守住风险底线即守住银行生命线

众所周知，银行是经营风险的企业，尤其是在逆经济周期的情况下，守住风险底线就是守住银行的生命线。同时，实体经济是银行发展的基础，只有实体经济健康发展，银行才有可能健康发展。发达国家上百年的经济和金融发展经验表明，不管是金融危机还是经济危机，总是和银行突破风险底线、脱离实体经济自我膨胀相联系的。     

DETERMINANTS OF BANK HOLDING COMPANY DEBT RATINGS

This paper reports on the construction of a multiple discriminant analysis model which explains the specific ratings assigned by Standard and Poor's Corporation to bank holding company (BHC) capital notes and debentures. It thus investigats the ratings of debt securities issued by banking organizations, an area largely ignored in bond rating research to date. Improving on the methodology of current research concerning BHC bond ratings, the model is 78.5 percent accurate in initially classifying the top three rating categories—AAA, AA, and A. Lachenbruch validation finds the model to be 64.6 percent accurate. Size, variability of net income, the economic environment of the issuing BHC, and the amount and composition of total capital appear to be the principal variables allowing successful discrimination among the debet issue ratings.     

THE EFFECT OF FDICIA REGULATION ON BANK HOLDING COMPANIES

We examine market reactions to legislative announcements surrounding the passage of the Federal Deposit Insurance Corporation Improvement Act (FDICIA) of 1991. Research shows that bank regulation adversely affects shareholder wealth on the one hand, yet often provides government subsidies on the other. The removal of Federal regulators' discretionary authority and the imposition of mandatory regulations in the FDICIA have an overall negative effect on our sample of bank holding companies. The results are consistent with either the costly regulation hypothesis or the decreased subsidies hypothesis.     

SIMULATION OF PORTFOLIO RETURNS: VARYING NUMBERS OF SECURITIES AND HOLDING PERIODS

Variability may be measured around the long-run market return by combining the well-developed area of security diversification with the notion of time diversification. This non-traditional concept of diversifiable risk is illustrated with results of a very large scale simulation. The results are very general since the data used in the simulation consist of all firms on the Center for Research in Security Prices (CRSP) monthly return file from January 1926 through December 1977.     

DETERMINANTS OF VALUATION EFFECTS FOR SECURITY OFFERINGS OF COMMERCIAL BANK HOLDING COMPANIES

In this study, the impact of security issuance by bank holding companies is examined in light of two hypotheses: the regulation or asymmetry reduction hypothesis and the bank capital hypothesis. Announcements of the issuance of common stock are associated with a significant negative effect, and the magnitude of this effect is similar to that found previously for utilities and smaller than that found for industrial firms. The market does not appear to treat subordinated debt announcements as similar to equity, although the debt qualifies as “capital” for regulatory purposes. Cross-sectional regressions do not support asymmetric information models where all unexpected external announcements are viewed negatively. Rather, the type of security being issued is an important determinant of the announcement effect.     

深刻认识世界格局变化 发挥社会公益组织作用

世界经济进入深刻变革时代2011年是中国经济和世界经济面临诸多挑战与不确定性的一年,也是中国慈善事业面临严重挑战的一年,中国经济和世界经济都进入一个需要深刻变革的时代。从国际方面来看,自1949年到现在的世界贸易格局来看,每十年做一个板块。前三个板块是1949年、1959年和1969年;