The Impact of Bid-Ask Prices on Market Anomalies

A substantial body of literature on security market anomalies has evolved since the articulation of the efficient markets hypothesis. These anomalies include the size, January, and weekend effects. The evidence of such anomalies has been based upon returns computed from closing prices. Although readily available, analysis of closing prices may not reflect returns obtainable by public traders utilizing market orders to execute trades. We have demonstrated elsewhere that returns computed from closing prices are biased upward compared with returns that would have resulted from using market orders. This study reexamines the evidence on two market anomalies using returns generated in a manner more consistent with the actual returns available to actual market participants.     

Adjustment costs,durables, and aggregate consumption

Previous tests of the permanent-income hypothesis (PIH) have focused on either non-durables or durables expenditures in isolation. This paper studies consumer purchases of non-durables and durables as the outcome of a single optimization problem. It is shown that, with non-separability in utility, the presence of adjustment costs of changing durables stocks may affect the time series properties of both components of expenditure. An econometric test of the PIH based on the model developed in the paper is both more efficient and less prone to bias than those in some previous studies; however, this test confirms earlier rejections of the PIH in aggregate quarterly data.     

中国资本外逃的测算与防范

资本外逃是金融危机产生的催化剂与蔓延的助动器 ,对一国经济安全构成极大威胁。通过介绍资本外逃及其测算模型 ,运用间接法对我国资本外逃进行估算 ,结果显示中国存在严重的资本外逃现象。在详细分析中国资本外逃的产生原因之后 ,具体提出了一些相关防范对策。     

对农业银行发展个人信贷业务的研究

个人信贷业务已成为各家商业银行的竞争热点和新的效益增长点.农业银行应把握政策导向,抓住市场热点,充分认识发展此项业务的可行性和必要性,根据客户需求,实行分类指导,,努力开发个人质押贷款、消费贷款、生产经营贷款三大个人信贷业务市场;同时,改革管理体制,优化资源配置,有效推进此项业务发展,并强化内部管理,防范信贷风险.     

Market disequilibria and their influence on small retail store pricing

In this paper a quantitative model is developed to explain differences in average store price levels. We assume that stores may operate under different economic regimes, that is, under excess capacity or excess demand. Prices are expected to the higher than average in case of an excess demand regime and lower in an excess capacity situation. Actual information regarding the regime that applies to each individual store is not available. Therefore, we propose to use a so-called switching model with endogenous regime choice to analyse the store price differences. The model developed in the paper is estimated using four largely differing types of stores from the Dutch retail trade. These samples consist mainly of small stores.     

商业银行机制转型中员工激励问题研究

工商银行股改上市后,及时启动全行分配激励机制创新"引擎",再造驱动创新型、国际一流商业银行改革发展的"心脏"发动机,将会给整体构建的现代金融企业运行机制注入更加旺盛的活力和生命力,增强入世过渡期结束后员工迎接全面市场开放挑战的信心与勇气.深入推进基于经济资本和EVA精细化管理绩效考核系统,全面实行分机构、分部门、分岗位、分产品、分客户考量经营体绩效贡献,将是创建科学、公开、透明、持续有效激励机制的基础前提,有助于协调均衡行内外各种利益分配关系,进而综合调动和使用各类先进激励手段措施,充分解放经营体中现实劳动生产力与潜在劳动生产力,增强全行和谐发展的核心竞争力.     

The eurosystem money market auctions: A banking perspective

This paper analyzes the individual bidding behavior of German banks in the money market auctions conducted by the ECB from the beginning of 2000:IIIQ to the end of 2001:IQ. Our approach takes a variety of characteristics of the individual banks into account, particularly variables that capture the different use of liquidity and the different attitude towards liquidity risk of the individual banks. It turns out that these characteristics are reflected in banks’ bidding behavior. Thus, our study contributes to a deeper understanding of the way liquidity risk is managed in the banking sector.     

武汉担当中部崛起"龙头"的金融对策研究

党中央从统筹区域发展的高度,提出了“中部地区崛起”战略。武汉作为中部地区的特大型城市,担当中部崛起“龙头”既得天时,也有地利,更具人和。银行作为金融部门,支持武汉担当中部崛起“龙头”责无旁贷,其主要措施是:集合金融资源,积极支持武汉实施城市联动战略;加快金融体制创新和业务创新,积极探索和设立基金管理公司,成立中部开发银行和中部发展银行,支持国有商业银行在武汉市进行信贷资产和住房抵押贷款证券化试点,尝试资产管理公司与政府合作处理不良资产,大力发展投资银行业务等;改善金融生态环境,提高信贷政策对产业政策的敏感度和金融资源配置效率,引导金融支持的方向和力度。     

我国商业银行实施精细化管理的理论思考

商业银行精细化管理是对企业精细化管理行为的引申和运用,它对商业银行克服粗放经营现象、运用数据技术进行成本和风险控制,进而实现效益最大化具有重要的现实意义。我国商业银行的精细化管理涉及决策组织、职能部门和执行机构,包括管理战略、管理资源和营销策略等管理过程,具体对风险管理目标、经营成本控制和客户服务方案每一环节设计系统化方案、进行标准化控制和实行差异化管理。实施精细管理需要有效的组织保障、技术支持和目标监控,并通过智能化的程序控制和规范化的制度约束,确保规范管理行为,实现管理目标,取得最佳的经营效益。