国际金融危机的人力资源管理诱因

自从美国金融危机爆发以来，各界人士一直没有停止对其原因的探究。目前，国内外大多将原因集中在美国金融机构过度创新、华尔街的贪婪、监管饥构失职等方面。但是，这种分析无法解释美国金融机构为什么会过度创新、华尔街为什么会贪婪、监管机构为什么会失职。其实，更为深层的原因是美国金融机构的人力资源管理没有跟上经济发展的步伐。     

《多德-弗兰克华尔街改革和消费者保护法》的解读

美国金融制度改革具有"危机指向"的特征,"次贷危机"之后的《Dodd-Frank华尔街改革和消费者保护法》对美国的金融制度进行了大刀阔斧的改革,在机构改革、监管范围以及监管机构的职能方面进行了重大调整。本文介绍了《Dodd-Frank华尔街改革和消费者保护法》的主要内容,包括新机构的设立,监管范围的扩大,监管机构职能定位的调整等;并探讨了该法案对联邦和州层面监管者、消费者和金融工具供给者以及金融系统的潜在影响;最后论文从三个方面剖析了此次金融监管改革存在的问题。     

国际金融监管改革对我国的启示

2010年7月21日,美国总统奥巴马签署了新的监管法案——《多德一弗兰克华尔街改革与消费者保护法案》,并授权成立金融稳定监管委员会和消费者金融保护局两个新的监管机构,成为国际金融监管改革发展史上的"里程碑"。     

大而不倒

内容简介 该书通过一幕幕生动的场景描述，向读者客观而详尽地展现了金融危机发生之后美国主要监管机构和投行的众生相。在这部作品中，你可以看到雷曼是如何一步步地自断生路，监管机构是如何在“政治正确”的牵绊下做出选择，各大投行又是如何在人人自危的环境下力求自保。前所未有的访谈，不曾公开的华尔街决策内幕，揭示了美国经济萧条如何发展成全球金融危机，再现了从银行到政府再到整个美国身处金融危机第一现场的反应。     

中国概念股公司财务造假事件的再思考——对在美上市中国公司的启示

今年3月份以来,20多家在美国上市的中国公司因涉嫌财务造假或违规操作,被美国监管机构停牌或摘牌。近两个月,美国华尔街又悄然掀起一股中国概念股退市潮。     

认输还是死亡

对于华尔街的投资银行来说,现在的问题不是要不要改革,而是怎么改革. 除了证券交易委员会(SEC)的详细调查之外,政府的监管机构、司法部和国会也将对这些投资银行采取行动.两家自律性组织--纽约证交所和纳斯达克--也有可能做出纪律处分.说来奇怪,国会是惟一一家不积极寻求对华尔街进行监管的机构.共和党人,众议院金融服务委员会主席麦克·奥克斯利不久前对一些公司董事宣布于7月底通过的、针对公司治理的<萨班斯-奥克斯利法案>会是一段时期内的最后一项立法行动.     

美国

美联储再度降息0．25个百分点至4．50％；美联储调查报告称美国经济增速放慢；华尔街投行贝尔斯登次贷损失再添12亿美元；美国国会发难监管机构 事关中美贸易摩擦；通用汽车金融服务公司将带头收购诺森罗克银行。     

乱拉税源造成财政收入流失应引起重视

乱拉税源造成财政收入流失应引起重视刘海军在１９９５年的区级财政决算审计中，我们发现各区及所属办事处普遍存在乱拉税源，造成财政收入流失的问题。所谓乱拉税源，即各区及所属办事处为了完成自身的财政收入任务，利用各种关系和一定的物质手段，将不属于本辖区征税范...     

村干部乱吃滥喝被查处

村干部乱吃滥喝被查处最近，西峡县审计局受县委委托，组成清财小组，对丹水镇青龙庙村村干部用公款吃喝一事进行审计。青龙庙村财务管理混乱，几名村干部乱吃滥喝，造成村财务负债累累，群众负担增加，干群关系紧张，上访事件不断发生。清财小组于６月初进驻该村，在７名...     

泡沫破灭后的证券研究：华尔街的实践及启示

新经济泡沫破灭及其触发的"华尔街丑闻"使美国的监管当局对证券研究加强监管,而行情低迷所导致的经费紧缩以及XBRL的推进也对华尔街的证券研究产生重大影响,迫使后者进行业务流程和经营模式的整改和创新.华尔街证券研究在泡沫破灭后的实践和探索为我国熊市行情下的券商证券研究的监管、发展和创新提供了有益的启示和借鉴.     

