金融机构市场退出的经济学思考

对金融机构市场退出问题进行经济学分析的目的,是对建立我国金融机构市场退出制度有所指导。其中,金融安全网的适度问题,政府干预和市场力量的均衡问题,公平和效率问题,中国国情与国际惯例协调问题,都是不可忽视的。     

利用新技术提升银行竞争力——访福建海诚信息影像软件科技开发有限公司总经理蔡建东

随着金融信息化的不断发展,各家银行对于新技术的应用越来越广泛。国际金融危机对我国金融行业的影响已显现,与之相关的行业也产生了一定的波动。近日,记者采访了福建海诚信息影像软件科技开发有限公司总经理蔡建东,进一步了解图文影像技术的最新发展及其在中国金融行业的应用情况。     

Population, ecology and the new economics : Guidelines for a steady-state economy

This article is concerned with the necessity of modifying the well known classical theory of demographic transition because of recent developments, particularly in the worldwide ecological situation. It affects statements about developing as well as industrialized countries and is urgently needed in view of the dominant role transition theory plays in practice, planning and forecasting. The basic ideas of a demoecological transition theory is developed. The final part is a draft, with necessary consequences, of the new guidelines for economic action, that is alternatives and room to manoeuvre within a steady-state economy.     

外资法人银行开业:新竞争时代的开始

外资银行在中国的战略布局已初见成效 经过多年来的发展和布局,外资银行在中国的机构数量稳步增加,业务品种、经营地域和客户范围不断扩大,资产规模增长迅速.截至2006年12月末,在中国注册的外资独资和合资法人银行机构共14家,下设19家分支行及附属机构;22个国家和地区的74家外资银行在中国25个城市设立了200家分行和79家支行;42个国家和地区的186家外资银行在中国24个城市设立了242家代表处.     

结构分析与发展经济学的发展

发展经济学的分析方法一直是发展经济学研究者注重研究的问题。本文认为 :结构分析是发展经济学方法论的基础。它不仅是开启发展经济学大门的钥匙 ,而且在这门学科的建立和发展中举足轻重。随着发展经济学研究的深入进行 ,结构分析作为一种基本的研究方法仍会继续发挥作用。     

An empirical analysis of strategic competition and firm values the case of R&D competition

We operationalize a firm's competitive strategy through a new empirical measure, and develop a framework for empirical analysis of the market value of strategic behavior. Using this framework, we study announcement effects of R&D spending. The announcing firm's stock prices are positively influenced by a change in spending, and negatively by our competitive strategy measure (CSM). Competitors' stock prices are positively influenced by the interaction between the market's reaction to the announcing firm and the CSM. Our results are consistent with positive effects of ‘accommodating’ competition with strategic substitutes, and nonpositive effects of ‘tough’ competition with strategic complements.     

Hedging and competition

We consider firms that, all else equal, wish to minimize variability in their internal capital (due to convex costs of raising external funds). The firms can hedge the cash flow risk of the project, but not that of winning or losing the auction. We characterize optimal hedging and bidding strategies in this competition framework. We show that access to financial markets makes firms bid more aggressively, possibly even above their valuation for the project. In addition, hedging increases the variance of bids and makes firm values more dispersed. Further, with hedging, the covariance of internal capital changes with the risk factor is negative, and is more negative, the higher the correlation of the hedging instrument with the risk factor.