北京银行:开创中小银行崭新发展模式

在中国银行业改革开放的进程中,一家以首都北京命名的城市商业银行也在悄然兴起,在异常薄弱的基础上艰难起步,在首都经济的沃土中生根发芽,在社会各界的关爱下茁壮成长,在坚持不懈的探索中开拓进     

该涨的偏跌,该跌的疯涨:中国经济之痛

2010年的年底,人们感慨不已地说,在常用的五六千个汉字当中,最热门的汉字其实就一个字:涨。什么都在涨。电要涨价,煤要涨价,水要涨价,油在涨价,肉在涨价,蛋在涨价,粮在涨价,菜在涨价。连空气中都弥漫着一种刺鼻的涨价的味道。     

心中常系新农村——全国政协委员、中国建设银行股份有限公司董事长郭树清纵谈新农村建设

与去年10月底建行在香港联交所上市一样，在政协会议驻地京丰宾馆，全国政协委员、中国建设银行股份有限公司董事长郭树清的出现又引起记者们的“围攻”——在去往会议室的途中；在小组讨论会的休息时间，或是结束之后；甚至在用餐的路上。     

投资组合技法

无论在牛市还是熊市,投资者总会在逐利还是风控的矛盾面前感到纠结。要想在股市长久生存,必须处理好逐利和风控的关系,确保在逐利的同时不忘风控,做到在风控的同时去追逐属于自己的那份收益,组合投资便是这种将投资风险牢牢控制在自己可承受范围之内的操作技法。     

坚持“两个聚焦” 发展现代农业

近年来,山西省农业综合开发工作在省委、省政府的正确领导下,在省财政厅党组的高度重视和关心下,锐意创新,奋力开拓,在确保全省粮食安全、促进产业兴农等方面取得了显著成效,在项目前期管理模式方面探索出一套科学的评估立项机制,在实行县级报账制方面总结出一套成功的经验,在信息宣传工作方面营造了良好的社会氛围,在农业综合开发立法方面走在了全国的前列。     

国外反垄断法采撷

反垄断法,在美国被称为"自由企业的大宪章",在德国被称为"经济宪法",在日本被认为是"经济法的核心"……可见,反垄断法在各国经济法中的地位举足轻重. 美国:《谢尔曼法》成为世界各国反垄断法之母 反垄断法目前在我国还是一种全新的法律制度,但早在一百多年前美国就已经颁布了这种法律.     

监管新命题

"你站在桥上看风景,看风景人在楼上看你."这句卞之琳在1935写的两句诗,对那些在证券市场上淘金的上市公司很适合:投资人在炒你的股票,你在炒其他公司的股票.     

解码交叉盘

在美元汇率相对稳定的情况下,这是做交叉盘的大好时机。美联储在6月份的议息会议上继续维持利率在0～0.25%的区间不变,并重申将在相当长的时间内将利率维持在极低水平。尽管7月中旬美国联邦储备委员会暗     

美国金融危机的七大教训

在上一代人看来，美国7．6％的失业率是很严重的经济衰退；而如今，它却成为了经济改善的迹象。确实，前不久在华盛顿出席春季会议的各国财长中有许多人都对此心生羡慕。在欧元区的17个成员国中，失业率高达12％而且还在不断攀升，西班牙的失业率更是这个数字的两倍。在过去19个季度中的10个季度，英国的经济一直都在萎缩。     

古玩收藏怡情健身

收藏古玩应该注重的是在触摸历史中感受文化的魅力，在增长知识中提升个人的情操修养，在研究古玩中静听古风古韵，在谈古论今中愉悦身心。收藏古玩是一种高层次的文化享受，在改变物质生活的同时，也愉悦着藏家的精神世界。     

Inequality in Mortality: Updated Estimates for the United States,Canada and France*

This study provides comparisons of inequalities in mortality between the United States, Canada and France using the most recent available data. The period between 2010 and 2018 saw increases in mortality and in inequality in mortality for most age and gender groups in the United States. The main exceptions were children under 5 and adults over 65. In contrast, Canada saw a further flattening of mortality gradients in most groups, as well as further declines in overall mortality. The sole exception was Canadian women over 80 years old, who saw small increases in mortality rates. France saw continuing improvements in mortality rates in all groups. Both Canada and France have distributions of mortality that are much more equal than those in the United States, demonstrating the importance of public policy in the achievement of equality in health.     

Monetary policy and macroeconomic stability in Latin America: The cases of Brazil, Chile, Colombia and Mexico

In 1999, new monetary policy regimes were adopted in Brazil, Chile, Colombia and Mexico, combining inflation targeting with floating exchange rates. These regime changes have been accompanied by lower volatility in the monetary stance in Brazil, Colombia and Mexico, despite higher inflation volatility in Brazil and Colombia. This paper estimates a conventional New Keynesian model for these four countries and shows that: i) the post-1999 regime has been associated with greater responsiveness by the monetary authority to changes in expected inflation in Brazil and Chile, while in Colombia and Mexico monetary policy has become less counter-cyclical, ii) lower interest-rate volatility in the post-1999 period owes more to a benign economic environment than to a change in the policy setting, and iii) the change in the monetary regime has not yet resulted in a reduction in output volatility in these countries.     

The city summit: The lessons of Istanbul

Global summits have been frequent over the past four years — on environment and development in Rio de Janeiro in 1992; on population and development in Cairo in 1994; on social development in Copenhagen in 1995; and on women in Beijing in 1995. The last of this series was the United Nations Conference on Human Settlements (Habitat II) which took place in Istanbul in June 1996. After reminding us of the speed of urbanization and the enormous stakes involved in the development of megalopolises, the author gives his account of this ‘summit on cities’ and seven lessons he learned from it.     

