宏观审慎监管框架下中国金融监管的政策选择——基于巴塞尔协议Ⅲ的视角

国际金融危机让全球各主要经济体都深刻认识到维护金融体系稳定需要在现有微观审慎监管的基础上进一步加强和完善宏观审慎监管体系.巴塞尔协议Ⅲ对全球银行业控制系统性风险、维护金融系统稳定提出了更严格的监管要求.本文梳理了巴塞尔协议Ⅲ的主要内容,并结合中国银行监管现状,探讨了中国构建宏观审慎监管制度框架的路径.     

宏观审慎监管:定义、工具与实践

2008年的全球会融危机引发了人们对金融监管的反思,宏观审慎监管已成为当前金融研究的热点.本文在总结理论与实践两方面研究成果的基础上,阐述了宏观审慎监管的定义、特点和原则,并从资本、风险、杠杆和机制四个方丽总结了宏观审慎监管的主要工具,指出中国构建宏观审慎监管体系的原则,并提出了中国下一步应采取的宏观审慎监管措施.     

The International Transmission of Arbitrage Information Across Futures Markets

Abstract:   This paper examines whether deviations from a domestic spot‐futures relation, as identified through mispricing series in stock index futures, spillover international boundaries. Such spillovers suggest that information from a mispricing series in one market conveys a signal of similar mispricing in another market. In the presence of arbitrage traders and in the absence of market frictions, mispricing series should be independent across international boundaries. The study employs a VAR analysis of stock index futures mispricing across three large futures markets – Australia, the UK and the USA. Using time zone differences, tests are conducted for the daily transmission of arbitrage information. The results reveal the relationship between mispricing series is bi‐directional. Based on this finding, a trading strategy is employed to examine the economic significance of apparent profits. The results show that some profits are possible after transaction costs but that a long horizon, probably beyond the scope of most traders, is required to exploit the spillover information.     

解决股权分置重塑市场信心

近几年我国国民经济保持强劲增长势头,而作为国民经济晴雨表的股市却反其道而行之,指数下滑,市值缩水.股票市场在国民经济和社会生活中的重要性逐渐淡化和褪色.产生这一问题的主要症结是:因历史原因而形成的股权分置的体制性弊端,股份不能全流通,即股权分置问题.改革股权分置,重塑市场信心,须要分析股权分置问题的由来、发展及其基本性质,分析由此带来的问题并进而给出解决问题的基本思路.     

国际贸易中独立担保欺诈及滥用风险防范

独立担保是一种新型的担保方式,这种担保方式克服传统的人的担保方式的缺陷,因而得到了广泛的认可和适用,但由于独立担保制度本身的缺陷,在实践当中很难避免不被滥用及产生欺诈。文章试图分析独立担保制度的制度缺陷,探讨该制度的风险防范及在我国的制度完善。     

整合营销——全新营销理念的遗传密码

本文在分析整合营销兴起的基础上，研究了整合营销的两大特征；系统性与有效宣传，并以微软视窗95为例，对软件业整合营销的运作模式加以探讨。     

盐酸氟西汀治疗脑卒中后抑郁的Meta分析

目的：探讨盐酸氟西汀治疗脑卒中后抑郁的疗效。方法采用计算机检索系统对万方数据库、维普期刊以及中国期刊全文数据库、SCIE、Embase、Medline等与盐酸氟西汀治疗脑卒中后抑郁相关的随机对照试验进行检索,并对相关分析文献进行收集,自156篇相关文章中选出6篇进行随机对照试验,将采用盐酸氟西汀治疗的患者作为治疗组并进行Meta分析。结果治疗组患者取得了更加理想的临床治疗效果,两组患者治疗后汉密尔顿抑郁量表评分以及神经功能缺损评分差异均有统计学意义（P＜0.05）。结论对脑卒中后抑郁患者行盐酸氟西汀治疗效果更佳。     

Corporate liquidity and risk management with time-inconsistent preferences

This paper extends the model of corporate liquidity and risk management with limited commitment by incorporating time-inconsistent preferences. With respect to the firm's liquidity w = W∕K, it predicts that in the presence of time-inconsistency, the entrepreneur optimally responds by lowering the maximal debt capacity, over-consuming, under-investing and reducing both the idiosyncratic and systematic volatility of w. When disentangling the entrepreneur's belief with regard to future selves' time-inconsistent behavior, as a result of sophistication effect, the sophisticated entrepreneur reduces the endogenous debt capacity, invests less, decreases consumption, engages less in financial hedging and allocates even smaller liquid assets in the market portfolio than naive entrepreneur.     

A systematic literature review of research on diversity and diversity management in the hospitality literature

With demographic shifts, international labor mobility, and the blurring of geographical boundaries, workforce diversity and diversity management have assumed an important role in hospitality operations. More importantly previous research has established the role diversity plays on outcomes such as innovation and firm performance. Yet reports of research on diversity and its management in the hospitality industry are fragmented, underdeveloped, and inconsistent. To assess the current state of this research, we provide a systematic review of the available research on the different dimensions of diversity, and on topics related to diversity management. Using articles found in hospitality journals, we identify current themes explored by scholars as well as gaps and limitations. We provide suggestions for topics, themes and methodologies for future research and highlight the importance of research that can inform managerial practice. Our review indicates that there is greater need for theory development, empirical data-driven research, and expansion of contexts in hospitality-diversity research, especially in terms of geographical regions covered by extant studies.     

Tourism destination research from 2000 to 2020: A systematic narrative review in conjunction with bibliographic mapping analysis

Literature reviews serve as cornerstones for advancing the corpus of existing knowledge. This article offers an overview of the evolution of destination studies from 2000 to 2020. The current study first overviews 20 destination review articles and then applies bibliometric algorithms to determine authorships, popular topics, thematic clusters, and structural variations in 1393 destination studies. The bibliometric analysis identifies the seven largest specialties of destination research as destination loyalty, destination image, destination digitalization, destination marketing, destination experience and recommendation, destination governance, and destination resources. A framework was developed to illustrate the major topics of interest at the macro, meso, and micro levels. The article discusses similarities and contrasts between the findings of the two review methodologies and concludes with a research agenda for destination management scholarship.