网络时代的资本市场及监管法制之重塑

互联网技术正日益渗透于资本市场各个环节,并深刻影响着资本市场的结构和运行模式。网络技术与资本市场的高度融合预示着一个资本市场网络时代的到来,这需要我们重新审视已有的监管理念和监管规则,以更加从容的心态加以应对,改变以简单控制为主的监管思路和监管策略,采取积极引导、强化监管的指导思想,在发挥技术革新优势和有效监管之间积极地寻求平衡,以推动我国资本市场的成功转型。     

The Fate of an Orphan: The Hawley Board and the Debates over the Postwar Organization of Medical Intelligence

The US Army's medical intelligence program developed during World War II to meet the requirements for information on the medical threat facing soldiers deployed in the first truly global military conflict. The war served as a proving ground for the application of medical intelligence on a strategic, operational and tactical level. However, hasty postwar demobilization decimated many wartime intelligence programs, including medical intelligence. The US intelligence community recognized the utility of medical intelligence as part of the overall strategic scientific and technical intelligence program and sought ways to rebuild the program. During the post-World War II debates over the unification of the military services and the responsibilities of the nascent CIA, the ‘Hawley Board’ was one of several committees which studied the problems facing the medical intelligence program. Although there was broad consensus on the need for better coordination of medical intelligence, the intelligence community ultimately failed to adopt the recommendations of the Hawley Board. The principal reasons behind the failure of the Hawley plan were the re-emergence of prewar interservice rivalries, the dominant role of the Army medical intelligence program, and the lack of a joint military–CIA vision of a centralized medical intelligence service.     

Subjective Invulnerability,Optimism Bias and Adjustment in Emerging Adulthood

The relationship between subjective invulnerability and optimism bias in risk appraisal, and their comparative association with indices of risk activity, substance use and college adjustment problems was assessed in a sample of 350 (M _age = 20.17; 73% female; 93% White/European American) emerging adults. Subjective invulnerability was measured with the newly devised adolescent invulnerability scale (AIS). Optimism bias in decision-making was assessed with a standard comparative-conditional risk appraisal task. Results showed that the danger- and psychological invulnerability subscales of the AIS demonstrated strong internal consistency and evidence of predictive validity. Subjective invulnerability and optimism bias were also shown to be empirically distinct constructs with differential ability to predict risk and adjustment. Danger invulnerability and psychological invulnerability were more pervasively associated with risk behavior than was optimism bias; and psychological invulnerability counter-indicated depression, self-esteem and interpersonal problems. Results support recent claims regarding the “two faces” of adolescent invulnerability. Implications for future research are drawn.     

Continuing education and training programs for municipal administrators: a case study in selected provinces††

Abstract. This paper presents the results of interviews carried out in twenty urban centres in British Columbia, Alberta, and Ontario on the matter of education/training programs for municipal administrators. After a brief review of literature on this topic, a composite profile of the respondents is presented. The survey results are analysed under four separate items: the need and its dimensions; awareness of and attitudes toward existing programs; anticipated attitudes of civic civil servants and politicians; and factors to be considered in designing and initiating programs for senior and middle management personnel. The study, while indicating a positive demand for programs, suggests that further field research be conducted and that a trial program be mounted to assist in evaluation. Sommaire. L'auteur de cette communication expose les résultats d'entrevues faites dans vingt centres urbains de la Colombie-Britannique, de l'Alberta, et de I'Ontario sur la question des programmes d'éducation/formation pour les administrateurs municipaux. Après une revue rapide des ouvrages sur ce sujet, il présente le profil moyen des personnes interrogées. Les réultats de l'enquête sont analysés de quatre points de we & tincts:les besoins et leur dimension; la connaissance des programmes existants et les réactions qu'ils provoquent; les attitudes antidpées des fonctionnaires et des représentants municipaux; et les facteurs A considérer pour concevoir et lancer des programmes à l'intention des cadres moyens et supérieurs. Tout en indiquant une demande positive pour des programmes, cette étude montre le besoin d'une recherche pratique plus approfondie et d'un projet-pilote qui aiderait à l'évaluation.     

Credit Constraints and Distress Sales in Rural India: Evidence from Kalahandi District,Orissa

The literature on the rural credit market in India (and elsewhere) has generally assumed that peasant farm households are rationed in their access to subsidized formal credit. Because of a lack of infrastructure and poor access to institutional credit, such farmers are exploited by means of an interlocked market connecting informal credit to the sale of paddy. The resulting gap, between the sale by a borrower of paddy at a predetermined low price, and the price of this commodity on the open market, constitutes the amount of what is termed a distress sale. The latter is itself influenced by the bargaining capacity (or lack thereof) of the peasant farmer who borrows on the informal market. Also of importance in determining whether or not a cultivator is compelled to resort to the informal credit market – and thus into an interlocked arrangement – is the need for additional liquidity to meet production costs and/or household consumption, as well as the monopsony nature of the paddy market. Data from Kalahandi district in Orissa suggest that access to formal credit is limited in rural areas although there exists a high demand for it, that a high degree of credit rationing by the formal lender occurs, and that poor implementation by the state of minimum support price policy all contribute to the need for informal loans and its attendant interlinkage.