Extendible stock loan

In this paper, the model of extendible stock loan with forbearance is proposed. The loan is extendible, so as to prevent immediate losses or to prevent subsequent price drop; while the forbearance is granted only when the pledged share’s value is above threshold, so as to mitigate the risk-taking behavior induced by the extension. The non-synchronization of the liquidation of insolvent stock loans also alleviates the downward leverage spiral in a market downturn. Numerical analysis shows that fair extendible stock loan rates increase with the forbearance level as well as extension period, and loan rates are quite sensitive to the change of asset volatility and debt ratio. For lenders waiving the interest rates during extension period, their burden grows with extension rapidly when they grant looser forbearance and when asset volatility or loan-to-value is higher. Some suggestions are made accordingly. First, lenders offering uniform extendible loan rate can let borrowers choose between looser forbearance with shorter extension, or tighter forbearance with longer extension. Second, if the loan rate is priced fairly, lower margin requirement can only be accomplished with tighter forbearance. More looser forbearance worth higher rates.     

基于GIS的皖江流域耕地地力评价研究

[目的]为了整体掌握皖江流域耕地地力水平、特征和土壤肥力状况等,充分利用耕地资源,提升皖江流域的耕地质量。[方法]文章基于农业部耕地资源管理信息系统软件,分别构建了皖江流域平原区和皖江流域山地丘陵区的评价指标体系,并通过现在较为成熟的特尔菲法、层次分析法、模糊数学评价等方法相结合,开展皖江流域耕地地力评价。[结果]皖江流域平原区耕地划分为9个等级, 1～9等地耕地面积所占比例分别为8.7%,18.4%,22.5%,22.7%,13.5%,17.2%,2.8%,2.9%和1.3%,其中2等地、3等地以及4等地分布区域较广,所占面积较大;皖江流域山地丘陵区耕地划分为9个等级, 1～9等地耕地面积所占比例分别为2.2%,8.6%,14.2%,26.0%,21.3%,10.6%,9.0%,5.0%和3.2%,该区域主要有3等地、4等地、5等地分布。[结论]该评价结果对皖江流域耕地资源的科学管理和可持续利用以及农业现代化发展具有非常重要的意义。     

高校贷款融资风险评估与预警模型研究

创新高校贷款风险评估与预警模型,共筑财务系统"防火墙"。通过深入剖析高校债务风险凸显成因、影响路径及其特殊性,探索建立一套系统性强、涵盖面广、操作性强的风险评估与预警模型。并实证研究分析福建省A高校实施新校区项目所面临贷款规模、风险评估等问题,切合实际提出对策建议,为政府、高校和银行共同防范债务风险提供理论与实证依据,形成防范债务风险合力,促进高校健康、稳定、可持续发展。     

The Home Bias in Equities and Distribution Costs

We show that incorporating distribution costs into a general equilibrium model of international portfolio choice helps to explain the home bias in international equity investment. Our model is able to replicate observed investment positions for a wide range of parameter values, even if agents have an incentive to hedge labor income risk by purchasing foreign equity. This is because the existence of a retail sector affects both the correlation of domestic returns with the domestic price level and the correlation between financial and non‐financial income.     

Risks Matrixes Risks Assessment Tools of Small and Medium-Sized Enterprises： The Case of Latvia

The enterprises need to assess the risk dynamic of financial instability and its impact on small and medium-sized enterprises＇ development, because it is important for enterprises to extend commercial activity and to open a new structural subdivision. We have researched types of risks, their identification, classification, and assessment possibilities in activities of small and medium-sized enterprises. We have used our own algorithm of identification, classification, and assessment of enterprises＇ risks. The goal of this research is to study the economic and financial risks＇ impact on small and medium-sized enterprises＇ development in Latvia. For study purpose, we have carried out the questionnaire of representative small and medium-sized enterprises about the economic and financial risks＇ impact on enterprises＇ development in Latvia. We have created classification of Latvian services sectors＇ economic and financial risks in the period from 2011 to 2012. Those risks have been included in the questionnaire. The risks matrix is a quantitative assessment tool of risks. We have created Latvian service sector economic and financial risks matrix. We have arranged risks by their sizes of possible losses for enterprises. For each risk has been assessed its probability of realization. We have created Latvian accommodations （hotel） and food services technological process risks map. Several parts of the risk map （segments） make it possible to assess each type of the risk separately in its segment. Risks matrix can be used to choose enterprises＇ strategy of risk management. Enterprise＇s strategy of risk management is developed by analysing zones of risk level.     

Scale effects of R&D as reflected in earnings and returns

Using returns to scale as a conceptual foundation, we explore how R&D-related earnings performance and earnings variability depend upon firm size. We find that the positive association between the level of future earnings and R&D intensity increases with firm size, and that the positive association between the volatility of future earnings and R&D intensity decreases with firm size, consistent with R&D productivity increasing with scale. We also show that R&D scale is associated with lower market returns, consistent with the idea that R&D investment risk declines with scale.     

Testing weak form efficiency on the Toronto Stock Exchange

In order to test for weak form efficiency in the market a vast pool of individual stocks must be analyzed rather than a stock market index. In this paper, a model-based bootstrap is used to generate a series of simulated trials and a modified chart pattern recognition algorithm is applied to all stocks listed on the Toronto Stock Exchange (TSX). The number of patterns detected in the original price series is compared with the number of patterns found in the simulated series. By simulating the price path specific time dependencies present in real data are eliminated, making price changes purely random. Patterns, if consistently identified, carry information which adds value to the investment process, however, this informativeness does not guarantee profitability. Conclusions are drawn on the relative efficiency of some sectors of the economy. Although the null hypothesis of weak form efficiency on the TSX cannot be rejected, some sectors of the Canadian economy appear to be less efficient than others. In addition, pattern frequencies appear to be negatively dependent on the two moments of return distributions, variance and kurtosis.     

Classification of micro,small and medium enterprises (M-SME) based on their available levels of knowledge

This paper proposes a novel and practical method of classifying micro, small and medium enterprises (M-SME) based on their available levels of knowledge. This classification considers that the specific problems that dominate a company’s operations are related to the level of knowledge available. Therefore, identifying the dominant problem groups facing the company can enable an estimate of the level of knowledge available in the enterprise.Data from 2698 Mexican M-SMEs are used to identify operational problems. The main problem groups are obtained through a cluster analysis. The proposed classification consists of three levels of knowledge based on the interpretation of the dominant problem groups in each enterprise. Each of the 2698 Mexican M-SME are classified by a discriminant analysis.Nearly half of the M-SME are classified as having a lower level of available knowledge, and only 10% are classified with the highest level. No difference is observed between the size of the company and the level of available knowledge. This means that growth in the number of employees and sales of M-SMEs is not necessarily accompanied by an accumulation of knowledge that companies can use to improve their operations.     

基于事项凭证类别的分析与设计

在基于事项法会计研究的基础上,具体探讨了事项凭证的应用,核心研究企业经济业务活动分类及事项凭证类别,并以采购收款业务为例,详述如何借助不同类别的事项凭证格式进行经济业务的采集处理,从而实现事项凭证的生成。     

浅谈高校绩效管理工作的问题及对策

介绍绩效管理在高校人力资源管理中的意义,对目前高校绩效管理工作中存在的问题进行总结分析,指出基于岗位分类的绩效管理体系的重要性,并提出构建基于岗位的绩效管理体系的若干建议,为高校管理部门提供参考。