Valuing mortgage loan servicing

We develop an intertemporal model for valuing mortgage loan servicing contracts. The model includes a stochastic short-term interest rate and realized inflation rate which jointly determine the current mortgage coupon rate, the mortgagor's prepayment decision, the servicer's future net cash flows, and the rate at which to discount these future cash flows. Several potential uses of the model for institutions that service mortgages and trade servicing portfolios are illustrated by the application of the model to servicing fixed-rate mortgages and adjustable-rate mortgages. The model also is applicable to regulatory issues and to the servicing of other types of loans.The authors gratefully acknowledge support from the Federal Home Loan Bank Board, Washington, D.C., the Purdue Research Foundation, West Lafayette, Indiana, and the Richard D. Irwin Foundation, Homewood, Illinois.     

Institutional disparities in the pricing of adjustable rate mortgage loans

In recent years, commercial banks and savings and loan associations in South Florida have consistently offered initial adjustment period teasers, or subsidies, on their adjustable rate mortgage loans (ARMs). This study adopts the size of the initial subsidy as a proxy for a lender's willingness to offer ARM loans and develops an econometric model which relates the size of the teaser to a series of internal variables (other lending parameters), and external variables (financial market conditions).The results suggest that subsidization policies are not identical across institutions. Specifically, savings and loan associations seem to be less willing than commercial banks to accept the interest rate exposure inherent in ARM lending when future loan rates are constrained by adjustment limits. Consequently, the study argues that the character of a lender's existing assets influences its reactions to the risk/return properties of new assets.This paper has benefitted greatly from the comments of the Journal's reviewers. Responsibility for remaining errors rests with the author.     

美国次级住房抵押贷款危机的原因及影响

需求大于供给导致美国次级住房抵押贷款快速增长,"贷款—分散"模式链条上各主体的收益激励结构和次级贷款品种设计导致的次级债市场扭曲繁荣,进而导致次级债危机。次级债危机将在较长的时间里困扰美国经济,但是从次级贷款支持证券及其衍生产品的分档设计可以预测该市场的绝大部分投资者不会因次级债危机而受到损失。     

粮食危机论:折射经济学家的思维分歧

粮食危机论、粮食危机误导论从本质上反映了经济学家的思维分歧。生态经济学家更注重资源的内在价值、生态功能以及自然极限,强调资源的合理利用,经济与社会的可持续发展。传统经济学家更倾向于认为农业生态系统是一个不受环境制约的、可以无限膨胀和具有无限供应能力的系统,他们对无形的市场之手抱有扭曲的高度信任。农业生产是典型的有限环境中的有限生产。世界粮食产销格局的深刻转变预示着全球农业生态系统生产力极限已经向我们走来。如果我们无力扭转人口膨胀、城市和经济扩张的势头,如果我们不能尽快实现从传统工业经济向生态经济的转型,不仅是粮食危机,经济与社会的全面危机也将是一个迟早的问题。     

河南上市公司2004年度关联交易形式分析

2004年河南上市公司关联交易问题不少。关联购销额较高；关联方之间的资产转让、收购和股权转让及置换均存在诸多问题；担保数额过高，且有关联方拿上市公司的股权或土地作抵押现象；服务费的收受和费用分担不合理；关联租赁已成为上市公司调节利润的手段；资金占用数额很大，且手段隐蔽。总的看，关联交易发生频率高，关联交易披露的相关信息很不充分，大股东占用上市公司资金的问题仍然严重，而且上市公司的生产经营独立性不强。     

Research on the influencing factors of consumers’ green purchase behavior in the post-pandemic era

The severe impact of the COVID-19 pandemic on the world has caused consumers to think about environmental issues. Although green products are very important to environmental sustainability, the factors that influence consumers' purchase behavior of green products is unclear. This study aims to explore the impact mechanism of social media marketing on consumers' green product purchase behavior in the post-pandemic era. Based on the theory of planned behavior (TPB), this study constructs an extended TPB model to understand the influencing factors of Chinese consumers' green product purchase behavior in the post-pandemic era. The empirical results of 489 questionnaires show that social media marketing, product knowledge and crisis awareness have a direct or indirect positive influence on purchase intentions. Perceived behavioral control and intentions have positive effects on behavior. The attribution of responsibility facilitates the relationship between intentions and behaviors. The results have important implications for enterprises’ sustainability strategies and provide a framework for investigating green buying behaviors in Chinese culture in the post-pandemic era.     

企业危机管理之路:如何将危机演变成商机

企业危机同人们的生老病死一样是不可避免的。因此,企业应该有效地进行危机管理,使危机转化为机遇。本文首先分析了危机和危机管理理论,然后通过企业在经营过程中出现的危机事件,归纳出企业危机管理失败的原因,最后对于企业应如何规避风险,成功将危机转化为机遇提出了一些启示,主要包括:树立危机意识,建立危机预警、监控机制,防范于未然,快速反应,防止危机蔓延,尊重事实,主动承担责任,注重运用媒体、网络的力量化危为机等。     

经济全球化视角下的金融危机成因解析

随着全球化趋势的增强,国际经济失衡会导致国际资本在全球范围内重新配置.从某种意义上说,国际经济失衡和国际货币体系缺陷是金融危机爆发的前提条件,而国际游资的攻击是金融危机爆发的实现条件.从目前国际形势和中国国内形势来看,金融危机的前提条件已经具备,因而防范国际游资攻击是制定当前我国宏观经济政策的首要目标.     

美国金融危机成因分析及对我国的警示

美国金融危机引发全球金融市场动荡。这场金融危机从美国的房地产市场开始,以惊人的速度蔓延,波及信贷市场、资本市场,对全球尤其是西方金融机构和金融市场造成重大冲击,短期内升级为全球金融风暴。我国目前正处于资产价格上涨、信贷投放过度的经济环境之中,美国的金融危机给我国敲响了警钟。本文通过描述此次危机的发展脉络,在分析美国金融危机背景的基础之上,从强化房地产按揭贷款业务风险管理、审慎推进资产证券化等六个方面得出了对我国的警示。     

突发事件与危机管理——从汶川大地震看城市公用事业安全

本文结合中国四川汶川大地震,重点阐述了突发事件和危机管理的重要性以及城市公用事业安全的重要作用,指出了我国城市公用事业危机管理方面存在的问题,提出了当前应该突出抓好的有关工作的建议.