OPTIONS AND EFFICIENCY IN MULTIDATE SECURITY MARKETS

This paper extends the work of Ross (1976; Q. J. Econ. (90)1, 75–89) to multidate security markets. First, we show that if a primitive security separates states at the terminal date, then there exist multiperiod European options on that security generating dynamically complete markets. Second, we show that if a primitive security conditionally separates states at the terminal date, then there exist multiperiod European options on that security generating generically dynamically complete markets provided that certain conditions hold. Third, we show that there are economies for which the minimum number of multiperiod European options on a primitive security generating generically dynamically complete markets is relatively large. Finally, we show that in these economies, a relatively small number of multiperiod European options on possibly different portfolio strategies of primitive securities generates generically dynamically complete markets.     

The Performance of Actively Managed International Mutual Funds

International mutual funds allow individual investors to diversify abroad at a reasonable cost. This paper tests whether international funds that actively engage in country and security selection outperform passive global benchmarks. We apply a mean-variance efficiency test that incorporates the practical prohibition against short sales of open-end mutual funds. Our tests reject the efficiency of the world equity market portfolio over the sample period, and our funds as a group outperform the inefficient world index. However, we find no evidence of security selectivity ability using a 12-country benchmark. We do find that active international funds provide global diversification benefits. Tests using the Positive Period Weight (PPW) measure of Grinblatt and Titman (1989), which is robust to nonlinearity in fund and benchmark returns, yield similar results.     

The evolution of world trade from 1995 to 2014: A network approach

This paper employs network analysis to study world trade from 1995 to 2014. We focus on the main connective features of the world trade network (WTN) and their dynamics. Results suggest that countries’ efforts to attain the benefits of trade have resulted in an intertwined network that is increasingly dense, reciprocal, and clustered. However, these features do not correspond to a linear aggregation of the characteristics of its constituents (trade sectors). Trade linkages are distributed homogeneously among countries, but their intensity (i.e. their value) is highly concentrated in a small set of countries. The main connective features of the WTN were not affected by the 2007–2008 international financial crisis. However, we find that the crisis marks a turning point in the evolution of the WTN from a two-group (led by the US and Germany) to a three-group (led by the US, Germany, and China) hierarchical structure.     

Uncovering the global network of economic policy uncertainty

This study uncovers the static and dynamic network of economic policy uncertainty (EPU) across 17 developed and emerging economies. We build a centrality network using the minimal spanning tree (MST) as well as a dependency network using partial correlations. Results from the MST show that EPU exhibits some degree of geographical connections with EPUs in seven countries in the sample directly linked to the US EPU. Evidence from dynamic time-varying MST reveals that the nature and dominance of the EPU network have changed significantly over time. Further, the US and German EPUs dominate a close-knit global policy uncertainty network with the highest net (To and From) transmitter of information flow in the dependency network. Greece, Russia, and Brazil are the top three net receivers of information in the global network of EPU. The policy implication of these results relates to the renewed and ongoing international debate on policy coordination.     

基于系统观视角的团队边界工作研究评介

有关团队边界的研究表明团队有效性是团队内外部因素共同作用的结果,识别团队边界所承担的多种角色,采取系统观,强调团队边界工作的内部导向与外部导向维度有助于整合团队过程研究与团队开放观研究。团队边界工作是团队所从事的旨在建立和维持团队边界,以及管理跨团队边界的互动行为。本文在对团队边界研究内部观与外部观分析基础上,提出了基于系统观指导下团队边界工作的研究同时重视内部导向与外部导向团队边界工作的发展趋势;梳理团队边界工作的内涵与分类,考察了团队边界工作的影响效应及其背景影响因素,进一步提出了团队边界工作的综合影响模型,指出内部导向与外部导向协调发展的团队边界工作对于组织管理实践的启迪以及未来的研究方向。     

长沙“四小龙”县域经济跨越发展的启示

县域经济在国民经济中处于十分重要的地位。本文研究长沙"四小龙"县域经济发展的特点、思路、战略、路径和方法,总结其取得成果的因素。长沙"四小龙"县域经济发展的实践证明,地方政府只要战略明确,抢抓机遇,大胆创新,立足本地特色,统筹城乡发展,勇于竞争,善于合作,坚持走新型工业化道路;切实转变观念,优化环境,就一定能取得县域经济超常规跨越式的发展。同处于中西部其他地区县市既要善于走出去到沿海发达地区学习先进的经验,更要两眼向内,注意学习地理位置相近、经济结构相似的本地"领头羊"的高招,因为来自后者的经验,更契合中西部地区的实际,更有说服力,中西部地区在实现县域经济跨越发展上一定大有可为。     

跨既有线70.52m钢结构桁架天桥整体吊装施工技术

本文以新建凌海南站天桥整体吊装工程为实例,详尽的论述了在既有线施工大吨位、大跨度钢结构桁架天桥的技术特点、施工工艺流程、现场构件拼装制作关键技术、钢结构构件的运输方式、拼装场地选取、400t履带吊拼装场地、场地布置、吊装顺序及走行线路等内容.     

流动性在组合投资管理中的认识

在传统的均值-方差模型中,“市场流动性是充分的”假设使投资者忽略了流动性在组合投资管理中的重要性。流动性作为金融资产的三大属性之一,体现并作用于组合投资管理整个过程中。本文从流动性的内涵、流动性的股票交易特征、流动性与均值-方差模型的结合及行业流动性对组合投资的影响等角度探讨了流动性在组合投资管理中的作用,将组合投资的思维从二维空间拓展至三维空间,丰富了现代资产组合选择理论。