沪深300股指期现货长记忆性及分数维协整

基于中国沪深300股指期货及沪深300指数2010年4月16日-2014年3月31日间的5分钟高频交易数据,首先采用Geweke-Porter-Hudak（GPH）和Local-Whittle估计方法,研究中国股指期货和现货沪深300指数市场的流动性、波动率以及交易活跃度等市场微观结构指标的长记忆性;然后运用频域最小二乘估计方法探究上述指标间的分数维协整关系。实证结果表明:两市场的流动性、波动率以及交易量和持仓量均存在长记忆性,且在5%的显著性水平下不能拒绝两市场的流动性和波动率四者分整阶数相同,以及交易量和期货持仓量三者分整阶数相同的假设。此外,股指期货的流动性与波动率、股指期货的流动性与现货的波动率、股指现货的流动性与期货的波动率以及股指现货的流动性与现货的波动率4组序列之间具有分数维协整关系;股指期货和现货的波动率之间存在分数维协整关系;交易活跃度的衡量指标之间不存在任何分数维协整关系。     

经济增长、股票收益率与股市流动性 之间的时变影响 ——基于TVP-SV-SVAR 模型的分析

中国股市流动性对提高股票收益率,促进经济发展的作用不容忽视,股票收益率与经济增长对 股市流动性的影响也在日益增强。将经济增长、股票收益率和股市流动性同时纳入TVP-SV-SVAR 分析 框架中,从时变视角分析三者之间的内在关系。实证结果表明,股票收益率是股市流动性和经济增长的 单向Granger 因果关系,股市流动性对股票收益率具有较强的时滞效应且时变性非常显著,经济增长对股 市流动性的冲击效应呈现“勺子”形态,而股市流动性对经济增长的冲击效应呈现“山谷”形态,不同时点 的股市流动性对经济增长的影响具有明显的不对称性和时变性。据此,建议从促进经济高质量增长、完 善股票市场制度、建立风险对冲机制等方面保持股市充足的流动性,以提高股票市场稳定性。     

Surviving mission drift: How charities can turn dependence on government contract funding to their own advantage

The widespread contracting out to British charities of welfare services previously furnished by the state has resulted in many charities operating in fields well outside those specified by their original missions. Challenges connected with charity mission drift have received a great deal of (mainly negative and critical) attention in the nonprofit practitioner literature in recent years, yet no academic research has been completed into exactly how charities respond managerially and operationally to government‐induced mission drift. This empirical study attempted to fill this important gap in knowledge about charity management through in‐depth case studies of three charities known to have experienced substantial mission drift during the last decade, focusing on the styles and types of approach the organizations had adopted in their dealings with government funding agencies. It emerged that the three charities accepted mission drift as a fact of life. Rather than simply supplying contract services to government bodies, the charities were highly proactive in seeking to initiate, direct, control, and assume overall strategic responsibility for state‐funded activities.     

经济财富的性质考察与辨析

经济财富除了具有效用性、稀缺性、劳动性、物质性、社会性、历史性等基本特征以外,还具有多样性、变异性、聚集性、流动性等众多衍生性质。在此基础上,笔者认同和支持通过努力劳动与重视科技创新、不断改善社会关系并保护劳动者的利益、积极扩大国内外贸易与技术交流、加强国家安全防卫等基本措施创造与维护国家的经济财富。     

Racial Differences in Breast Cancer Screening Among Women from 65 to 74 Years of Age: Trends from 1987–1993 and Barriers to Screening

ABSTRACT

Breast cancer mortality is decreasing for elderly white women but increasing for elderly black women. National surveys were used to study racial differences in breast cancer screening and effects of Medicare funding for mammography and to examine explanatory factors. A total of 13,545 women, aged 65–74, from the Health Care Finance Administration's Master Beneficiary File participated. After Medicare funding for screening mammography, the percent reporting a mammogram increased for white women, but not for black women. Clinical breast examination and breast self-examination decreased. Physician's recommendation, geographic area, education level and health status were the variables significantly affecting mammography usage for both races. Physicians recommended mammography more often if women were white, married, educated beyond high school and had an annual income greater than $20,000. These results support the need to design and test strategies specifically for black women and interventions to emphasize physician recommendations for breast cancer screening.     

System Transformation and Development Path on Medical Care

China's basic medical care system has achieved universal coverage, faced the system transformation with substance fair. Under the transformation background from universal coverage to integration on urban and rural areas, and the transformation direction from the "medical care" to "health for all", through the institutional transition path on system design, service delivery, fi nancial support, this paper points out that how to improve quality of medical care and optimizing the level of health care services, match sustainable funding system and improving payment system, which in public health, medical services, medical care and medicine supply, realize the transformation and the development from universal medical care to health care.     

股票市场微观结构噪声、跳跃、流动性关系分析

在金融高频数据研究领域,学者们关于不同类型风险的内在关系并未深入探讨。从高频数据角度,本文首次对市场微观结构噪声、波动率跳跃之间的关系进行了理论分析。估计出微观结构噪声方差,通过构造新的跳跃分离方法,分离出波动中跳跃成分,给出流动性度量指标,并以上证综合指数为例,对微观结构噪声、跳跃、流动性三者关系进行实证分析。结果表明噪声越大指数发生跳跃的可能性越高;流动性越强指数的噪声越小,并且发生跳跃的可能性越低,并对此现象给出相应的解释。     

美国高等教育经费来源对我国的启示

美国是当今世界上高等教育最发达的国家,充足的经费投入是其高等教育领先于世界的必要保障,这得益于其多元化、多渠道的经费投资体制。分析我国高等教育经费筹措方式,并与之进行比较,可以找出差异和问题所在,并在结合我国实际国情的基础上进行探讨,吸取经验,以进一步完善我国高等教育的经费投资体制。     

基于VaR技术的国有股过渡流通方案研究

VaR技术模型分析了A股与过渡流通股之间波动的价差,二者的价差并不稳定。因此我们不能给非流通股定价,我们应建立过渡流通股市场,在过渡期中,我们逐步赋予非流通股以流通权。     

高校体育经费多渠道来源的研究

运用文献资料法和逻辑分析法等方法分析了社会主义市场经济条件下高校体育所面，临的体育经费不足等主要困惑，阐明对这些困惑所持的态度，并提出了摆脱主要困惑、多渠道筹措体育经费的具体对策。