Corporate giving in Taiwan: agency cost theory vs. value enhancement theory

This article examines the determinants of corporate giving (CG) in Taiwan according to agency cost (AC) and value enhancement (VE) theories. Panel regression test results reveal several new and interesting pieces of evidence. First, VE determinants outweigh AC determinants in explaining CG there. Second, the positive link between the current CG ratio (CGR) and the lagged CGR (CGR(-1)) suggests the consistent nature of CG. Third, after the global financial crisis in 2008, the influence of debt leverage on CGR vanished, but the impact of managerial insiders’ shareholdings on CGR became significant. Last, the influences of VE determinants and CGR(-1) on CGR remain during both pre-crisis and post-crisis periods. Moreover, after the crisis, CG was still motivated to create current value for shareholders, and was apparently used as a business strategy to signal companies’ financial or managerial stability.     

A net stable funding ratio for Islamic banks and its impact on financial stability: An international investigation

The Islamic Financial Services Board (IFSB) is the standard setting body for the Islamic banking industry. The IFSB, while endorsing the Basel III accord, modified the criteria to calculate the Net Stable Funding Ratio (NSFR) to cater for the unique aspects of the Islamic banking industry. In this paper, we calculated the modified NSFR of 136 Islamic banks from 30 jurisdictions between 2000 and 2013 and explored the potential impact the requirements of this ratio has on the financial stability of Islamic banks after controlling for bank, country, and market-specific variables. The empirical findings suggest that the modified NSFR has a positive impact on the financial stability of Islamic banks during the sample period. However, the marginal impact of the NSFR on stability diminishes as the size of the bank increases. The results remained robust after applying an alternative measure of stability and using an alternative estimation model based on an instrumental variable approach. These results validate the use of the IFSB’s modified NSFR for Islamic banks as a regulatory measure.     

用于通信系统的干扰对消电路设计与实现

针对通信设备应用的复杂化和对在复杂电磁环境下工作的设备电磁兼容性提出的更高要求，通过分析对消技术的基本原理，提出了一种模拟电路和数字电路相结合的干扰对消技术，并研制出了基于该技术的干扰对消原理样机。对该样机的单机测试和系统联试结果表明，该对消技术具备点频干扰和噪声干扰的抑制能力，对消收敛时间小于100 ms，对消比大于43 dB，适合在窄带通信中应用并可推广到其他领域。该成果正逐步在实际工程中得到运用。     

Sequential estimation of a location parameter and powers of a scale parameter from delayed observations

The problem of sequentially estimating a location parameter and powers of a scale parameter is considered in the case when the observations become available at random times. Certain classes of sequential estimation procedures are derived under an invariant balanced loss function and with the observation cost determined by a convex function of the stopping time and the number of observations up to that time.     

Stochastic Dominance Analysis of iShares

Abstract

Country indices as represented by iShares exhibit non-normal return distributions with both skewness and kurtosis. Earlier studies provide procedures for determining the statistical significance of stochastic dominance measures and the Sharpe Ratio. This present study uses these refinements to compare the performance of 18 country market indices. The iShares are indistinguishable when using the Sharpe Ratio as no significant differences are found. In contrast, stochastic dominance procedures identify dominant iShares. Although the results vary over time, stochastic dominance appears to be both more robust and discriminating than the CAPM in the ranking of the iShares.     

江西省农村金融生态发展滞后现状、成因及其破解

良好的金融生态可以促进农村经济结构调整和经济增长方式的转变,增强资金的使用效率。文章结合相关的金融生态水平指标对江西省农村金融生态状况进行了一般性描述,并分析其发展滞后的原因,在此基础上演绎出相应的政策选择。     

对我国股市市盈率与非流通股问题的思考

我国股票市场的市盈率由于上市公司股权的分割而高企,而高企的市盈率会对今后股票市场及经济的稳定发展产生消极的影响。非流通股在二级市场的流通可以降低股市的市盈率并且改善上市公司的股权结构,在解决非流通股流通时要兼顾各方的利益。     

股票基金红利再投资比例的实证研究

开放式基金"红利再投资比例"指的是基金分红时,投资者以红利再投资方式进行的收益分配占总收益分配的比例。红利再投资比例的研究可以为基金制定正确的分红策略提供依据。文章通过对股票型开放式基金红利再投资比例的研究,发现基金份额、基金存续时间与基金红利再投资比例正相关。这说明基金持有人对基金管理人越有信心,基金持有人投资基金的时间越长,则选择红利再投资的可能性就越大。     

并购对企业R&D投资的挤出效应研究——基于并购前后资产负债率变动的视角

创新是企业内涵式的增长方式,并购是企业外延式的增长方式。在资源有限的情况下,企业如何在这两种战略之间进行权衡?本文以2007-2018年沪深A股上市公司为研究样本,发现如果并购引起企业资产负债率增加,则会对并购后的R&D投资形成"财务侵占",从而对研发产生负面影响;这种抑制作用在主并企业存在融资约束的情况下会更加显著;按企业特征划分,这种抑制作用主要存在于小企业和民营企业。研究结果为基于边界条件的并购如何影响企业创新绩效提供了实证证据,同时也为企业进行相关战略变更和投资决策提供了有益参考。     

浙江出口商品结构竞争力实证分析

全球金融危机引发的国际市场需求萎缩恶化了浙江的出口贸易环境,进一步使浙江出口商品的结构问题显现出来。分析了后危机时代浙江出口的总体情况、浙江出口商品的结构及浙江出口商品竞争力发展趋势。并对如何优化浙江出口商品结构提出了对策建议。