DEVELOPMENT, THE ENVIRONMENT, AND THE SOCIAL RATE OF DISCOUNT

This article examines the role of the discount rate in makingdecisions that will have significant implications for the environment.The authors begin by providing a rationale for discounting ingeneral and by describing the main factors that determine thediscount rate. These factors—the private and social ratesof time preference, the opportunity cost of capital, risk anduncertainty, and the interests of future generations—allhave an environmental dimension. The article goes on to examinethat dimension and to explore the connections between the choiceof the discount rate and environmental concerns, such as excessiveexploitation of natural resources, inadequate investment inconservation, and insufficient attention to the irreversibleloss of certain environmental resources. The authors conclude that, in general, environmental concernsare not best addressed by lowering the discount rate—anaction that might have both benefits and costs for the environment.A more promising course would be to incorporate a criterionof sustainability into certain aspects of decisionmaking. Howsuch a criterion could be made operational is touched upon butnot developed in this article.      

让银行发展与新疆经济一起腾飞——访工行新疆分行行长孙建勇

“我们新疆好地方，天山南北好风光”。旖旎的风景中闪现着众多金融机构的靓丽身影。     

银行IT业的先行者——记党的十八大代表、农行信息技术管理部总工程师叶又升

虽然只是初识，但叶又升的务实、创新、勤思，仍给记者留下了典型的IT工程师印象。进入农行25年来，从手工操作到电子操作转型，从全国数据集中统一到核心业务系统的建立，     

多一分金融了解 多一分生活保障

＂这次来参加活动才知道,除了把钱存在银行外,还可以选择其他理财方式,比如买黄金、基金或者做些银行理财业务。这些以前我都不熟悉,现在可好了,     

加快信用体系建设促进商业银行健康发展

商业银行是我国金融体系中最重要的组成部分.面对加入WTO后金融市场竞争的加剧,商业银行要进一步加快发展,做大做强,面临许多必须解决的问题,其中最大的问题之一,就是社会信用体系的建立.没有良好的社会信用体系,必然影响我国商业银行的盈利能力和竞争力的提高,影响商业银行的发展,影响商业银行服务社会经济发展和满足广大金融消费者的需求.尽快建立健全社会信用体制,已经成为促进商业银行健康发展的重大战略性举措.     

THE EFFECT OF SIZE,BOOK-TO-MARKET EQUITY,PRIOR RETURNS,AND BETA ON STOCK RETURNS: JANUARY VERSUS THE REMAINDER OF THE YEAR

Size and book-to-market equity are shown to transcend beta in explaining stock returns. One possible explanation of the book-to-market equity effect is overreaction. We investigate the effect of size, book-to-market equity, prior returns, and beta on stock returns. We find significant reversals in January consistent with overreaction. We find a strong positive relation between returns and prior returns for February through December. Both patterns are distinct from either a size or book-to-market equity effect. Book-to-market equity is significantly related to returns, with some evidence of a stronger effect in January.     

ECONOMIES OF SCOPE,SYNERGY, AND THE CAPM

The purpose of this paper is to integrate the multiproduct theory of the firm into financial theories. The relationship between economies of scope and synergy in conglomerate mergers is formally established in the context of the Capital Asset Pricing Model. It also is shown that a competitive market for corporate control would compete these benefits away.