异质信念、卖空约束和房地产预期收益

2003年以来,中国政府采取了一系列政策措施试图对房地产市场存在的非理性投机进行有效抑制,但是事实证明,简单地通过增加供给或者通过增加交易成本来减少需求都无法真正消除普遍存在的投机行为.从行为金融学的角度来看,在卖空约束的条件下,投资者异质信念会使得资产价格出现系统性偏差,产生投机泡沫.而当中国房地产市场交易者也存在异质信念和卖空约束时,由于政策管制的原因,房地产市场将看空投资者拒之门外,房地产价格只反映了乐观投资者的意见,进而导致房地产价格被高估,产生泡沫.因此,只有借助市场化手段,通过发行房地产投资基金等方式为房地产市场树立价格标杆,才能有效抑制房地产市场的过度投机行为.     

股票市场的投机行为分析

机能机是股票市场运行的常态。本文从行为金融学的独特视角，对投票市场投机理论进行了简要回顾与总结。在此基础上对中国股票市场的投机性表现以及普通投资者参与市场投机活动的心理进行了深入研究。最后结合我国股市的特点，提出规范股票市场发展、防止过度投机、降低金属风险的政策建议。     

机构投资者的行为失范:表现、成因与矫正

近年来我国机构投资者快速发展,但由于市场、制度、监管、自律、结构等种种因素,机构化在给市场带来深刻影响和积极意义的同时,也暴露出诸如操纵市场、内幕交易、过度投机等行为失范问题。加强规范、优化结构、强化治理、转变机构发展模式已刻不容缓。     

中国股票市场投机文化探究

中国股票市场作为一个新兴加转轨市场,走过了19年超常规发展之路.超常规发展的股票市场,其主流文化是投机文化,高风险是这种文化的必然结果.在投机文化主导下,投资者之利益难以得到有效保护,"公开、公平、公正"之原则难以有效维护,股票市场之稳定、健康与和谐发展难以充分实现.     

基于制度和风险视角的股权分置改革时期证券市场研究

我国证券市场存在过度投机、市场走势与宏观经济背离、风险结构失衡等问题。股权分置改革引发了我国资本市场全局性、根本性变革,带来股权结构优化和机构投资者治理模式形成等趋势,建议尽快恢复新股发行,简化再融资程序,解除政府隐性担保,完善监管体系。     

我国证券市场是否存在羊群效应？——基于上证50指数的实证检验

在资本市场上,羊群效应是指投资者在信息不确定的情况下过度依赖舆论噪声进行交易进而导致整个群体交易策略趋同的现象。在经济学研究上,羊群效应体现为投资者决策行为之间的相关性。本文基于上证50指数的周收益率数据,然后采用CSAD测度方法对上证50指数的周收益率数据进行了处理,继而对上海证券交易所的羊群效应进行实证分析。检验结果表明,在95%和99%的置信度下,上海证券交易市场的羊群效应很弱,基本可以认为不存在羊群效应。这说明我国近年来在资本市场推出的一系列政策,使得我国资本市场在某种程度上得到了改善,市场投资理念日趋完善和成熟。     

股市过度投机的上市公司维度分析

股市经过十多年发展已成为我国经济的一个重要组成部分。但十多年来，我国股市一直被“庄家市”、“消息市”所困扰，过度投机问题已经成为股市健康发展的瓶颈。上市公司素质低下，回报意识淡薄，股票缺乏投资价值，是我国股市过度投机盛行的根本原因。把股市建设成有效的投资、融资和适度投机的场所的根本途径是提高上市公司质量、规范公司的经营行为，建立规范的分配回报机制，实现筹资者和投资者的双赢。     

我国股市过度投机现象的分析及对策

本文通过对市盈率、换手率、市净率和股价指数波动幅度4个指标的分析,得出中国股市存在过度投机的现象,并通过博弈分析,提出政府应当加强对股市的监管,提高监管者的努力水平;设法减少投机者的投机收入,使股市投机的收益预期下降;同时,要加强监管机制的有效设置和配套政策的支持.     

