互联网视角下供应链金融的新发展

在这个网络社会愈发深化的时代,通过互联网科技完善和发展线上供应链金融成为必要的发展方向。本文首先梳理了传统供应链金融的基本模式,发现了其存在的不足;然后重点介绍了当前三种主要的线上供应链金融模式,总结了线上供应链金融的优势;最后,提出相关政策建议,认为金融机构应该不断升级线上供应链金融产品,逐步完善供应链金融线上操作系统,监管机构需要出台更加严格的监管规则对线上供应链金融进行有效监管。     

Diagnosing a healthcare cybersecurity crisis: The impact of IoMT advancements and 5G

Internet of Medical Things (IoMT) technology remains in early stages of adoption, but advancements and breakthroughs are quickly moving this process forward. There is a critical need for cybersecurity to be a priority in the development of these new tools, alongside design and utility. Given the rapid pace and potential magnitude of the coming advancements in IoMT, if privacy and security risks are neglected, a significant crisis could emerge in the form of more frequent cybersecurity breaches. This article examines the market opportunities and risks associated with IoMT and outlines a plan for proactively mitigating concerns and providing a platform to foster growth, to modify attitudes and behaviors, and to continue to build consumer confidence in the overall health system without sacrificing security.     

对当前背景下国企工会职能的转变及服务创新的研究

在当前的社会背景下,工会在国企的发展过程中发挥着重要的作用,它在维护员工利益以及推动企业与员工的沟通与联系等方面作出了突出的贡献。随着国有企业的不断改革与创新,时代环境对工会的工作也提出了更高的要求,工会需要进行职能转变以及服务创新。     

Customer reactions to self-checkout discontinuance

Self-service technologies (SSTs) increasingly permeate retail space. Yet, sometimes retailers decide to revert to human-delivered service mode by discontinuing their incumbent SST. In this study, we examine how self-checkout (SCO) discontinuance affects customers’ perceptions of SCO technology and purchase behavior. We conduct a natural field experiment by surveying two groups of customers pre- and post- SCO discontinuance: treatment group (who experience discontinuance) and control group (who do not experience discontinuance). Leveraging difference-in-differences analyses, we find that SCO discontinuance results in decreases in customers’ satisfaction with technology, intentions to use technology, perceived simplicity of technology, and basket size. Our results inform managers of the potential downsides of discontinuing SST and provide corroborating evidence of the technology’s benefits.     

泸县农村宅基地有偿使用制度改革效果评价

[目的]宅基地有偿使用制度研究有利于推进宅基地制度改革,缓解无偿无限期带来的土地超占乱占和闲置问题。[方法]文章运用层次分析法和模糊综合评价法对2016年和2018年泸县农村宅基地有偿使用制度改革政策效果进行评价。[结果]政策的开展能有效推进村民自治建设进程,但政策的实施要注重公开透明性;有偿使用政策能有效缓解一户多宅、低效闲置、超占乱占等土地浪费现象实现土地的节约集约利用;政策的实施能有效地改善基础设施和农村面貌,但对泸县生产方式转变、新业态发展、农户生活水平提升影响力较小;总体来看农户对有偿使用政策满意度和支持度较高。[结论]针对当前有偿使用制度改革,该文认为宅基地有偿使用制度改革还应该完善有偿使用费收取管理政策,增强政策执行透明度;注重基层队伍建设,实现有偿使用费保值增值;合理选择安置模式,发展农村新业态;加强宅基地有偿使用与有偿退出的高效联动,推进宅基地制度改革进程。     

The Politics of Inequality as Organised Spectacle: Why the Swiss Do Not Want to Tax the Rich

In 2015, Swiss voters had the opportunity to impose a tax on the super rich in a popular vote and thereby fund a redistributive policy. However, a large majority voted against its seemingly obvious self-interest and rejected the tax. We propose an explanation for this puzzling outcome, bridging the usually separate behavioralist and institutionalist perspectives on the politics of inequality. We start from the observation that political economy tends to neglect processes of preference formation. Theorising preferences as socially constructed, we show that interest groups played a major role in shaping the outcome of the vote. Business frames were multiplied through allied parties and the media and had a major impact on individual voting behaviour. In addition, we demonstrate that interest groups representing business interests derive the content of their communication from business’s structurally privileged position in the capitalist economy. Specifically, creating uncertainty about possible perverse effects of government policies on jobs and growth is a powerful tool to undermine popular support. Frames based on this structural power ultimately explain why the Swiss refrained from ‘soaking the rich.’     

Development costs capitalization and debt financing

This study investigates debt market effects of research and development (R&D) costs capitalization, using a global sample of public bonds and private syndicated loans issued by public non‐financial firms. Firstly, we show that firms capitalize larger amounts of R&D in a year when they exhibit a propensity for issuing bonds, rather than borrowing funds privately from the syndicated loan market, in the subsequent year. Secondly, we provide evidence that capitalized R&D investments reduce the cost of debt. We infer that debt market participants are able to identify firms’ motives for R&D capitalization, as we find a reduction in the cost of debt only for those firms that do not show indications of employing R&D capitalization for earnings management reasons. Indeed, only for this sub‐sample of firms, the amount of capitalized R&D contributes positively to future earnings. We confirm that R&D capitalization is positively associated with audit fees and thus can be deemed to be a signaling device. Lastly, we find that it is the amount of R&D a firm is expected to capitalize and not the discretionary counterparts, which facilitates a firm's access to public debt markets, reduces bond and syndicated loan prices, and contributes to future benefits.     

Factors affecting classroom participation and how participation leads to a better learning

The purpose of this paper is twofold. First, we analyze various course- and student-related factors that affect participation grades within several college accounting classes. The second purpose is to determine whether in-class participation grades have an effect on exam performance in these classes. We find that, unlike in liberal arts and sciences courses, in accounting courses, participation grades for female students do not differ from participation grades for their male counterparts, regardless of class level. Overall, course level and student major have no direct effect on participation grades; however, the accounting majors and students in the lower level courses have better attendance than do non-accounting majors and students in more advanced courses. We observe that class schedule, in particular class duration and semester, affects students’ participation performance. Lastly, we find that students who participate more in classroom discussions perform 25% better on exams than do those with lower participation grades. This relationship holds for the three elements of participation grading: frequency of participation, consistency of participation, and attendance.     

The impact of real exchange rate shocks on manufacturing workers: An autopsy from the MORG

We study the impact of large real exchange rate shocks on workers in sectors initially more exposed to international trade using the Current Population Survey’s (CPS) Merged Outgoing Rotation Group (MORG) from 1979 to 2010 combined with new annual measures of imported inputs, a proxy for offshoring. We find that in periods when US relative prices are high, and imports surge relative to exports, workers in sectors with greater initial exposure to international trade were more likely to be unemployed or exit the labor force a year later, but did not experience significant declines in wages conditional on being employed. Contrary to the usual narrative, we find negative wage effects for higher-wage, but not lower-wage workers, particularly for those who are less-educated.     

Monitoring the foreign exchange rate benchmark fix

ABSTRACT

We develop a Manipulation Index (ManIx) that captures the potential manipulation intention of dealers during the World Markets/Reuters (WMR) benchmark (London Close) period at 4 pm London time through a unique algorithm and simulation. The application of this model (using a dataset with dealers’ identities) can identify banks that are prone to potential manipulative behavior. The results concerning the identified banks are validated by the regulatory investigations. Implementation of this algorithm allows regulators better direct their limited resources towards more targeted in-depth investigation.