次贷危机对中国推行新巴塞尔协议的启示

通过分析次贷危机中商业银行扮演的角色,以及新旧资本协议的比较,说明新资本协议的制度先进性、适应性和前瞻性.次贷危机不仅未否认新资本协议,反而进一步凸现了全面实施新资本协议的重要性.严格执行新资本协议未必能阻止金融危机的爆发,但至少可以缓解危机的破坏力,从而提升金融系统的稳定性.中国宜加快推进新巴塞尔协议,资产证券化是一个很好的切入点.     

实施紧密经贸活动下的人民币与港元互动分析

从汇率入手,通过建立VAR模型,对实施紧密经贸安排前后两阶段的人民币与港元汇率进行Johnsen协整检验和Granger因果检验,重点研究两者汇率的波动性和相关性呈现出的新特点.结果表明,加强内地和香港经贸合作之后,人民币汇率与港元汇率表现出长期的均衡关系,且存在时间上的相互引导.     

A compassion-centric behavioral agency perspective for organizations in times of crisis

In times of crisis, organizations face a dilemma: How should they balance between minimizing losses and surviving financially, and acting for the benefit of all stakeholders and of society at large? In theory, managers should balance between multiple demands, forgoing short-term profits to address human needs when necessary. But in practice, managers may face challenges in balancing demands during a crisis. Combining the stakeholder-agency and compassion perspectives in the context of crisis management, we present the compassion-centric behavioral agency in crisis (CCBAC) framework to address this theory-practice gap. We suggest three levers for organizations and policymakers to encourage this behavior from organizations: developing and using technological and innovation capabilities, paradoxical leadership behaviors, and employee well-being and generosity programs. Organizations benefit from the CCBAC framework because they become better positioned to maintain their long-term competitive advantage and positive organizational identity while contributing to the needs of society. Policymakers benefit from incentivizing such organizations because they serve as an intermediary to achieve outcomes for society at large. Throughout this article, we use the COVID-19 pandemic, responses to mass shootings, and other example crises to highlight the tension and opportunity within our “both/and” approach. We conclude that organizations can be compassionate even as they pursue profit and efficiency in the long run.     

Contagion testing in frontier markets under alternative stressful S&P 500 market scenarios

We use alternative approaches to identify stable and stressful scenarios in the S&P 500 market, to offer a new perspective for constructing contagion tests in recipient frontier markets vulnerable to disturbances from this source market. The S&P 500 market is decomposed into discrete conditions of: (1) tranquil versus turbulent volatility; (2) bull versus bear market phases; (3) normal periods versus asset bubbles and crashes. Based on these identified scenarios, we use various co-moment contagion tests to analyse the changing relationship between the S&P 500 market and major frontier markets in the Caribbean region that have prominent trade related exposure to the US. Our findings show that, outside of the events of the Great Recession, the Caribbean stock exchanges are largely independent of the S&P 500 market.     

A social media analysis of travel preferences and attitudes,before and during Covid-19

Covid-19 created tremendous uncertainty in the tourism industry; in this study, we use social media data to explore differences in the preferences and attitudes of tourism consumers, both before and during the pandemic. We use natural language processing (NLP) techniques to analyze over one million Reddit posts on travel-related subreddits. We investigate the preference for city and nature-oriented tourism in selected destinations; the analysis demonstrates that nature tourism gained interest during Covid-19 in destinations with rich nature resources, whereas city tourism lost interest in destinations known for city tourism. We also classify Reddit authors into two categories: conservation and openness, according to a psychological theory of personal values, and show that this is predictive, with openness associated with positive travel sentiment and low risk awareness. This points to the potential for value-based segmentation of travel consumers based on theoretically-grounded NLP analysis of social media data.