京津冀城市大气环境竞争力评价

从大气环境与城市竞争力的关联性入手,将大气环境风险、现状和治理纳入评价指标体系,基于组合权重的大气环境竞争力评价模型,对2013-2017年京津冀13个城市的大气环境竞争力水平进行了测评,并结合空间自相关分析和障碍度模型揭示了其空间效应及障碍因素。结果显示:京津冀城市大气环境竞争力存在明显的空间差异,呈"北部高、南部低、局部跳跃"格局,城市差距逐渐缩小;京津冀城市大气环境竞争力呈显著的空间集聚效应且存在正向相关性,空间分布格局相对稳定。     

Fair value accounting from a distributed cognition perspective

This study offers a unique interdisciplinary perspective on fair value accounting. The growing influence of esoteric financial instruments whose valuation is becoming increasingly complex makes it necessary to focus on actual valuation practices. Based on an extensive review, this paper regards fair value accounting for complex financial instruments as involving processes distributed among actors located inside and/or outside a reporting entity. It also draws attention to collaboration by organizations that apply their external and internal resources to perform complex financial valuations. Furthermore, it demonstrates that cases involving unusual market conditions underline the importance of human interactions to the valuation process.     

Corporate social responsibility reporting in financial institutions: Evidence from Euronext

The legitimacy, the identity and the social impact of financial institutions go beyond the generation of revenues for providers of capital, through financial intermediation. Financial institutions bear significant corporate social responsibility (CSR). We produce measures of CSR disclosure and explore the determinants of CSR disclosure practices in a cross section of financial institutions. Working with financial companies whose stocks are listed in the Euronext stock exchange, we find that the extent of disclosure of CSR practices is greater in large companies and also in companies of greater financial leverage. Therefore, increased corporate visibility and financial risk increase stakeholder demand for transparency on the social impact of financial institutions and their CSR practices.     

Floating a “lifeboat”: The Banque de France and the crisis of 1889

When faced with a run on a “systemically important” but insolvent bank in 1889, the Banque de France pre-emptively organized a lifeboat to ensure that depositors were protected and an orderly liquidation could proceed. To protect the Banque from losses on its lifeboat loan, a guarantee syndicate was formed penalizing those who had participated in the copper speculation that had caused the crisis bringing the bank down. Creation of the syndicate and other actions were consistent with mitigating the moral hazard from such an intervention. This episode contrasts the advice given by Bagehot to the Bank of England to counter a panic by lending freely at a high rate on good collateral, allowing insolvent institutions to fail.     

Financial development and barriers to the cross-border diffusion of financial innovation

This paper explores the determinants of financial development by focusing on the role played by barriers to the diffusion of financial technology. These barriers are measured using human genetic distance from the technology frontier. The results based on cross-sectional data for 123 countries suggest that genetic distance to the global frontier has an economically and statistically significant effect on financial development, in that countries that are genetically far from the technology leader tend to have lower levels of financial development. Genetic distance is found to have the largest effect, even after controlling for other determinants of financial development established in the literature. These findings indicate that cultural barriers to the diffusion of financial technology across borders impact financial development by influencing the follower countries’ ability to adopt and adapt innovations from the frontier.     

Hedging house price risk with futures contracts after the bubble burst

This paper extends the existing literature on managing house price risk. While previous work finds that a hedger would have reduced a large amount of variance in housing returns in Las Vegas, Nevada using Chicago Mercantile Exchange (CME) futures contracts, we show that neither static nor dynamic strategies would have maintained an effective hedge during the significant decline in housing prices. The inability to hedge house price risk using CME futures contracts ultimately calls into question the long-term viability of housing futures.     

玉林市存贷比运行特征、存在问题及对策建议——基于桂东四市比较

存贷款比例是银行业金融机构经营管理的重要指标之一,存贷比例过低不利于地方经济的发展。广西玉林市自2000年以来,存贷差逐年扩大,存贷比长期在低位徘徊,2013年存贷比在广西全区排最后一名。本文通过桂东四市（玉林市、梧州市、贺州市、贵港市）经济金融主要指标对比,分析玉林市银行业金融机构存贷比运行特征,揭示造成玉林市低存贷比的原因,提出提高存贷比的相关措施以及科学合理看待存贷比的建议。     

Did the value premium survive the subprime credit crisis?

We provide evidence that value stocks significantly underperformed growth stocks during the subprime credit crisis, despite a positive value premium before the crisis. The reversal in the value premium concentrates in financially constrained firms, suggesting it was due to the adverse influence of the crisis rather than confounding effects. These findings are robust to alternative financial constraint proxies and asset pricing models. The observation that value stocks are vulnerable to losses during extreme downturns like the crisis is consistent with them being riskier than growth stocks. Our findings have implications for the academic debate on the underlying cause of the value premium and for investors on the profitability of value investing strategies.     

东盟对外贸易发展的影响因素及潜力--基于引力模型的实证研究

文章基于东盟视角,运用2000—2011年东盟主要贸易伙伴的面板数据进行分析,构建贸易引力模型对双边进出口贸易流量的影响因素进行分析,估算出东盟主要贸易伙伴的贸易潜力。结果表明,贸易双方的国内生产总值对双边进出口贸易流量有正向影响,贸易双方的人口和之间的距离对双边进出口贸易流量有负向影响。通过估算贸易潜力得出东盟最具贸易潜力的三个国家分别是俄罗斯、澳大利亚和日本,中国与东盟处于潜力开拓型关系,与俄澳日三国相比尚有差距,建议未来的研究内容可以集中分析某一特定产业或某一特定产品的贸易效应,从而改善我国出口结构,提升我国的贸易竞争力。     

我国省际体育文化产业竞争力评价与提升研究——基于31省市数据的实证分析

本研究构建一个由产业效益、成本控制、市场占有和可持续发展四个维度构成的体育文化产业竞争力指标体系,运用因子分析法测算了各项指标权重,对全国31个省区体育文化产业竞争力进行排名,结果表明:从整体态势来看,我国体育文化产业竞争力水平存在明显的区域差异,呈"东高西低"趋势;从聚类分析来看,可以将我国31个省区分为三个集团:第一集团(山东、广东、北京、江苏、上海和浙江),第二集团(山西、安徽、江西、河北、陕西、黑龙江、云南、天津、内蒙古、吉林、广西、新疆、湖南、重庆、辽宁、河南、福建、湖北、四川),第三集团(青海、宁夏、西藏、海南、贵州、甘肃)。