美国金融危机中华尔街独立投行的变迁及其启示

此次美国金融危机中,传统的华尔街独立投行不复存在,由此引发了对独立投行运作模式及我国证券业未来发展方向的讨论。本文研究了美国独立投行发展、运作的特点及在此次金融危机中出现风险的原因,认为华尔街独立投行已是综合化经营的金融机构,在监管错位和相关制度缺失的背景下,引发了系统性风险。国内证券公司目前的发展阶段不同于华尔街独立投行,应继续专业化发展,并接受审慎监管,保证我国证券业的健康稳定发展,维护金融稳定。     

百年金融大海啸

自去年夏季美国刮起次贷风暴,引发全球陷入信贷紧缩,其负面影响不断扩大,美国金融业危机愈闹愈大。直至今年9月,美国第4大投行雷曼兄弟宣布破产,引发金融大海啸,而第3大投行美林证券被美银收购,3月贝尔斯登被摩根士丹利收购。仅半年,华尔街前五的投     

乱世枭雄——摩根士丹利

在华尔街,一场百年难遇的金融危机,让很多"败絮"从金碧辉煌的炫目包装中裸露了出来。世界投行界"一哥"摩根士丹利这样的金融大佬重新回归商业银行行列。这个被称为"血缘,智能和金钱"的"蓝血"公司,曾经是美国金融业的光荣,代表和牵引着美国甚至全球金融家的梦想,如何在华尔街惟利是图的滔滔洪流中被冲刷成了一个"恶魔"。     

从雷曼兄弟破产看黄金价格走势

9月15日,当国内金融市场处于中秋假期休市时,作为美国第四大投行的雷曼兄弟公司宣布申请破产保护.雷曼兄弟公司的破产消息不仅震动了华尔街,也震惊了全球金融市场,拉开了全球金融动荡的序幕.     

次贷终结华尔街投行神话

谁能想象,就在一年前还不可一世的华尔街投行,如今遭遇了滑铁卢——158年历史的美林投入美国银行怀抱,94年历史的雷曼兄弟破产,84年历史的贝尔斯登突然死亡。 9月21日,作为昔日华尔街五大行中硕果仅存的两家独立投行,高盛和摩根士丹利也未能逃脱同业们已经历的厄运。当日,这两家华尔街的“金字招牌”无奈地宣布,将由当前的投资银行改制为银行控股公司,这意味着两家公司将告别以往“高风险高收益”的运作模式,转而像众多商业银行一样主要立足于传统储蓄业务。 至此,华尔街投行神话彻底终结。 不久前的华尔街还是全球金融中心。这里汇聚了全球顶尖的投资银行及各类投资机构,每天有数以千亿计的美元在这里流动。特别是,大型投行研究员动辄可以拿到数千万美元的年终花红,一直使华尔街成为众多年轻人的梦想之都。     

聚焦世界抗击金融危机

金融危机横扫全球 美国华尔街，世界金融的中心，无疑也是世界经济的心脏。夕日此地曾风光无限，然而一夜之间，忽然变成了哀鸿遍野的屠宰场。首先是贝尔斯登、房地美、房利美出现危机，继而是雷曼兄弟、美林、美国国际集团等破产……一个个金融巨头相继倒下，甚至连笑傲江湖的美国五大投行，     

从“墨菲定律”看次贷危机

去年金秋季节，一场酝酿已久、前所未有的金融大海啸席卷全球，由贪婪、欺诈和无知导致的次贷危机引发了一场百年一遇的金融大地震，华尔街的风暴给予全球金融市场沉重打击，股指暴跌，风声鹤唳。美国十数家银行破产或关闭，其五大投行几乎全军覆没，美林被收购，雷曼申请破产保护，高盛与摩根士坦利改变了单一的投资银行的角色定位，而华尔街模式亦被终结。次贷风波不仅导致美国股市的大幅暴跌，也殃及到欧洲及亚太股市，且正呈现出愈演愈烈的蔓延态势，我国亦未能幸免。2007年10月16日，让股民刻骨铭心，     

华尔街恐慌

继今春美国五大投行之一的贝尔斯登"卖身"之后,恐慌像魔鬼一样缠着华尔街金融巨头,一个个惶惶不可终日。     

美国金融危机及其启示

自2008年以来,华尔街动荡不断.美林证券被并购、AIG国有化、雷曼等著名投行破产……不止如此,华尔街的金融海啸正向全球蔓延,中国金融业也受到或多或少的影响.     

