最优银行集中度之谜

本文通过对89组跨国数据的实证分析,系统研究了银行集中度和银行体系稳定性之间的关系。实证结果表明,银行集中度和银行稳定性之间的关系并不是过往文献所集中讨论的简单线性关系,而是存在一个最优的银行集中度区间(0.6,0.8],这一区间恰好位于样本均值附近,并向样本均值收敛;而当一国的银行集中度水平处于(0.8,0.9]时,银行体系的稳定性最低,极易发生银行危机。进一步的分析表明,在最优的银行集中度区间内,银行业的产业结构能较好地在适度竞争和盈利之间获得平衡,而隐藏在"最优银行集中度之谜"背后的机制极有可能是"优胜劣汰"这一自然法则在社会经济领域的再现。     

债权人与公司治理

在公司治理的研究中有一个共同点，就是往往忽视了债权人在公司治理中的作用。事实上，由于诸多因素的影响，债权人的角色正在发生实质性的变化，债权人不可避免地参与了公司治理，越来越成为未来公司治理结构的核心。     

多个“大债权人”与会计稳健性

本文考查了企业拥有多个大债权人对其会计稳健性的影响.研究发现,多个大债权人的共同监督显著提高了企业的会计稳健性水平.进一步研究发现:当企业复杂度较高或信息环境较差时,多个大债权人对会计稳健性的提升作用更加明显;但是当金融控股银行在债权人中占比较高时,该提升作用显著弱化.作用机制检验表明,多个大债权人的共同监督促使企业计提更多的资产减值损失和预计负债,进而提高了会计稳健性水平.最后,经济后果检验发现多个大债权人促使会计稳健性提高以后,企业的贷款融资规模显著增大,但融资成本未发生变化.本文提供了非辛迪加贷款模式下“债权人共同监督效果”的本土化证据,研究结论对企业和政策制定者具有重要的参考价值.     

The Predicament of Bank Creditors in Chinese Bankruptcy and the Way Out

Although Chinese banks are the major creditors for companies in China, their role in bankruptcy is often neglected. Even if this may be justified in the past, as banks did not assume an important role, it is not the case now as banks have become more proactive in the bankruptcy procedure and begin to conduct debt‐for‐equity swaps under the initiative of the government. This article considers the role of Chinese banks in bankruptcy both in and out of formal bankruptcy procedure. It argues that based on the reality of the country, especially its corporate governance structure, bank intervention is feasible for corporate rescues in China. The debt‐for‐equity swap scheme could be the start. Copyright © 2018 INSOL International and John Wiley & Sons, Ltd.     

委托贷款中债权人认定探讨

委托贷款中,受托人协助进行贷后管理,收取手续费;委托人在贷后管理中负主要责任,并承担贷款风险.认定委托人为委托贷款中的债权人,既符合法学原理,也有法律依据;既是实践的要求,同时又具有很强的社会意义.     

资产替代、会计稳健性与债权人保护

"资产替代"是股东债权人冲突的主要表现形式之一,在实证分析中通常用过度投资来表示.稳健的会计政策能从事前和事后两方面减少股东和管理层的过度投资倾向,从而减少了债务契约中的资产替代行为,保护债权人的权益.本文的实证研究表明,截面的会计稳健性具有真实的投资效应,抑制了非理性的过度投资倾向.经过分样本的实证检验发现,会计稳健性抑制过度投资的作用只存在于非政府控制的样本中,地方政府控制削弱了会计稳健性保护债权人利益的作用.     

The Rights and Risks of Creditors in Lending to Financially Troubled Corporatons: A Canadian Perspective

Creditors who rely on security interests in the property of a financially troubled debtor may discover that their security is vulnerable to legal attack. Examining this problem in the context of Canadian law, the cutrhor identifies both traditional and evolving bases for attack: preferences, froudulent conveyances, limitations on transactions between affiliated entities, oppression. limitations on the right to proceed upon default, and “lender liability.” The author concludes that creditors will be able to assess their risks only if they understand the evolving doctrines. Les créanciers qui ?en remettent aux garanties quitl détiennet sur les biens ?un débiteur qui connaît des diffeciltés financières risquent de constater que leur garantie n'est pas inattaquable du point de vue juridique. Examinant ce problème dans le contexte du droit canadien. ?auteur identifie cessions frauduleuses, restrictions aux opéder par défaut, et responsabilité du prêteur. ?auteur conclut que les créanciers ne seront en mesure ?évalure les risques que s'ils acpuièrent une bonne compréhension des doctrines qui se développent.     

Valuation of the Firm's Liabilities When Equity Holders Are Also Creditors

Abstract:  This paper presents a tractable structural model whereby controlling equity holders are also among the creditors of the firm. As the firm approaches distress, equity holders can drain the assets of the firm and expropriate other creditors by repaying their credit before bankruptcy. The right of the bankruptcy court to revoke such repayment protects arm's length creditors, reduces the cost of borrowing and induces equity holders to anticipate repayment of their credit. Equity holders decide repayment neither too early nor too late, so as to reduce the risk of repayment revocation by the bankruptcy court. Similar conclusions apply to the preferential repayment of bank loans personally guaranteed by equity holders. The analysis also suggests that callable bearer bonds may be more valuable to equity holders than to other creditors.     

