The Demand for Federal Home Loan. Bank Advances by Thrift Institutions: Some Recent Evidence

This paper develops a model of the demand for Federal Home Loan Bank (FHLB) advances by thrift institutions. It expands on a model developed in Kent [1983] by accounting for net worth in the balance sheet constraint and for borrowing in excess of the "advances limit." The demand equation is estimated using pooled time-series and cross-sectional data for individual thrift institutions over the period 1979–1986. The results indicate that in addition to the traditional use of advances as a source of liquidity, advances are a particularly attractive source of funds for poorly capitalized institutions. Further, thrifts' demand for advances is responsive to the price of advances, mortgage interest rates, the dividend rate on FHLB stock, and rates on substitute sources of funds.     

The Influence of Credit Union and Savings and Loan Competition on Bank Deposit Rates in Idaho and Montana

This study examines the effect of S & L and credit union competition on bank behaviorin Idaho and Montana. A structure-performance OLSmodel is used to estimate bank interest rates oncertain deposits. Two key independent variables arelocal market share of credit unions and S & Ldeposits. Overall, previous studies found littleevidence that thrift competition affects bankperformance. We found some evidence that thriftcompetition, especially from credit unions, resultsin higher interest rates for bank CDs. Theseresults have policy implications as banking groupscurrently seek to restrict credit union competition.     

经理人股票期权价值的理论及应用

股票期权激励的研究和实践中广泛应用布莱克——斯科尔斯模型进行股票期权的公允价值计价，然而对经理人而言的股票期权价值还要考虑经理人的风险偏好、财富的多元化程度等因素的影响。经理人期权价值不等于公司期权成本的基本理论可以解决及解释在股票期权实践中的一些关键性问题，如期权激励有效性的衡量、激励期权的风险溢价、最优行权价的确定、行权时间的确定。该理论的应用对我国上市公司股权激励的实施也有重要启示。     

金融控股公司的风险研究

我国加入WTO后,国内一直处于垄断状态的金融业,其开放的程度越来越高,金融混业经营已成为一种必然。金融控股公司作为混业经营的一种模式,适宜于在我国发展。因此,发展金融控股公司将是今后金融工作的重点。但在我国,对金融控股公司的认识还存在许多问题,尤其是对其风险问题。文章在说明金融控股公司的含义的基础上,对其风险类型进行归纳,提出了金融控股公司存在的几种主要风险,并逐一进行了简单的分析,最后提出了几点建议。     

媒体监督对上市公司融资约束的影响研究——基于Heckman两阶段模型的实证检验

本文以2010～2014年沪深两市上市公司为研究对象,采用Heckman两阶段模型研究了媒体监督对上市公司融资约束的作用机理,深入探索了不同类型媒体监督对融资约束的影响差异。研究结果发现：媒体监督对上市公司融资约束可以产生显著的影响,即媒体正面报道可以减轻企业的融资约束,而媒体负面报道则会加剧企业的融资约束;不同类型的媒体监督对上市公司融资约束的影响存在差异,相对于纸质媒体监督而言,网络媒体监督对融资约束的影响力更大。     

Diversification and intervalling effects on stock returns

Diversification and intervalling effects on stock markets have been studied separately in the literature. This paper studies empirically the interaction of these two joint effects on five international stock markets. The diversification benefits may depend on the length of the holding interval because the covariance between two stock indexes may not change proportionally with the individual stock indexes' variances when the holding interval varies. The empirical results show that the degree of diversification benefit varies with the length of the holding interval. The greatest gain occurs with the shortest holding interval while the degree of risk reduction decreases with an increase in the holding interval in general.     

知识产权保护、行业异质性与技术创新

为了探究知识产权保护对技术创新影响的行业差异，本文运用中国37个行业2006～2011年的面板数据，基于技术差距和相对规模，探究了知识产权制度变革对产业创新影响的行业异质性。研究发现：人均专利数量是衡量技术创新的理想指标；加强知识产权保护，有利于促进技术进步；技术创新渠道正在发生变化，即更注重国内自主创新和内部技术转移；技术差距越小越有利于技术进步，相对规模越大越有利于技术创新。本文建议：在研究技术创新时，可以选择从业人员人均专利数量作为创新指标；加强知识产权执法水平，提升知识产权保护力度；技术创新过程中更应该注重自主创新和内部技术转移，不断缩小与发达国家的技术差距，同时还应该扩大行业相对规模。     

50金公司——海外上市公司50强

提到美国通用钢铁公司,你也许不会相信这是家中国概念的公司,也很难把它与上个世纪末中国赫赫有名的大邱庄联系在一起。如今,这家发展于天津的"天下第一庄"的薄板钢厂已经成为美国纽约证券交易所第一家民营钢铁公司,并通过一系列成功并购获得了惊人的增长。去年,美国通用钢铁公司控股运营的大邱庄钢铁、     

Loop density and telephone company cost: Panel data evidence

The assumption that telephone company loop costs are determined significantly by loop density has been a bedrock assumption relied on in the development and implementation of several telecommunications programs including federal and state universal service programs. Increasingly telecommunications program development and implementation have focused on this relationship to the exclusion of all others. This article examines embedded loop cost data from a panel of Illinois telephone companies in order to examine the relationship between the costs that these companies report incurring and their respective loop densities. The analysis turns up little evidence that density is the sole driver of embedded costs.     

