Regulatory Uncertainty and Financial Contagion: Evidence from the Hybrid Capital Securities Market

This paper examines the negative market impact that resulted from the insurance regulators’ potential reclassification of 140 hybrid capital securities in spring and summer 2006. It illustrates how financial contagion can spring from a regulatory policy change that lacks transparency. We investigate the impact of the uncertainty surrounding the regulators’ true classification criteria by measuring the effect of the reclassification announcements on hybrid new issue volume, cumulative average abnormal returns, bid‐ask spreads, and yield spreads. The financial contagion adversely affected the entire hybrid capital securities market for six months. The effect was most pronounced among those hybrids that were eventually reclassified as common equity equivalents. It was greater for Yankee Tier 1 hybrids, which had been more popular with insurance firm investors prior to the reclassifications, than among non‐Tier 1 hybrids.     

基于政府参与情形的混合巨灾债券设计与实证分析

我国是属于自然灾害多发的国家,但由于保险市场与资本市场相对落后,目前对于巨灾的管理仍然主要依靠政府事后的财政拨款与民间捐赠。本文借鉴并改进了国内外相关研究结论,构建了由保险市场、资本市场以及政府所组成的巨灾风险分担模型。在该模型的基础上,以熵测度为准则,设计了一种有政府参与的混合巨灾债券,这种债券是传统的简单巨灾债券与...     

一体化供应链组合战略的构建

随着供应链之间竞争的加剧,单一地采用精细思想和敏捷思想设计供应链已经不能满足客户的要求。只有合理地运用精细思想和敏捷思想的组合战略,才能使供应链能够同时达到满足终端顾客的产品可获性和有能力购买性的双重需求。同时,使用模块化设计能够降低供应链组合策略的复杂性,增强供应链的适用性和通用性,使供应链结构变得简单化。     

我国国际贸易结构变化对能源消费影响的敏感性分析

本文基于投入产出分析法中影响力系数的研究思想,提出了"能源消费影响力系数"的概念,运用1992年、1997年和2002年投入产出表中的数据,计算了各进出口部门净出口每增加一单位,通过投入产出的连锁反应最终导致我国能源消费总量的增加数量,得出了对我国能源消费具有重要影响的关键性的进出口部门,以及这些部门单位进出口额的变化对我国能源消费的影响程度。其中,在对能源强度的计算中,借鉴了投入产出混合价值模型(Input-output Model in Hybrid Units)的计算方法。     

基于PEST模型的太阳能热水器行业宏观环境分析

低碳发展是世界经济社会发展的趋势。新能源产业,尤其是太阳能行业发展迎来重大机遇。同时,太阳能行业发展日趋成熟,竞争日益激烈,各企业都面临着严峻挑战。文章介绍了PEST模型的基本概念,并深入研究了太阳能热水器行业发展的宏观环境问题。综合运用PEST模型,采取定量分析与定性描述相结合的方法,对太阳能热水器行业的发展现状、面临的政治环境、经济环境、社会环境和科学技术环境等进行了详细分析。最后对太阳能热水器行业的发展前景进行了预测。     

浅析太阳能在建筑节能领域中的应用

本文结合目前建筑设计的节能要求,对目前太阳能在建筑节能领域中的应用及发展前景作了比较与分析,谨供大家作参考之用。     

The service triad: modelling dialectic tensions in service encounters

Models of service encounters are often fraught with reductionism, describing business relationships as mathematical combinations of dyadic constellations. Metaphors of ideal social relationships (marriages or friendships) are highlighted to stress normative aspects of equal, balanced and long-term business partnerships. However, these approaches are limited in their analytical sensitivity, as they cannot address the complexity of multipart relationships, where meanings, roles and relationships are continuously constructed and reconstructed. In order to understand the ambivalent quality of business interactions, this article analyses the corporate travel market by applying Simmel's depiction of the triad as a specific social form. Triadic constellations and more complex service networks involve dialectic tensions, simultaneously exhibiting loyalty and disloyalty, trust and distrust, empowerment and disempowerment. It is argued that a qualitative methodology is a more adequate approach to grasp such dynamic and contextual social realities, because (opposed to a quantitative approach) it is not confined to operate with mutually exclusive analytical categories.     

Energy Saving and Tourism Sustainability: Solar Control Window Film in Hotel Rooms

This paper investigates solar control film as an energy saver in the fast growing hotel sector in southern China. It investigates claims made for this low-cost retrofitted material in hotel rooms, calibrating reductions in solar gain in summer. It provides reliable and independent data about the performance and economic viability of solar control film in real hotel environments. The study found that, by limiting solar gain, the film helps limit tourism's impact on global warming and climate change. The paper also foreshadows new technical glazing developments.