This paper investigates the correlation between bond and stock returns in UK in daily data. It checks how the correlation between bond and stock returns changes over time and analyses the reasons behind the correlation between them. Through the examination of the UK daily data in the period from July 1996 to May 2003, this paper reports some important findings. Firstly, the correlation between bond and stock returns is not constant over time and the unconditional correlation between bond and stock returns even becomes negative in the sample of this paper. Secondly, there are two factors affecting the correlation between bond and stock returns in the UK: the real interest rate and the stock market volatility. The increasing real interest rate increases the correlation between bond and stock returns. However, the increasing stock market volatility causes a decrease of the correlation between the two returns decrease. Moreover, the stock market volatility plays a main role to understand the correlation between bond and stock returns in the sample of this paper.

This paper considers the extent to which countries or companies can successfully borrow foreign corporate governance elements with a view to improving their own governance system. Companies in particular theoretically can rent other countries’ governance system through cross-listing. At bottom, the question is whether foreign legal elements can be “plugged-in” neatly into an existing corporate governance system, be compatible with it, and produce the expected improvements. Advances in different branches of psychology dealing with cultural orientations and cognitive styles suggest that the greater the cultural distance between the source and target countries the more difficult it would be to implement such a strategy for corporate governance reform. To demonstrate these points in detail, this paper considers South Korea’s corporate governance system and its culture as a reference case.

In this study, we directly test for a positive association between priced asymmetric information risk as measured by earnings quality and abnormal profits to insider trading.

摘要：作者首先从现实中引出CRM理念，分析了证券行业的行业特点。文章重点用一个简单的博弈模型描述了券商和投资者间的关系，并针对相关问题提出了对策。

According to the inner logic of the development of risk theory, the internal structure of risk theory is analyzed. As a result, a new notion of risk theory is put forward., and that the gain and loss in risk theory from Frank H. Knight to Daniel Kahneman is evaluated, critics against the behavior financial theory that is fashioning all over the world is carried out.

This paper presents exploratory and qualitative research into the evolving decision-making processes of venture capital (VC) investors in China based on field research interviews with 40 VC investors between February 2003 and February 2004. It examines underlying decision-making processes that VC investors have adopted to operate in the Chinese market and to what extent these have been influenced by internal and external factors. A VC investment decision-making process based on the Western VC experience acts as the baseline process to examine the specific context of Chinese decision-making processes, and examines if hypotheses derived from Western VC decision-making hold true in China, a market characterized by high uncertainty, risk, and institutional barriers. Rather than concentrate on one specific part of the VC decision-making in China, this paper view decision-making as an integrated process with inter-linked challenges. This paper highlights key success factors and emerging trends that will shape the future of VC in China.

In this paper, the author observes a stationary volume/price pattern, while studying the relationship between volume and price through the amount of transaction in stock market. The probability of accumulated trading volume (actual supply/demand volume) that distributes over its price range gradually emerges the maximum around the price mean value in a transaction body system when it takes a longer trading time regardless of its price fluctuation path or time series in the time interval. The volume/price behaves a probability wave toward an actual supply/demand equilibrium price, forced by a linear central actual supply/demand potential. In terms of physics, the author establishes a transaction (actual supply/demand) energy hypothesis, defines a measurable actual supply/demand restoring force, derives a time-independent security transaction (actual supply/demand) probability wave differential equation, and obtains an explicit volume/price distribution function, the distribution of absolute zero-order Bessel eigenfunctions, in a stable transaction body system when its supply/demand is in a dynamic state. By fitting and testing the function with intraday real transaction volume/price distributions on a considerable number of individual stocks in Shanghai 180 Index, the author demonstrates its validation at this early stage, and attempts to offer a micro and dynamic actual supply/demand volume/price wave theory.

This paper constructs a new data set of repeated sales of artworks and estimates an annual index of art prices for the period 1875-2000. Contrary to earlier studies, we find art outperforms fixed income securities as an investment, though it significantly under-performs stocks in the US. Art is also found to have lower volatility and lower correlation with other assets, making it more attractive for portfolio diversification than discovered in earlier research.There is strong evidence of underperformance of masterpieces, meaning expensive paintings tend to under-perform the art market index. The evidence is mixed on whether the "law of one price" holds in the New York auction market.

本文在微观层面建立了股票市场动态均衡模型，并基于动态均衡模型，探讨了投资者投资行为的理性或非理性在市场结构中的演绎过程，同时给出了股票市场理性投资行为与非理性投资行为发生偏差的度量模式。最后，基于q-理论，研究了投资者行为与 IS-LM模型均衡点运动的关系。

This paper reports the effort of deducing the initial strategy distributions of agents in mix-game model which is used to predict a real financial time series generated from a target financial market. Using mix-game to predict Shanghai Index, we find the time series of prediction accurate rates is sensitive to the initial strategy distributions of agents in group 2 who play minority game, but less sensitive to the initial strategy distributions of agents in group 1 who play majority game. And agents in group 2 tend to cluster in full strategy space (FSS) if the real financial time series has obvious tendency (upward or downward), otherwise they tend to scatter in FSS. We also find that the initial strategy distributions and the number of agents in group 1 influence the level of prediction accurate rates. Finally, this paper gives suggestion about further research.