RULE CHANGES AND UNCERTAINTY IN DISCRIMINATORY AND UNIFORM PRICE AUCTIONS

The auction literature indicates that uncertainty about the value of auctioned goods increases underpricing in discriminatory price auctions. Such uncertainty has a smaller effect on uniform price auctions because the pricing rule aggregates bidders' information. We find that uncertainty resulting from inexperience with an auction mechanism has similar effects. Using initial public offering (IPO) data from Japan and Israel, we find that average underpricing increases temporarily in Japan's discriminatory price auctions after changes in the auction rules, which suggests that bidders reduce their bids in response to uncertainty. Underpricing in Israel's uniform price auctions is not affected by rule changes.     

信贷倾斜 撬动实体经济——把钱用在刀刃上——论把握重点做好当前金融工作

解决经济运行中的结构性矛盾和资金投向不合理问题,提升发展的质量和效益,需要“转方式、调结构、促转型”,更加需要充分发挥信贷杠杆的“撬动”作用。     

国内商业银行实施金融工具配置的基础和战略

金融工具配置是金融工程组合分解技术的重要运用,其越来越广泛地被应用于解决金融和财务问题,诸如以降低和重新配置风险、规避管制、降低交易成本、实现金融比较利益、投机套利,以及提高金融资产的流动性等为特定目标提供创造性的方案,并在解决实际问题和金融创新中发挥了重要作用。作者提出了我国商业银行金融工具配置发展战略,包括:在市场选择上宜先外后内;在国内外汇衍生市场层次的培育和发展上,对场内场外交易宜同时推进;适时推出国内金融衍生产品;在发展的基本程序上应当以制度先行。作者还对原生本外币金融工具配置、衍生本外币金融工具配置以及互换等配置方式做了具体说明。     

市场经济条件下商业银行资源配置的策略和方法

本文从金融经济学的角度 ,研究了商业银行资源配置的地位和特征 ,即配置的目标在于实现流动性 ,配置的标准在于结构性 ,配置的过程具有长期性、渐进性和连续性 ,配置过程中具有一定的风险成本。在此基础上 ,论述了资源配置的策略 ,包括风险效益比、投入产出比、流动性三原则 ;建立和完善资源预算与评估体系 ,即形成资源管理的事前预算、事中控制和事后评价三位一体的管理体系 ,以此保障资源配置正向运行 ;注重内外资源协调 ,使外部资源成为充分激发内部资源效能的条件 ;优化资源存量 ;制度资源优化等。最后从宏观调控、微观运行及基础资源调整等方面论述了资源配置的具体方法。     

货币信贷回归常态 稳健政策抑制通胀

今年以来,由于通胀率持续上涨,稳定物价已成为稳健货币政策的首要目标,央行虽继续通过多次上调存款准备金率、利率等措施对流动性实施管理,显然,通胀的严峻形势尚未根本扭转,但稳健货币政策的累积效应已经开始显现。     

PREFERENTIAL CREDIT AND INSURANCE AS MEANS TO PROMOTE EXPORTS

Rationales for preferential export credit and export creditinsurance are reviewed and several countries' programs are examinedto determine if these preferential programs are appropriateexport promotion instruments for developing countries. Marketfailure is the most compelling rationale for their introductionbut these arguments have not been well articulated and thereis no systematic analysis of the costs of alternative governmentresponses. Industrial countries' programs have histories ofsubsidy while developing countries' preferential programs havenot been significant factors in stimulating exports.      

应势而动 优化信贷结构

决定一家银行盈利能力的不再是信贷规模,而是信贷结构与信贷风险的管理能力。因此,我国商业银行需要在把握当前经济结构的基础上合理调整信贷投放的规模和方向。     

关于国有银行对中小企业信贷支持体系的研究

中小企业的发展在各国国民经济中发挥着不可忽视的重要作用。随着我国经济体制改革的不断深入,中小企业在国民经济中的重要地位日益显现,已经成为推动我国经济发展的重要力量。然而,中小企业贷款难的问题始终困扰和制约着企业发展,同时,国有商业银行又正好处在了资金备付率相对偏高、剩余资金找不到适宜营销对象的困境中。因此,建立完善的信贷支持体系,加大对中小企业的信贷支持力度,既能满足中小企业持续发展的现实需要,又能拓展国有商业银行的潜在信贷市场,提高综合盈利能力。在具体实践中,国有商业银行需要针对中小型企业的特征,建立适应中小型企业现状的信贷管理体系。     

