论证券信用交易

翻开西方主要发达国家的证券发展史,可以发现,证券信用交易已经有几百年的历史,发展至今已经比较成熟,相应的法规也比较健全,成为一种国际证券市场上通行的制度.我国也应建立适合自己情况的信用交易制度,首先应对这一制度进行详细了解.     

上海证券市场波动性现状与卖空交易机制建立

在金融市场微观结构理论分析框架下,交易机制的变革以市场质量为评判基准.运用相关模型的实证研究表明,上海证券市场存在着较为明显的波动聚集、波动持续现象,市场整体波动性较大.根据卖空机制的制度功能分析,卖空限制的存在增加了该市场的波动性水平,降低了市场质量,因此有必要在该市场建立卖空交易机制以降低其波动性水平,在建立模式的选择上可以参照香港建立证券登记结算公司模式的卖空机制.     

物权法给虚拟经济带来了什么

《物权法》的颁布实施进一步加强了证券市场投资者保护的法律体系,可以说在新中国历史上第一次以民事基本法的形式明确了私有财产的保护范围,将会成为进一步促进我国虚拟经济发展、保护证券市场投资者权益的强大法律武器。     

证券发行制度研究

证券发行市场是证券市场的重要组成部分,我国证券市场的两大主题是规范与发展.在发展中规范,在规范中发展.证券发行的规范集中体现在证券发行制度上.本文运用比较的方法,着重对证券发行披露制度,证券发行审核制度和证券发行方式进行研究,在此基础上提出了完善和改进我国证券发行制度的意见.     

中国汉族人群17个Y-STR基因座突变情况分析

目的 调查分析17个Y-STR基因座等位基因突变的情况.方法 收集中国汉族人群867对父子共1 649份男性血样本.采用YfilerTM复合扩增试剂盒进行17个Y-STR基因座分型,共检测出14 739次等位基因传递,统计各基因座发生等位基因突变的频率.结果 在17个基因座中发现涉及13个基因座共41次突变,其中一步突变40次(97.6％),两步突变1次(2.4％);突变共涉及40对父子,其中39对仅1个基因座发生突变(97.5％),1对同时有2个基因座发生突变(2.5％);平均突变率为2.8×10-3(95％CI 2.0～3.8×10-3).等位基因突变时获得重复单位数19次,丢失重复单位数22次,两者比例接近.结论 中国汉族人群Y-STR基因座突变可涉及多数基因座,突变率在2.8×10-3左右,在数据库的建立与应用中应重视,注意采用相关方法进行甄别.     

交易所交易基金与成份股市场波动溢出研究

指数化交易和套利行为是否影响到股票市场的稳定性,一直是个焦点问题。基于ETF套利行为,利用VAR模型构造波动率溢出指数,探讨我国ETF与成份股的波动溢出效应。结果表明:ETF交易对成份股存在显著的波动溢出效应,且溢出指数波动较为剧烈;ETF与成份股双向的波动溢出在时间上具有较强的持续性,市值、ETF与成份股的流动性差异是造成ETF向成份股波动溢出的原因,而折溢价率是造成成份股向ETF波动传导的原因。本文的研究可为指数化投资对标的市场的影响提供新的证据,为监管提供决策参考。     

未来之途:政策市走向法律市

司法对证券市场的介入是越来越广泛了.这一点大家通过司法解释可以看得出来,最近几年,最高法院对证券市场的司法解释是很多了,因为最高法院的司法解释是针对一类问题,说明这个问题是很普遍了,或者很重要的,发展到一定程度,它就会出台一个司法解释来指导具体法院具体的法律适用.近几年关于证券市场的司法解释比较多,就说明我们的证券市场的诉讼和纠纷,已经上升到需要我们的司法解释来进行规制的程度.……     

网络虚拟人格对民法典中民事主体制度的突破

互联网长久以来的存续,依靠的是多重文化背景下价值共识的分享,以及据此发生的行为矫正.虚拟人格是人格权在电控空间之延伸,是准人格的一种类型.法律确认虚拟人格有利于更好的保护虚拟人格,有利于对自然人人格权的终极保障,其目的是在新媒体环境下,保护变异的人格权中的稳定部分.虚拟人格在我国民法典中的构造难点在于其商业化部分的流转、继承规则及限制.虚拟人格的救济包括防卫性和进取性救济.     

