Are Securitizations in Substance Sales or Secured Borrowings? Capital‐Market Evidence*

Two standard‐setting approaches have emerged globally to guide the choice of accounting for securitizations: the control and components approach (SFAS No. 125 and SFAS No. 140) and the risks and rewards transfer approach (IAS No. 39). A lack of consensus about derecognition accounting is a major impediment to achieving convergence in global standards that must be resolved. Thus, both SFAS No. 140 and IAS No. 39 will be reexamined, and evidence pertinent to the debate is timely and important. In this study, we present evidence consistent with the view of credit‐rating analysts, who view many securitizations as, in substance, secured borrowings. Specifically, for a sample of originators applying sale accounting guidance in SFAS No. 125 / 140 during the period 1997‐2003, we show that off‐balance‐sheet debt related to securitizations has, on average, the same risk‐relevance for explaining market measures of risk (that is, CAPM beta) as on‐balance‐sheet debt. We also find that, in a returns and earnings association framework, the pricing multiple on securitization gains declines as the amount of off‐balance‐sheet debt increases, implying that investors take off‐balance‐sheet debt into account when assessing the valuation‐relevance of such gains. For those who advocate the control and components approach to securitization accounting, our results suggest that, at least for frequent securitizers, the put option arising from implicit recourse is a “missing piece” that is not currently accounted for when calculating securitization gains. Our results challenge the extant measurement standards in SFAS No. 140.     

论科研选题应注意的几个问题

科研选题要善于把握选题的原别和导向，注意课题的研究动态，把握课题的研究范围，发挥出科研人员的优势，设计出切实可行的研究路线。     

企业数字化转型能否提高创新绩效？来自上市公司的经验证据

随着信息技术的快速发展,企业数字化转型已成为推动创新与竞争力提升的关键。该研究基于2007-2022 年中国上市公司的大规模数据样本,采用最小二乘法线性回归和中介效应模型等统计方法,探讨了企业数字化与创新绩效之间的关系,以期揭示数字化背景下企业如何通过技术应用与管理创新提升创新能力,为企业数字化转型实践提供理论指导和决策参考。研究发现,数字化转型显著提升了企业的运营创新绩效和市场创新绩效,其中不仅直接影响显著,还通过管理赋能、投资赋能、营运赋能和劳动赋能等多重内在机制间接促进了创新绩效的提升。该研究发现不仅为理论研究提供了新的视角,同时也为实践中企业数字化战略的制定提供了有力的策略建议。     

Taking the rough with the smooth: A qualitative inquiry into social and cultural practices of knowledge-sharing work in international consultancy alliances

Knowledge sharing in inter-organizational alliances has been predominantly studied by investigating causal influencing factors in tightly-coupled alliances. In contrast, we empirically study how individuals accomplish knowledge sharing activities in the context of various social and cultural differences within a loosely-coupled international business-consultancy alliance. Through an in-depth qualitative case-study approach, we find that the local knowledge-seeking and -accessing partners socially and culturally deal with various influencing factors, through two broad sets of ‘knowledge-sharing work’. This includes harmonization development work, and disharmony mitigation work, that are both supported through an accompanying mode of work: auto-learning. These forms of work at the micro (individual and interactional) level, are enabled through modes of communicative interaction, not just strategic action. Further, this work mediates between the influencing factors and the knowledge sharing of the alliances in an iterative and recursive manner. Our findings thus contribute to showing how knowledge sharing is enacted in inter-organizational alliances, by highlighting the significance and dynamics of the micro-level social and cultural practices of knowledge-sharing work.     

Inductive research in last-mile delivery routing: Introducing the Re-Gifting heuristic

The last-mile problem presents a daunting challenge for many logistics service providers, especially some 7000 small, localized operations for whom the cost of complex software solutions is often prohibitive. As a result, last-mile dispatchers rely on simple heuristics to ensure adequate customer service at an acceptable cost. This research effort extends prior qualitative work by developing and testing a simple vehicle routing heuristic, based on behaviors observed in practice, that prioritizes customer service over cost against other simple vehicle routing heuristics across a variety of environments using simulation. The results support the inclusion of a customer service focus in vehicle routing and the addition of such heuristics to existing algorithm portfolios, specifically in urban areas with well-developed highway systems.     

股权结构与公司绩效实证研究的发现及其评价

对中国国有企业改革的研究,主要有“委托—代理”“、法定产权与事实产权不一致”“、产业定位与产权特性相对称”等三个理论框架。对股权结构与公司绩效的实证研究,为这三个理论框架的逻辑分析提供了有力的经验证据,也为深化国有企业改革提供了明确的、有益的指导。     

高危时代全球治理与多元主体参与模式的研究

人类社会正步入一个危机四伏的“高危时代”,这对传统的以家庭、国家为中心的危机治理提出了挑战。为了全面有效应对各种全球性、区域性的新型危机,提出了由国际组织、民族国家、非政府组织、企业、民众以及媒体等多元主体参与的全球治理模式。     

Unfulfilled Promise: Laboratory experiments in public management research

Abstract

We make the case for increased laboratory experimentation in public management research. Laboratory experiments can generate useful knowledge, particularly in testing causal relationships among constructs of interest. The challenge in this regard is one of identifying the appropriate role for experiments in a greater knowledge production enterprise. Although laboratory experiments are underutilized, they have proffered important knowledge contributions to the field, especially in areas of decision-making and, increasingly, motivation. Because practical problems may pose a greater obstacle to laboratory experimentation in public management than epistemological issues, we address external validity and the cost of conducting laboratory experiments before concluding with suggestions for future research.