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。

本文集中考虑面临突变可能（带跳）的随机金融市场中的最优消费和投资组合问题。首先，运用Lagrange方法选择恰当的消费过程和终端财富，使消费、终端财富各自的效用及两者的综合统筹效用最大化。然后再假设模型的系数为确定性的，应用动态规划原理找出最优的投资组合/消费对。如果再增加条件，就可得到投资组合/消费对关于当前财富的反馈显式解。

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.

Grinblatt 和Keloharju（2001）利用芬兰股票市场1995-1996年的交易数据，对什么促使投资者交易进行了研究。本文利用某一营业部近万个帐户在1998-2000年的交易数据，对哪些因素影响以及如何影响投资者的卖出与持有选择、卖出与买入选择进行研究。结果表明：（1）投资者所处的亏损或盈利状态对选择卖出还是持有具有重要的影响。历史价格或成交量等因素的变化导致盈利状态或亏损状态的投资者的卖出或持有倾向发生不同方向的变化。在剔除投资者所处的亏损或盈利状态与其他因素的交互作用所产生的影响后，处于中等亏损程度的小投资者具有较强的处置效应，而大中型投资者的严重亏损使其卖出倾向增加。（2）与Grinblatt 和Keloharju（2001）一样，近期个股价格的变化、个股价格的历史波动、大盘历史走势与波动均对卖出与持有选择、卖出与买入选择有不同程度的影响，影响方式与Grinblatt 和Keloharju（2001）有所差异。（3）在本文新增变量中，个股历史换手率变化、重大政策和事件、历史价格和成交量的变化趋势及形态、市场普遍大涨（大跌）等均对卖出与持有选择、卖出与买入选择产生显著影响，但对大投资者和小投资者的影响方式和方向是不一样的。

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.

本文先按照其投资目标、投资风格和投资策略等特征为标准的划分方式，对我国现有的基金进行实证分析和检验，评价其分类特征是否符合基金招募书上宣称的基金类型，评价其效率是否达到了既定的投资目标。实证结果发现，无论事前分析和事后分析都表明，我国基金的投资风格趋于相同，而且宣称的投资风格在很大程度上不能代表其实际的投资风格。本文最后还分析了导致这种现象出现的原因。