论虚拟财产的民法保护

互联网络的高速发展形成了独立的网络信息产业,与人民生活联系日益紧密,改变了人们的生活方式.虚拟财产作为一种新兴财产形式,与之共生的是我国网络虚拟财产遭受损失的案件频频发生.现在我国对虚拟财产保护并没有明确的法律规定,但实践中关于虚拟财产纠纷的案件越来越多,应怎样用民法手段对虚拟财产进行保护已经引起争论,对其应否动用《刑法》这一最后屏障,更是引起广泛讨论.本文通过明确虚拟财产的概念、分析虚拟财产的性质、分析我国现行立法在虚拟财产保护方面存在的问题,进而从实体和程序两个角度阐述虚拟财产的民法保护.     

论我国信息披露法律制度的完善

在证券市场上,信息指导着投资者的判断和投资决策,关键性的影响着证券价格的波动,进而影响利益的分配。信息披露制度是宏观调控的一种手段,只有通过法律对信息披露进行完善的制度化规定,才能达到保护投资者、加强证券市场透明度、维持证券市场秩序的目的,信息披露制度是公开、公平、公正等基本原则的具体体现。本文从强制性信息披露制度方面略论我国信息披露制度的完善。     

Oil price shocks and stock market returns of the GCC countries: empirical evidence from quantile regression analysis

This paper examines the effects of oil price shocks on the stock market returns of the Gulf Cooperation Council countries. The empirical method used is quantile regression analysis. In addition, we allow for structural breaks and asymmetry by differentiating between positive and negative oil price changes. Unlike OLS analysis, quantile regression allows the coefficient estimates to vary throughout the distribution of the dependent variable, which provides a complete picture of the relationship between the explanatory variables and the dependent variable. Our results suggest that the coefficient estimates have not been constant throughout the distribution of stock returns; that oil price shocks have asymmetrical effects on stock returns; and that the effects of oil price shocks on stock market returns are affected by stock market conditions. Overall, the results suggest that rising oil prices increase stock returns only when stock markets are bullish (high quantiles) and normal (medium quantiles), and that falling oil prices lower stock returns only when stock markets are bearish (low quantiles) and normal (medium quantiles). This suggests that oil and stock markets are more likely to boom together or crash together.     

海普瑞现象与“三畸”股市制度

“海普瑞现象”的背后,高盛是真正的操盘手,但海普瑞能够在中国股市出现,实际上也是中国畸形股市制度的必然产物     

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.     

Structural changes in Central and Eastern European economies: breaking news or breaking the ice?

This paper extends the sparse existing literature on structural breaks in emerging markets in Central and Eastern Europe by analyzing structural breaks in the intercept, trend and variance of monthly key macroeconomic variables, such as industrial production, inflation, monetary aggregates, nominal exchange rates and series related to the labor market. Using the Bayesian procedure developed by Wang and Zivot (2000, A Bayesian time series model of multiple structural changes in level, trend and variance. J Busi Econom 18:374–386), we provide strong evidence in favor of multiple structural breaks in the series under study. As most of the existing empirical literature on European emerging markets does not sufficiently deal with structural breaks, the instability found in this paper has important implications for macro-econometric modeling as well as the ensuing recommendations for economic policy.     

Is China a safe haven for Asian Tigers?

