中国外资股市场价值分析

中国外资股市场长期以来估值大幅低于中国A股市场,诸多复杂的因素形成了这一个全世界罕见的非理性经济现象.随着中国交易市场上国际板的推出,人民币汇率弹性的加大,中国经济政策改革步伐越来越快.在中国同股同权不同价的经济问题将会最终得以圆满解决.     

An analysis of the behavior of mature black-owned commercial banks

Accounting and statistical techniques are used to compare the behavior of a sample of mature black-owned banks with that of a matched set of nonminority-owned banks. The black banks are generally less profitable. The major reasons for this lower profitability include more liquid asset portfolios at the black banks, higher operating costs on liabilities, and higher rates of loan loss. Higher loan loss rates appear to be the single most important factor, with losses on real estate and possibly commercial and industrial loans probably being the most serious continuing sources of loan losses.     

中、美知识产权争端的原因分析

本文根据协整理论和格兰杰因果检验方法,对我国遭受33调查的数量和美国统计的中国对美出口增长量进行了实证分析。研究表明,我国遭受337调查的数量与美国统计的中国对美国的出口增长量之间存在长期稳定的均衡关系,同时美方统计的中国对美国的出口增长量是中国遭受337调查的格兰杰原因。     

江苏企业遭遇337条款调查的情况及其应对策略

337条款调查是美国关税法中一种具有一定隐蔽性的贸易救济措施。目前,我国已经成为美国国际贸易委员会337条款调查的主要产品来源国。江苏省作为外贸大省,本省企业遭遇337条款调查的数量位居全国前列。在应对337条款调查中,江苏省企业既有失败的教训,也有成功的经验。政府、行业协会和企业应当在总结以往实践的基础上研析最佳的应对策略。     

The competitive consequences of hub dominance: A case study

Hub-and-spoke has become the predominant configuration of airline routes, with individual hubs typically dominated by single carriers. These operations have characteristics of natural monopoly; but dominance is a consequence also of advantages that cannot be subsumed under the rubric of superior efficiency. The carrier with the strongest presence attracts a grossly disproportionate amount of traffic and, secondarily, of the high fare-paying traffic originating at the hub. While the welfare consequences of the consequent price discrimination are ambiguous, United's acquisition of 50 additional slots at the slot-constrained O'Hare airport raised a legitimate Clayton Act Section 7 issue.Robert Julius Thorne Professor of Political Economy, Emeritus, Cornell University; Special Consultant, National Economic Research Associates, Inc. I acknowledge with gratitude the indispensable assistance of Gary J. Dorman in assembling the data presented here and offering criticisms, and of Scott Thomas. They bear no necessary responsibility, however, for the article itself.     

客运专线通过能力研究

分析了客运专线通过能力计算与既有铁路的不同之处,探讨了客运专线客流区段长度与通过能力之间的关系;重新选定了扣除标准列车,分析计算了中速列车和高速停站列车相对于高速直达列车平均扣除系数的变化趋势,以及不同高速停站列车比例变化时,客流区段高速列车通过能力的变化趋势。     

我国企业应对中美“337争端”的策略研究

自中国加入WTO以来,中美在知识产权领域的贸易摩擦时有发生。美国以保护本国知识产权权利人的利益为由,屡次对我国出口美国的产品发起“337调查”。从案件的数量、规模及持续时间来看,我国已经成为美国“337调查”的主要对象国之一。根本原因在于中羡贸易严重不平衡,美国想要利用新的贸易保护主义扭转其国际贸易中的劣势。我国出口企业应该努力发展自主知识产权,涉案时要积极、及时应对,维护自身的正当利益。     

Whistle-blowing by external auditors: Seeking legitimacy for the South African Audit Profession?

Auditing is often cited as playing an important role in managing agency-related costs and, accordingly, being integral to the sound functioning of capital markets. There may, however, be more to the attest function than a technical rational practice. By virtue of relying heavily on claims to technical expertise, professionalism, prudential judgement and public confidence, auditing is both a source of legitimacy for organisations and, paradoxically, dependent on claims to legitimacy for its continued existence. From this perspective, recent regulatory developments, purportedly enacted to increase arms-length control over the profession, may not only be about improving perceived audit quality and practice but also about ensuring continued faith in the well-established ‘rituals’ of the assurance function. A reporting duty imposed on South African external auditors, akin to whistle-blowing, is used as a case study to explore this perspective. In doing so, this paper contributes to the scant body of interpretive research on auditing, simultaneously offering one of the first insights into auditing regulation from an African perspective.     

多维视野中的美国337 调查及其应对策略研究

从法律规则视野出发,美国337调查保护知识产权的立法目的具有一定的合理性,在技术层面具有表面的合规性和可司法性,但从贸易政策视野出发对337条款发展历史,特别是337条款调查与历次危机中的美国政府经济政策间关系的宏观分析充分揭露了该条款贸易保护主义的本质。对337条款本质的多维认知有助于指导我国政府、主管机关和企业从不同层面采取综合措施有效应对337条款调查。     

Bank holding company affiliation and contracyclical lending by mortgage bankers

Bank holding companies have made significant inroads into the mortgage banking industry, primarily by acquisition. Federal Reserve Board approval of acquisitions is contingent upon the expectation of net public benefits. This study analyzes one of the benefits that BHCs claim will arise from acquisition of mortgage bankers—the flow of funds into housing will become more cyclically stable. Test results on a 33-firm sample of independent and BHC-affiliated mortgage bankers for 1973–1975 provide little support for this claimed public benefit.