发布于:2018-12-13 星期四 14:37:15 点击数:8830




[1]Yan Xu, Chi Xie, Yanan Xu. Time-spatial revolution characteristics in the aftermath of the European debt crisis: Decoupling hypothesis of China, Advances in Information Science and Service Sciences, 2012, 6(10): 102-113

Abstract: In this paper, our general goal is to figure out the evidence of the decoupling hypothesis for Chinese economy from the very wave of European debt crisis. An augmented gravity model, through which the recent reviving of murky protectionism as exogenous variable, is proposed and estimated, employing the vector auto regression, impulse and variance decomposition techniques, based on the monthly dataset from 2007 to 2011. The results show that, spatial logistics weathering with the debt crisis since the late-2009, which suggests that Chinese economy is somewhat insulated from international forces before the debt crisis. This result strengthened existing literature. Furthermore, the empirical findings indicate that the Chinese economy are well-known external-driven, but traces of switching to domestic consumption are robust. Murky protectionism plays a minor but significant role in China’s trade activity.

[2]徐艳,谢赤.投资者信念异质与证券价格互动关系研究,管理学报, 2009, 6(10) :1361-1367


Abstract: Investor beliefs play a significant role in stock markets where the heterogeneous beliefs affect the determination of stock prices. The traditional asset pricing model assumes investors homogeneous beliefs. On the contrary, the proposition of investors’ beliefs heterogeneity is more close to the reality of the stock markets, in which investors are not in the perfect rationality. The very investors have heterogeneous personality, risk preferences, perceptions on the market information, different attitudes and sentiments, which in return affect the market and the stock prices. This paper studies the mechanism of emergence of heterogeneity beliefs and the impact on the stock prices. The empirical results suggest that there is a cointegrational Granger cause-effect relationship between institutional investors’ belief heterogeneity and stock market price index. Furthermore, the impulse test indicates that irrational sentiments and beliefs pose a complex chaotic shock on the price system.




基于交易税的金融网络脆弱性及系统风险控制研究.湖南省自然科学基金项目. 2015-2017. 项目主持人


复杂金融网络动态演化行为与危机传染及其控制研究. 国家自然基金项目. 2014-2017. 主要研究人员