碳管制效率、政府能力与碳排放

 在碳约束时代追求经济增长与环境保护双赢发展的要求下,探索兼顾发展与控制的平衡路径具有重要的意义。本文构造了一个引入随机边界分析的STIRPAT模型,从国际比较的视角,研究政府能力和碳管制效率对控制碳排放的影响作用。研究结论显示,过去10多年来,各国的碳管制效率并没有太大的改进,且在2008年金融危机期间还出现了明显的下降,表明各国在探索提升碳管制效率以及有效控制碳排放方面还有很长的路要走。中国的碳管制效率总体上位居世界前列,超过了美国和欧盟,但低于日本,碳管制领域的法制力度和政府效率是影响中国碳管制效率提升的主要因素,而加强政府能力将有助于提升碳管制效率,进而促进节能减排。     

新疆货币金融的近代化

通过翔实史料描述了新疆货币金融的近代化过程。指出新疆货币近代化和金融业近代化与内地有着密切的联系,但又有某些特殊性。     

碳预算方案：一个公平、可持续的国际气候制度框架(英文)

全球温室气体减排已有一定的科学认知和国际政治意愿。由于涉及经济代价和发展权益,全球温室气体减排的国际制度框架均难于兼顾公平与可持续性双重目标。以气候安全的允许排放量为全球碳预算总量,设为刚性约束,可以确保碳预算方案的可持续性;将有限的全球碳预算总额以人均方式初始分配到每个地球村民,满足基本需求,可以确保碳预算方案的公平性。根据历史排放和未来需求进行碳预算转移支付,设计相应的资金机制,使碳预算方案具有效率配置特征。不同于分时段、临时目标的《京都议定书》途径,这样的碳预算方案是一个全面涵盖的整体性一揽子方案。然而,由于气候变化问题已泛政治化,许多技术性问题需要国际政治与外交谈判才能解决。     

"后美国次贷危机"下中国金融业的发展

美国的“次贷危机”引发了世界范围的金融危机,也深刻影响了世界经济的发展。在这场危机后,我国应该对此进行反思,吸取其中的经验教训,从而推进我国金融业的进一步改革与发展。整体来看,美国“次贷危机”后,我国的金融发展有五个基本取向,即维护安全的基础上推进金融深化,规范秩序的基础上推进金融创新,防止“抑制”基础上防范金融风险,在加强宏观调控基础上改善金融生态,在加强系统建设基础上优化金融机制。     

金融学的深化:范式转变与信息技术

长期以来,国内"金融学"在传承古今、贯通中西的历程中内容不断丰富,但这种发展始终是在结构范式下进行的,比较金融学的研究成果和国内外金融体系发展的实践使结构范式面临危机,应运而生的功能范式,不仅具有明显的理论优势,还具有直接的金融实践价值.此外,金融运行由"纸基"向"电子基"的转化已经具有相当的广度和深度,信息技术在金融运行中的地位和作用也已经由"技术支持"上升为"技术驱动",显现出质的变化.但是,金融理论研究和学科教育都没有跟上实践发展的步伐,范式推陈出新和对信息技术在金融领域革命性影响的反映将推动"金融学"的深化.     

Underwriting and Calls of Convertible Bonds*

We model convertible bond calls under asymmetric information where, unlike Harris and Raviv (1985), we consider a nonzero call price and a call notice period. In the model, the use of underwriters conveys negative information. Consequently, the stock price decline is greater for underwritten calls than for nonunderwritten calls. Furthermore, underwritten calls are made earlier and when the conversion option is less deep in the money. Underwriting commissions and the stock price decline associated with a call are negatively related to the extent that the conversion option is in the money before the call. Empirical evidence in this paper and Singh, Cowan, and Nayar (1991) are consistent with the model's predictions.     

SHAREHOLDER LIMITED LIABILITY AND MEAN-VARIANCE MODELS OF CAPITAL STRUCTURE*

This paper demonstrates that shareholder limited liability imposes a restriction on corporate borrowing and that failure to incorporate this restriction into the analysis yields the “reductio ad absurdum” argument against mean-variance models of optimal capital structure. With corporate income taxes and costless bankruptcy, the firm's value is a monotonically increasing function of debt as long as the amount of debt does not exceed the upper limit imposed by shareholder limited liability. As a result, the introduction of costly bankruptcy into the mean-variance framework is justified.     

Neural Networks: A New Tool for Predicting Thrift Failures*

A neural network model that processes input data consisting of financial ratios is developed to predict the financial health of thrift institutions. The network's ability to discriminate between healthy and failed institutions is compared to a traditional statistical model. The differences and similarities in the two modelling approaches are discussed. The neural network, which uses the same financial data, requires fewer assumptions, achieves a higher degree of prediction accuracy, and is more robust.     

NEW PRODUCT ANNOUNCEMENTS AND STOCK PRICES

The final test of any management decision is its effect on the value of the firm's securities. This paper examines the subsequent impact of the publication of new product announcements on stock returns. A distinguishing feature of this presentation is the integration of decision making in the marketing and finance functional areas.