对完善股份合作制的认识

股份合作制是现代市场经济的必然产物 ,是历史的必然选择。但作为我国经济生活中不容忽视的一种企业组织形式 ,也存在着诸多问题。认清几个发展趋势 ,进一步规范和完善股份合作制在当前尤为重要     

LOG-PERIODOGRAM ESTIMATION OF LONG MEMORY VOLATILITY DEPENDENCIES WITH CONDITIONALLY HEAVY TAILED RETURNS

Many recent papers have used semiparametric methods, especially the log-periodogram regression, to detect and estimate long memory in the volatility of asset returns. In these papers, the volatility is proxied by measures such as squared, log-squared, and absolute returns. While the evidence for the existence of long memory is strong using any of these measures, the actual long memory parameter estimates can be sensitive to which measure is used. In Monte-Carlo simulations, I find that if the data is conditionally leptokurtic, the log-periodogram regression estimator using squared returns has a large downward bias, which is avoided by using other volatility measures. In United States stock return data, I find that squared returns give much lower estimates of the long memory parameter than the alternative volatility measures, which is consistent with the simulation results. I conclude that researchers should avoid using the squared returns in the semiparametric estimation of long memory volatility dependencies.     

股票价格波动与宏观经济波动

本文从理论和实证两方面分析股票价格波动与宏观经济波动的关系,得出股票价格波动与宏观经济波动存在相关性,股票价格作为宏观经济的先行指标,已成为影响货币政策的外部因素的结论。尽管目前中国的股票价格波动与宏观经济波动呈现异动性,但中央银行也应关注股票价格波动。     

深圳证券交易所不同指数收益率的波动比较

股票价格指数的波动的大小通常代表了它的风险程度,研究股指的波动对风险管理、投资组合以及价格预测有着十分重要的意义。文章采用时间序列分析方法,对深圳证券交易所的三种价格指数建立GARCH模型,并对这三种指数的波动率进行比较。     

人力资本股份化探讨

本文通过对人力资本及其确认、人力资本的价值与价值计量的研究,按“人力资本的价值取决于它所创造的超额利润（经济增加值）”的原则,设计人力资本价值计量模型,进而探索不同类型人力资本股份化的实现方式,并建议利用期权股份激励创新型人力资本所有者。     

西部人:价值观念的冲突与重构

论述了价值观念的含义、分类及演进过程 ,分析了西部人价值观念冲突的现状 ,指出 ,重构西部人价值观念 ,应进行产业、体制和环境等多因素的系统整合 ,确立西部大开发的主导价值观念 ,形成以主导价值观念为核心的价值观念系统 ,并把非理性的价值观念升华为理性的价值观念。     

A Review of Kyoto Protocol Adoption in Russia: Joint Implementation in Focus

Russia’s role in ‘animation’ of the Kyoto Protocol was crucial. Its initial vacillation on ratification was predominantly due to political bargaining with the EU. Domestic economic rationales [i.e. impacts of emission trading and Joint Implementation (JI) projects] were important to a much lesser extent and environmental motives did not seem to play any role in the decision. Since the Protocol entered into force, there have been significant delays in complete establishment of policy implementation frameworks, which are necessary for Russia to start benefiting from JI and emission trading. Only recently, in 2007, have GHG inventories and a national registry been established and the responsibilities for implementation of the Protocol and JI among the government departments have been distributed only to a certain extent. Some constraints hindering JI projects, such as vague legislation, an unfavourable economic climate, lack of commitment to JI projects, corruption, xenophobia, state and agency ‘capture’ still remain.      

A hybrid ARIMA and support vector machines model in stock price forecasting

Traditionally, the autoregressive integrated moving average (ARIMA) model has been one of the most widely used linear models in time series forecasting. However, the ARIMA model cannot easily capture the nonlinear patterns. Support vector machines (SVMs), a novel neural network technique, have been successfully applied in solving nonlinear regression estimation problems. Therefore, this investigation proposes a hybrid methodology that exploits the unique strength of the ARIMA model and the SVMs model in forecasting stock prices problems. Real data sets of stock prices were used to examine the forecasting accuracy of the proposed model. The results of computational tests are very promising.     

中国A、H股市场分割的根源分析

按照投资者的身份不同,中国的股票市场可分为A、B、H股三个市场,三个市场处于严重的分割状态,其最显著的表现就是A、B或A、H股双重上市公司股票的价差现象。本文拟以A、H双重上市股票为例,深入分析价差产生的原因,揭示中国股票市场分割产生的根源。