信贷集中及其影响

信贷集中加剧了资金供求结构的矛盾，形成小企业“贷款难”，影响了中央银行货币信贷政策的传导，应深化金融体制改革，深化中小企业体制和经营机制改革。     

区域集优票据来了

2011年10月27日,中国银行间市场交易商协会发布了《银行间债券市场中小非金融企业区域集优票据业务规程(试行)》(以下简称规程),并启动了中小企业区域集优直接债务融资模式试点工作。目前,首批拟发行的区域集优中小企业集合票据(广东佛山、山东潍坊、江苏常州三地)金额为13.89亿元,共涉及25家中小微型企业。     

The Dynamics of Optimal Gradual Stabilizations

Inflation inertia may be quite tenacious because of the simultaneousinteraction between policy actions and inflationary expectationsunder imperfect credibility. This result is particularly relevantfor understanding some of the failed efforts to stabilize inflationin South America. This article deals with the issue of inertiain the framework of imperfect information about the type ofthe policymaker and extends the existing models to an infinitehorizon. Because policymakers do not have perfect control ofinflation, a "frivolous stabilizer" may deviate from the policiesof a "serious stabilizer" without necessarily being unmaskedimmediately. When the difference in the ability of "strong"and "weak" policymakers to control inflation is large, unexpectedinflation may be persistently negative for quite a while, thuscausing reduced economic activity and giving the indicationthat credibility is low. If the policymaker persists with thestabilization, this pattern gradually disappears as his reputationrises. But before this final stage the serious policymaker hasto compromise his inflation objective in view of adverse expectationsabout his type and pay the cost of imperfect credibility.     

The pricing of retail deposits: Concentration and information

The traditional structure-conduct-performance (SCP) hypothesis relates concentration and the mean level of prices but ignores the dispersion of prices around their mean levels. This paper tests two hypotheses which are capable of explaining both the mean and the dispersion of elements in the pricing vector of retail banks—a concentration/collusion-based hypothesis and an asymmetric information-based hypothesis. Evidence is found that the dispersion of bank fees across banks may be due to both market structure and information reasons. The level of bank fees appears to be generally insignificantly related to concentration.     

股东-债权人冲突对企业投资决策影响研究述评

一般认为,股东-债权人冲突会引起资产替代与投资不足问题。这一领域的研究对我们理解和认识上市公司在不同资本结构下的投资行为,进而完善公司治理和加强公司监管,具有理论指导意义。本文回顾与评述了西方学术文献中有关股东-债权人冲突对企业投资决策影响的主要研究及其发现。     

新凯恩斯主义的最优货币政策理论

从本质上看,以控制通货膨胀为目标是新凯恩斯主义的最优货币政策理论的核心.根据这一目标,中央银行必须把通货膨胀稳定在一个较低的水平上,同时缩小产出缺口;必须对通货膨胀的预测做出反应.新凯恩斯主义的最优货币政策观点揭示了中央银行的权力与职责以及实际货币政策的构成.     

The Optimal Selling Strategy of Residential Real Estate

The Journal of Real Estate Finance and Economics - This paper studies three selling strategies of residential real estate: delegation to a broker, cheap talk with a broker and For Sale By Owner...     

The Optimal Timing of Open Market Stock Repurchases

Using a continuous-time real options approach we determine the conditions under which a value-maximizing company would conduct an open market stock repurchase to exploit the undervaluation of shares. We find the optimal timing of such repurchases as well as the optimal amount a company should repurchase and analyze how it depends on market parameters. Obtaining the announcement returns from the authorization of stock repurchases from our model allows us to derive testable empirical implications.     

The Effect of Information Quality on Optimal Portfolio Choice

Three types of agents acting on different information sets are considered: fully informed agents, insiders, and outsiders. Differences in information quality are shown to affect the properties of their optimal portfolios. For an outsider, the share of wealth invested in the stock is decreasing in the variance of the stock. However, for an insider, the effect of an increasing stock variance on the optimal portfolio weight is ambiguous. In a calibration to U.S. data, the confidence intervals of the insider's demand for the stock converge, whereas the outsider's confidence intervals become wider.     

The Demand for Assets and Optimal Monetary Aggregation

This paper uses a highly disaggregated demand system to estimate the degree of substitutability among monetary assets and to address the issue of optimal monetary aggregation in the United States. We address the problems of dimensionality and nonlinearity, estimating a very detailed monetary asset demand system encompassing the full range of assets based on the locally flexible normalized quadratic expenditure function. We treat the concavity property as a maintained hypothesis and provide evidence consistent with neoclassical microeconomic theory. Statistical tests reject the appropriateness of the aggregation assumptions for all the money measures published by the Federal Reserve as well as for a large number of groupings suggested by earlier studies. This supports and reinforces Barnett's (2016) assertion that we should employ the broadest M4 monetary aggregate published by the Center for Financial Stability.     

最优多因子仿射利率期限结构模型选择

在利用NS模型估计出市场即期利率的基础上,采用卡尔曼滤波方法对多因子Vasieck和CIR模型进行参数估计,最后运用蒙特卡罗模拟方法对交易所国债价格进行模拟,并与实际价格进行比较,进而确定了符合我们国债市场的最优多因子仿射利率期限结构模型。研究结果表明：多因子CIR模型对数据的拟合效果及对国债价格模拟效果要明显优于多因子Vasicek模型;对于多因子CIR模型而言,因子个数增加并没有提高模型的价格模拟效果;两因子CIR模型具有最优的国债价格模拟效果。