国际金融危机下的应对之策

如果以新世纪金融公司申请破产保护为开端,在短短不足两年时间里美国次贷危机不断升级。随着华尔街5大投行全部消失,美国、欧洲众多商业银行倒闭或被兼并收购,华尔街金融风暴已席卷全球主要金融市场。现     

教育与资本怎样的前景怎样的现实

来自政府的声音: "动员各种社会资源,发展教育" 此次论坛上财政部长助理张少春的发言是最受关注的发言之一.他的演讲传达出的信息有这样几方面:第一,谈到现实,他认为全社会对教育的巨大需求与我国公共投入不足已成为我国教育事业发展的突出矛盾.近年来,以公共部门投入为主,多渠道筹措教育经费的教育投入机制成为解决这一问题的重要途径,也使得公共部门与私营部门在教育领域的合作日益密切.第二,谈到前景,他认为,1.中国经济持续、快速的增长对高技能人才产生巨大的需求,这为私营部门的参与提供了广阔空间.2.随着公共财政职能的不断完善,财政资金将在各项教育事业中重新进行分配,进一步优化财政支出结构,提高资金的使用效率.在"十一五"期间,我国将把公共支出的重点转移到农村.我们将逐步把全体农村适龄儿童的义务教育全部纳入公共财政体制.     

Debt and Taxes and Uncertainty

With a graduated personal tax schedule, Miller showed that there could be an equilibrium debt supply for the corporate sector as a whole. In the presence of uncertainty there is also a unique debt/equity ratio for each individual firm, and this ratio is related to the firm's operational risk characteristics. However, if firms merge and spin off in response to tax incentives, the identity of firms is ambiguous and only the corporate sector is a meaningful construct. These arguments are developed in both discrete and continuous models that employ extensions of the arbitrage-free pricing theory.     

East and west and north and south : A preliminary model

The Brandt report and other proposals for a new North-South world order continue to be the focus of lively debate, yet it is often argued that little concrete has emerged from their recommendations. A major reason for this, the author argues, is that the East-West conflict component is not sufficiently taken into consideration-East-West tensions are a severe constraint on and a determining factor of North-South relations. Using influence diagrams, the author develops a flexible framework for discussion and assessment of N/S-E/W relations.     

Tournament-based incentives and mergers and acquisitions

This research examines the relation between tournament-based incentives, which are proxied by the difference between a firm's CEO pay and the median pay of the senior managers, and mergers and acquisitions (M&As). We find that tournament-based incentives are positively related to firm acquisitiveness and acquiring firms' stock and operating performance. Further analysis indicates that positive acquisition performance increases the likelihood of the CEO being promoted from inside the acquiring firm. Our evidence is consistent with the view that tournament-based incentives motivate acquiring firms' managers to make greater efforts and take more risk that result in superior acquisition performance.     

Trust and cross-border mergers and acquisitions

A number of studies suggest that social trust matters for investment. Using different measures of trust from World Values Survey, we show that countries where people display higher levels of trust engage in more cross-border M&A activities. When they do, these acquirers pay lower premiums. To the extent that these acquirers also tend to engage in larger acquisitions as well, our findings suggest that a larger selection pool of potential targets and higher value targets enable these acquirers to negotiate for lower premiums. We do not find evidence of the significant effect for target country trust levels. Hence, trust may benefit those acquiring firms in cross-border transactions.     

Corporate Innovations and Mergers and Acquisitions

Using a large and unique patent‐merger data set over the period 1984 to 2006, we show that companies with large patent portfolios and low R&D expenses are acquirers, while companies with high R&D expenses and slow growth in patent output are targets. Further, technological overlap between firm pairs has a positive effect on transaction incidence, and this effect is reduced for firm pairs that overlap in product markets. We also show that acquirers with prior technological linkage to their target firms produce more patents afterwards. We conclude that synergies obtained from combining innovation capabilities are important drivers of acquisitions.     

Director gender and mergers and acquisitions

Does director gender influence CEO empire building? Does it affect the bid premium paid for target firms? Less overconfident female directors less overestimate merger gains. As a result, firms with female directors are less likely to make acquisitions and if they do, pay lower bid premia. Using acquisition bids by S&P 1500 companies during 1997–2009 we find that each additional female director is associated with 7.6% fewer bids, and each additional female director on a bidder board reduces the bid premium paid by 15.4%. Our findings support the notion that female directors help create shareholder value through their influence on acquisition decisions. We also discuss other possible interpretations of our findings.