中国股票型开放式基金业绩的实证分析——基于信息比率与单因素模型评价方法的对比分析

采用信息比率与单因素评价模型,使用沪深300指数构建基准投资组合,对我国2005-2007年中10只股票型开放式基金经风险调整后的业绩进行实证研究。基于信息比率的基金业绩评价指标相对于单因素模型有较明显的应用优势,同时采用沪深300指数作为市场基准的评价结果更具有可靠性。     

准确定位 科学布局 积极推动试验区建设

宁夏发展内陆开放型经济没有突出优势,在产业布局方面与建设中国—阿拉伯国家及世界穆斯林地区经贸合作大平台的要求尚有差距。必须站在世界经济发展的高端,进一步明确试验区发展定位和目标,优化产业布局,为我国发展内陆开放型经济、完善对外开放格局探索新路径。     

工会在厂务公开中要找准自身定位

在利用工会的组织优势和工会会员的广泛性 ,调动广大职工积极参加厂务公开的活动中 ,工会要找准自身的位置 ,明确工会的角色定位 ,要积极主动地承担起厂务公开的日常工作 ,在“巩固、深入、求效”上下功夫。     

实行厂务公开 推进企业民主管理

实行厂务公开,推进企业民主管理,是贯彻落实党的“十六大”精神,发展社会主义民主的需要。     

COMRADES OR CULPRITS? DONOR ENGAGEMENT AND BUDGET TRANSPARENCY IN AID‐DEPENDENT COUNTRIES

Budget transparency has come to be considered a key aspect of governance. Over the past decade, donors have invested increasing resources in strengthening processes through which budget transparency in developing countries can be enhanced. According to the 2008 Open Budget Index (OBI) Report, however, aid dependency and budget transparency appear to be inversely correlated. This article looks at the role of donor agencies in promoting or preventing budget transparency in aid‐dependent countries. It looks at significant correlations across the whole sample of 84 countries covered in the 2008 OBI, and analyzes more specific data for a sub‐sample of 16 aid‐dependent countries, before selecting six countries for which more detailed findings are then presented. All of these countries have implemented reforms aimed at enhancing budget transparency, with substantial donor support. These, however, often had only limited success, partly because they were not well adapted to the local context, and partly because donors put limited emphasis on improving public access to budget information. Donor efforts were also often offset by other characteristics of donor interventions, namely their fragmentation, lack of transparency, and limited use of programme aid modalities such as budget support and pooled sector funding. Copyright © 2012 John Wiley & Sons, Ltd.     

The State of the Art of Child Hearings in Germany. Results of a Nationwide Representative Study in German Courts

According to German family law, in family court proceedings that deal with custody or access rights, family judges are obligated to personally hear the child if the feelings, ties, or will of the child are significant for the decision. In a research study commissioned by the Federal Ministry of Justice, a nationwide representative survey of all judges compiled their personal information and their attitudes and expectations as well as various parameters regarding the concrete practice of hearing children. Also, with a very complex methodological design, over 50 children and their parents were studied one week in advance of the hearing, directly before and after the hearing, and four weeks following the hearing. The results of the study are presented, particularly those pertaining to the burden and relief for the children and the expectations of judges. The practical experiences of family judges in personally hearing children are included as well.     

The security of access to accounts under the PSD2

The revised Payment Services Directive (‘PSD2’) has been adopted to stimulate the development of an integrated internal market for payment services. In particular, it facilitates payment initiation services and account information services by granting the providers of these services access to the accounts of the payment service users. At the same time, the recitals state that the PSD2 guarantees a high level of consumer protection, security of payment transactions and protection against fraud.This paper answers the following question: To what extent does the access to accounts of the payment initiation service providers and account information service providers balance the development of the market for payment services with the security of the payment account and the privacy of the user? An analysis of the PSD2 shows that the development of the market for payment services has a higher priority. Security and privacy are ultimately subordinate.First, the PSD2 does not adequately protect the personal data of the users. The definition of ‘account information service’ is broad and covers a wide range of services. This allows the payment service providers to circumvent the limitations of the access to accounts.Next, the payment service providers have a ‘fall back option’ that allows ‘screen scraping’ if the dedicated interface is not functioning properly. Although this access is constrained by several safeguards, the fall back option gives the payment services provider unlimited access to the account of the user.Finally, the payment service providers have considerable freedom to arrange their authentication process as they see fit. The banks seem to be required to trust this process. The PSD2 and regulatory technical standards do not demand that a bank is able to verify the authentication or the integrity of the payment order.     

Introducing the Open Clause to improve copyright flexibility in cyberspace? Analysis and commentary on the proposed “two-step test” in the Third Amendment to the Copyright Law of the PRC,in comparison with the EU and the US

The so called “three-step test”, that the limitations and exceptions of copyright shall be allowed in certain special cases, provided that they do not conflict with a normal exploitation of the work and do not unreasonably prejudice the legitimate interests of the author, grants copyright flexibilities to balance the interests of all stakeholders, especially within the European system of circumscribed limitations and exceptions. This is essential for the domain of computer law, confronted by rapid and unpredictable global technological developments, and is, thus, enshrined in the most important international intellectual property (IP) treaties. Through the proposed third amendment to the Copyright Law of the PRC, the legislature intends to adopt this test while also introducing an open-ended list of limitations and exceptions that constitutes a China-specific “two-step test.” This contravenes prima facie the thesis endorsed by the WTO Panel in the case concerning Section 110(5) of the US Copyright Act in 2000. In contrast, court decisions in China frequently apply the fair use doctrine of US copyright law, neglecting to consider its peculiar context of the US common law tradition and, thus, unduly expanding the Chinese courts' discretionary power.This paper summarizes the case law in China and takes a comparative approach to address the divergence between the judicial application of cyber copyright law and the existing legislation. It suggests revising the proposed Article 43 of the Copyright Law of the PRC to capture the due interpretation of the three-step test, thereby finessing the delineation between rights protection and free use with the compensation of remuneration under the principle of proportionality. It argues that transplanting the US fair use doctrine into Chinese copyright law is feasible, but with the preconditions of endeavouring to strengthen judicial reform to integrate the IP adjudication systems, enhancing the coherence and efficiency of copyright enforcement, and facilitating consistent dialogues between scholars, practitioners, and lawmakers.     

财政公共化改革的三个基本任务--支出结构调整、公开透明与责任落实

公共财政是公共管理和社会管理的经济基础,同时公共财政的运行制度和游戏规则是作为政治行政体制一部分的上层建筑。建立公共财政框架,需要对经济体制、政治行政体制进行全方位的改革。关键任务有:一是调整财政支出结构,确保社会公共需要的满足;二是提高公开透明程度,使公众确实能够了解、监督财政运行状况;三是落实财政责任,给权力以充分对应的制约。后两个任务的核心是民主和法治,旨在建立财政公共化的制度基础,关键是要重建政府预算制度。从历年的国家审计报告看,解决这个问题非常紧迫、相当艰巨、极端重要。     

中国民事诉讼立案程序的功能与结构

我国现行诉讼程序在总体框架上呈现结构分立而功能交汇的特征,立案程序在司法行政管理体系上独立于审判程序而在功能上与审判程序混为一体,在当下大调解模式下更与诉外解纷程序之间混沌不清。本文以区分司法的社会责任与职业责任为基础,强调立案程序在区分咨询性质的起诉与起诉意向明确的起诉时不同态度,同时确立了我国诉讼要件审查标准,即须有争议存在,且争议具有民事性(平等主体之间)和法律性,从而为转型时期的中国将非典型案件逐步转化为具有可诉性的案件提供可资参考的抽象标准。