我国商业银行客户关系管理研究

在客户关系管理观念逐渐传入我国银行业的同时,各软件开发公司也纷纷推出了银行CRM系统。然而,实施客户关系管理的真正主体是银行的工作人员,仅凭一套CRM系统是远远不够的,我国商业银行工作人员应该进一步转变营销理念,努力使客户满意,留住客户。     

Selling through entertaining: The effect of humour in television advertising in Hong Kong

Considerable research evidence has indicated that humour has a positive impact on attention but no consensus is reached with regard to the persuasive effect of humour in advertising. Two hundred and fifty-four university students were recruited to watch five television commercials and respond to a structured questionnaire in this study. Results show that humour secures attention getting while disrupts message processing. Humour enhances message persuasiveness when the moderating variable need for cognition (NFC) is controlled. Participants with low NFC are easier to be persuaded by humorous commercials than participants with high NFC do. It is also found that repeated exposure to the same humorous commercial does not harm its persuasive effect. Male audiences regard humorous commercials as more persuasive while female audiences are the opposite. The study provides guidelines for advertisers/advertising practitioners who would like to employ humour in their communication at the same time it draws ethical concerns towards the increased application of entertainment-coated persuasion.     

Business Cycles and Net Buying Pressure in the S&P 500 Futures Options

We analyse the cyclical behaviour and intraday pattern of net buying pressure in the S&P 500 futures options market. The results suggest that the net buying pressure of puts is counter‐cyclical and is more intense during contraction periods. The trading profits for selling put options during contraction periods thus far exceed those during expansion periods. Net buying pressure also exhibits an intraday pattern. Trading profits in the early trading sessions are higher than those for the rest of the day. In addition, we show that hourly‐basis hedging yields smaller profits than daily‐basis hedging, which suggests that the trading profits based on daily‐basis hedging may contain a risk premium associated with discretely rebalanced ‘risk‐free’ option portfolios.     

The Stock Market Valuation of Research and Development Expenditures

We examine whether stock prices fully value firms' intangible assets, specifically research and development (R&D). Under current U.S. accounting standards, financial statements do not report intangible assets and R&D spending is expensed. Nonetheless, the average historical stock returns of firms doing R&D matches the returns of firms without R&D. However, the market is apparently too pessimistic about beaten-down R&D-intensive technology stocks' prospects. Companies with high R&D to equity market value (which tend to have poor past returns) earn large excess returns. A similar relation exists between advertising and stock returns. R&D intensity is positively associated with return volatility.     

The sensitivity of Australian industry equity returns to a gold price factor

This paper investigates the extra-market sensitivity of Australian industry equity returns to a gold price factor over the period 1975 to 1994. We find, over the full sample period, that there has been a widespread sensitivity of Australian industry returns to gold price returns, over and above market returns. The sensitivity is found to be of positive sign for resource and mining sector industries, whereas it is of negative sign for the industrials sector. Further, there appears to be a change in importance of the gold price factor over time, as reflected by a comparison of subperiod gold price sensitivity estimates     

One-and-a-half decades of global research output in Finance: 1990–2004

We provide a ranking of world finance research output by countries and institutions. Based upon 21 finance journals, the top five most productive countries are in the following order: U.S., U.K., Canada, Hong Kong, and Australia. We find that higher per capita GNP, English-speaking countries, and a capital market that offers her investors more protections are associated with higher level of finance literature production. New York University, the University of Pennsylvania, Harvard University, the University of Chicago, and UCLA take the top five spots among the 1,126 academic institutions with most JF-pages appeared in 21 finance journals during the 15-year period from 1990 to 2004. The share of U.S. in the top-100 institutions is overwhelming; 78 out of the top-100 institutions come from U.S. We also show some factors that help to explain the cross-institutional variations among a sub-sample of the institutions. Specifically, faculty size, catalyst effect, and per capita budget are positively associated with research output.

The SOX 404 control audit and the effectiveness of additional audit effort in lowering the risk of financial misstatements

Review of Quantitative Finance and Accounting - We examine the effectiveness of additional audit effort in lowering the risk of financial misstatements for companies with internal control material...     

Religious‐based portfolio selection

We examine religious attendance and portfolio selection decisions for an individual with religious beliefs within a continuous-time framework. Our findings are three-fold. First, religious contributions increase with wealth capital, the degree of religious devotion, and an increase in the wage level. Second, religious attendance positively relates to wealth capital and the performance of stock investments, but negatively correlates with wage return rates. Third, participation in religious activities can result in declining demand for risky asset investments. Theoretically, this study explains how individuals’ portfolio choices correlate with their religious activities.     

Fee pressure and audit quality

This study investigates the association of audit fee pressure with an inverse measure of audit quality, misstatements in audited data, during the recent recession. Fee pressure in a year is measured as the difference between benchmark “normal” audit fees and actual audit fees. We find fee pressure is positively and significantly associated with accounting misstatements in 2008, the center of the recession. Our results suggest that auditors made fee concessions to some clients in 2008, and that fee pressure was associated with reduced audit quality in that year.     

Consulting revenue sharing,auditor effort and independence,and the regulation of auditor compensation

The joint provision of audit and non-audit services by audit firms to their audit clients has posed a threat to auditor independence. To mitigate the independence problem, the US Securities and Exchange Commission (SEC) issued a regulation (SEC, 2003) that prohibits audit partners from receiving compensation for the sale of non-audit services to their audit clients. This study examines the effects of this regulatory change on the effort and reporting decisions of audit partners. We show that partners in an audit firm strategically change the firm’s liability-sharing rule. As a consequence, the regulation restores truthful reporting but has an undesirable negative effect on audit effort. The effect of the regulation on the welfare of the economy (defined as the total payoff to both audit firms and their clients) hinges on the tradeoff between the benefit of the regulation, which is derived from the inducement of truthful reporting, and the cost of the regulation, which results from less diligent audit work. We show that the regulation is more likely to increase the welfare in a strong legal regime (where the legal liability cost of auditor litigation is high) than in a weak legal regime.