Investor behaviour and reaching for yield: Evidence from the sterling corporate bond market

We provide evidence on how corporate bond investors react to a change in yields, and how this behaviour differs in times of market‐wide stress. We also investigate ‘reaching for yield’ across investor types, as well as providing insights into the structure of the corporate bond market. Using proprietary sterling corporate bond transaction data, we show that insurance companies, hedge funds and asset managers are typically net buyers when corporate bond yields rise. Dealer banks clear the market by being net sellers. However, we find evidence for this behaviour reversing in times of stress for some investors. During the 2013 ‘taper tantrum’, asset managers were net sellers of corporate bonds in response to a sharp rise in yields, potentially amplifying price changes. At the same time, dealer banks were net buyers. Finally, we provide evidence that insurers, hedge funds and asset managers tilt their portfolios towards higher risk bonds, consistent with ‘reaching for yield’ behaviour.     

安然会计造假机制分析

安然事件是公司经营失败的结果,为了掩盖这种失败,公司采取了一系列的具有欺诈性的会计方法。这些欺诈性的会计方法有使用备考利润,以掩盖公司的真实的经营业绩;利用特殊目的实体,掩盖债务和不良资产,实施利润欺诈;按市计价法操纵利润等。     

Does bank ownership affect lending behavior? Evidence from the Euro area

We analyze the differences in lending policies across banks characterized by different types of ownership, using micro-level data on Euro area banks during the period 1999–2011 to detect possible variations in bank lending supply responses to changes in monetary policy. Our results identify a general difference between stakeholder and shareholder banks: following a monetary policy contraction, stakeholder banks decrease their loan supply to a lesser extent than shareholder banks. A detailed analysis of the effect among stakeholder banks reveals that cooperative banks continued to smooth the impact of tighter monetary policy on their lending during the crisis period (2008–2011), whereas savings banks did not. Stakeholder banks’ propensity to smooth their lending cycles suggests that their presence in the economy has the potential to reduce credit supply volatility.     

Cyclicality of taxes and external debt

In their work, Vegh and Vuletin have shown that statutory tax rates are acyclical in developed economies and procyclical in developing ones. This article extends their analysis by checking the interaction of statutory tax rates with countries’ external public debt. In general, we found that the value added tax rates are changed procyclically in both developed and developing countries (i.e. taxes are raised in bad times and reduced in good times). However, when the external debt is high, in the developing countries the procyclicality increases, while the opposite result holds for developed economies. This pattern occurs mainly in times of recession, when the need for loans is the highest. Although we found that there was a reduction in procyclicality after the 2000s, these findings pose a challenge to policy-makers, who should think of ways of dealing with lack of foreign funds in difficult times.     

基于Pro/E凸轮机构的运动仿真设计

文章详细介绍了Pro/E凸轮机构的运动仿真模块,完成了基于该模块的软件设计,通过对运动仿真过程的分析,证明结果可靠。     

公允价值会计计量对中国银行业的影响

随着中国国有银行的上市及公允价值在金融工具会计准则中的大量运用,公允价值计量的实施不仅孕育着巨大的机遇,而且也存在许多威胁金融安全的因素。因此,在坚持渐进式推广公允价值应用范围的前提下,必须充分考虑到公允价值的各种变量与不确定性,科学设计改革路径,使公允价值计量的风险最小化,确保公允价值计量得到有效的实施。     

浅谈Sniffer pro在校园网络维护管理中的运用

本文论述了Sniffer Pro的工作原理以及利用它搭建一套用于监控福建商专校园网的实用的网络性能监控系统,实现了对校园网内的多厂商的交换机、路由器设备,多平台的服务器系统的主要性能指标的监控,提高了网络管理过程中的"透明度",使得网络管理人员对于网络运行的状况有了一个清晰的掌握,最后利用获得的性能数据,分析并解决了几个校园网网中实际发生的问题和故障.     

基于Pro/E的机械零部件三维动态序列装配技术研究

三维动态序列装配技术在机械产品和工程设计行业的设计、制造、检测、展示、学习、资金节约、功效提高等方面具有非常重要的意义,其制作具有一定的技术复杂性和技巧性,目前许多三维CAD软件有此功能,但很少有此方面的具体介绍,为了给机械及工程技术人员提供一些有益的借鉴,以某高楼外墙清洗机吸盘部件三维动态序列装配动画的制作为例,针对Pro/E三维机械设计软件的动态序列装配技术进行了详细介绍,给出了整个制作流程。     

Pro/E仿真模块在产品开发中的应用

文章讲述了利用Pro/ENGINEER进行产品零部件运动仿真的流程,以实例的形式说明了Pro/ENGI-NEER软件的机构模块和动画模块在产品开发中的应用,为人们从事产品预先演示、广告宣传、零部件的早期验证、及时地暴露设计过程中存在的匹配和干涉等问题提供了参考借鉴作用。