The Global Fund has long been the largest international assistance in human immunodeficiency virus(HIV)responses for three Southeast Asian countries,including Myanmar,Laos,and Vietnam.However,it recently decided to re...The Global Fund has long been the largest international assistance in human immunodeficiency virus(HIV)responses for three Southeast Asian countries,including Myanmar,Laos,and Vietnam.However,it recently decided to reduce or withdraw its funding from countries not yet going through donor phase out,aiming to make these countries respond with their own resources.In examining whether these three countries are well-prepared to donor transition,we uncover potential challenges that will appear in their healthcare systems and especially in the prevention and control for vulnerable populations.By reviewing China's succesful experience in donor transition,we propose recommendations for these pre transition countries,in terms of program operation,budget allocation,and social stigmatization.展开更多
Over the last decade, the private equity （PE） industry, primarily venture capital and leveraged buyout investments, has matured massively. Consequently, public interest towards that particular asset class has increa...Over the last decade, the private equity （PE） industry, primarily venture capital and leveraged buyout investments, has matured massively. Consequently, public interest towards that particular asset class has increased rapidly. This study seeks to empirically assess the determinants of private equity funds＇ （PEFs） performance around the world. The study comprises a panel data of 103 publicly traded PEFs globally for the period of 2007-2013. Generalized least squares （GLS） technique is employed to regress the explanatory variables. The objective is accentuated on the major contributing factors that make a PEF successful. The analysis, in this paper, examines the effect of fund size, investment size, geographical focus, and industrial specialization on return. The empirical results provide evidence that： （1） Fund size and industrial specialization were observed to have an insignificant influence on the funds＇ returns in our panels; （2） Investment size is positively related to fund performance, indicating that larger deal sizes exhibited superior performance level; and （3） Geographical focus exhibited a negative association with fund performance, leading to the conclusion that limited geographical deployment of funds or absence of market diversification resulted in a fall in funds＇ returns. Consequently, to proxy for return of funds, stock prices of listed PEFs under LPEQ listings were employed.展开更多
利用NCEP提供的高时空分辨率的GFS(Global Forecast System)数值预报产品和当地地面观测气温资料,经SPSS(Statistical Product and Service Solution)逐步回归分析,建立了嘉兴市24 h和48 h日平均气温、最高气温、最低气温初始预报方程,...利用NCEP提供的高时空分辨率的GFS(Global Forecast System)数值预报产品和当地地面观测气温资料,经SPSS(Statistical Product and Service Solution)逐步回归分析,建立了嘉兴市24 h和48 h日平均气温、最高气温、最低气温初始预报方程,采用卡尔曼滤波方法进行以上6项目的逐日滚动预报。对最近2年来的预报结果检验表明:平均气温的预报效果最佳,最低气温次之,最高气温的准确率相对最低;随着时效增长,误差增大;不同季节,参考价值高的项目各不相同,秋季的最高温度误差较小,而冬季则最低气温准确率最高。分析结果可以作为日常预报中一种有效的参考。展开更多
Based on the global asset portfolio model,this paper created a panel threshold model using EPFR fund data to empirically test the non-linear spillover effects of US economic policy uncertainties on cross-border capita...Based on the global asset portfolio model,this paper created a panel threshold model using EPFR fund data to empirically test the non-linear spillover effects of US economic policy uncertainties on cross-border capital flow for emerging economies.Our study led to the following findings:(1)When the level of global investor risk tolerance is high,rising US EPU will induce a capital inflow into emerging economies,as manifested in the“portfolio rebalancing effect.”When the level of global investor risk tolerance is below a critical threshold,this gives rise to risk aversion and emerging economies will experience net capital outflow,i.e.the“flight to quality effect”.(2)Equity fund investors have a lower risk tolerance threshold than bond fund investors.(3)According to our heterogeneity analysis,more attention should be paid to monitoring capital flow through actively managed funds,ETF funds,and retail investor funds.The economy should increase financial efficiency and economic resiliency to mitigate capital outflow pressures from the external environment.展开更多
基金supported in part by the National Natural Science Foundation of China(Grant No.71904171)the Fundamental Research Funds for the Central Universities(Grant No.2020QNA7021)China Medical Board(Project No.202032).
