Which are the SIFIs? A Component Expected Shortfall approach to systemic risk

This paper proposes a component approach to systemic risk which allows to decompose the risk of the aggregate financial system (measured by Expected Shortfall) while accounting for the firm characteristics. Developed by analogy with the Component Value-at-Risk concept, our new systemic risk measure, called Component ES, presents several advantages. It is a hybrid measure, which combines the Too Interconnected To Fail and the Too Big To Fail logics. CES relies only on publicly available daily data and encompasses the popular Marginal ES measure. CES can be used to assess the contribution of a firm to systemic risk at a precise date but also to forecast its contribution over a certain period. The empirical application verifies the ability of CES to identify the most systemically risky firms during the 2007–2009 financial crisis. We show that our measure identifies the institutions labeled as SIFIs by the Financial Stability Board.     

Leverage-induced systemic risk under Basle II and other credit risk policies

We use a simple agent based model of value investors in financial markets to test three credit regulation policies. The first is the unregulated case, which only imposes limits on maximum leverage. The second is Basle II and the third is a hypothetical alternative in which banks perfectly hedge all of their leverage-induced risk with options. When compared to the unregulated case both Basle II and the perfect hedge policy reduce the risk of default when leverage is low but increase it when leverage is high. This is because both regulation policies increase the amount of synchronized buying and selling needed to achieve deleveraging, which can destabilize the market. None of these policies are optimal for everyone: risk neutral investors prefer the unregulated case with low maximum leverage, banks prefer the perfect hedge policy, and fund managers prefer the unregulated case with high maximum leverage. No one prefers Basle II.     

Financial regulations and bank credit to the real economy

We present a new agent-based model focusing on the linkage between the interbank market and the real economy with a stylised central bank acting as lender of last resort. Using this model we address the tradeoff between stability and economic performance for different structures of the interbank market. We also explore the efficacy of recent regulatory reforms using our richer model. Our results suggest that the effects of regulatory leverage ratios on the banking sector׳s performance can vary in a complex and non-monotonic way with the state of the economy, the degree of connectivity of the interbank market and the amount of information available to market participants on bank risks.     

Perceptions of service attributes in a religious theme site: an importance–satisfaction analysis

A growing number of commercial corporations have chosen to open visitor centers or company museums. This trend has not bypassed the religious not-for-profit sector. This study uses past literature, input from management, and importance–performance analysis (IPA) to investigate the visitor experience for a religious theme site in Orlando, Florida. A total of 176 visitor surveys collected in two phases were used to conduct the IPA for the 18 attributes identified. The data analysis revealed three attributes for management concentration, including spiritual activities, something for everyone, and inspirational experience. The remaining attributes were placed into areas of low priority, areas indicating a good job, and areas indicating possible overkill. The results of IPA considered along with the current challenges of management can provide useful insight into the decision-making of management. For the research stream related to the unique context of contrived themed religious visitor sites, this research provides additional support for the behavior of the traveler by identifying and measuring attributes of importance and the associated satisfaction with those attributes. By combining these results with future work, additional support for the testing of sound models of mixed visitor behavior applied to religious theme sites can be offered.     

Measurement and Management Issues in Customer Satisfaction Research: Review,Critique and Research Agenda: Part Two

Abstract

A two-part article was designed to review the main areas of agreement and disagreement in the debate over customer satisfaction and its measurement. The preceding article presented a synthesis of views in regard to the definition of customer satisfaction; the similarity, difference, and causality between customer satisfaction and service quality; and the use of the Expectancy-Disconfirmation Paradigm in the measurement of customer satisfaction. This second article undertakes a critical review of the debates relating to the reliability and validity of the Performance alone and the Weighted Importance-Performance models in assessing customer satisfaction. Further discussions pertaining to culture-satisfaction relationship, who should determine satisfaction (the researcher or the customer) and whether the measurement of customer satisfaction is an end in itself are presented. Finally, possible barriers that exist in the way of developing and implementing effective satisfaction improvement programmes are reviewed, and suggestions for future research are provided.     

Assessment of university campus café service: The students' perceptions

This paper presents the results of a study conducted to examine the important attributes in food service provision on a large Australian university campus. Ten café outlets (A to J to maintain anonymity of the café outlets) positioned across a large university campus located in an urban residential area were surveyed. A total of 410 students participated in the survey. Based on the frequency of patronage to the cafés results showed that five of the ten café outlets were more frequently visited in a given week. These were Café A, Café B, Café H, Café F, and Café I; however, the focus of this paper would be on Café A, which was just recently opened for business. Results indicated that students considered quality, price and service as the most important attributes in patronizing a particular café on campus. Results also indicated that students were most satisfied with important attributes such as convenience, ambience and quality during their visit to the café. Paired samples' t-test results showed statistically significant differences between the perceived importance and level of satisfaction with all attributes except the opening hours attribute. Results are discussed with possible implications and suggestions for further research.     

在现代企业的长期发展中依法治企的重要性分析

当前在企业的管理中,依法治企不容乐观。原因是很多企业没有充分认识到依法制企的重要性。但从发展角度看,必须认真研究加快解决,把依法治企作为规范化管理的基石。     

浅析炼厂质量文化建设

本文结合玉门油田炼油化工总厂实际，阐述了企业质量文化建设的概念、基本任务和重要性，并提出了炼化总厂质量文化建设的基本途径。     

教育叙事研究：搭建教师专业化成长的桥梁

作为近年来颇受青睐的教育研究新方向，教育叙事研究根植于日常的教育教学生活实践，为教师专业发展开创出良好的前景。本文通过探讨教育叙事研究的内涵进而说明其对教师专业发展的重要性，并针对教师专业发展的困难，初步探讨如何在教师专业发展中推行教育叙事研究。     

Good for one,bad for all: Determinants of individual versus systemic risk

We analyze a sample of large international banks in major advanced economies and examine the impact that bank-specific factors have on an institution's solvency risk and its contribution to systemic risk. We focus on the five categories that the Basel Committee on Banking Supervision has recently proposed as indicators of systemic importance. Our findings suggest that unstable funding is the main factor driving systemic risk. Furthermore, the combination of significant trading activities with global presence appears to exacerbate spillover risks to the global financial system. Interestingly, whereas trading activities contribute to the build-up of correlated or ‘wrong-way’ risk they help to mitigate individual solvency risk. Conversely, a decentralized approach to liquidity management seems to alleviate individual solvency risk but amplifies the transmission of financial distress across the financial system. This suggests that a macro-prudential approach to financial regulation should focus not only on scaling up micro-prudential measures but also on enabling the efficient transfer of risk between financial institutions.