土地投机的形成机理及其防范对策

本文通过对我国土地投机的表现形式、形成机理的探讨 ,分析了土地投机对土地市场正负两方面的影响 ,并提出了防范土地过度投机、规范土地市场的一些对策。     

在规范中发展——中国证券市场的现状及发展

１９９８年底，酝酿已久的《中华人民共和国证券法》正式由全国人民代表大会常务委员会审议通过。证券法的出台是我国经济生活中的一件大事，它标志着我国证券市场的法制建设步入了一个新的阶段，中小投资者的合法权益将得到更加有效的保护，违规者也将受到法律的严厉惩处。回顾中国证券市场的发展史，是不断步入依法治市轨道的历史，是不断规范和化解市场风险，促进上市公司、券商、中介机构等参与市场各方规范操作，这就为抑制过度投机行为，吸引广大投资者，最终为证券市场的长治久安奠定坚实基础     

三棱镜下,透视玫瑰之殇——《献给艾米丽的玫瑰花》探析

资本投机是现代资本经济主导社会中的一种常态现象,《品酒》主人公迈克是个资深的资本投机家,拥有雄厚的资本财富,虽然在生活中极力借酒与酒文化来淡化自身资本投机家的本色,但品酒加小赌的宴会必备程序,使得这一浓具亲情与友情的行为也染上了一份浓郁的投机色彩,真可谓是画虎不成反类犬。《品酒》一文正是借这似乎略显风雅的生活小节,从一个个深陷资本投机之中的愚人及闪烁人性光辉的女仆入手,讽喻了资本投机风行的社会中的人性迷失。     

Marketization,occupational segregation,and gender earnings inequality in urban China

This article analyzes a large sample of the 2005 population mini-census data and prefecture-level statistics of China to investigate gender earnings inequality in the context of economic marketization, paying special attention to the changing role of occupational segregation in the process. We approximate marketization by employment sectors and also construct an index of marketization at the prefecture level. Results show that, despite the tremendous economic growth, marketization has exacerbated gender earnings inequality in urban China's labor markets. Gender earnings inequality is the smallest in government/public institutions, followed by public enterprises, and then private enterprises. The gender inequality also increases with the prefecture's level of marketization. Multilevel analyses show that occupational segregation plays an important role in affecting gender earnings inequality: the greater the occupational segregation, the more disadvantaged women are relative to men in earnings in a prefecture's labor market. Moreover, the impact of occupational segregation on gender earnings inequality increases with the prefectural level of marketization. These findings contribute to understanding the dynamics of gender earnings inequality and have important implications for policy to promote gender equality in urban China.     

Some considerations concerning the functional form of earnings

The problem of choosing the correct functional form of earnings has plagued studies of social inequality and labor market segmentation. Although this choice has often been made on superficial grounds, the results presented in the current paper demonstrate that this choice has very significant implications for the empirical findings that emerge from the study of earnings determination. Four functional forms of earnings are compared: dollar earnings, earnings rank based on social perceptions as calibrated by P. Coleman and L. Rainwater (1978, Social Standing in America, Basic Books, New York) the natural logarithm of earnings, and the best-fitting power function transformation of earnings as estimated by the Box-Cox technique. Evaluation of a generalized earnings determination model on a sample of private sector employees produces very similar results across these four functional forms of earnings. More divergent results are obtained when the models are compared across subsamples based on class, economic sector, and gender. Significant contrasts between earnings coefficients across groups are much more likely when utilizing log earnings or the Box-Cox power transformation than when using either dollar earnings or perceived earnings. In addition, the contrasts observed for log earnings and Box-Cox earnings are frequently in the opposite direction of those observed for dollar earnings or perceived earnings. The paper concludes with a discussion of the implications of these findings for theoretical developments in the study of social inequality and labor market segmentation.     

