我国廉租房法律制度的缺失及其修正

保障性住房是房地产市场不可逾越的鸿沟,而廉租房是衔接保障性住房与房地产市场化之间的纽带。现阶段必须从保障公民居住权出发,完善廉租房相关法律制度,从资金来源、住房分配、退出机制等多方面入手,建立完整的廉租房法律制度体系。     

基于不同市场指数条件下的基金业绩评价分析

基金业绩评价是近年来研究的热点,基于深成综合指数和上证综合指数两个不同的市场指数条件对我国12只封闭式基金的业绩进行评价。实证研究发现:风险调整后的基金业绩评价体系适合不同的市场指数,进一步证实了市场的有效性假说,同时还发现时机选择对条件信息具有很大的敏感性。     

商业银行不良贷款处置时机抉择

商业银行对不良贷款的相机处置权可以看成一个实物期权,在不良资产处置回收率服从几何布朗运动及再投资回报服从扩散跳跃模型的假设下,运用随机动态规划技术,确定不良贷款等待处置期权价值满足的偏微分方程,并利用价值匹配和平滑粘贴条件确定方程的解析解。利用该解析解可以得到不良贷款的最优处置时机,以及不良贷款推迟处置的条件。     

证券投资基金市场时机把握能力评价——一个新模型以及SURE方法

目前关于证券投资基金表现评价的模型均存在市场时机把握能力为负值的偏差,这在经济意义上是不合理的。本文在Treynor-Mazuy的二次回归模型基础上构建了含偏度调整的条件二次模型。通过对中国证券投资基金市场时机把握能力的实证分析,发现该模型有效消除了市场时机把握能力上存在负值的偏差。在实证分析上,由于各个证券投资基金净值超额收益率存在相关关系,对每一个基金样本分别进行时间序列的最小二乘法(OLS或GLS)回归,会产生无效的回归结果,因此本文采用看似无关回归方程(SURE)的方法。从研究结果来看,SURE的结果更可靠。     

不确定终止时间的多阶段最优投资组合

研究了当终止时间不确定时的多阶段最优投资组合问题.假定终止时间是个服从某分布的随机变量,将不确定终止时间的问题转化为确定时间的问题,应用动态规划求解模型,得到最优投资策略以及有效边界的解析形式.实例证明所得的结论是对确定终止时间情形的推广,最优投资策略受终止时间分布的影响.     

衡量基金经理“波段操作能力”的方法

Monte Carlo 模拟表明传统检验基金经理时机选择能力模型,如Treynor2Mazuy 模型和 Henriksson2Merton 模型无能为力. 通过分析传统方法的缺陷,提出了检验基金经理波段时机选 择能力模型. 模拟显示,新模型能较好地检测基金经理的“波段操作能力”. 模型只需要基金净 值的收益数据,就可以衡量在大盘经历比较大的转折时,基金经理能否对市场在未来一段时期 内波动方向进行预测,通过购买低或高β值的资产调整其资产组合的β值,以便更好把握市场 时机,得到高的收益.     

我国债券型基金择时能力实证研究

选取12只开放式债券型基金作为研究对象,采用Sharpe投资风格分析法,通过分析债券型基金管理者的现金与债券之间转换能力、债券期限匹配能力、年度投资组合调整能力对其择时能力进行研究。研究结果表明:南方宝元、天治财富增长的现金调整值为正数,故基金管理者具有现金与债券之间转换能力;南方宝元、兴业转债以及天治财富增长的短期债券调整值为负数,长期债券调整值为正数,故基金管理者具有债券期限匹配能力;南方宝元、兴业转债以及天治财富增长的年度投资组合调整均值都是正数,故基金管理者具有年度投资组合调整能力。     

Dynamic Decision-Making Under Uncertainty: An Experimental Investigation of Choices Between Accumulator Gambles

This paper presents an experiment that is designed to be more effective than previous studies at reproducing in the laboratory the affective experiences of risk-taking, such as hope, fear, thrill, pain of loss, regret, disappointment or elation. The use of dynamic choice problems involving accumulator gambles, and a particular randomisation device to resolve them, are central to the design. Our results both are inconsistent with orthodox dynamic choice theory and cast doubt on the generality of effects observed in previous designs. We discuss these findings, in terms of the relative impacts on behaviour of affective experience and judgement.     

Kairos and practice wisdom in social work practice

Practice wisdom is a form of practical moral reasoning when social workers face the complexity and uncertainty encountered in practice. Following a literature review on practice wisdom in social work, its essential features are discussed, identifying a neglected element in the literature—the element of time. The element of time is found to be implicitly considered in models of social work practice but not in relation to practice wisdom. If the right action has to be taken in the right place, and at the right time, the concept of practice wisdom would be much impoverished if the element of time is not considered in its discussion. Hence, the concepts of kairos—qualitative time, and chronos—quantitative time, are discussed. The relevance and usefulness of kairos in social work practice are pointed out. Social workers need to work with ‘time within time’, be conscious of clients’ sense of time, know what to do as well as what not to do at the appropriate time. Finally, the inextricable link between time and space and the possible emergence of novelty and ingenuity are examined to bring out the creative dimension of practice wisdom.