商业银行建立防范操作风险长效机制的思考

操作风险是商业银行需要着力防范的重要风险,也是最难化解和规避的风险,本文作者结合多年的业务工作实践,对商业银行具体的业务领域进行了深入的研究,从操作风险的类型、产生的原因入手,对操作风险进行了分析,提出了防范和控制操作风险的应对措施,具有很强的指导意义和应用价值。     

中国—东盟大物流的初步形成及制约因素

中国—东盟自由贸易区已建立起来,并初步形成了为自由贸易区经济服务的中国—东盟大物流环境。但是东盟各成员国经济发展不平衡,存在资源、贸易、产业的竞争,自由区大物流还有待进一步完善和发展。这需要各成员国求同存异,摒弃贸易保护主义,共同完成自由贸易区大物流格局的整体升级。     

Is the relationship between investment and conditional cash flow volatility ambiguous,asymmetric or both?

We investigate the effect of cash flow volatility on investment. Our evidence suggests that financially constrained firms decrease investment (i) when experiencing persistently high volatility; (ii) when experiencing both high volatility and negative cash flow growth realisations; and (iii) when holding low cash levels and experiencing both high volatility and a negative cash flow growth realisations. In financially unconstrained firms, the above effects are either not found or are of relatively low economic importance. Overall, our findings lend support to the financial flexibility literature and tend to contradict predictions of the real options literature.     

吉林省农村经济发展中的金融约束分析

金融作为现代经济的核心,是经济发展的重要推动力量。在当前建设社会主义新农村过程中,农村金融肩负着重要的历史使命,但是吉林省目前农村金融体系的制度性缺陷,直接融资渠道匮乏,非正规金融的先天不足,已经成为吉林省农村经济发展中的制约因素。     

International tourism demand and the business cycle

The focus of this study is on presenting causes and hypotheses for the existence of asymmetric income and price effects on tourism demand across business cycles. The theoretical assumptions were tested by analyzing tourism import demand in different source markets, drawing on econometric models that provide for the magnitudes of price and income effects either to vary depending on the phase of the business cycle or to remain stable across the business cycles. The major outcome of this study is that the general assumption in most of the tourism demand studies—i.e. that the income effects are symmetric—should not be expected to be automatically true for every source market.     

Do hotel REIT companies face investment constraints? A comparison with C-corporation hotel companies

This study investigates whether corporate investment by REIT hotel companies (hotel REITs hereafter) is more constrained than investment by C-corporation hotel companies (hotel C-corps hereafter). The investments of hotel REITs and hotel C-corps are examined by comparing the sensitivities of investment to cash flow and investment opportunities between the two groups. Results show that the sensitivity of investment to cash flow is positive and significantly higher for hotel REITs than for hotel C-corps, suggesting that hotel REITs are likely to experience more constraints on their corporate investment. This finding suggests that hotel firms and owners should be more cautious about electing to be a REIT if they are planning large investments in the future. In addition, this finding has policy implications; even a small reduction in the rate of mandatory dividend payouts could significantly increase hotel REITs’ corporate investments.     

汽油市场垄断溢价及消费者福利分析:基于中国市场结构的多主体模型结果

自从1998年起,中国成品油市场定价机制已经进行了四次改革,市场定价将是未来的发展趋势。但是鉴于现在成品油市场尚处于寡头垄断的市场结构,完全放松管制可能出现无法预料的严重后果,采用基于Agent的计算经济学的方法,建立了基于信念学习的中国汽油市场模型,并重点分析了垄断溢价形成的影响因素,以及消费者的刚性需求和收入约束对消费者福利的影响。通过对不同原油价格水平下汽油市场的模拟,得到了描述消费者生存率的二次方程。通过建立虚拟变量模型,发现当消费者决策受收入约束时,油价、收入和刚性需求对其福利的边际影响都相应变小。模型的结果对燃油税政策的制定有一定的参考意义。     

Two-machine flow shop scheduling with deteriorating jobs and chain precedence constraints

In this paper we investigate two-machine flow shop scheduling problems with deteriorating jobs and chain precedence constraints. We consider two types of precedence constraints. Under the first type constraints, a successor cannot start on any machine before its predecessor has been completed on the same machine. Under the second one, a successor cannot start on any machine before its predecessor has been completed on all machines. We show that the problem with the first type precedence constraints is polynomially solvable, and the problem with the second type precedence constraints is NP-hard in the strong sense.     

Body image as a leisure constraint: Examining the experience of aerobic exercise classes for young women

Abstract

Previous research has shown that women, and especially young women, in this culture experience pressure to be thin. Although considerable research has been directed toward the investigation of body image and its relationship to psychological health and self‐image, the impact of body image on leisure behavior has not been adequately addressed, nor has body image received much attention as a potential leisure constraint. The purpose of this study was to investigate ways in which body image might function as a constraint to young women's participation in aerobic exercise classes. The study used both quantitative and qualitative methods, including a survey of 190 women undergraduate students and in‐depth interviews with a sub‐sample of 11 students. The qualitative data are the main focus of this analysis. The data indicated that body image did not seem to prevent participation or constrain levels of participation in aerobics. Nevertheless, body image concerns were shown to constrain the enjoyment of aerobics as a leisure activity, and this reduction of enjoyment was related to the clothing worn for aerobics and to competition over appearance and body weight among participants. The findings also showed that body image functioned as a constraint into participation in that body‐image‐related concerns were a major motivating factor exerting pressure on young women to participate in aerobics. In sum, the study suggested that body image can constrain leisure in some situations, although it is not a constraint in the traditional sense of preventing participation. The implications of these findings for the conceptualization of leisure constraints were discussed. Furthermore, some practical implications for the provision of aerobics classes were provided.