试论稳健原则在企业理财中的运用

稳健原则是国内外公认的会计核算原则,对此,已论述颇多。至于稳健原则在企业理财中运用的范围,也非常广泛,本文拟试作简论。一、稳健原则在筹资管理中的运用为了规避筹资风险,企业在筹资过程中遵循稳健原则的具体体现,有如下几个方面：１．根据安全性、可行性、经济...     

管理中的黑白双簧

一个企业,不管采用什么样的管理方法,都不可能让所有的员工满意。这是管理者最为头疼的事情,一项管理制度的推行与实施,需要所有企业成员服从并遵守,在已制定的管理制度上,增加一些补充条例不太现实。     

沟通在企业管理中的策略与应用

在竞争日益激烈的当下,高效的企业管理对于企业的存亡至关重要,在企业管理中处于突出地位的便是有效沟通,本文相关理论分析了沟通在企业管理的相关环节,并对其应用做了一定程度上的解读。     

木桶原理在企业用人管理中的运用

众所周知,人是生产力中最活跃的因素。对于一个企业而言,人力资源是第一资源,企业员工的整体素质的高低,决定了企业综合竞争力的高低。而能否合理地用人,用好人,关系着企业员工能否充分发挥自己的能力,关系着能否将企业员工的能力转化为企业的竞争力。直接影响着企业的生存和发展。本文试图通过对木桶原理的分析,结合企业用人上常见的问题,探讨木桶原理在企业用人管理实践中如何运用。     

运用“例外管理”原则做好预算管理工作

在现代企业里,预算具有积极明显的作用。预算首先为企业整体及其各部门确立了明确的目标和任务,使其据以安排和控制各自的经济活动;预算又把整个企业各方面工作严密地组织起来,使企业内部上下左右协调,达到平衡,保证预定目标的顺利完成;正确的预算还是评定业绩、考核部门工作绩效的标准。但预算工作也应防止一些不适当的倾向：预算过于繁琐,对极细微的支出也作出极详细的分类统计、归口管理,造成领导精力的分散;企业干部审批授权制过于谨慎,很小额度的支出也必须高层次领导审批,影响了中层和下级干部的积极性;主管过分热衷于本…     

试分析稳健性原则在会计管理中的运用

在企业会计核算中的稳健性原则非常重要,它是会计核算程序中的基本原则,有着非常广泛的应用.正确的使用该原则,对企业的经营加以准确把握,在风险发生之前采取有效的措施化解,能够有助于企业管理者做出决策,对防范风险起到预警作用,全面提高企业的市场核心竞争力.本文通过实际工作,对会计管理中稳健性原则的应用进行调研,并进行简要总结,以供参考.     

谈谈管理会计的职能作用及其在建筑企业中的运用

随着建筑行业的快速兴起和发展,建筑市场的竞争更加激烈。传统的管理模式已经不能满足当前我国建筑行业的发展需求。相关部门和建筑企业管理人员要充分认识到管理会计的职能,并将其应用于建筑企业的财务管理中,使建筑企业的发展适应当前的市场环境。笔者通过分析管理会计的职能作用,并对其在建筑企业中的运用进行阐释,以期提高我国建筑企业的财务管理水平,促进建筑企业又好又快发展。     

浅析企业文化在企业管理中的作用

企业的各项职能总是在一定的企业文化背景下进行的,因此对于企业的管理而言,也同样脱离不了有关于企业文化的讨论,特别是在企业现代化管理制度高度发达的今天,企业文化这种软实力更是在企业的管理中扮演了举足轻重的位置,俗话说：一年企业靠质量,十年企业靠人才,百年企业靠文化,说明的正是这个道理,因此,真正想把一个企业给做大做好,不得不在企业文化方面下足功夫。     

授权管理 信任为先

授权的关键问题是信任,一个管理者如果不信任团队和团队里的员工,很难做到授权,即使授权,也形同虚设,既怕其不能胜任,又担心其犯错误,这样没存信任的授权,会使员工丧失动力,使工作效率更加低下。     

浅析柔性管理在企业中的运用

在现代社会中,市场环境瞬息万变,企业竞争越来越激烈,企业若想获得持久的竞争优势,就必须能够对快速变化的市场环境作出应对,这就需要柔性管理方式。在柔性管理模式下,企业拥有弹性的组织机构和柔性的生产系统,能够迅速传递市场信息,并针对顾客需要实行订单生产。     

Simple Forecasts and Paradigm Shifts

We study the asset pricing implications of learning in an environment in which the true model of the world is a multivariate one, but agents update only over the class of simple univariate models. Thus, if a particular simple model does a poor job of forecasting over a period of time, it is discarded in favor of an alternative simple model. The theory yields a number of distinctive predictions for stock returns, generating forecastable variation in the magnitude of the value‐glamour return differential, in volatility, and in the skewness of returns. We validate several of these predictions empirically.     

把坐失的健康走回来

2000多年前的《黄帝内经》就提倡人们以散步作为一种养生方法,《医学入门》一书也特别指出久坐的危害。 现代人生活虽然越来越忙碌,但坐的时间要远多于运动的时间。有关资料显示。75％的国人每天运动量不足30分钟。现代人的脚力开始衰退,从而诱发各种疾病。久坐不动,不仅影响头部供血,首先受害的是颈椎,还会导致关节炎等。科学实验证明,人每分钟走50步,走完3公里,新陈代谢比平时快4倍多。经常运动的人,可以避免许多疾病的发生。专家指出,双脚是人的健康之根,走路可以刺激脚底穴位,达到舒筋通络、活血顺气、强身健体的目的。     

Selecting efficient forecasts

The purpose of this enquiry into the nature of efficient forecasts is to identify the choice process utilised by the analyst and/or forecasting agency when selecting one particular forecast rather than any other. Two properties of a forecast, reliability and precision, are treated as joint products of r and d expenditures. Rational planners will select forecasts which maximise their preferences subject to the r and d budget. Thus, the selection of an optimum forecast can be treated as a constrained maximisation problem.     

