如,改革养老金制度,出台灵活的就业市场政策以及提供老年职业培训等。目前,我国也正面临着老龄化问题的严峻挑战,意大利的做法和经验可为我国决策者提供参考。