The new world disorder

On January 1, 1995, representatives from 76 countries signed the World Trade Organization charter, which for years had been part of a temporary trade agreement. The WTO's emergence as a fully empowered supranational body seemed to reflect the triumph of what the first President Bush had described as the "new world order." That order was based on two assumptions: that a healthy economy and a sound financial system make for political stability, and that countries in business together do not fight each other. The number one priority of U.S. foreign policy was thus to encourage the former Communist countries of Europe and the developing nations in Latin America, Asia, and Africa to adopt business-friendly policies. Private capital would flow from the developed world into these countries, creating economic growth. It sounded too good to be true, and so it proved. The new world order of Bush père and his successor, Bill Clinton, has been replaced by the new world disorder of Bush fils. Under the second Bush's administration, the economic and political rationale-behind the Washington consensus of the 1990s has unraveled, forcing a radical change in our perceptions of which countries are safe for business. Negotiating this new environment will require companies to more rigorously evaluate political events and more carefully assess the links between political, economic, and financial risk factors. They'll need to be more selective about which markets to enter, and they'll need to think differently about how to position themselves in those markets. The geopolitical events of the past year, the Bush administration's global war on terror, as well as ongoing convulsions in traditional political and economic relationships must be understood and managed by corporate leaders worldwide. With careful analysis, business leaders can increase their companies' visibility and better respond to the uncertainties of the new world disorder.     

Thermodynamics, entropy and disorder in futures studies

The conceptual bases of futures studies are constrained by physical reality only to the extent that we construct these according to our best understanding of physical principles. This places a burden on futures practitioners to ensure that engagement and use of these principles is sufficiently robust to protect the plausibility of their work. The second law of thermodynamics is widely recognised as having fundamental implications for the nature of our physical reality. It is also widely misinterpreted, leading to distorted understanding of this reality. Thermodynamic principles are frequently referred to in the futures literature, and are sometimes fundamental to the futures thinking underlying the work. Reflecting the widespread misunderstanding of the second law, usage in the futures literature is usually problematic. This has implications for the value of the work, and also for the credibility of the field. In this article, the problem is demonstrated, and an updated interpretation of the second law is introduced. The origin of the problem is examined from historical and scientific perspectives within the thermodynamics field. The updated interpretation's implications are examined in the context of futures and other transdisciplinary perspectives.     

国际信用评级机构的功能扭曲与改革前景

从理论上看,以标普、穆迪和惠誉为代表的国际信用评级机构的存在可以起到降低社会经济成本和优化资源配置的作用。然而,目前国际信用评级机构仍然存在着一些功能扭曲的表现,如“三大”评级机构反应的迟钝,使其可信性遭到市场广泛质疑;“三大”评级机构反应的过度,加剧了金融市场调整;“三大”评级模式隐含的利益倾向,违背了信用评级的独立与公正。整顿和规制国际评级机构,必须改革现行的评级模式和模拟评级程序,实现评级市场的竞争化与评级主体的多元化。     

民间信用的演化模拟、失序控制与渐进式变革

民间信用的社会变迁是一个动态演化的过程,用一个含有自洽系统的层序系统模型来对其进行模拟,则在"合理"与"非法"的冲突中,民间信用会产生诸多社会问题;利用粗糙集理论对定性、模糊、口径不一的数据指标进行分析,可以推导出社会控制的若干原则.因此,针对中国实情与民间信用发展现状,应大力倡导其变革的渐进模式.     

Efficiency out of disorder: Contested ownership in incomplete contracts

In many situations, irreconcilable disagreements between players lead to costly ownership disputes over assets—for example, in case of joint ownership. This article studies the role of such disputes in a situation where two players have to make a transaction‐specific investment and when contracts are incomplete. I show that potentially contested ownership may mitigate the inefficiency of investments due to the incompleteness of contracts generating an exchange surplus that comes closer to the first‐best surplus as compared to any other ex ante distribution of ownership typically discussed in the literature following the influential work by Grossman, Hart, and Moore. If the contest is an all‐pay auction, each player makes a transaction‐specific investment as if he or she owns the asset. This article can explain why shared ownership—as for example in equity joint ventures, family firms, start‐up partnerships, and so on—is an important part of today's corporate landscape.     

Attention deficit hyperactivity disorder (ADHD)--life insurance implications

Attention deficit hyperactivity disorder (ADHD) is the most common neurobehavioral disorder in youth. About one-half of these youngsters continue to have symptoms as they enter their 20s. Of these, some also have co-morbid conditions such as conduct disorders, psychiatric problems and substance abuse. The medical director must be able to recognize the small subset of affected individuals whose mortality due to ADHD is greater than that of the standard population.     

Seasonal affective disorder and investors’ response to earnings news

We examined the relationship between seasonal affective disorder (SAD) and investor response to a firm’s quarterly earnings announcements. Our results show that the market’s cumulative abnormal returns are associated with unexpected earnings and with SAD. Investors respond more negatively when earnings are announced in the fall than in other seasons. We also found an asymmetric SAD effect that is more significant for positive earnings announcements, on average. Moreover, the SAD affect is most evident in stocks that are more salient to investors.