A vector autoregressive model was developed for a sample of container carrier time charter rates. Although the series of time charter rates are themselves found non-stationary, thus precluding the use of many modeling...A vector autoregressive model was developed for a sample of container carrier time charter rates. Although the series of time charter rates are themselves found non-stationary, thus precluding the use of many modeling methodologies, evidence provided by co-integration tests points to the existence of stable long-term relationships between the series. An assessment of the forecasts derived from the model suggests that the spec-ification of these long-term relationships does not improve the accuracy of long-term forecasts. These results are interpreted as a corroboration of the efficient market hypothesis.展开更多
The land contracts of the Mongolian Banner of Rehe were numerous and can bedivided into three broad categories: rental contracts, mortgage contracts (dianmai) and sale contracts. These contracts reveal that Mongolian ...The land contracts of the Mongolian Banner of Rehe were numerous and can bedivided into three broad categories: rental contracts, mortgage contracts (dianmai) and sale contracts. These contracts reveal that Mongolian nobility and monks were the principal renters of banner land, altough Mongolian commoners also rented out a small amount of land. Han Chinese land merchants and monopolists" (lantou) were the middlemen in the tenancy process and the major resellers of surface rights in land. Tenants were mostly Han Chinese peasants. Those who mortgaged land were mostly impoverished Mongolian owner - peasants and Han Chinese tenants. In the process of mortgaging land the price of tenancy rights steadily increased and the control of Mongolian banner land gradually fell into the hands of those who owned the tenancy rights.展开更多
文摘A vector autoregressive model was developed for a sample of container carrier time charter rates. Although the series of time charter rates are themselves found non-stationary, thus precluding the use of many modeling methodologies, evidence provided by co-integration tests points to the existence of stable long-term relationships between the series. An assessment of the forecasts derived from the model suggests that the spec-ification of these long-term relationships does not improve the accuracy of long-term forecasts. These results are interpreted as a corroboration of the efficient market hypothesis.
文摘The land contracts of the Mongolian Banner of Rehe were numerous and can bedivided into three broad categories: rental contracts, mortgage contracts (dianmai) and sale contracts. These contracts reveal that Mongolian nobility and monks were the principal renters of banner land, altough Mongolian commoners also rented out a small amount of land. Han Chinese land merchants and monopolists" (lantou) were the middlemen in the tenancy process and the major resellers of surface rights in land. Tenants were mostly Han Chinese peasants. Those who mortgaged land were mostly impoverished Mongolian owner - peasants and Han Chinese tenants. In the process of mortgaging land the price of tenancy rights steadily increased and the control of Mongolian banner land gradually fell into the hands of those who owned the tenancy rights.
