升值之言该如何听

自今年6月中国暗示将松动人民币汇率以来,人民币升值幅度仅为0．4％,这大大低于华盛顿的期待,因此,中美两国的关系日益紧张起来。随着失业率的膨胀,以及选举年即将到来,美国国会再一次将人民币汇率摆上了议事日程：9月6日,华盛顿两位高官为缓和中美关系前往北京,就人民币及其他重要问题进行高峰会晤,以期达成共识。     

When to ally & when to acquire

Acquisitions and alliances are two pillars of growth strategy. But most businesses don't treat the two as alternative mechanisms for attaining goals. Consequently, companies take over firms they should have collaborated with, and vice versa, and make a mess of both acquisitions and alliances. It's easy to see why companies don't weigh the relative merits and demerits of acquisitions and alliances before choosing horses for courses. The two strategies differ in many ways: Acquisition deals are competitive, based on market prices, and risky; alliances are cooperative, negotiated, and not so risky. Companies habitually deploy acquisitions to increase scale or cut costs and use partnerships to enter new markets, customer segments, and regions. Moreover, a company's initial experiences often turn into blinders. If the firm pulls off an alliance or two, it tends to enter into alliances even when circumstances demand acquisitions. Organizational barriers also stand in the way. In many companies, an M&A group, which reports to the finance head, handles acquisitions, while a separate business development unit looks after alliances. The two teams work out of different locations, jealously guard turf, and, in effect, prevent companies from comparing the advantages and disadvantages of the strategies. But companies could improve their results, the authors argue, if they compared the two strategies to determine which is best suited to the situation at hand. Firms such as Cisco that use acquisitions and alliances appropriately grow faster than rivals do. The authors provide a framework to help organizations systematically decide between acquisition and alliance by analyzing three sets of factors: the resources and synergies they desire, the marketplace they compete in, and their competencies at collaborating.     

商业银行如何应对利率市场化

最近,中国央行的利率政策传达出利率市场化步伐骤然加快的信号,沉浸在央行利率管制环境下的国内商业银行突然感到"利基"竞争的性质发生了重要变化。那么.在利率市场化环境下商业银行应采取怎样的风险偏好,才能使贷款定价覆盖风险溢价?这是银行管理者必须回答的问题。     

How to Tie Equity Compensation to Long-Term Results

Companies, investors, and regulators around the world are now seeking to tie executives' payoffs to long-term results and avoid rewarding executives for short-term gains. Focusing on equity-based compensation, the primary component of top executives' pay, the authors analyze how such compensation should best be structured to provide executives with incentives to focus on long-term value creation.
To improve the link between equity compensation and long-term results, the authors recommend that executives be prevented from unwinding their equity incentives for a significant time period after vesting. At the same time, however, the authors suggest that it would be counterproductive to require that executives hold their equity incentives until retirement, as some have proposed. Instead, the authors recommend that companies adopt a combination of "grant-based" and "aggregate" limitations on the unwinding of equity incentives.
Grant-based limitations would allow executives to unwind the equity incentives associated with a particular grant only gradually after vesting, according to a fixed, pre-specified schedule put in place at the time of the grant. Aggregate limitations on unwinding would prevent an executive from unloading more than a specified fraction of the executive's freely disposable equity incentives in any given year.
Finally, the authors emphasize the need for effective limitations on executives' use of hedging and derivative transactions that would weaken the connection between executive payoffs and long-term stock values that a well-designed equity arrangement should produce.     

NYSE execution quality subsequent to migration to hybrid

In October 2006, the NYSE began rolling-out phase three of a four-phase plan initiate its new Hybrid trading mechanism. The results show that this new trading platform introduced a much larger proportion of electronic transactions relative to floor auction transactions. This migration to electronic transactions is further evidenced by a mirror shift in price discovery from floor trades to trades marked for automatic electronic execution. In addition, the move to Hybrid trading introduced a significant decrease in inventory control costs, as well as a noticeable increase in trade persistence. Finally, the new trading platform has increased the speed with which orders are met, and has also decreased the proportion of executed shares which receive price improvement.

How to stop the race to the bottom

Standard tax multipliers are a widespread feature of fiscal equalization systems. A simple theoretical model shows that actual tax multipliers respond positively to changes in standard tax multipliers. This theoretical prediction is tested empirically using data on municipalities in Germany. A quasi-experiment in the state of North Rhine-Westphalia is exploited to identify the incentive effect. The empirical results confirm that local business tax policy is shaped by standard tax multipliers. They provide a straightforward practical tool to avoid a race to the bottom in local business tax rates.     

商业银行应增强对宏观形势反应的灵敏度

商业银行作为货币政策传导机制中的重要一环,应该增强对宏观形势反应的灵敏度,具体表现为重视有关法律、法规的学习和落实,更多地关注国家产业政策和信贷政策,做好行业分析。商业银行还要提高风险定价能力和运用经济资本控制风险,在大量的中小企业中寻找潜在客户,在与风险的搏斗中赢利。     

银行向投资者转让贷款债权:合法合理?

商业银行向社会投资者直接转让贷款债权,引起司法界和实务界的不小争论。"社会投资者"是指除银行业金融机构之外的企业法人、自然人和其他组织。大体上有两派观点,一是"有效论",从合同法的基本理论出发,本着鼓励交易的原则.认为法律、行政法规没有禁止商业银行向社会投资者转让贷款债权,以此确认转让的法律效力。另外一种是"无效     

美元强势仍将延续外汇市场走势分化

2014年主要经济体复苏进程和货币政策分化,下半年以来,国际外汇市场货币走势分化,市场交易量持续上升,波动性加大。文章基于2014年以来国际外汇市场走势及其影响因素的分析,展望国际外汇市场当前分化走势的延续性。     

努力构建与业务发展相适应的渠道体系

渠道是为客户提供各类服务的场所或途径，是维护客户关系、发掘客户资源、实现经营收益的关键所在。“得渠道者，得天下。”随着外资银行的全面渗透、同业竞争的日益加剧，加快推进与未来发展相适应的渠道建设，显得越加紧迫和重要。近年来，工行河北邢台分行以强化自助银行建设与优化物理网点为切入点，围绕“一流环境、一流设施、一流服务、一流业绩”渠道建设目标，在全行启动了渠道建设优化工程，努力构建全方位、多元化渠道服务格局。     

如何培养新型的英语人才

培养新型的英语人才，要注重基础能力和应用能力的培养，坚持应用为主、实用为主和够用为度的原则，实现思维创新、模式创新、方法创新和手段创新，确保听、说、读、写、译这五项语言能力的协调发展。     

Correction to: Exploiting context-dependent preferences to protect borrowers

Journal of Financial Services Marketing -     

从央行的独立性探讨我国央行的模式选择

2003年3月10日，关于成立中国银监会的方案被十届人大一次会议通过，标志着我国央行模式的转变，也标志着我国央行独立性大大迈进了一步。那么，为什么我国央行要实现模式转变?模式转变后，央行如何发挥新模式的有效性?对于这些问题，本文试着从理论和现实的分析及从借鉴与学习西方国家中寻找到一些答案。