股权结构与内部控制有效性的案例分析

为了提高企业内部控制有效性,增强企业的核心竞争力,在相关文献研究的基础上,选择1家房地产上市公司纵向研究股权结构变化对企业内部控制有效性的影响,然后再选取4家具有代表性的房地产上市公司进行横向案例研究,分析不同的制衡股东性质对企业内部控制有效性所产生的影响。结果表明:在房地产行业内,万通地产的股权结构由一股独大转变成股权制衡的局面后,公司内部控制有效性有了一定的提升。通过横向分析对比张江高科、绿地控股、光大嘉宝、阳光城等4家房地产上市公司可知,当都存在国有制衡股东时,与国有公司相比,非国有公司内部控制质量更佳;在制衡股东为非国有股东时,公司的内部控制有效性更高。案例分析结果在其他类似房地产上市公司提高内部控制有效性的应用场景中具有参考价值。     

Bank Real Estate Lending and the New England Capital Crunch

The stock of real estate loans held by New England banks has declined dramatically. Given the limited potential for real estate investments, weak demand for real estate loans is to be expected. However, supply as well as demand factors may account for some of the decline in bank real estate loans. This paper documents that bank lending for real estate may have been constrained by a capital crunch, whereby poorly capitalized banks shrank their assets, including real estate loans, to satisfy capital requirements. Because the loss of bank capital is so widespread in New England, bank-dependent borrowers may have difficulty obtaining real estate financing.     

并购商誉对建筑企业盈利能力的影响研究

选取2011~2017年沪深两市建筑行业中的112家上市公司为样本进行了实证研究,得出结论:并购活动产生的商誉对该行业的企业盈利能力有显著的正向影响,并购商誉的金额越大,企业盈利能力越强。同时,进一步研究还发现了产权性质影响并购商誉与企业盈利能力之间的相关关系,并购商誉对企业盈利能力显著的正向影响主要存在于国有控股企业,非国有控股企业的并购商誉并未对企业盈利能力形成显著影响。最后,本文针对相关研究结论,结合建筑行业特点提出了合理化的建议。     

研发补助影响企业价值的规模差异

研发补助通过两种路径影响企业价值,不同规模企业融资实力、财务约束的差异导致补助影响企业价值效果的差异。本文利用上市公司2007～2009年的数据,以股票回报率、财务业绩和市场价值作为企业价值的代理,对研发补助影响企业价值的效果及其规模差异进行了检验。发现补助并不能显著增加企业价值,但中小企业的研发补助显著增加了企业价值,对补助的负作用有显著抑制作用。本文的结论为评价和改进我国补助政策、设立中小企业创新基金提供了重要证据。     

ORGANIZATIONAL STRUCTURE AND THE DIVERSIFICATION DISCOUNT: EVIDENCE FROM COMMERCIAL BANKING*

We provide evidence on organizational structure and performance at bank holding companies (BHC's). First, we show that a BHC's member banks benefit from access to internal capital markets. Second, we ask if these benefits are best realized within loosely structured, decentralized organizations or more consolidated, centralized firms. We find that BHC's with many subsidiaries are less profitable and have lower q ratios than similar BHC's with fewer subsidiaries. However, because we study multi‐unit firms in a single industry, our results suggest that the diversification discount reported in the corporate finance literature reflects not only industry diversification, but also organizational structure.     

Bank Capital and the Credit Crunch: The Roles of Risk-Weighted and Unweighted Capital Regulations

We investigated whether in recent years banks have increased their holdings of securities at the expense of their holdings of business loans in response to shortfalls of their capital relative to risk-weighted capital standards and relative to a capital standard that made no explicit allowance for credit risk. We estimated that bank credit fell by about $4.50 for each $1 that a bank's capital fell short of the unweighted capital standard. Banks that had less capital than required by the risk-weighted standard appear to have shifted away from assets with low risk weights (securities and single-family mortgages) and to have shifted toward assets with higher risk weights (commercial real estate and commercial and industrial loans). When we included both shortfall variables in a regression, shortfalls relative to the unweighted capital standard significantly affected bank credit, while shortfalls of capital relative to the risk-weighted standard did not. We found no significant effects of capital shortfalls at other, local-competitor banks on bank portfolios. Delinquencies in a given category of a bank's loans generally had significantly negative effects on that bank's holdings of loans in that category. In contrast, banks tended to increase holdings of loans in categories in which local-competitor banks were experiencing higher delinquency rates.     