A Simple Option-Pricing Formula

A simple option-pricing formula based on the Weibull distribution is introduced. The simplicity of the algebraic form and ease of implementation are comparable to those of Black-Scholes. Application to S&P 500 options shows that the pricing biases present in the Black-Scholes model are eliminated. Prices produced by the presented model generally lie within or close to the bid-ask spread. For long-term options (over one year), the Weibull formula exhibits significantly higher precision than the Black-Scholes formula does. While a rigorous comparison of all available models is necessary, the simplicity and precision of the proposed model are its main advantages over the existing models.     

Unbiased and efficient Greeks of financial options

The price of a derivative security equals the discounted expected payoff of the security under a suitable measure, and Greeks are price sensitivities with respect to parameters of interest. When closed-form formulas do not exist, Monte Carlo simulation has proved very useful for computing the prices and Greeks of derivative securities. Although finite difference with resimulation is the standard method for estimating Greeks, it is in general biased and suffers from erratic behavior when the payoff function is discontinuous. Direct methods, such as the pathwise method and the likelihood ratio method, are proposed to differentiate the price formulas directly and hence produce unbiased Greeks (Broadie and Glasserman, Manag. Sci. 42:269–285, 1996). The pathwise method differentiates the payoff function, whereas the likelihood ratio method differentiates the densities. When both methods apply, the pathwise method generally enjoys lower variances, but it requires the payoff function to be Lipschitz-continuous. Similarly to the pathwise method, our method differentiates the payoff function but lifts the Lipschitz-continuity requirements on the payoff function. We build a new but simple mathematical formulation so that formulas of Greeks for a broad class of derivative securities can be derived systematically. We then present an importance sampling method to estimate the Greeks. These formulas are the first in the literature. Numerical experiments show that our method gives unbiased Greeks for several popular multi-asset options (also called rainbow options) and a path-dependent option.     

Migration correlation: Definition and efficient estimation

The aim of this paper is to explain why cross-sectional estimated migration correlations displayed in the academic and professional literature can be either not consistent, or inefficient, and to discuss alternative approaches. The analysis relies on a model with stochastic migration in which the parameters of interest, that are migration correlations, are precisely defined. The impossibility of estimating consistently the migration correlations from cross-sectional data only is emphasized. We explain how to handle with individual rating histories, how to weight appropriately the cross-sectional estimators and how to estimate efficiently the joint migration probabilities at longer horizons.     

Optimal and efficient takeover contests with toeholds

Target firms often face a takeover threat from raiders with prior stakes in its ownership (toeholds). Previous literature has shown that, when takeovers are modeled as standard auctions, toeholds induce more aggressive bids from raiders, which has two important consequences for the selling process: (i) the board of directors is no longer indifferent about the sale procedure used to get the highest price, and (ii) the target may not be assigned to the highest-value raider. This paper characterizes how the price-maximizing procedure should be in the presence of asymmetric toeholds. Our central result is that the optimal rule needs to be implemented by a discriminatory mechanism quite different from conventional auction formats. By imposing an extra-charge against high-toehold bidders, the optimal mechanism is able to extract more surplus from raiders who bid more aggressively. As a result, nonbidding shareholders benefit unambiguously from the toehold asymmetry. Furthermore, as this bias restores the symmetry in bidders’ expected payoffs, the proposed mechanism also allows to allocate efficiently the target among them.     

Analysis of efficient markets

A simple trading model is presented in which Bayes’ rule is used to aggregate traders’ forecasts about risky assets’ future returns. In this financial market, Bayes’ rule operates like an omnipotent market-maker performing functions that in 1776 Adam Smith attributed to an “invisible hand.” We have analyzed two distinct cases: in the first scenario, the traders’ forecast errors are uncorrelated, and in the second scenario, the traders’ forecast errors are correlated. The contribution of our paper is fourfold: first, we prove that the “efficient market” mean-return can be expressed as a complex linear combination of the traders’ forecasts. The weights depend on the forecast variances, as well as on the correlations among the traders’ forecasts. Second we show that the “efficient” variance is equal to the inverse of the sum of the traders’ precision errors, and is also related to the correlations among the traders’ forecast errors. Third, we prove that the efficient market return is the best linear minimum variance estimator (BLMVE) of the security’s mean return (in the sense that it minimizes the sum of the traders’ mean squared forecast errors). Thus, an efficient market aggregates traders’ heterogeneous information in an optimal way. Fourth, we prove that an efficient market produces a mean return (price) as a Blackwell sufficient (most informative) experiment among all possible aggregated expected return (price) forecasts.     

Simple Banking: Profitability and the Yield Curve

How does bank profitability vary with interest rates? We present a model of a monopolistically competitive bank subject to repricing frictions and test the model's predictions using a unique panel data set on UK banks. We find evidence that large banks retain a residual exposure to interest rates, even after accounting for hedging activity operating through the trading book. In the long run, both level and slope of the yield curve contribute positively to profitability. In the short run, however, increases in market rates compress interest margins, consistent with the presence of nonnegligible loan pricing frictions.