Information Flows across Markets: Evidence from China–Backed Stocks Dual–Listed in Hong Kong and New York

Using a bivariate generalized autoregressive conditional heteroskedasticity (GARCH) model, we examine patterns of information flows for China–backed stocks that are cross–listed on exchanges in Hong Kong and New York. Results analyzing the dual–listed stocks indicate significant mutual feedback of information between domestic (Hong Kong) and offshore (New York) markets in terms of pricing and volatility. Stocks listed on the domestic market appear to play a more significant role of information transmission in the pricing process, whereas stocks listed on the offshore market play a bigger role in volatility spillover.     

企业生产线设备的维护保养

固定资产投资在企业的战略规划中占有极其重要的地位,而生产线设备作为固定资产中的一个主要部分,是为企业创造财富的一个最直接的生产要素。所以生产线设备的雏护保养就成为企业日常生产活动中最值得关注的一个组成部分。关于设备维护保养的著作和书籍有很多,而本文主要结合ISO9000相关要求,偏重于论述设备维护保养的流程问题。     

Testing of unit roots and other fractionally integrated hypotheses in the presence of structural breaks

Tests of unit roots and other nonstationary hypotheses that were proposed by Robinson (1994) are applied in this article to the Nelson and Plosser's (1982) series. The tests can be expressed in a way allowing for structural breaks under both the null and the alternative hypotheses. When applying the tests to the same dataset as in Perron (1989), we observe that our results might be consistent with those in Perron (1989) when testing the nulls of trend-stationarity or a unit-root. However, we also observe that fractionally integrated hypotheses may be plausible alternatives in the context of structural breaks at a known period of time. Final version received: August 2000/Final version accepted: August 2001 RID="*" ID="*"  The author gratefully acknowledges the financial support from the European TMR grant No. ERBFMRX-CT-98-0213. Comments of two anonymous referees are also acknowledged.     

简化一般均衡模型中一般均衡点的确定

经济学教材在讨论一般均衡的时候,往往以两个人、两种生产要素、两种产品这种最简单的社会作为研究对象,它们通常只阐述了一般均衡的存在,但都没有说明这种最简单的社会一般均衡点的确定即以此作为研究对象。     

货币政策传导的信贷渠道：理论与中国的现实

我国货币政策传导机制中,由于利率市场化程度不高、货币市场不发达等因素,制约了利率传导机制、资产价格机制、汇率传导机制的有效性。在回顾货币政策传导机制各种理论的基础上,分析我国货币政策的信贷渠道,并通过实证检验,揭示出目前信贷渠道仍然是我国货币政策传导的主要途径。     

课堂传播中学生主体对知识信息的需求特征及其把握

课堂传播活动中学生对知识信息的需要系统,与外在环境和社会发展处于相互作用之中,既是动态的,也是分层的;其主导需要对社会具有提醒作用,并在其群体内部引领走向;其易于受到具有流行性特征的社会文化心理的＂干扰＂,必须予以引导和纠偏。     

基于产业异质性的银行贷款政策效应分析——来自上市银行的经验证据

在银行信贷资金配置存在产业间差异的假定下,建立引入产业因素的银行贷款决定模型,考察产业因素影响银行贷款渠道有效性的内在机制,并运用2007年到2010年14家上市银行和5组产业数据展开动态面板模型估计,结果表明：从贷款需求角度看,各个产业的产出对产业贷款的影响效应存在产业间差异;从贷款供给角度看,人民银行运用货币政策工具调控产业贷款的影响效应也存在产业间差异。也就是说,产业因素确实影响到人民银行调控各个特定产业贷款的力度。     

收入流动性、代际传递与农村反贫困———异质性视角下新疆30个贫困县的实证分析简

文章从收入流动性、贫困代际传递与反贫困关系的理论研究入手,利用2000—2012年数据,选取新疆30个贫困县为研究主体,运用面板模型和面板误差修正模型分析了三者之间的长期和短期动态关系。研究发现：（1）从长期看,收入流动性、贫困代际传递对反贫困有显著作用,且收入流动性对反贫困的促进作用依赖于该县的贫困水平;（2）短期而言,新疆30个贫困县的收入流动性、贫困代际传递对反贫困的效果存在异质性。因此,建议制定以提高收入流动性和减少贫困代际传递为目标的对策和机制,并注重实行差异化措施来达到反贫困效果。     

How many voters are needed for paradoxes?

Summary. This paper presents a general procedure for finding profiles with the minimum number of voters required for many important paradoxes. Borda's and Condorcet's classic examples are revisited as well as generalizations. Using Saari's procedure line, we obtain an upper bound for the minimum number of voters needed for a profile for which the Condorcet winner is not strictly top ranked for all weighted positional procedures. Also we give a simple upper bound on the minimum number of voters needed for a set of prescribed voting outcomes. In contrast to situations wherein small numbers of voters are needed, we consider paradoxes requiring arbitrarily large numbers of voters as well as large numbers of alternatives. Finally we indicate connections with statistical rank based tests. Received: April 18, 2001; revised version: May 25, 2001     

The Impact of Foreign Banks on Monetary Policy Transmission During the Global Financial Crisis of 2008–2009: Evidence from Korea

This article examines the impact of foreign banks on the monetary policy transmission mechanism in the Korean economy during the period from 2000 to 2012, with a specific focus on the lending behavior of banks with different types of ownership. Using bank-level panel data of the banking system in Korea, we present consistent evidence on the buffering impact that the foreign banks, especially foreign bank branches including US bank branches, on the effectiveness of the monetary policy transmission mechanism in Korea from the bank-lending channel perspective during the global financial crisis of 2008–2009.