Lend me your wallets: the effect of charismatic leadership on external support for an organization

We argue that charismatic leadership can influence external support for the organization, particularly in making the company more attractive to outside investors. Two studies were conducted to test this general hypothesis. First, an archival study demonstrated that the stock of companies headed by charismatic leaders appreciated more than the stock of comparable companies, even after differences in corporate performance were controlled. It was also found that the effect of charismatic leadership was heightened under more difficult economic conditions. Second, an experiment was conducted in which the salience of charismatic leadership was manipulated, along with information about the prospects for an organization's turnaround. Results showed that appeals from a charismatic leader led to increased investment in the firm, and the leader's influence was greater when the prospects for an organizational turnaround were more difficult. It was also found that an endowment of stock enhanced the influence of charismatic appeals and that charismatic leadership may have affected the general risk propensities of followers. These findings were interpreted in terms of an external perspective on leadership, illustrating how leaders can manage the firm's economic and social environment. Copyright © 2004 John Wiley & Sons, Ltd.     

The Disappearing Relationship Between Directors' Pay and Corporate Performance

In this paper we investigate the relationship between the remuneration of the highest paid director and the economic performance of approximately 300 large UK companies over the 1980s and early 1990s. The rate of growth of directors' remuneration was very high over this time period (about 20 per cent per year on average) and very weakly linked to corporate performance. Any such link breaks down after 1988, when the very high pay awards received by top directors in the recessionary period up to 1991 appear to be unrelated to the performance of their companies, whether corporate performance is measured using stock market data or using accounting data on earnings per share. Rather, it appears that corporate growth is an important determinant of the change in directors' remuneration. These results strongly call into question the effectiveness of current systems of pay determination for top company directors.     

煤炭企业混合所有制改革产权制度初探

通过对我国42家煤炭上市公司的股权结构分析,发现32家国有煤炭上市公司国有股"一股独大"现象非常明显,10家非国有煤炭上市公司的股权虽然相当分散,但是并没有国有或公有制经济成分参与其中。为充分发挥混合所有制的高效率,建议国有煤炭企业将国有股比例降至40%左右,引进外资与民间资本比例至40%左右,设置20%左右的内部职工股。在国有煤炭企业进行混合所有制产权改革的过程中,可能会面临两个问题:一是企业经理层不按照市场规律经营企业,二是公有制产权主体与非公有制产权主体之间可能会产生冲突。     

Asymmetric rivalry between strategic groups: response,speed of response and ex ante vs. ex post competitive interaction in the spanish bank deposit market

The objective of this study is to examine asymmetric rivalry between strategic groups in a given industry. Two research hypotheses argue for the existence of asymmetric rivalry in the sense that strategic groups of small companies have a greater degree of response but a slower speed of response to the actions of strategic groups of large companies, than vice versa. To test this, we use an ex post approach that examines the news releases published on the strategic actions and reactions of firms. A third hypothesis compares ex ante competitive expectations with ex post asymmetric rivalry between strategic groups. To test this, we compare ex post news on actions/reactions with an ex ante approach that estimates conjectural variations. The empirical application carried out on bank deposits in the Spanish market defines strategic groups in terms of size due to the historical and institutional conditions of the industry (deregulatory change). The results obtained show that rivalry patterns between strategic groups in terms of company size can be predicted as asymmetric in the sense that smaller bank strategic groups have a greater degree of response (Stackelberg ‘leader–follower’ competitive interaction), and a slower speed of response to the actions of larger bank strategic groups than is found the other way around. Moreover, ex ante expectations of aggressiveness on the part of larger strategic groups characterize greater ex post reactions from the smaller‐size strategic groups. Therefore, the size distribution of strategic groups is valuable to research on complex industries with deregulation changes. Copyright © 2005 John Wiley & Sons, Ltd.     

企业集成风险管理范式构建:理论分析与运行架构

随着国内外企业整体性经营失控案例的频频发生，企业的集成风险管理日益受到人们的重视。但就目前风险管理研究的现状来看．尚缺乏对非金融类企业集成风险管理的深入研究．缺乏管理理论的支撑．缺乏具有执行力的集成风险管理系统的构建。针对上述问题．本文运用经济学、管理学理论进行了分析，并提出集成风险管理可以以企业的管理控制系统为运行载体，以财务、技术和人文为导向，构建机构化的、网络化的风险管理系统．以达到企业的整体战略目标。