LOG-PERIODOGRAM ESTIMATION OF LONG MEMORY VOLATILITY DEPENDENCIES WITH CONDITIONALLY HEAVY TAILED RETURNS

Many recent papers have used semiparametric methods, especially the log-periodogram regression, to detect and estimate long memory in the volatility of asset returns. In these papers, the volatility is proxied by measures such as squared, log-squared, and absolute returns. While the evidence for the existence of long memory is strong using any of these measures, the actual long memory parameter estimates can be sensitive to which measure is used. In Monte-Carlo simulations, I find that if the data is conditionally leptokurtic, the log-periodogram regression estimator using squared returns has a large downward bias, which is avoided by using other volatility measures. In United States stock return data, I find that squared returns give much lower estimates of the long memory parameter than the alternative volatility measures, which is consistent with the simulation results. I conclude that researchers should avoid using the squared returns in the semiparametric estimation of long memory volatility dependencies.     

市场竞争条件下成人高等教育发展的困境与突破

改革开放以来，我国经济体制从计划走向市场，并逐步趋于完善。经济体制的转变带来了成人高等教育活动的变革。市场竞争条件下成人高等教育发展呈现出竞争性、合作性、品牌化、多样性和适应性等特征。然而，我国成人高等教育却存在着地位不明、竞争力弱、质量偏低、单一化、趋同化等问题。我们只有对成人高等教育进行系统改革，才能建立与现代市场经济体系相适应的成人高等教育体系。     

结构分销网络与市场定位的刚性匹配

市场定位决定了营销的基本策略,因此,也是结构分销网络在设计时必须考虑的刚性匹配。市场定位既决定了分销网络的终端形式及逆向设计原则,决定了分销网络终端的密度,也决定了分销网络终端渠道的管理层次与幅度及区域市场的选择方式。     

我国期货市场的法规探讨

本文阐述了期货市场法律规范的基本原则和主要功能，介绍了我国期货市场的近期发展与法规现状，并对我国期贷市场法律规范的基本原则与体系设置作了探讨。     

近代河南集市研究再思考

近代集市的发展不仅表现为数量方面的增加,也有集市数量不变而集市承载量增加的情况;考察集市分布密度以耕地面积为基础更有可比性,而且开市率的高低主要是人们传统习惯、人口规模、集市密度、商品化程度、经济发展状况等因素综合作用的结果,其中传统习惯对开市率的影响较大。     

FDI、要素成本与东道国产业发展

论题拓展了James R Markusen（1997）的基本模型，重点纳入外商直接投资进入东道国对其要素市场的影响，分析了FDI与东道国产业的关联效应以及在要素市场的竞争效应对东道国产业发展的影响。外商直接投资将通过关联效应和要素市场的竞争对东道国产业发展产生一个动态二阶段影响过程：在初始阶段外商直接投资的进入将引导东道国发展最终消费品产业，从而促进产业结构变动；但在东道国产业发展到一定阶段后外商直接投资与东道国产业在要素市场的竞争加剧将阻碍东道国产业发展。     

基于EGARCH模型的我国股市信息对称性研究

利用过去17年我国上证综合指数的历史数据,根据股票市场大的波动周期分五阶段经过EGARCH(1,1)模型估计,以验证市场对信息冲出的反映情况.研究结果表明:中国股市存在很大的波动性,尚未达到弱有效性;存在正负杠杆效应交替出现的现象,表现出信息不对称性,但是这种不对称性在明显减小.     

Forced to work and liberated from work

The work-welfare nexus is essential in all social policy regimes. The question is in what situations individuals should be entitled to social welfare benefits and in which situations they should be obliged to work. Social welfare law and administrative practices define mechanisms that separate the deserving poor from people able to work. This article analyses the functions and character of these "separation mechanisms" in Sweden during three periods in history: a) in rural society in the late 19th century; b) in industrial society during the successful years of the Swedish model from World War II until the late 1970s; and c) the present, including the period of welfare retrenchment and reconsideration since the early 1980s. The conclusion is that Swedish social policy has always been strongly work-oriented, but the specific form and content of the work ethic has varied under the influence of different ideologies and handled in different social policy institutions. Under specific conditions the work line has been either generous or restrictive and it has been based on structural attempts to improve the opportunities to work as well as on attempts to strongly pressure the individual to work. The work line of today is seen as an interesting attempt to combine an effort to create good work through improved work conditions and an effort to reinforce elements of work enforcement in the social insurance system.     

Some Notes on Workplace Equality Renewal in the Swedish Labour Market

In 2001, Swedish authorities imposed a new obligation upon all firms with ten or more employees to undertake annual wage surveys, ‘workplace equality audits’ in which it is possible to ascertain, remedy and prevent unwarranted wage differentials and other unfair employment terms between men and women. An important implication of the new system, called ‘workplace equality renewal’ (självsanering), is that, at the level of the firm all Swedish employers must explain what they mean by work of ‘equal value’ as opposed to ‘different value’. This article discusses the practical pros and cons of the new system, and considers how the surveys can be used in research into the present state of gendered work division. A main finding is that the introduction of this new legislation in the long run might change the Swedish industrial relations system as well as the preconditions for many companies’ human resource management policies. Yet, neither the governmental agencies involved nor the parties’ confederate organizations have been able to clarify what the issue is really about to the single, small business employer or to the local trade union branches. Many employers find any interference, whatever it may be, threatening and trade unions have not realized the potentialities of the system from an employee perspective, potentialities connected to the fact that companies are now more or less forced to make transparent their wage policies at large.     

中国A、H股市场分割的根源分析

按照投资者的身份不同,中国的股票市场可分为A、B、H股三个市场,三个市场处于严重的分割状态,其最显著的表现就是A、B或A、H股双重上市公司股票的价差现象。本文拟以A、H双重上市股票为例,深入分析价差产生的原因,揭示中国股票市场分割产生的根源。