文摘The Global Fund has long been the largest international assistance in human immunodeficiency virus(HIV)responses for three Southeast Asian countries,including Myanmar,Laos,and Vietnam.However,it recently decided to reduce or withdraw its funding from countries not yet going through donor phase out,aiming to make these countries respond with their own resources.In examining whether these three countries are well-prepared to donor transition,we uncover potential challenges that will appear in their healthcare systems and especially in the prevention and control for vulnerable populations.By reviewing China's succesful experience in donor transition,we propose recommendations for these pre transition countries,in terms of program operation,budget allocation,and social stigmatization.
文摘Over the last decade, the private equity （PE） industry, primarily venture capital and leveraged buyout investments, has matured massively. Consequently, public interest towards that particular asset class has increased rapidly. This study seeks to empirically assess the determinants of private equity funds＇ （PEFs） performance around the world. The study comprises a panel data of 103 publicly traded PEFs globally for the period of 2007-2013. Generalized least squares （GLS） technique is employed to regress the explanatory variables. The objective is accentuated on the major contributing factors that make a PEF successful. The analysis, in this paper, examines the effect of fund size, investment size, geographical focus, and industrial specialization on return. The empirical results provide evidence that： （1） Fund size and industrial specialization were observed to have an insignificant influence on the funds＇ returns in our panels; （2） Investment size is positively related to fund performance, indicating that larger deal sizes exhibited superior performance level; and （3） Geographical focus exhibited a negative association with fund performance, leading to the conclusion that limited geographical deployment of funds or absence of market diversification resulted in a fall in funds＇ returns. Consequently, to proxy for return of funds, stock prices of listed PEFs under LPEQ listings were employed.
文摘利用NCEP提供的高时空分辨率的GFS(Global Forecast System)数值预报产品和当地地面观测气温资料,经SPSS(Statistical Product and Service Solution)逐步回归分析,建立了嘉兴市24 h和48 h日平均气温、最高气温、最低气温初始预报方程,采用卡尔曼滤波方法进行以上6项目的逐日滚动预报。对最近2年来的预报结果检验表明:平均气温的预报效果最佳,最低气温次之,最高气温的准确率相对最低;随着时效增长,误差增大;不同季节,参考价值高的项目各不相同,秋季的最高温度误差较小,而冬季则最低气温准确率最高。分析结果可以作为日常预报中一种有效的参考。
基金sponsored by the Natural Science Foundation of China(NSFC)2018 Emergency Management Project“Exchange Rate Market Variation,Cross-Border Capital Flow and Financial Risk Prevention”(Grant No.71850005)the NSFC Youth Program“Dynamic Estimation of Foreign Exchange Market Pressure in the Process of Capital Account Opening and Evaluation of the Central Bank’s Intervention Policy Effects”(Grant No.71803204).
文摘Based on the global asset portfolio model,this paper created a panel threshold model using EPFR fund data to empirically test the non-linear spillover effects of US economic policy uncertainties on cross-border capital flow for emerging economies.Our study led to the following findings:(1)When the level of global investor risk tolerance is high,rising US EPU will induce a capital inflow into emerging economies,as manifested in the“portfolio rebalancing effect.”When the level of global investor risk tolerance is below a critical threshold,this gives rise to risk aversion and emerging economies will experience net capital outflow,i.e.the“flight to quality effect”.(2)Equity fund investors have a lower risk tolerance threshold than bond fund investors.(3)According to our heterogeneity analysis,more attention should be paid to monitoring capital flow through actively managed funds,ETF funds,and retail investor funds.The economy should increase financial efficiency and economic resiliency to mitigate capital outflow pressures from the external environment.
