How Efficient are Africa's Emerging Stock Markets?

The development of financial institutions has been viewed in recent years as critical to the economic development process. This research uses recent data from the eight largest African stock markets to test whether these markets meet the criterion of weak-form stock market efficiency with returns characterised by a random walk. Results are then compared with similar tests on emerging stock markets in South-east Asia and Latin America. Conclusions from the research indicate that test results for weak-form efficiency in the emerging African stock markets compare favourably with those performed on other emerging stock markets.     

内需拉动型房地产市场的房价走势分析——以松原市房地产为例

新一轮楼市调控政策一定会对房地产市场的价格预期产生正面的引导,而楼市能否出现＂拐点＂,笔者认为决定因素是供求关系的根本性逆转。从这一判断出发,透过房价涨涨跌跌的表象,分析内需拉动型房地产市场的房价走势,应遵循市场规律,因为该类房地产市场的发展是以市场调节为主,分析其房价走势主要应剖析影响房地产业长期发展的因素以及具体房地产市场上房屋供求关系的变化。     

MARKET WATCH

正OPINION The Role of Risk China should keep an eye on debt risks.In an increasingly volatile financial market,risks may have positive effects,as market participants can better weigh risks and returns,and respond to changes in a more accurate way.Recent financial reforms,such as the central bank’s policy on deposit certificates in the interbank market and the initial public     

Dismantling Auto Monopoly

正Chinese car owners may finally be able to breathe a sigh of relief after years of being overcharged deng Ouya,a Chinese Canadian who works as an IT engineer in Montreal,has nurtured an enthusiasm for cars since he was still a student in his homeland."I bought my Mercedes-Benz GLK 350 at the price of 50,000Canadian dollars($45,800)when migrating to Canada,but the price for the same model assembled in China is 450,000 yuan($73,100)     

中美股票市场经济周期中的行业效应差异及成因分析简

本文分析了过去15年来中国股票市场在经济周期的四个不同阶段的强势行业的表现,并与美林模型关于美国股票市场在经济周期中不同阶段的行业效应进行了比较。美林模型对美国股票市场行业效应的分析,是基于美国的经济结构和经济周期特点而展开的。本文分析认为行业效应差异的成因主要在于中美两国在经济结构和周期波动特征方面的差异,指出中国资本市场在过去的经济短周期中,行业效应与投资驱动的经济结构和周期特征高度相关。     

Reconsidering the Role of Real Estate

正China’s real estate market is in a stage of cyclical adjustment.Data from the National Bureau of Statistics show that in April,secondhand housing prices in 22 of the country’s 70large and medium-sized cities dropped from the previous month,and newly built housing prices in eight of the 70 cities declined over those of a month ago.In the last several years,the country’s real estate industry has developed very rapidly,pushing up overall economic growth.However,     

浅探非上市企业员工持股激励方案

员工激励制度对企业的发展起着至关重要的作用,尤其是对高层管理人员及核心技术人员的激励方案,更是关乎企业的生死存亡。股票期权和期股是企业对员工进行激励的重要手段,正在被越来越多的企业所重视和应用。在国内,员工持股激励机制尚处于尝试、探索阶段,因此为激励员工的工作积极性,稳定人才队伍,员工持股激励方案应本着“先局部试点,再逐步面向全体员工”的原则。首次激励对象主要面向在过去两年内做出突出贡献的管理干部、公司经理、技术专家等,在逐步修改完善方案的基础上,最终实行根据职位、贡献、工龄等不同档次的职工全员持股方案。     

Senior Savvy

正THE Chinese word dama,referring to elderly women,first attracted world attention in early 2013 when it appeared in a spate of fi nancial news in the Western press.The word is soon expected to make its way into the Oxford English Dictionary.In November 2013,Julie Kleeman,project manager for Bilingual Dictionaries with Oxford University Press,revealed how"dama"had come to their attention due to its infl uence.     

An Alternative Sociological Perspective on Economic Value: Price Formation as a Social Process

This paper identifies some deficiencies in the theory of value as found in traditional economics, specifically the fallacy of absolute value and its spurious resolution that treats prices as a priori parameters rather than as variables to be explained. One is a fallacy of omission, the other of commission, which together comprise the epistemological paradox of the modern neoclassical theory of value. This paper advances a different, sociological approach to economic value or market prices as a possible corrective to this paradox. Such an approach has origins in sociological economics or economic sociology, the main premise of which is that social influences in the economy affect the formation of value or price. This paper therefore explores the seldom examined social underpinnings of price formation and of market processes generally.     

国有企业建立股票期权计划思考

经理人员的人力资本才能的充分发挥，是企业在市场经济竞争中取胜的重要条件。然而，如何建立起一套有效的激励经理人员发挥才能的机制，一直是令人困扰的问题。发达国家广泛使用了股票期权计划。借鉴国际先进经验，探索和推行适合我国国情的股票期权方案，建立国有企业的长期激励机制，是当前国企改革亟待解决的问题。