The estimation for Lévy processes in high frequency data

In this article, a generalized Lévy model is proposed and its parameters are estimated in high-frequency data settings. An infinitesimal generator of Lévy processes is used to study the asymptotic properties of the drift and volatility estimators. They are consistent asymptotically and are independent of other parameters making them better than those in Chen et al. (2010 Chen, S. X., Delaigle, A., Hall, P. (2010). Nonparametric estimation for a class of Lévy processes. Journal of Econometrics 157:257–271.[Crossref], [Web of Science ®] , [Google Scholar]). The estimators proposed here also have fast convergence rates and are simple to implement.     

论我国股份公司财务管理的目标和任务

西方财务管理的目标经历了由利润最大化到股东财富最大化，再演变为股票市价最高化的过程。本文将西方财务管理理论与我国财务管理实践紧密结合，提出了我国股份公司财务管理的目标是每期现金股利最大化的观点，并阐述了实现上述财务目标的任务。     

国企改革实现三年走出困境的思考

深化国企改革,三年走出困境既是机遇又是挑战,这需要国家在税收、保险、金融、价格等财经政策方面予以倾斜和配套措施的扶持,而企业自身要以现代企业制度为要求,加强管理,提高自身市场竞争力,需要国家、企业、个人三方面共做出努力,共渡难关,实现三年走出困境。     

Research in family financial counseling

Domains of family financial counseling research are proposed in order to establish criteria for assessing research needs in this relatively new field. Identification of the research domains implies progress for an emerging profession. A survey of the family financial counseling research to date is reported. Results of research in several domains are shown to demonstrate how results from empirical studies can contribute to the theory and practice of family financial counseling.Research conducted under the auspices of Agricultural Experiment Station Research Project 01803, Family Economic Problems and Resource Management.Dr. Williams is an Associate Professor in the Department of Consumer Sciences and Retailing, Purdue University, West Lafayette, Indiana 47907. Her Ph.D. was received from Purdue. Current research interests include income adequacy, economic security, financial problems, and financial counseling.     

发达国家高校办学财政资助模式的探讨

发达国家高校办学有多种模式,其中财政资助模式是其共同特点之一。经费的自主调配权是发达国家高等教育自主性的重要标志。面对高等教育的重要性和高校经费短缺的现状,各国政府采用经济功能参与高等教育的宏观管理。财政资助模式在英、法、美、日、德等发达国家又显示出不同的特点,探讨其成功经验对促进我国高校办学与国际接轨具有重要的借鉴意义。     

‘Wallbanking’, innovativeness and computer attitudes: 25–40-year-old ATM-users on the spot

Attitudes towards ‘wallbanking’ (making use of banking services through an Automated Teller Machine (ATM)) and self-reported frequency of wallbanking have been related to attitudes towards innovations and towards computers. The investigation also included the perception of advantages as well as disadvantages of wallbanking, factors that determine one's choice of a bank, man-machine problems related to the use of an ATM, and demographic factors. Using a sample of 201 respondents in the age range of 25 to 40 years, structural equation modeling revealed that wallbanking attitudes have a major influence on the frequency of using ATMs. The innovativeness attitude ‘New is wasteful’ also showed a clear negative link with the frequency of wallbanking. On the other hand, the relationship between computer attitudes and the frequency of using ATMs had to be rejected. Income and education proved to have an indirect link with the frequency of wallbanking, which refines other research findings. These results may reflect specific financial management characteristics of the age group under investigation.     

Household Debt and Marital Instability: Evidence from the Korean Labor and Income Panel Study

Korean society has recently experienced rapid increases in household debt and divorce rates. This study investigates whether household debt and debt ratios lower marital stability and increase the probability of divorce among Korean families. Six-year panels from the Korean Labor and Income Panel Study (KLIPS) household surveys were used for analysis. The effect of household debt upon the probability of divorce was estimated through pooled and population-averaged Logit models. The results suggest that household financial strain measured by the amount of household debt and the debt-to-income ratios does not significantly affect the probability of divorce. This finding contradicts the widespread notion that households’ excessive borrowing has been partially responsible for the recent increase in divorce rates in Korea.

英国都铎王朝的财政结构及王权和议会的关系

都铎王朝财政收入结构由普通收入和非常收入两部分组成。从都铎王权财政收入结构看,王权对议会具有很强的依赖性,这突出体现在关税和议会税在财政结构中的地位和作用上。这种依赖性在很大程度上决定了王权和议会的关系,主要表现在"王在议会"和"议会至上"原则萌芽以及王权有限性和议会权力增长等方面。这种独特的关系对英国政治和历史产生深远影响。     

金融产业集聚与区域经济增长

金融产业集聚对区域经济增长起着不容忽视的作用,本文在金融产业集聚对经济增长影响机理分析的基础上,选取我国生产性服务业的典型代表——北京市为案例,描述其金融产业集聚与经济增长状况,并基于6大主城区的数据,利用扩展的C-D函数及混合面板模型对金融产业集聚对区域经济增长的影响进行了实证检验.研究发现：北京市金融业已形成良好的金融集聚态势;金融业集聚对区域经济增长有着明显的正向促进作用.在此基础上,提出了进一步加强金融集聚及其对区域经济增长作用的政策建议.