Empirical study on mutual fund objective classification

Mutual funds are usually classified on the basis of their objectives. If the activities of mutual funds are consistent with their stated objectives, investors may look at the latter as signals of their risks and incomes. This work analyzes mutual fund objective classification in China by statistical methods of distance analysis and discriminant analysis; and examines whether the stated investment objectives of mutual funds adequately represent their attributes to investors. That is, if mutual funds adhere to their stated objectives, attributes must be heterogeneous between investment objective groups and homogeneous within them. Our conclusion is to some degree, the group of optimized exponential funds is heterogeneous to other groups. As a whole, there exist no significant differences between different objective groups; and 50% of mutual funds are not consistent with their objective groups.     

Business Strategy and Perceived Benefits of Internet Banking: Their Impact on Banks'''' Strategic Responses to China''''s Entry to WTO

With the entry to WTO and development of IT, banks in China are adjusting their competitive strategies to meet the competition. Internet banking has become a kind of strategic choice to response to the entry to WTO. Based on relevantly selective reviews of literature of strategy theory and research, a model is developed to study banks' strategic response to entry to WTO. According to a survey of 192 sets of questionnaires, this study finds that external pressure, business strategy and perceived benefits of Internet banking would influence banks' perceived increase in Internet banking investment. And banks' perceived increase in Internet banking investment has no difference between big banks and small banks.     

主权财富基金

“主权财富基金”（Sovereign Wealth Fund）。它们既不同于传统的政府养老基金,也不同于那些简单持有储备资产以维护本币稳定的政府机构,而是一种全新的专业化、市场化的积极投资机构。目前,全球已有22个国家和地区设立了主权财富基金,其他一些国家的主权财富基金也在酝酿之中。1990年以来,主权财富基金逐步兴起,目前已遍布全球各地。设立主权财富基金的国家,包括一些发达国家和资源丰富国家,也包括一些新兴市场国家和资源贫乏国家。     

International Economic Environment of Business

This article mainly illustrates the contributions of foreign direct investment to developing countries. The benefits are divided into two parts; one is resource-transfer effects, which includes the capital transfer, advanced technology transfer, and experienced management skills transfer; the other is employment effects, which means foreign direct investment can create jobs for the host countries in direct way and indirect way. Finally, to balance the argument, the article mentions some shortcomings of foreign direct investment caused to the developing countries. On the whole, foreign direct investment is benefit to the developing countries.     

Functionalist Approaches to Advertisement Translation

The 1970s saw a development of the Functionalism, with its three representative scholars Katharina Reiss, Hans. Vermeer and Justa Holz Manttari. Kathafina Reiss proposed the text type theory; Vermeer brought up the skopostheory and Mantarri translational action theory. The Functional theories are very useful for the translators to adopt a right translation strategy. In these years, various kinds of advertisement have appeared in people＇s daily life. They are becoming one important part in our culture. The companies need advertisementS to sell their productS and the consumers need the advertisement to decide which brand to buy after comparison. This paper will discuss how they are applied to the advertisement translation     

Adoption of precision agriculture technologies in India and in some developing countries: Scope, present status and strategies

Rapid socio-economic changes in some developing countries, including India, are creating new scopes for application of precision agriculture (PA). The implications of dramatic shifts for economic development, urbanization and energy consumption in some developing countries are immense. High-tech nature of traditional PA technologies developed in advanced countries created a real challenge for engineers to search suitable PA technologies for developing countries. It is expected that application of balanced soft and hard PA technologies based on the need of specific socio-economic condition of a country will make PA suitable for developing countries also.‘Soft’ PA depends mainly on visual observation of crop and soil and management decision based on experience and intuition, rather than on statistical and scientific analysis. ‘Hard’ PA utilizes all modern technologies such as GPS, RS, and VRT. Three components, namely,‘single PA technology’, ‘PA technology package’ (for the user to select one or combination) and ‘integrated PA technology’, have been identified as a part of adoption strategies of PA in the developing countries. Therefore, the objective of this paper is to find out the scope,the present status and the strategies for adoption of PA in India and in some developing countries. Application of PA in cash crop, plantation crop, etc. has been discussed. Application of some medium and low-tech PA tools such as chlorophyll meter and leaf colour chart in small farms has been included. This exhaustive review of the present status of PA in India and in some developing countries is expected to help to find out the adoption trend and direction of future research. Detailed strategy for the adoption of PA in India has also been proposed.     

Optimal Investment of Defined Contribution Pension Based on Self-Protection and Minimum Security

This paper mainly studies the optimal investment problem of defined contribution(DC)pension under the self-protection and minimum security. First, we apply Ito? theorem to obtain the differential equation of the real stock price after discounting inflation. Then, under the constraint of external guarantee of DC pension terminal wealth, self-protection is introduced to study the maximization of the expected utility of terminal wealth at retirement time and any time before retirement. The explicit...     

Ratio K: a New Way of Metering and Evaluating the Risk and Return of Stock Investment

Although widely used, both the Markowitz model and VAR (Value at Risk) model have some limitations in evaluating the risk and return of stock investment. By the analysis of the conceptions of risk and return, together with the three hypotheses of technological analysis, a novelty model of metering and evaluating the risk and return of stock investment is established. The major indicator of this model , risk-return ratio K, combines the characteristic indicators of risk and return. Regardless of the form of the risk-return probability density functions, this indicator K can always reflect the risk-return performances of the invested stocks clearly and accurately. How to use the model to make optimum investment and how to make portfolio combined with clustering analysis is also explained.     

Optimal Investment Strategy of Defined Contribution Pension Based on Bequest Motivation and Loss Aversion

Under the S-shaped utility of loss aversion, this paper considers the bequest motivation of pension plan participants, random salary income before retirement and the substitution rate between receiving pension benefits after retirement and wages before retirement, and studies the optimal investment strategy of defined contribution(DC) pension. Assuming that pension funds can invest in a financial market consisting of three assets(risk-free asset cash, rolling bonds and stocks), inflation is cons...     

Application of the Option Game Theory to the Real Estate Enterprise Investment Decision

One of the remarkable characteristics of the current development of China's national economy is the increase of uncertainties, which makes the traditional method more and more unsuitable for the current economic development in the real estate investment process. Based on the option game theory, the investment decision making of real estate is analyzed here, the investment optimization mathematic model established, and Nash Equilibrium discussed. Through case studies, we analyze the application of game option in the real estate, which is put under symmetrical duopoly. The conclusions will contribute to both the theory on and practice of the present investment in the real estate enterprise.