How do IMF announcements affect financial markets in crises?: Evidence from forward exchange markets

We employ a theoretical model to interpret the liquidity and moral hazard effects of IMF support during a financial crisis. We then estimate the response of forward exchange markets to IMF-related announcements, using data on the 3-, 9-, and 12-month forward exchange rates. Our results indicate that the announcement of IMF negotiations is associated with a premium on the baht and the rupiah, where the premium is much larger on the latter. This result is largely consistent with the responses of stock and bond markets, especially when country-specific data are employed.     

商业银行特许权价值的自律效应研究

特许权价值是商业银行具有的从受保护市场获取未来租金的牌照价值,通常情况下,具有相对较高特许权价值的银行为了避免破产,更有动力倾向于采取谨慎策略,因而其发挥着银行风险自律器的作用。通过银行风险行为的静态选择和动态选择视角,考证特许权价值的自律效应,对于后过渡时期的银行监管政策具有启发意义。     

Micro-processes of justification and critique in a water sustainability controversy: Examining the establishment of moral legitimacy through accounting

To analyse the micro-processes of moral justification and critique, this paper explores how managers combine different moral principles through the use of accounting, in order to establish the moral legitimacy of water sustainability practices. Drawing on the Economies of Worth framework and based on an exploratory case study of a water utility, this paper reveals four micro-processes of justification and critique - neutralising, enlisting, summoning and sensegiving - that reflect the different ways of moral legitimation mobilised by the managers. It also reveals the presence of different orders of worth which refer to the market, industrial, civic and green moral principles, and the dynamic role of accounting as a test of worth used to combine and bring them together. The findings suggest that moral legitimacy is not necessarily a dichotomous variable, but that it operates on a continuum established by managers and negotiated through the use of accounting. The paper illuminates the role of accounting in the unfolding of moral legitimation processes, and advances the micro-analysis of moral legitimacy in sustainability accounting research. It also contributes to sustainability disclosure research by showing that external disclosure reflects internal deliberations, and together they participate in the establishing of moral legitimacy.     

Default prediction with dynamic sectoral and macroeconomic frailties

This paper extends the macroeconomic frailty model to include sectoral frailty factors that capture default correlations among firms in a similar business. We estimate sectoral and macroeconomic frailty factors and their effects on default intensity using the data for Japanese firms from 1992 to 2010. We find strong evidence for the presence of sectoral frailty factors even after accounting for the effects of observable covariates and macroeconomic frailty on default intensity. The model with sectoral frailties performs better than that without. Results show that accounting for the sources of unobserved sectoral default risk covariations improves the accuracy of default probability estimation.     

Coexistence of long-term and short-term contracts

We study the length of agreements in a market in which infinitely-lived firms contract with agents that live for two periods. Firms differ in the expected values of their projects, as do workers in their abilities to manage projects. Worker effort is not contractible and worker ability is revealed during the relationship. The market dictates the trade-off between sorting and incentives. Short- and long-term contracts often coexist: The best firms always use short-term contracts to hire high-ability senior workers, firms with less profitable projects use short-term contracts to save on the cost of hiring junior workers, whereas intermediate firms use long-term agreements to provide better incentives to their workers. We relate our results to the optimal assignment literature that follows Becker (1973).     

基于法律视角的欧盟金融机构破产机制研究

为了应对金融危机,欧盟出台了一系列金融救市措施,而这些措施却给欧洲经济发展带来长期的风险,传统的金融机构大而不倒的理念正在更新,制定金融业的破产机制就成为完善市场的必然选择。本文详细阐述了欧盟金融机构破产机制产生的背景及主要内容,并针对我国现状提出改进破产评判标准、完善破产相关法律等建议。     

独立学院学生德育途径探究

针对独立学院学生的特点,我们在对其进行德育教育的过程中,应做到:坚持以学生为本,贴近学生;加强校园文化建设,特别是宿舍文化建设;建设一支稳定的、高素质的辅导员队伍;加强心理健康教育。     

发展高等教育必须加强高校教师师德建设

高等教育任重道远,师德建设尤为重要。要加强高校师德建设,就要明确高校师德建设所面临的主要问题,和加强高校师德建设的主要注意事项。     

思想政治工作之语言美

思想政治工作是解决人们思想、观念、政治立场问题,提高人们思想觉悟的工作,归根到底是做人的工作,思想政治工作者尤其要注重语言美,语言美是内在品格的自然流露,是心灵美的外化表现。     

中专德育课改革之我见

本论文就职业中专的德育课教学的现状做了分析,了解到学生和教学本身的一些问题和弊端,并对此提出了自己的见解和主张。