Сравнительный анализ моделей оценки срочной структуры процентных ставок на китайском рынке облигаций
The paper is devoted to the issue of construction of the term structure of interest rates for China’s bond market. It provides an overview of the related studies for the period from 1997 to 2010. The paper also gives a brief description and history of the approach applied by China Central Depositary & Clearing (CCDC) in order to construct the yield curve out of the China’s bond market data.
The article dwells on the organization and activities of the Soviet advisors group, which assisted to the South China government of Sun Yatsen, its participation in financing Kuomintang political and military projects. The author pointed out that the main aim of the advisors group efforts was to form new Kuomintang power institutions and to bring its policy and army under control, for all that the tactics of implementation of strategy aim were constantly changing.
The article gives an overview of influence of stock market discrimination on market value of companies in China. There are two types of shares on Chinese stock market: class A shares, which are available for domestic investors, and class B shares, which are available for foreign investors. Such market structure is not a unique Chinese market's feature. It is also used in such countries as Finland, Singapore, Switzerland, Thailand, etc. What differs Chinese market from markets with similar structure is the fact that class B shares are traded with substantial discount to class A shares. Such a situation is explained by such factors informational asymmetry between domestic and foreign investors; different liquidity of different classes of shares; diversification effect, connected with investment in Chinese stock market; size of companies; ratio of amounts of shares of different classes; stock exchange where company's shares are traded.
Smoking is a problem, bringing signifi cant social and economic costs to Russiansociety. However, ratifi cation of the World health organization Framework conventionon tobacco control makes it possible to improve Russian legislation accordingto the international standards. So, I describe some measures that should be taken bythe Russian authorities in the nearest future, and I examine their effi ciency. By studyingthe international evidence I analyze the impact of the smoke-free areas, advertisementand sponsorship bans, tax increases, etc. on the prevalence of smoking, cigaretteconsumption and some other indicators. I also investigate the obstacles confrontingthe Russian authorities when they introduce new policy measures and the public attitudetowards these measures. I conclude that there is a number of easy-to-implementanti-smoking activities that need no fi nancial resources but only a political will.
One of the most important indicators of company's success is the increase of its value. The article investigates traditional methods of company's value assessment and the evidence that the application of these methods is incorrect in the new stage of economy. So it is necessary to create a new method of valuation based on the new main sources of company's success that is its intellectual capital.