This paper presents a number of noteworthy innovations that can be used to test the hedge and safe haven properties of Chinese stocks against stocks from four East Asian countries commonly referred to as the Asian Tigers. First and foremost, the hedge property of Chinese stocks was tested at different frequencies. Secondly, based on assertions of the Fractal Market Hypothesis, for the first time (to the best of our knowledge), turbulent periods in stock markets were identified by estimating the wavelet power spectra of stock returns. Thirdly, the safe haven property of stocks was analysed by estimating their coherence and phase angle during the identified turbulent periods. It is inferred that Chinese stocks can be used as both a weak hedge as well as weak safe haven against stocks of the Asian Tigers.     

Exchange Rate Variability and Labor Market Performance in the Visegrád Countries

According to the traditional ‘optimum currency area’ approach, not much will be lost from a very hard peg to a currency union if there has been little reason for variations in the exchange rate. This paper takes a different approach and highlights the fact that high exchange rate volatility may as well signal high costs for labor markets. Based on the paper by Belke (2003), the impact of exchange rate volatility on labor markets in the four Visegrád Economies (Czech Republic, Hungary, Poland, and the Slovak Republic) is analyzed, finding that volatility vis-à-vis the euro significantly increases unemployment. Hence, the elimination of exchange rate volatility could be considered as a substitute for a removal of employment protection legislation.     

证券集团诉讼在中国的制度价值——法经济学与法社会学的悖论

美国证券集团诉讼制度对保护中小投资者、维护证券市场的公平、公开、合法运作起到了积极作用。关于将该制度移植、改良,用以维护中国证券市场的健康有序发展的问题,学界已讨论多年。从法经济学和法社会学角度分别探讨证券集团诉讼制度引入中国的积极因素和消极条件,确认其独特、高效、经济的制度价值,明确将证券集团诉讼引入中国的必要性、迫切性和改良手段,具有重要研究意义。     

论外商证券投资法律制度

外商对华证券投资包括投资于境外证券市场与境内证券市场的外资股与债券,其主流则为境内上市外资股(B股)与QFII投资普通股(A股)。外商证券投资的法律制度由投资者本国的法律监管与东道国法律监管两部分构成。前者监管主要针对证券发行数量、税收和利率的限制,后者监管主要集中在证券入市审批和证券交易管理,两者中应以东道国法律监管为主。我国对外商证券投资实行较为严格的监管制度,集中体现为证券市场开放中实行的QFII制度。法律监管的范围涉及市场准入审批、证券发行、证券交易、资产管理和外汇管理等方面。     

Real interest rate persistence in South Africa: evidence and implications

The real interest rate is a very important variable in the transmission of monetary policy. It features in vast majority of financial and macroeconomic models. Though the theoretical importance of the real interest rate has generated a sizable literature that examines its long-run properties, surprisingly, there does not exist any study that delves into this issue for South Africa. Given this, using quarterly data (1960:Q2-2010:Q4) for South Africa, our paper endeavors to analyze the long-run properties of the ex post real rate by using tests of unit root, cointegration, fractional integration and structural breaks. In addition, we also analyze whether monetary shocks contribute to fluctuations in the real interest rate based on test of structural breaks of the rate of inflation, as well as, Bayesian change point analysis. Based on the tests conducted, we conclude that the South African EPPR can be best viewed as a very persistent but ultimately mean-reverting process. Also, the persistence in the real interest rate can be tentatively considered as a monetary phenomenon.     

Will Listing Rule Reform Deliver Strong Public Markets for the UK?

There is a general consensus that the UK needs strong public equity markets. To help to ensure Britain is well-positioned on this front, the Financial Conduct Authority reformed the London Stock Exchange's listing regime in 2021 to foster initial public offerings (IPOs). This article outlines and evaluates these IPO-related reforms, assessing their potential to resuscitate the UK's public equity markets. The article puts the IPO-related reforms into context by considering whether the fostering of strong equity markets is a sensible policy goal and by assessing what laws governing publicly traded companies can contribute to this endeavour. The article acknowledges that the specific IPO reforms may increase IPO activity but concludes that concerns about strong public markets will continue to exist. This is because the reforms do not address stock market exits or the ‘over’-regulation of public companies which discourages reliance on equity markets.