We study the impact of directors with foreign experience on firms in emerging markets. To establish causality, we use a unique dataset from China and exploit that at different times, Chinese provinces introduced policies to attract highly talented emigrants. These policies led to an exogenous increase in the supply of Chinese individuals with foreign experience in the local labor market and ultimately increased the likelihood that firms in these provinces had directors with foreign experience in comparison to firms with a similarly high demand for these skills elsewhere. We document that hiring directors with foreign experience results in higher firm valuation, productivity, and profitability. Furthermore, corporate governance improves and firms are more likely to make international acquisitions, to export, and to raise funds internationally. These results indicate that the transfer of knowledge to emerging markets occurs not only through foreign investment, but also through labor flows and, in particular, return migration.

This paper investigates the link between firm headquarters location and firm stock return co-movements in a sample of Chinese firms spanning the years 1999 to 2007. The empirical results show a strong co-movement pattern of firms located in the same province. Moreover, both firm-level and provincial-level factors are found to influence this co-movement, including firm size and ownership structure at firm level and GDP per capita and financial depth at provincial level. A subsample of firms listed in the Shenzhen Stock Exchange shows that better firm-level information quality reduces local co-movements.

基于我国32家商业银行2003-2011年的年度非平衡面板数据，本文实证检验了银行信贷行为对宏观经济周期变化的反应，并考察了股权结构变化对其所产生的影响。结果显示，我国银行业的信贷总量增速和中长期贷款占比表现出逆周期特征，短期贷款比例与之相反；第一大股东持股比例和国有股占比的提高均会强化银行信贷总量增速的逆周期性，外资持股比例的增加则会弱化该特征；在经济下行周期中，国有持股比例较高的银行会加强中长期贷款投放力度，外资股占比较高的银行则会削减短期贷款投放规模。

】三农问题是实现全面建成小康社会的重大议题，也是我党工作的重中之重。农村经济的发展关键在于农村金融的带动，尽管近几年 我国不断深化金融体制改革，例如农村信用社、村镇银行已经取得显著的效果，但是局部地区的问题还没得到完全的解决，经济发展参差不齐，由 于市场经济存在自发性，盲目性，滞后性，导致落后的农村地区的金融服务仍存在较多问题。而在这种情况下，在市场的驱使下盈利性企业单位不 可能进一步解决三农问题，所以仍强调市场化的调控手段失效，因此我们需要公益慈善行为作为市场化的补充。 本文试图提供一种政府扶持下新型的P2P公益性助农贷款模式，在此模式下，发挥政府的作用，对现有市场下的农村金融体系进行补充和完 善，鼓励公益性金融机构填充农村市场的空白，利用先进的信息网络技术管理，激励资金流入到需要特殊帮扶的农业部门和农村弱势群体，弥补市 场经济的缺陷，构建社会主义和谐社会。

