Growth-focused or profit-focused firms: Transitions toward profitable growth

Profitable growth is the most desirable state tourism and hospitality firm managers can hope to achieve. In reality, however, it is not easy for a tourism and hospitality firm to consistently grow and accumulate profits. In order to achieve profitable growth, some firms focus on sales growth while victimizing profits, while others concentrate on profits and hold off on growth. To better understand these strategies, this study investigated the growth state, profit state and transitions of restaurant firms. The findings of this study supported that profit-focused firms are more likely to achieve profitable growth than growth-focused firms. In addition, growth-focused firms with low liquidity had a higher likelihood of transitioning to a state of low growth and low profit in the short-term, and this liquidity effect was more serious for small firms in terms of long-term performance. Further, when profit-focused firms had few growth opportunities, large free cash flows increased the likelihood of transitioning to a state of low growth and low profit in the short-term. More detailed results are provided in this paper.     

Asymmetric information, financial intermediation, and business cycles

Summary. This incorporates a debt contracting problem with asymmetric information into a standard monetary business cycle model. The model incorporates a limited participation assumption in order to induce a liquidity effect of monetary shocks and propagate monetary disturbances. The model economy shows that a positive money supply shock generates a decrease in nominal interest rates and an increase in output level. Asymmetric information amplifies the response of capital to the money supply shock, but does not propagate them in other ways. When the monetary shock is an innovation in reserve requirements, it induces a persistent response of the economy. Received: March 20, 1998; revised version: 1 April 1998     

信息披露质量与市场流动性

本文以深交所A股上市公司为样本．研究上市公司的信息披露整体质量是否影响公司股票在市场上的流动性。基于分笔高频交易数据．检验集中于流动性的两个关键方面：市场宽度和市场深度。采用稳健的非线性两阶段最小二乘法来克服信息披露的自选择特点所引起的内生性问题。实证结果显示，公司高质量的信息披露能有效提高其股票的市场流动性，这种影响主要是通过缩小市场宽度来达到．而对市场深度的影响不显著。利用市场微观结构的价差分解方法的研究发现．高质量的信息披露提高市场流动性的机制在于有效减轻市场上信息不对称程度。     

对新疆金融机构流动性过剩问题的探讨

流动性过剩是当前我国经济的一大特点。从近年的统计数据来看,新疆金融机构的流动性过剩也保持了较高水平,且过剩程度高于全国平均水平。然而,新疆的各项事业发展却仍面临着巨大的资金缺口。如何解决新疆金融机构过剩流动性与发展的资金缺口匹配问题就显得非常重要。本文就新疆与全国金融机构流动性水平进行了比较,认为融资能力差是制约新疆经济发展的一大瓶颈,为此提出了合理引导流动性过剩的建议。     

An information-based trade off between foreign direct investment and foreign portfolio investment

The paper develops a model of foreign direct investments (FDI) and foreign portfolio investments (FPI). FDI enables the owner to obtain refined information about the firm. This superiority, relative to FPI, comes with a cost: a firm owned by the FDI investor has a low resale price because of asymmetric information between the owner and potential buyers. The model can explain several stylized facts regarding foreign equity flows, such as the larger ratio of FDI to FPI inflows in developing countries relative to developed countries, and the greater volatility of FDI net inflows relative to FPI net inflows.     

对我国国债市场流动性的实证研究

本文从流动性的宽度和深度两个角度,对上海交易所和银行间债券市场的流动性进行量化分析,分析中使用一阶序列自协方差模拟估计有效价差(宽度),用换手率和Amivest流动性比率估计深度及宽度.经研究发现:两个市场的流动性具有结构性特征,不能简单比较,得出孰高孰低的结论;在回购交易品种中,银行间市场的7天回购流动性最佳,其价格可以作为基准利率;债券市场存在新券和旧券之间的流动性替代效应.     

Forecasting the liquidity of very small private companies

Short-term liquidity of very small private companies (VSPCs) is important to creditors as any cash shortages result in opportunity costs due to delayed payments. We use a publicly available liquidity indicator for 19,627 Slovenian VSPCs as a special, but generalizable case of “credit record” data and financial ratios to predict possible cash shortages. Indicator is predicted and used in lagged form(s) as a predictive variable with/without financial ratios, allowing comparisons. Models, including financial ratios, are less efficient than models based on lagged liquidity indicator alone. Surprisingly, combined models perform only marginally better. Despite high overall accuracy, misclassification of companies experiencing cash shortages is high.     

影子银行体系与流动性管理

影子银行体系具有特殊的形成机理,是金融抑制制度背景下的博弈产物。目前,影子银行体系在金融市场上以证券化的方式创造流动性,容易在短期内出现从流动性过剩到流动性紧缩的转变,造成宏观经济的不稳定,需要作出必要的监管安排。     

Is participation in agri-environmental programs affected by liquidity and solvency?

Financial constraints, both in the short and long run, have an impact on economic well-being of farm families. Additionally, financial constraints have an impact on production efficiency and technology adoption. This study investigates factors affecting farmers’ participation in the agri-environmental programs like Conservation Reserve Program (CRP) and the Environmental Quality Incentives Programs (EQIPs) in the U.S. particular attention is given to the roles of liquidity and solvency on participation in CRP and EQIP. Results show that both liquidity and solvency have a negative impact on participation in such programs. Additionally, we found that access to the Internet plays an important role in the farmer's decision to participate in CRP and EQIP. Our results also suggested that beginning farmers are more likely to participate in EQIP program.     

Identifying the global transmission of the 2007–2009 financial crisis in a GVAR model

The paper analyses and compares the role that the tightening in liquidity conditions and the collapse in risk appetite played for the global transmission of the financial crisis. Dealing with identification and the large dimensionality of the empirical exercise with a Global VAR approach, the findings highlight the diversity of the transmission process. While liquidity shocks have had a more severe impact on advanced economies, it was mainly the decline in risk appetite that affected emerging market economies. The tightening of financial conditions was a key transmission channel for advanced economies, whereas for emerging markets it was mainly the real side of the economy that suffered. Moreover, there are some striking differences also within types of economies, with Europe being more adversely affected by the fall in risk appetite than other advanced economies.