Threshold Modelling of Stock Return Volatility on Eastern European Markets.

A common finding for developed stock markets is that negative shocks entering the market lead to a larger return volatility than positive shocks of a similar magnitude. The following paper considers two emerging Eastern European Markets where the first point of investigation is whether an analogous asymmetric characteristic is reflected in emerging markets. The second point of investigation is whether the findings differ depending on the institutional microstructure of the exchange being examined. Hence, econometric techniques are adjusted and a ‘double-censored tobit GARCH’ model is developed. This paper finds that no asymmetry exists on either markets and possible reasons for this are proposed. JEL Classification: G14, G15, P21, P34.     

The Warsaw Stock Exchange in the period 1991–1993. Qualitative problems of its modelling

The paper focuses on the analysis of return on shares quoted on the Warsaw Stock Exchange (WSE) in the period 1991–1993. We found that the WSE specific institutional background resulted in a large variation of return rates, their distributional assymetry and truncations which make hypotheses testing procedures about criteria of investors' choice and the price setting mechanism more complicated.     

Unification of Dual Foreign Exchange Markets

In this paper I investigate the impact of overnight floating of the official rate and easing foreign exchange restrictions on post-unification domestic inflation rate. After analysing the behaviour of an economy under dual foreign exchange markets, an official market with a crawling foreign exchange rate and a free illegal parallel market. The paper also shows that maintaining a unified free exchange rate depends on the degree of foreign exchange restrictions under dual foreign exchange system and on the level of the official reserve that prompts foreign exchange liberalisation policy.     

台湾地区证券交易法不法交易之法律实务运作——以台湾实际发生案件为例

我国台湾地区证券交易市场存在不少的不法交易，对于整体金融市场的健全以及投资大众的财产均构成威胁。在台湾地区成立的投资人保护中心主要以受理投资人保护为主，根据所接受的案件而分类，较常见的证券不法案件分为四种型态，第一类为财报不实型态，第二类为内线交易，第三类为操纵股价，第四类则为公开说明书不英[1]。     

Constitutionalising Subsidiarity in Integrated Markets: The Case of Tobacco Regulation in the European Union

Abstract:  The article establishes three propositions. First, if a constitution establishes the principles of subsidiarity and proportionality as legal principles, questions of competencies are closely tied up with questions of regulatory policy. This means that the Treaty carves out a powerful role for the Court of Justice to assess the jurisdictional reasonableness of market intervention when reviewing whether the EU was legally competent to act. Second, general scepticism about courts being able to play such a demanding role in policing jurisdictional boundaries in federal systems are unjustified in the EU. The new procedure established in the Constitutional Treaty, which is likely to be included in any renegotiated constitutional settlement, involves national Parliaments and the Commission building a written record addressing the relevant policy issues on which the court can base its review. Additionally national courts serve as an external check on the Court of Justice, disciplining the Court of Justice to focus on taking competencies seriously or facing the prospect of national courts disapplying EU law on the grounds that it was enacted ultra vires. Third, even though there are some promising points of departure in its case law, the Court of Justice has not yet adopted a doctrinal framework that effectively operationalises the Treaty's commitment to subsidiarity and proportionality in the context of the common market.     

Governing Stock Markets in Transition Economies: Lessons from China

Jump-starting stock markets in transition economies has proveddifficult. These countries lack effective legal governance structuresand face severe information problems. Yet not all financialmarkets failed because of adverse conditions. Using China’sinitial stock market development as a case study, this articlesuggests that administrative governance can substitute for formallegal governance. At the core of this governance structure wasthe quota system. It created incentives for regional competitionand decentralized information collection at the IPO stage. Itwas also used to punish regions and responsible officials whencompanies from their regions failed, as evidenced herein.     

分析师跟进行为对上市公司资本成本的影响——来自中国证券市场的经验证据

证券分析师通过传递信息、降低分析信息的成本来增进整个市场的有效性.基于中国上市公司样本的研究发现,分析师跟进与股权融资成本具有负相关关系,分析师作为信息中介能够对资本成本产生影响,这也印证了Easle和O'hara提出的信息是经典三因素模型外影响资本成本另一重要因素的理论假说.对这一作用可能的解释是,分析师跟进能够扩大投资者基础,进而降低融资资本成本,实证结果证实了Merton提出的投资者认知假说.     

The Economic Convergence Performance of Central and Eastern European Countries

A critical discussion of a comparative growth analysis about Central and Eastern European (CEE) countries is performed. The main conclusion is that there was economic convergence for most CEE accession candidates, but not between them and Western Europe. Results do justify a separation into first and second-wave accession countries, but also undermine differences in Central and Eastern Europe between accession and non-accession countries. This paper critically examines theories and empirical studies for three types of convergence, namely β,σ and club convergence. Each can be in absolute terms or conditional to the long-term equilibrium (steady state) for each country. Empirical results are provided for all types of convergence from 1996 to 2000, both with population-weighted and non-weighted data. The analysis is performed for differently framed country subgroups considering even Western Europe for better comparability. Once absolute convergence is found through a unit root test about a standard deviation time series of cross-sectional income per capita, the regression coefficient for initial income per capita with the average growth over the sample period as dependent variable (β convergence) establishes the speed of this process. The same method applies to the conditional version by using the distance of the income from the corresponding steady state instead of the level of GDP. Then Markov chain probability matrixes (club convergence) provide information about the past behaviour of the whole cross-sectional income distribution over time, but also about intra-mobility of single countries.     