It has been long that literature in financial academics focuses mainly on price and return but much less on trading volume. In the past twenty years, it has already linked both price and trading volume to economic fundamentals, and explored the behavioral implications of trading volume such as investor’s attitude toward risks, overconfidence, disagreement, and attention etc. However, what is surprising is how little we really know about trading volume. Here we show that trading volume probability represents the frequency of market crowd’s trading action in terms of behavior analysis, and test two adaptive hypotheses relevant to the volume uncertainty associated with price in China stock market. The empirical work reveals that market crowd trade a stock in efficient adaptation except for simple heuristics, gradually tend to achieve agreement on an outcome or an asset price widely on a trading day, and generate such a stationary equilibrium price very often in interaction and competition among themselves no matter whether it is highly overestimated or underestimated. This suggests that asset prices include not only a fundamental value but also private information, speculative, sentiment, attention, gamble, and entertainment values etc. Moreover, market crowd adapt to gain and loss by trading volume increase or decrease significantly in interaction with environment in any two consecutive trading days. Our results demonstrate how interaction between information and news, the trading action, and return outcomes in the three-term feedback loop produces excessive trading volume which includes various internal and external causes. Finally, we reconcile market dynamics and crowd’s trading behaviors in a unified framework by Shi’s price-volume differential equation in stock market where, we assume, investors derive a liquidity utility expressed in terms of trading wealth which is equal to the sum of a probability weighting utility and a reversal utility in reference to an outcome. JEL Classifications: G12, G02, D83 （长期以来，金融学术领域里的文献只注重价格和收益率，却较少研究交易量。在最近的二十年里，金融学术文献已经开始研究价格和交易量两者与经济基本量之间的相互关系，并且探讨交易量的行为内涵，例如投资者对风险的态度、过度自信、不同观点以及关注程度等等。然而，我们还是对交易量的认识知之甚少。本文根据行为分析，用交易量概率来表示市场群体的交易频率，并且通过我国股市来实证检验涉及交易量与价格之间不确定关系的两种适应性假说。实证结果表明：市场群体在每日交易的时间窗口内除了采用简单的经验法则之外，同时还采用有效的适应性方式来从事股票交易，并且逐步倾向于形成一个结果和认同的资产价格；无论该资产价格是否明显地被高估或低估，市场群体在相互作用和竞争的过程中往往能够形成这样一个稳态的均衡价格。这表明了资产价格不仅包含了基本价值同时还包含了非公开信息、投机、情绪、关注、赌博和娱乐等价值。此外，在任意两个连续交易日之间，市场群体在与市场环境的相互作用过程中，通过交易量的增加或减少来有效地适应盈亏。我们的研究结果说明了在由信息、交易与收益结果三项构成的反馈环中，它们之间的相互作用是如何导致了过度交易的，这其中包含了导致过度交易的各种内外因素。最后，我们假设股票市场中的投资者是通过交易财富来产生流动性效用，它等于概率加权效用与相对于结果为参照系的反转效用之和，从而推导出Shi氏价-量微分方程，将市场动力学行为与群体交易行为协调在一个统一的框架体系。）

We investigate how monetary policy in a mixed financial system such as that of China, which is characterized by a juxtaposition of quantity- and price-based policy instruments and the co-existence of regulated and market-determined interest rates, affects bank lending. Using a newly constructed loan-level dataset, we find that loan rates but not loan size are affected by both the regulated and the market-determined interest rates and that loan size is instead affected by an implicit quota that is imposed on aggregate bank lending through window guidance. We interpret this finding to be evidence of credit rationing.

文章利用手工收集的1704只非结构化阳光私募，对比考察了融资融券和股指期货推出后出现的三种新型阳光私募与传统的股票型阳光私募和公募基金的绩效。研究发现：（1）相对价值型阳光私募表现明显优于传统投资工具，其各项收益指标均很高，无系统风险且特质风险很小。（2）债券型阳光私募表现也优于传统投资工具，但明显差于相对价值型。（3）事件驱动型阳光私募的收益指标优于传统投资工具，但系统和特质风险均很高。（4）CAPM和FF3等传统的因子模型无法很好的解释相对价值型和债券型阳光私募的绩效。因此，相对价值型阳光私募“低风险-高收益”的特性表明真正的“对冲基金”在中国已经崭露头角。

