Passive Investment Strategies and Efficient Markets

This paper presents the case for and the evidence in favour of passive investment strategies and examines the major criticisms of the technique. I conclude that the evidence strongly supports passive investment management in all markets—small–capitalisation stocks as well as large–capitalisation equities, US markets as well as international markets, and bonds as well as stocks. Recent attacks on the efficient market hypothesis do not weaken the case for indexing.     

论法律不完备性与政府介入期货市场

在期货市场上，法律不完备性问题表现得较为突出，法律对于侵害行为的阻吓作用非常有限、期货市场法律的不完备性，主要取决于期货市场的特点和性质。政府采取相关的监管方式管理期货市场非常必要，监管的介入需要满足标准化和损害（外部性）足够高的条件。政府管理期货市场立法和法院执法的作用不可或缺，但更主要的是采用监管的方式。     

Operations of a Pension Fund after the Asian Crisis: The Thai Experience*

During and after the Asian crisis, institutional investors and pension funds in Asian financial markets have been confronted with a number of difficulties effecting their performance and the way they carry out their role within the national pension system. We analyze these problems by comparing the actual investment policy of an institutional investor with an optimal investment strategy derived from the insights of modern portfolio theory. We also analyze whether the organizational set‐up of a pension fund allows it to adequately perform its role within the pension system. As an example, we examine the operations of the Thai Government Pension Fund (GPF). We find that allowing international investments and reducing restrictions on equity investments while lowering the implicit requirements for investments in government debt would allow the GPF to further diversify its investment risk and to increase its risk‐adjusted return. We also show that some changes in the governance structure of the GPF would lower the occurrence of conflicts of interest for the management and increase the efficiency of the GPF operations.     

被动防护网在遵义市某危岩带治理工程中的应用

危岩体通常存在于高陡边坡及陡崖上,是山区常见的地质灾害类型之一,在我国每年都造成大量的人员伤亡和经济损失。     

渠道合作情境下合同双元功能对主动和被动投机行为的影响差异研究

基于交易成本理论,在渠道合作情境下,以制造商的合同监督和企业间联合行动为工具测量合同治理的保障功能和协作功能,探讨二者对经销商主动投机行为和被动投机行为的影响差异。通过对512份问卷数据的统计分析,得到以下结论：第一,合同监督有助于抑制经销商的主动投机行为,但对其被动投机行为的影响不显著;第二,企业间联合行动有助于抑制经销商的被动投机行为,但对其主动投机行为的影响不显著;第三,经销商的主动投机行为和被动投机行为均会负向影响合作绩效;第四,经销商的主动投机行为中介合同监督对合作绩效的正向影响,被动投机行为中介企业间联合行动对合作绩效的正向影响。     

家庭农场退出诱发的利益冲突与化解策略研究

研究目的:借助埃奇沃斯盒状图阐述家庭农场退出的"帕累托改进"过程,深入分析家庭农场退出可能诱发不同主体间的利益冲突以及应对策略,为家庭农场的合理有序退出提供理论支撑。研究方法:经济学交换的一般均衡分析法、理论分析法、文献梳理法、综合分析法。研究结果:在家庭农场退出时,会在家庭农场主、农户、债权人、集体经济组织、家庭农场的其他成员等主体之间围绕土地合同违约、债务清偿次序、债务承担比例、资产处置等问题诱发激烈的矛盾冲突,这些问题的妥善解决对于构建家庭农场的合理有序退出机制、盘活退出家庭农场的整体资产、维护退出家庭农场主和债权人的合法权益都具有重要意义。研究结论:家庭农场退出所诱发的不同主体间的利益冲突应当依据法律政策、土地流转合同等科学合理地加以解决。对于家庭农场退出的资产采取整体转让、转租、托管经营等方式处理;明确家庭农场退出需要承担的法律责任,参照相关法律政策,明确家庭农场退出的债务偿还规则;明确集体经济组织在家庭农场退出时的职能定位;通过制定内部规章制度明晰家庭农场成员间的"权责利"关系格局。     

认知视域下英语动词被动语态的原型及其语义特征研究

首先回顾英语动词被动语态的相关研究;然后从认知的角度基于原形范畴理论,借鉴语法符号隐喻,对被动语态的语言实例做具体分析,探求被动语态的原型及其语义特征。英语动词被动语态的原型式为其标记式＂be＋V-ed＂,其实质为施动性,原型语义为被动意义,且随着认知的发展,被动语义呈多样性和层次性：显性被动意义（真被动）、隐性被动意义（次被动）和隐性主动意义（假被动）。     

量化思维在绿色建筑设计教学中的应用研究

重形态分析、轻客观量化的传统设计教学模式与当今社会的绿色设计与可持续发展理念背道而驰。随着绿色建筑设计思想的普及,如何在设计教学中强化量化思维,完善教学模式,是每一个教学工作者的义务和责任。通过反思与总结传统设计教学中的弊端,结合绿色建筑的核心设计原则,尝试性的探索了引导学生在设计过程中产生并形成量化思维的方法与规律。     

电影中的“视觉理论”探析

电影电视已经成为了我们日常生活中的一部分。然而只需稍加注意就会发现年轻性感的银幕美女比比皆是。英国女性主义电影理论家劳拉.穆尔维在她的《视觉快感和叙事性电影》中把精神分析引入女性主义电影研究。她对主流好莱坞叙事电影进行了批判性解读,对视觉快感理论进行了阐释。观众通过对银幕美女的观看能够得到快感,而且这种视觉快感不自觉地分裂为主动的/男性和被动的/女性。     

Exchange Rate Crises and Fiscal Solvency

This paper combines insights from generation one currency crisis models and the fiscal theory of the price level (FTPL) to create a dynamic FTPL model of currency crises. The initial fixed‐exchange‐rate policy entails risks due to an upper bound on government debt and stochastic surplus shocks. Agents refuse to lend into a position for which the value of debt exceeds the present value of expected future surpluses. Policy switching, usually combined with currency depreciation, restores fiscal solvency and lending. This model can explain a wide variety of crises, including those involving sovereign default. We illustrate by explaining the crisis in Argentina (2001).