Use of trusts by Eastern European clients: practical issues

In order to get a more sophisticated understanding of the useof trusts by the clients from Eastern Europe (primarily fromRussia), it is worthwhile describing the procedure for settingup a trust with a typical representative of the ‘new wave’Eastern European business; painting a collective portrait ofRussian businessmen in 2007, and identifying the most commontypes, their specific features and the possible difficultiesof working with this sort of client. This modest unsystematicreview will help trust professionals to break through a cultureshock produced by the contact with a recent extraterrestrial,and now a demanding client. This article provides an insightinto most frequent queries and examines psychological aspectsof behavior, business practice and, if possible, to dispersestereotypes.     

The International Crime Business Survey: Findings from Nine Central–Eastern European Cities

The important findings of the International Crime Victim Survey (ICVS) have led the organisers to attempt to expand the scope of research to address the problem of victimisation of businesses through a specific international survey. Further to a first international survey in eight countries in 1994, the questionnaire was revised to focus in particular on the issues of corruption, fraud and extortion. The International Crime Business Survey (ICBS) was conducted in nine central–eastern European capital cities in 2000. The article presents a comparative analysis of experiences and attitudes of businesses in central–eastern Europe, where possible with reference to comparable information collected through the international households survey (ICVS) in the same cities and at the same time. Although there is great potential in this type of international research, too few resources are involved in analysing the results and looking at possible policy implications.The opinions expressed in this paper are those of the author and do not necessarly reflect the views of the United Nations     

证券交易所监管功能研究——从企业组织的视角

上海和深圳证券交易所占据了中国证券市场的核心地位,并且承担了相当的监管职能。但是理论上对于交易所监管功能性质的模糊认识,导致实践中采取了一些可能阻碍交易所监管功能发挥的做法。本文试图从企业组织角度重新认识和分析交易所,揭示交易所履行监管功能的本质在于追逐自身利益最大化,因此监管功能为交易所提供服务的主要内容之一,但交易所的监管也存在片面维护自己利益的缺陷。只有保持充分竞争的压力,交易所的监管功能才能得到有效发挥。因此,维持交易所的充分竞争环境,是中国证券交易所监管功能有效发挥的必要条件。     

The Regulation of Media Markets in selected EU Accession States in Central and Eastern Europe

Abstract:   This article examines the phenomenon of policy transfer in the EU accession countries of the Czech Republic, Hungary, Poland and Slovenia. When formulating media laws in the early 1990s, these countries were presented with models put forth by advisors from the US and EU Member States. Advisors proposed models based upon their own domestic policy and/or organisation agendas. A resulting 'battle of the models' can be observed with different experts and actors lobbying for the adoption of contrasting regulatory models. Underlying this were often political, economic and trade interests. In particular, 'Western' governments were interested in guaranteeing the opening of new markets, and the stability of these new media markets for Western capital investment, as well as wider political concerns of consolidating democracy in Europe. Interest groups and NGOs wished to transfer their ideas to Eastern Europe often in advocacy of their own agendas in an enlarged Europe.     

村镇银行股权结构研究

针对现实中村镇银行股权高度集中而致村镇银行沦为主发起银行的附属或分支机构的现状,本文分别从理论和现实的角度对各种股权结构模式的利弊进行了分析,认为在股权相对分散基础上的相对集中或控股,是村镇银行股权结构的最优选择,具体可考虑单一投资主体及其关联方持股比例不得超过村镇银行股本总额的10%-20%。     

中国上市公司股权结构的完善

公司治理结构的完善是目前中国上市公司面临的重大课题，解决这一难题的关键是完善上市公司的股权结构。西方国家有不同的股权结构模式，相比较而言，我国上市公司股权结构还存在一些弊端，应完善我国上市公司股权结构。     

Health Information Exchange in Memphis: Impact on the Physician-Patient Relationship

Health information exchanges represent one way of making medical information available to practitioners across institutional boundaries. One health information exchange in Memphis Tennessee has been operational since May of 2006 and provides information supporting care for over 1.2 million individuals. Creating such an exchange challenged traditional institutional boundaries, roles, and perceptions. Approaching these challenges required leadership, trust, sound policy, new forms of dialogue, and an incremental approach to technology. Early evidence suggests a positive impact on patient care and a change in the way providers interact with their patients and on another. Personal health records, consolidated EHR systems, and other alternative models promise to have similar impacts on the way in which providers and patients interact with one another.     

欧盟信息安全法律框架之解读

网络与信息系统安全已经引起了全世界共同关注,美国和欧盟在这一领域走在了世界的前列。伴随中欧经济、文化交流的日益密切,欧盟信息安全法律框架也为我国立法提供了可资借鉴的蓝本。通过解读欧盟信息安全法律框架的演变轨迹及其特点,结合我国信息安全保障立法现状,分析当前我国信息安全立法的主要着力点,提出我国应加快信息安全立法进程,用法律形式明确信息安全监管机构和监管模式,构建有中国特色的信息安全法律体系。     

论证券信息披露法律制度的理论依据

针对现代证券市场的核心内容——证券信息披露法律制度进行理性分析,认为公平是各国制定证券法的法理基础、市场失灵是证券信息披露制度客观存在的经济理论依据。