Globalization, labor market transformation, and metropolitan earnings inequality

Numerous studies have noted the increasing levels of inequality in American society, but relatively few have linked this inequality to the dynamics of the global economy. In this study, we examine the impact of five measures of globalization (global capital, foreign direct investment, exports, foreign born non-citizens, and foreign born citizens) and six measures of labor market transformation (deindustrialization, corporate restructuring, bureaucratic burden, casualization, bad jobs, and multiple job holding) on metropolitan-level earnings inequality of full-time, full-year workers 16 years and older. Our study makes several major contributions to the literature. First, we update and extend the long line of studies on metropolitan earnings inequality. Second, we show that these various dimensions of globalization and labor market transformation exert independent and mainly polarizing effects on the earnings distributions of metropolitan areas, net of controls for labor market structure and sociodemographic variables. Third, we demonstrate the benefits of looking at the causes of inequality in the upper and lower tails of the earnings distribution. Finally, we develop a procedure to estimate counterfactual values of earnings inequality for all major metropolitan areas in the US in 2000. In the process, the paper provides a comprehensive accounting of the impact of globalization and labor market transformation on metropolitan earnings inequality.     

IPO盈余管理:企业需要向事务所支付更多吗?

本文以2004至2007年中国证券市场A股IPO企业为研究样本,对IPO审计费用的影响因素,尤其是盈余管理(包括盈余管理的方向与幅度)对审计费用的影响进行了探索,重点考察了盈余管理方向、盈余管理幅度对审计费用的影响。发现针对本文考察的样本,虽然IPO盈余管理会增加其支付的审计费用,但统计上并不显著。     

Sex stratification in the workplace: Male-female differences in economic returns to occupation

Employing data from the 1974–1977 NORC General Social Surveys, I investigate differences in the earnings attainment of currently employed white men and women age 25 to 64. I focus special attention on the explanatory effects of job characteristics other than those traditionally employed in prestige and status-defined earnings models. The results, based on a multivariate regression analysis and a regression standardization procedure, suggest that a nontrivial portion of the earnings gap between men and women is due to women's concentration in jobs which are low-paying and heavily female and because women are less likely than men to exercise authority in their jobs or to control the means of production. Including these factors in an earnings model statistically increases women's earnings as a percentage of men's by over 7%, accounting for approximately 13% of the earnings gap. Net of these job characteristics, gender differences in industry distribution are not substantively important in explaining why women earn less than men, accounting for only 0.4% of the earnings gap. When single women's earnings are adjusted to take account of their occupational concentration, 10% of the male-single female earnings gap is explained, providing preliminary evidence that the job characteristics I specify are not mere proxies for work experience. Including job characteristics as measures of the context of employment thus usefully extends the human capital and prestige or statusdefined models traditionally employed in explanations of the male-female earnings differential.     

孙中山土地观渊源探析

约翰·穆勒和亨利·乔治的土地税思想是孙中山"平均地权"土地观的直接来源。约翰.穆勒和亨利.乔治认为造成社会分化和经济畸形的主要原因是土地私有和土地市场投机炒作。他们提出用征收土地税的方法来实现土地收益权的公有化,进而达到遏制土地市场炒作以实现经济健康发展的目的。探析约翰·穆勒和亨利·乔治的土地税思想,对于深入理解孙中山的土地观具有重要意义,对于我国当前规范土地市场也具有重要的借鉴和启示意义。     

Money Isn't Everything: Wives' Earnings and Housework Time

The autonomy perspective of housework time predicts that wives' housework time falls steadily as their earnings rise, because wives use additional financial resources to outsource or forego time in housework. We argue, however, that wives' ability to reduce their housework varies by household task. That is, we expect that increases in wives' earnings will allow them to forego or outsource some tasks, but not others. As a result, we hypothesize more rapid declines in wives' housework time for low-earning wives as their earnings increase than for high-earning wives who have already stopped performing household tasks that are the easiest and cheapest to outsource or forego. Using fixed-effects models and data from the Panel Study of Income Dynamics, we find considerable support for our hypothesis. We further conclude that past evidence that wives who out-earn their husbands spend additional time in housework to compensate for their gender-deviant success in the labor market is due to the failure to account for the non-linear relationship between wives' absolute earnings and their housework time.     

IPO首日超额收益的影响因素研究

IPO(Initial Public Offerings)上市后市场的异常表现,尤其是IPO上市首日的超额收益一直是研究的热点问题。围绕可能影响IPO上市首日超额收益的因素,研究这些因素对上市首日的异象是否有影响,有怎样的影响以及产生的影响大小等问题,并比较市场板块间的相应影响因素有何异同,进而就我国证券市场的发展提出个人建议。