农村教育投资私人报酬率测算

按实际教育成本计算,我国农村教育投资私人报酬率为:小学2.3%,初中2.1%,高中1.6%;教育投资内部报酬率(IRR)为:小学11.4%,初中13.7%,高中12.8%.预期收入每增加10%,农村教育投资内部报酬率分别增加:小学7.76%,初中7.99%,高中7.68%;私人教育投资内部报酬率对预期收入变化的灵敏性大于对投资成本变化的灵敏性,对小学教育投资变化的灵敏性大于其他受教育水平.农村劳动力受教育水平越高,其教育投资的边际收益越大.     

新形势下高校强化基建财务管理的探讨

在市场经济条件下高校基建财务人员在加强日常财务管理的同时,必须树立起高度的工作责任心,抓好事前监督、事中监督、事后监督三个环节,全面理解、贯彻执行《高等学校财务制度》,管好用好各项基本建设资金,提高基建财务管理水平,以有限的投资,获得最大的投资效益。     

对结果加重犯构成的再认识

当前结果加重犯的核心问题在于没有厘清结果加重犯的本质特征,陷入了“复合形态论”的误区。与“复合形态论”相对,在犯罪类型上结果加重犯应当是危险犯的实害形态。具体而言,在客观方面,结果加重犯中的基本犯罪行为具有加重结果发生的内在危险性或现实可能性;加重结果与基本结果均是同类法益;基本犯罪的侵害对象与加重结果的受害对象必须同一。在主观方面,行为人对于加重结果存在危险故意。     

Stock Returns and Dividend Yields Revisited: A New Way to Look at an Old Problem

The problem of whether stock returns can be predicted from dividend yields is discussed. I apply a new statistical method for finding reliable confidence intervals for regression parameters in the context of dependent and possibly heteroscedastic data, called subsampling. The method works under very weak conditions and avoids the pitfalls of having to choose a structural model to fit to observed data. Appropriate simulation studies suggest that it has better small-sample properties than the generalized method of moments, which is also model free and works under weak conditions. Applying the subsampling method to three datasets, I do not find convincing evidence for the predictability of stock returns.     

Reducing bias in ecological studies: an evaluation of different methodologies

Summary.  Statistical methods of ecological analysis that attempt to reduce ecological bias are empirically evaluated to determine in which circumstances each method might be practicable. The method that is most successful at reducing ecological bias is stratified ecological regression. It allows individual level covariate information to be incorporated into a stratified ecological analysis, as well as the combination of disease and risk factor information from two separate data sources, e.g. outcomes from a cancer registry and risk factor information from the census sample of anonymized records data set. The aggregated individual level model compares favourably with this model but has convergence problems. In addition, it is shown that the large areas that are covered by local authority districts seem to reduce between-area variability and may therefore not be as informative as conducting a ward level analysis. This has policy implications because access to ward level data is restricted.     

International acquisition performance and experience: A resource-based view. Evidence from French acquisitions in the United States (1988–2004)

Does an acquirer with extensive acquisition experience outperform an acquirer with little or no acquisition experience? Does an acquirer with varied growth mode experience (i.e. a company undertaking not only acquisitions but also joint ventures) outperform a company that has very homogeneous experience (i.e. a company growing exclusively through acquisitions)? The main purpose of our article is to examine these two questions in-depth and to attempt to provide some answers. The questions led us to analyze the valuation effect of the acquirer's experience for 291 French acquisitions in the United States. The results were mixed with regard to the relationship between acquisition performance, acquisition experience and heterogeneous experience. On the one hand we found no relationship between the acquisition performance and heterogeneous experience of French acquirers, which is not consistent with the literature on stock market valuation of homogeneous “experience trajectories” [Singh, H., Zollo, M., 1998. The impact of knowledge codification, experience trajectories and integration strategies on the performance of corporate acquisitions. Working Paper INSEAD, 98,62,SM.]. On the other hand, our findings indicate that the relationship between the acquisition performance and acquisition experience of French acquirers follows a curvilinear (inverted U-shaped) distribution.     

基于网络外部性的规模收益与产品差异化

通过构造一个纵向产品差异化的两阶段模型(先决定产品质量再决定产量) ,研究了当产 品具有网络外部性特征时,其规模收益特征对企业的产品质量差异度、利润、产品价格和需求 等因素的影响. 然后对产品的规模收益递增和递减两种情况作了比较分析并得出相应的结论. 研究表明,当不考虑网络外部性时递减规模收益假设下产品的质量(不论是高质量还是低质 量) 都要低于递增规模收益情形;而考虑网络外部性时递减规模收益假设下的高质量要远大于 递增规模收益假设下的质量;递减规模收益假设下的市场需求都要低于递增规模收益假设下 的市场需求,这与产品是否具有网络外部性特征无关.     

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。     

沪深A、B股市场信息传递路径实证分析

运用计量经济学中的ARCH-LM检验、GARCH模型、Granger引导关系检验等分析方法，实证分析了B股市场对境内投资者开放前后沪深两市A指收益率序列与B指收益率序列和非预期收益率序列的Granger引导关系，给出沪深A、B股市场信息传递路径，并且指出从信息流动角度来说，A、B股市场整合的方式是从A股市场向B股市场的内幕消息的传递和从B股市场向A股市场的投资理念的趋同。     

规模报酬不变还是递增？——来自中国以及五个OECD国家的实证分析

规模报酬不变还是规模报酬递增,往往是许多理论模型的研究假设前提。在一般的经济增长理论与模型基础上对规模报酬问题进行了分析,并对中国1978～2004年的规模报酬进行了检验,并采用PanelData模型检验了五个OECD国家的规模报酬问题。研究表明,规模报酬不变的假设前提将导致要素实际贡献额估计有偏。规模报酬不变的假设不适合分析现代经济发展,这也正是许多理论模型解释现实遇到困难的原因之一。