This paper assesses the impact of the severe acute respiratory syndrome (SARS) on the stock market of China. Our results indicate that the Chinese stock market reacts rapidly to the SARS epidemic. We provide strong empirical evidence that the epidemic has an immediate impact on the pharmaceutical and tourism industries. In particular, pharmaceutical companies are benefited from the outbreak of SARS, while the tourism sector is adversely affected. Our results imply the existence of a profitable trading rule during an epidemic.

We investigate, for China’s investable companies, the relation between stock returns and firm characteristics, and the impacts on the relation of the 2001-2003 financial reforms to further liberalize stock markets. For the first time in the literature, we document coexistence of a positive size effect and a growth effect, and the importance of liquidity and positive earnings for returns; and we also show that they underwent a structural break upon the reforms. These results are robust across 12 alternative panel model specifications with different ways of estimating and controlling for the market beta, different proxies for market portfolios, the problem of outliers considered, and the January effect allowed for.

This study examines the relationships between three Northeast Asian stock markets of China, Japan, and Korea during the period between January 1, 2000 and September 30, 2010, with particular attention placed on the global financial crisis period. The findings of this study are as follows. Firstly, China is influenced more by regional markets rather than the global market. On the other hand, Japan is influenced more by the global market rather than regional markets. Korea has the most balanced level of integration between the regional and global markets. Secondly, a portfolio created through an integrated market in the region would result in a significant decline in the unsystematic risk of each country, benefiting both the investor and local economies. Thirdly, the recent global financial crisis has caused a shift in the pattern of integration in the region. All three countries show a higher level of integration with the global market after the financial crisis. Finally, for China, the global market risk has become even greater than the domestic unsystematic risk since 2010. Overall result suggests that the degree of integration among countries tends to change over time, especially around periods marked by financial crisis and there is a diversification benefit of integrated regional market.

The forecast ability of term structure is tested in this paper with the data of interbank treasury yield curve of Chinabond. The results show that there are positive relationships between term structure and the changes of future macro economy, i.e. GDP, consumption, production and inflation, which is similar with the studies of the developed countries. The term structure can predict the mid-term economic growth well, even considering the effects of monetary policy and another leading indicator. With the regression results, the out-of-sample predictions show a lower and decreasing growth rate in the next two years, implying greater challenges to the policy-makers.

Volume of real estate market in some China’s large cities decreased sharply in 2010. Based on rational reconstruction of some basic economic thought and analytical narrative of the real estate price bubble ,I conclude that it should be contributed to a big gap between demand and supply, and financial crisis would break out in the coming few month in China. I make proposal that government should be reducing state-owned share.

独立董事的治理行为受到所处社会网络的影响。基于“董事在董事会同时任职的直接或间接联结关系”而形成的董事网络，本文利用社会网络分析方法检验了独立董事的网络特征对其发挥在促进高管激励有效性影响中的作用机理。结果发现：公司独立董事网络中心度越高，高管薪酬-业绩敏感性越强；与非国有上市公司相比，国有上市公司中独立董事网络中心度与高管薪酬-业绩敏感性的正相关关系更弱；进一步研究发现，用独立董事网络中心度解释的高管薪酬部分对未来业绩有促进作用。结论丰富了“网络和治理”研究的证据。

本文结合最近的实证文献所描述的市场表现，脱离本领域典型的投资者非理性研究，以投资者交易行为作为中间环节，对资产价格波动非对称性这个经典问题进行新的阐释。本文从交易者个体自适应角度出发，借鉴Hommes等人的思想，在经典的圣塔菲人工股票市场上进行简单的修改，找到了造成资产价格波动不对称新的因素——投资者策略转换倾向的时变性。本文通过新兴的计算实验方法进行建模，实验，最后通过EGARCH模型进行实证检验，证明本文找到的因素显著地影响资产价格波动不对称性。

We investigate the impact of strategic investors on bank efficiency in the context of regional economic development. The data on Chinese city commercial banks operating regionally are well-suited for the study. Findings suggest that strategic investors significantly increase efficiency in Chinese city commercial banks; the impact of strategic investors on the efficiency of Chinese city commercial banks is negatively correlated to the level of regional economic development. The negative correlation of the impact of strategic investors on Chinese city commercial banks’ efficiency with regional economic development may be explained by the mix of the local official promotion system and the city commercial banks’ governance structure.

马克思主义与秉承古典经济学传统的各学派都一致认同，在长期，生产率是经济周期的最终决定因素和经济增长的源泉，从历史看，甚至是唯一的决定因素。建立一个公平与效率统一的收入和财富分配制度，创造一个公平竞争的法治环境，转型为一个科技进步和创新驱动的生产率增长模式，才能保持经济长期增长与繁荣。

老龄化是我国经济发展方式转变的重要因素，应对老龄社会，必须建立全方位的养老法律体系。倒按揭业务通过市场化运行的金融产品，实现“住房养老”。各国倒按揭业务的运作模式大致有政府主导型、保险公司主导型及商业银行主导型三，针对我国国情，应当选择商业银行主导型。我国立法应当引入让与担保，以构建倒按揭业务的基础法律关系。倒按揭合同应当设立无追索权、增值分享及回赎权等特别条款。为推动倒按揭业务在我国的发展，还应当设计政府支持、保险公司参与及资产证券化等支撑制度。