地方高校投融资体系建设滞后原因探析

上世纪末开始进行的高等教育改革,促使地方高等教育获得了长足发展,但是进入新发展阶段后,地方高等教育发展面临严重的资金供给不足问题。为此,在当前事业单位改革的背景下,结合具体案例,首先详细分析了我国地方高校的投融资结构和发展现状,指出当前地方高校经费仍以财政拨款为主,难以适应高校发展需求。针对我国地方高校投融资渠道中存在的总量不足、结构不合理、商业贷款过多等问题,结合经济学有关理论分析了形成地方高校投融资体系建设滞后的原因,为下一步的地方高等教育改革提供了基础和前提。     

Big Data Opportunities for Accounting and Finance Practice and Research

We examine the research opportunities for the use of ‘big data’ in accounting and finance. The purpose of the study is to present a snapshot of big data academic research in information systems, accounting and finance, and to highlight areas for further research in accounting and finance. The research question addressed in this work is: What are the major themes in existing research in big data and where are the resulting gaps in the accounting and finance literature? An analysis is presented of 47 accounting, finance and information systems journals from 2007–2016. We identify and sample the relevant literature to derive a taxonomy of themes. These themes are presented as a conceptual matrix in which the themes from the taxonomy are used as concepts, and the matrix identifies where they appear, and where there are potential areas for further research. Prior research in big data in accounting, finance and information systems falls into six themes. The six under‐researched areas of big data in accounting and finance are risk and security, data visualisation and predictive analytics, data management and data quality. Increased research in these areas will lead to improvements in industry practices, and opportunities for cross‐disciplinary research.     

Payout policy around the world

After a big post-2008 increase in the fraction of firms distributing cash in the U.S. -both as dividends and repurchases-, and the end of the increasing popularity of repurchases in other developed and emerging countries, the share of payers is no longer significantly lower in the U.S. than elsewhere. This convergence is mostly due to changing characteristics of firms in the case of dividends (U.S. firms became larger and more profitable), and an ever-higher propensity to repurchase in the U.S. Differences in agency considerations, transaction costs, and earnings volatility across countries and in time are the key factors explaining the differences in the propensity to pay.     

A tale of two cities: Economic development,corporate governance and firm value in Vietnam

This study examines the moderating effect of financial and economic development on the relation between corporate governance and firm value in Vietnam, which has two exchanges, one located in the business center in the South, and the other located in the center of government in the North. This unique setting allows an investigation of corporate governance dynamics controlling for legal jurisdiction. The results show a positive relation between corporate governance and firm value in Ho Chi Minh City but not in Hanoi. The finding suggests that financial and economic development play critical roles in enhancing the benefits of corporate governance in emerging markets.     

Educating and Training Accountants in Syria in a Transition Context: Perceptions of Accounting Academics and Professional Accountants

This study focuses on accounting education in the Syrian transition context and in the international context of globalization. It offers insights into accounting education and into the interrelationship in this respect between the accountancy profession and academia in this context. We elaborate an historical and contextual analysis of the Syrian context in relation to accounting education. We report on a series of interviews (conducted in 2002 and 2005) of professional accountants and accounting academics in Syria that elaborates the views of these key parties on a number of interrelated matters: the current limitations of tertiary accounting education in Syria; the role of the accountancy profession in providing education and training; and the developing interrelationship between the profession and academia. In concluding, we summarize some key insights and elaborate on the relevance of the study and the future research it suggests.     

The dynamics of earnings management in IPOs and the role of venture capital

We investigate the dynamics of earnings management (EM) in IPOs and the role of venture capitalist (VC) in hampering such practice. We study the behavior of EM in four phases: Pre-IPO, IPO, Lock-up and Post-lock-up. We find that VC-sponsored firms tend to do more EM in the Pre-IPO period, and less in two subsequent periods. These results are distinct for those of Wongsunwai (2013), for which, VC-sponsored firms do less EM only in the IPO period. We also find that VC and non-VC-sponsored firms do EM around the IPO in distinct fashions. Non-VC-sponsored firms inflate earnings during the IPO period and deflate in the Lock-up and Post-lock-up periods. VC-sponsored firms inflate earnings in the Pre-IPO period and deflate earnings only in the Lock-up period. Our results are robust with respect to how one measures EM and the statistical methods used.     

Financial architecture, systemic risk, and universal banking

Consolidation has been a fact of life in the wholesale financial services sector, resulting in fundamental change in the financial architecture and public exposure to systemic risk. The underlying drivers include advances in transactions and information technologies, regulatory changes, geographic shifts in growth opportunities, and the rapid evolution of client requirements, which in combination have obliged financial firms to rethink their roles as intermediaries. Moreover, financial sector reconfiguration has accelerated as a result of the global market turbulence that began in 2007, with governments either forcing or encouraging combinations of stronger and weaker financial firms in an effort to stem the crisis and improve systemic robustness. In the process, financial firms that are “systemic” in nature and had a major role in creating the crisis have come out of it with even larger market shares and greater systemic importance. Given the episodic socialization of risk in the form of widespread use of public guarantees to firms judged too big or too interconnected to be allowed to fail, the role of systemically important financial institutions (SIFIs) is central to the financial architecture and the public interest going forward. This survey paper considers the sources of systemic gains, losses and risks associated with SIFIs in historical context, in the theoretical and empirical literature, and in public policy discussions—i.e., what is gained and what is lost as a result of the available policy options to deal the dominant role of SIFIs in the financial architecture?