It has been long that literature in financial academics focuses mainly on price and return but much less on trading volume. In the past twenty years, it has already linked both price and trading volume to economic fundamentals, and explored the behavioral implications of trading volume such as investor’s attitude toward risks, overconfidence, disagreement, and attention etc. However, what is surprising is how little we really know about trading volume. Here we show that trading volume probability represents the frequency of market crowd’s trading action in terms of behavior analysis, and test two crowd’s trading behavioral hypotheses relevant to the volume uncertainty associated with price in China stock market. The empirical work reveals that market crowd trade in simple heuristics and efficient adaptation, gradually tend to achieve agreement on an outcome or an asset price widely on a trading day, and generate such a stationary equilibrium price very often in interaction among themselves no matter whether it is highly overestimated or underestimated, suggesting that asset prices include not only a fundamental value but also private information, speculative, sentiment, gamble, and entertainment values etc. In addition, market crowd adapt to gain and loss by trading volume increase or decrease significantly in interaction with environment in any two consecutive trading days. Our results demonstrate how interaction between information and news, the trading action, and return outcomes in the three-term feedback loop produces excessive trading volume which includes various internal and external causes. Finally, we reconcile market dynamics and crowd’s trading behaviors in a unified framework by Shi’s price-volume differential equation in stock market where, we assume, investors derive a liquidity utility expressed in terms of trading wealth which is equal to the sum of a probability weighting utility and a reversal utility in reference to an outcome. JEL Classifications: G12, G02, D83 (长期以来，金融学术领域里的文献只注重价格和收益率，却较少研究交易量。在最近的二十年里，金融学术文献已经开始研究价格和交易量两者与经济基本量之间的相互关系，并且探讨交易量的行为内涵，例如投资者对风险的态度、过度自信、不同观点以及关注程度等等。然而，我们还是对交易量的认识知之甚少。本文根据行为分析，用交易量概率来表示市场群体的交易频率，并且通过我国股市来实证检验交易量与价格之间不确定关系中关于群体交易行为的两个基本假说。实证结果表明：市场群体在每日交易的时间窗口内采用简单的经验法则和有效的适应方式来从事交易，并且总是逐步地倾向于形成一个结果和认同的资产价格；无论该资产价格是否明显地被高估或低估，市场群体在相互作用的过程中往往能够形成这样一个稳态的均衡价格，这表明了资产价格不仅包含基本价值同时还包含非公开信息、投机、情绪、赌博和娱乐等价值。此外，在任意两个连续交易日之间，市场群体在与市场环境的相互作用过程中，通过交易量的增加或减少来有效地适应盈亏。我们的研究结果说明了在由信息、交易与收益结果三项构成的反馈环中，它们之间的相互作用是如何导致了过度交易的，这其中包含了导致过度交易的各种内外因素。最后，我们假设股票市场中的投资者是通过交易财富来产生流动性效用，它等于概率加权效用与相对于结果为参照系的反转效用之和，从而推导出Shi氏价-量微分方程，将市场动力学行为与群体交易行为协调在一个统一的框架体系。)

“解读金融杠杆与投资风险之间的关系”是对国际金融市场杠杆原理的基本阐述，但未做具体的杠杆投资风险分析。“解读金融杠杆”以iPhone举例分析了金融杠杆的基本操作原理，投资者基本了解到影响到投资成败的主要因素是“风险因子”与“保证金比例”。首先，“风险因子”由“资本金”和“合约数量”确定；其次，在“资本金”已定的条件下，“保证金比例”决定了投资交易的“风险因子”，从而影响着投资交易的风险程度。在使用杠杆进行国际金融投资过程中，关键由合约数量、资本金、保证金比例（杠杆），三个因素直接影响着“风险因子”，这也是投资者在杠杆投资过程中值得谨慎注意的三要素。

截至2012年底，中国企业年金的基本养老保险职工参保率仅为8.04%，很难起到真正有效的补充作用。基于中国家庭金融调查（2011）数据，从人力资源效应、节税效应和所有制效应等企业提供企业年金的激励因素着手，考察中国企业年金参保影响因素。首先进行单变量列联表分析，然后进行多变量Logit回归，结果显示：①人力资源效应得到验证，文化程度、工作年限、职称和职务与职工企业年金参保概率正相关；②节税效应没有得到验证，地方政府如果出台过比中央更优惠的企业年金税收政策，该地职工参保概率反而更低。产业与参保概率无关，上市企业职工参保概率更高；③所有制效应得到验证，国有企业的参保概率更高；④控制变量中，地域与参保概率相关，西部最高，东部次之，中部最低。年龄与参保概率负相关。性别、婚姻、政治面貌、户口、民族等与参保概率无关。这表明：①激励中国企业建立企业年金的主要市场因素是企业年金的人力资源效应，企业借企业年金吸引、激励、保留员工；②主要非市场因素是所有制效应，国有企业借企业年金打破薪酬管制；③税收优惠政策的作用不显著。政府应考虑对企业年金覆盖率、缴费水平等进行更详尽的数量规制，并审慎考察税收优惠政策。