The transfer of management accounting practices from London counting houses to the British North American fur trade

During the late eighteenth and early nineteenth centuries management accounting practices were transferred from London counting houses to the British North American fur trade. This transfer involved a set of practices that was more effective for implementing the strategy being pursued at the time than the set used with the previous strategy. London counting houses had developed management accounting practices to facilitate their backward integration strategies with America and the West Indies. Pivotal to this development was the requirement for sub-unit accountability and responsibility.     

慈善之“美”

美国是慈善业高度发达的国家,慈善捐款的数额和民间慈善组织的数量都很庞大。据统计,每年参加捐款的家庭占美国家庭总数的90%左右,并且平均每个家庭将收入的2.36%进行捐赠,可以说美国几乎所有家庭都在做慈善。目前,慈善组织     

The new post-industrial state

With the socioeconomic restructuring of the 1970s and 1980s, the idea of a smooth transition to a post-industrial service economy has required significant revision. We outline three such revisions: the ideas of informatization, informalization, and dualism. The first two are reworkings of post-industrial theory so as to emphasize one or other undervalued trend in industrial society, and are in principle quite compatible. The third emphasizes inequalities in power and resources that are plausibly associated with developments seen as benign by the others. Each has distinct implications for democratic development. However, we argue that while elements of all three models are present in current trends, so that the future might be best seen as a compromise between them, in fact all approaches fail to grasp the real significance of socioeconomic and technological restructuring. A more fruitful approach, with distinctive policy implications, is proposed.     

The analytic valuation of American options

No analytic solution exists for the valuation of American optionswritten on futures contracts and foreign currencies for whichearly exercise may be optimal. This article formulates the Americanoption valuation problem in economically and mathematicallymeaningful ways. This enables us to derive valuation formulasfor American options. The properties associated with the optimalexercise boundary are examined, and a numerical technique toimplement the valuation formulas is presented.     

The early exercise of American puts

This paper shows that American puts on dividend paying stocks are most likely to be exercised either just after an ex-dividend date or just prior to expiration. At any other time the option to exercise an American put early may have less value. Thus, put writers and converters can predict when protection against premature exercise will be most valuable. The probability of early exercise is shown to be sensitive to managerial policy regarding the suspension of dividend payments, transaction costs, and interest rates. However, dividend payments are demonstrated to be the primary deterrent to early exercise.     

看看人家的多层次资本市场

我国的资本市场建立之初,混乱与无序不可避免;从这点来说,政府对它们进行整合是必要的.但是今后我国必然还是要建立多层次的资本市场,这是走向发达市场经济的必由之路.这里,我们以美国为例,看看它的多层次资本市场的发展历程能给我们提供什么借鉴.     

变革时代的美国商业银行

20世纪80年代以来,放松管制、金融市场高度发展以及技术进步,推动美国商业银行的发展呈现出若干值得关注的特征.分析美国商业银行的行业结构、资产负债结构、收入结构以及盈利性在经营环境巨大变化下的发展趋势,对变革中的中国银行业发展具有参考意义.     

养老地产的“美国梦”

美国是一个养老产业发达的国家。美国目前约有3900万65岁以上的人口,约占美国总人口的13%,到2030年,美国将有五分之一的老年人。那么,美国的养老产业,特别是养老地产,是如何运作的?     

美国:减税时代的终结

布什经济政策最大的核心,就是减税。然而,不管布什如何坚持他的减税方案,减税的时代,已经宣告结束。 州财政危机严重 局外人看美国经济,最容易出现的误区恐怕就在於太注重对联邦经济政策的解读,而忘记了美国是由五十个经济自主权很大的州组成的合众国.《经济学人》几个月前就     

美国金融业的新年

银行、证券:回归"正道" 在20世纪90年代,顶尖的商业银行如波士顿舰队金融公司和美洲银行花费了数十亿美元向投资银行领域扩张.当时,投资银行业务被想当然地当作一个通向巨额利润和发展潜力的道路,但现在它已经从辉煌中跌落.随着金融服务部门景气不再,久经沙场的传统商业银行业已经证明它可以更快地进行调整.在2003年,商业银行家的经营业绩将再一次超越投资银行家.     

The American Put Option Valued Analytically

An analytic solution to the American put problem is derived herein. The hedge ratio and other derivatives of the solution are presented. The formula derived implies an exact duplicating portfolio for the American put consisting of discount bonds and stock sold short. The formula is extended to consider put options on stocks paying cash dividends. A polynomial expression is developed for evaluating these formulae. Values and hedge ratios for puts on both dividend and nondividend paying stocks are calculated, tabulated, and compared with values derived by numerical integration and binomial approximation. As with European options, evaluating an analytic formula is more efficient than approximating the stock price process or the partial differential equation by binomial or finite difference methods. Finally, applications of this American put solution are discussed.     

以“八个带头”强化领导干部作风建设进一步促进经营管理水平的提高

今年以来，工行甘肃省分行按照总行关于加强领导干部作风建设的有关规定，认真学习贯彻胡锦涛总书记关于加强领导干部作风建设的八个方面要求，结合本行经营发展的实际，把加强作风建设放在更加突出的位置，对党员领导干部明确提出了“八个带头”的具体要求，促进了领导干部作风的转变，较好地推动了各项业务的健康稳定发展。     

浅析人力资源管理在国有商业银行改革中的作用

随着经济全球化和金融一体化进程的加快,人力资源已逐渐超过物质资源、金融资源而成为企业的核心资源.如今,人力资源管理对于国有商业银行发展的重要作用业内已取得共识.党的十六届三中全会通过的<中共中央关于完善社会主义市场经济体制若干问题的决定>中指出:"坚持以人为本,树立全面、协调、可持续的发展观,促进经济社会和人的全面发展."     

美国金融监管体系改革的启示与借鉴

在本轮全球金融危机的演进过程中,金融监管制度性缺陷、监管漏洞和监管效率低下等是危机深化的重要因素;在危机的救援和金融体系的改革中,加强金融监管体系改革成为英美等国的重大政策举措.为了防范风险,夯实应对金融危机的体制和政策基础,中国应该着力加强和改进金融监管,努力维护金融体系的稳健与安全,促进金融经济与实体经济的有效融合,进而保障金融安全和经济平稳较快发展.