A PSYCHOLOGICAL APPROACH TO MICROFINANCE CREDIT SCORING VIA A CLASSIFICATION AND REGRESSION TREE

Microfinance institutions' (MFIs') peculiar lending methodology is characterized by an unchallenged decision‐making predominance from the part of loan officers. Indeed, the latter are in charge of providing a great deal of diagnostic information regarding the entrepreneur's psychological traits likely to help them run a business. This paper constitutes an initial attempt towards exploring the role of borrowers' psychological traits in predicting future default occurrences. It builds on a nonparametric credit scoring model, based on a decision tree, including borrowers' quantitative behavioural traits as input for the final scoring model. On applying data collected from a Tunisian microfinance bank, the major depicted result lies in the fact that borrowers' psychological traits constitute a major information source in predicting their creditworthiness. Actually, the variables deployed have helped reduce the proportion of bad loans classified as good loans by 3.125%, which leads to a decrease in MFIs' losses by 4.8%. In addition, the results indicate that the scoring model based on a classification and regression tree (CART) outperforms the classic techniques. Actually, implementing this CART model might well help MFIs reduce misclassification costs by 6.8% and 13.5% in comparison with the discriminant analysis and logistic regression models respectively. Our conceived model, we consider, would be of great practical implication for microfinance and may provide a means for securing competitive advantage over other MFIs that fail to implement such a methodology. Copyright © 2014 John Wiley & Sons, Ltd.     

我国信用证业务的法律风险及其防范

信用证业务在我国银行的国际业务中占有重要地位,但同其他国际业务相比却很容易发生法律纠纷.本文具体介绍了中国的银行在从事信用证业务过程中容易遭遇到的法律风险,这些风险很少发生在经济发达的国家,在中国却非常普遍,这与我国自身的法律、司法和金融管制制度有直接关系.作者根据风险源发生的频繁程度对有关风险进行了分类分析,并提出具体的防范措施;文章进一步指出,中国的银行不能仅寄希望于我国的法律、司法和金融管制制度的转型一蹴而就,而应当一方面积极参与制度的转型,另一方面以现实的态度,采取措施,积极应对信用证业务中的法律风险.     

LONG-TERM STOCK PRICE REVERSALS IN THE UK: EVIDENCE FROM REGRESSION TESTS

This paper seeks to advance our knowledge about the UK evidence on long-term stock price reversals. Many of the major studies of long-term reversals have been done using US data, prompting fears about data snooping biases. There have been comparatively few UK studies and they have all employed contrarian portfolio techniques to identify evidence of reversals. None of these UK studies has used cross-section regression tests, which have been employed in some of the US investigations, and this paper aims to fill this gap. We find evidence of stock price reversals, even after controlling for time-varying risk and restricting the study to larger, UK-listed companies—that is, companies that are frequently traded, more heavily regulated and extensively analysed by market commentators, analysts and institutional investors.     

市场经济条件下银行行长信贷文化观的构建和培育

银行文化是在长期的社会借贷活动中形成和发展的,是人们进行银行活动的产物,信贷文化造就和制约着每一个与银行相关的人,并渗透到每一项银行的经营活动中.金融之所以能成为现代经济的核心,其重要条件之一就是信贷文化能在现代经济中起到核心的影响力,为银行发挥职能作用提供相适应的社会文化基础和前提.本文首先阐述了信贷文化的含义和特征,然后论述了银行行业文化的内涵、结构特征、性质及功能作用,最后深入分析和论述了银行企业文化的性质、特征和功能,并指出:银行企业文化是影响银行员工思维、理念和行为的主要方式,对确保银行资产安全、健康发展具有重要的作用.     

诚信立百年

<正>立信会计师事务所由中国会计泰斗、留美博士潘序伦先生于1927年在上海设立。在中国资本市场经历了90年的长足发展后,立信在业内各方面均取得了国内领先地位,尤其是在加盟国际会计联盟BDO后,更注重于国际专业服务市场的开拓,业务类型从传统审计向多元化全覆盖。随着国内资本市场的崛起,以立信为代表的本土事务所得到了空前的发展。根据最新颁布的中国注册会计师协会百强会计师事务所排名信息显示,立信     

STOCK PRICE REACTIONS TO DIVIDEND AND EARNINGS ANNOUNCEMENTS: CONTEMPORANEOUS VERSUS NONCONTEMPORANEOUS ANNOUNCEMENTS

In this paper we examine stock price reactions to contemporaneous and noncontemporaneous dividend and earnings announcements. Overall, the stock price reaction to joint announcements is significantly greater than the reaction to just one signal. This implies that there is information content to two signals being given simultaneously, and that announcements are not perfect substitutes. Some evidence shows that the reaction to a joint announcement is approximately twice that to a noncontemporaneous announcement. On average, the stock price reaction to joint contradictory announcements is not significant. Finally, for joint announcements where only one of the two announcements is expected to affect the stock price significantly, the market reaction is determined by the nonzero signal.