基层商业银行经营效果的系统评价

在我国国有商业银行的经营管理中,由于存在信息不对称和考核制度设计不合理等问题,使基层行存在选择不利于上级行利益的行为的道德风险,而上级行则难以准确评价基层行的经营效果.本文从实际出发,根据实用、全面、准确、有效的原则选择了9个财务指标作为考核指标,以削弱信息不对称及计划考核方式中的一些不利于客观评价基层行经营效果的消极因素;在此基础上引入层次分析法(AHP),给出系统评价基层商业银行经营效果的模型,通过征询银行经营管理专家的意见和一致性检验,计算出上述指标在考核中所占权重,从而将定性与定量分析方式相结合,实现综合、准确考核基层行经营效果的目的.     

THE EFFECT OF MARKET PROXY REBALANCING POLICIES ON DETECTING ABNORMAL PERFORMANCE

In this paper, effects on the measured abnormal performance of test portfolios are compared against market proxies having the same or different rebalancing policies. Results show that the common practice of comparing buy-and-hold test portfolios with equally weighted market proxies produces lower Jensen [ 7 ] alphas and lower alpha t-values. Comparing buy-and-hold test portfolios with value-weighted market proxies produces higher portfolio betas and alphas, but lower alpha t-values. Finally, comparing buy-and-hold test portfolios with buy-and-hold market proxies produces the most powerful tests of abnormal performance.     

THE EFFECT OF CEO TENURE ON THE RELATION BETWEEN FIRM PERFORMANCE AND TURNOVER

We analyze the effect of CEO tenure on the relation between firm performance and forced turnover. We find that the performance‐forced turnover relation is conditional on CEO tenure. Our results suggest a constant negative relation between firm performance and forced turnover throughout an inside CEO's tenure. Founders are entrenched early in their careers but held accountable for firm performance later in their careers. We find evidence that outside hires experience a probationary period, followed by a period of apparent entrenchment during their intermediate years that weakens later in their tenure. JEL classification: G34, J63.     

THE ACTIVE BOARD OF DIRECTORS AND ITS EFFECT ON THE PERFORMANCE OF THE LARGE PUBLICLY TRADED CORPORATION

In recent years, boards of directors have become more active and independent of management in pursuing shareholder interests. But, up to this point, there has been little empirical evidence that active boards help companies produce higher rates of return for their shareholders. In this article, after describing the new board activism, the authors argue that past failures to document an association between independent boards and superior corporate performance can be explained by two features of the research: its concentration on periods prior to the 1990s (when most boards were largely irrelevant) and its use of unreliable proxies (such as a minimum percentage of outside directors) for a well-functioning board.
The authors hypothesize that an independent and resourceful board takes steps that require management to increase earnings available to investors. To test this hypothesis, the performance of a sample of large U.S. corporations was examined over the period 1991-1995 using two proxies for the professionalism of each company's board: (1) the letter grades (A+ to F) assigned by CalPERS for corporate governance; and (2) a presence or absence grade based on three key indicators of professional board behavior. Both of these governance metrics were associated in statistically significant ways with superior corporate performance, as measured by earnings in excess of cost of capital and net of the industry average. While acknowledging that such results do not prove causation, the authors conclude that, in the first half of the 1990s, corporations with active and independent boards added significantly more value for shareholders than those with passive, rubber-stamp boards.     

“我们对未来抱有信心”——国务院总理温家宝回答中外记者提问

3月14日上午,十一届全国人大五次会议在人民大会堂举行记者会,国务院总理温家宝会见中外记者,并回答记者提问。温家宝说,今年可能是最困难的一年,但也可能是最有希望的一年。人民需要政府的冷静、果敢和诚信;政府需要人民的信任、支持和帮助。面对国际金融危机和欧债危机的蔓延、发展,关键是把我们自己的事情办好。我将在最后一年“守职而不废,处义而不回”,永远同人民在一起。     

JUDGEMENT RELATED ISSUES IN PERFORMANCE EVALUATION

Performance evaluation of individuals, processes and activities in management accounting involves mostly a clinical judgment on whether or not to investigate a variance between actual performance and standard performance. Two judgment-related issues are examined in relation to the lack of validity of performance evaluation, namely: a) the difficulty in the determination of the base rate advocated by the normative accounting control models, and b) the evidence on the judgment fallibility and its effect on performance evaluation.     

ON IMPROVING THE PERFORMANCE OF THE MARKET MODEL

Data on 4,087 securities from 1988 to 1990 are used to test the relation between market model R² and trading volume. Eliminating high-volume observations increases R² by about 10 percent, confirming results previously reported. This study indicates that this improvement is possible by eliminating a small number of observations. It also indicates that this relation between R² and volume is unrelated to firm size.     

THE EFFECT OF TRADING IN EIGHTHS ON SECURITY RETURN BEHAVIOR

Currently the equity securities of most British, Canadian and US firms trade in eighths. However, this pricing system may soon be abandoned in the US. Specifically, the US Securities and Exchange Commission (SEC) is currently studying the feasibility of changing the pricing of US securities to dollars and cents from dollars and eighths. 'SEC officials contend that moving to a system that quotes stock prices in dollars and cents would create efficiency in the stock market that eighths and sometimes sixteenths can't permit' (Torres and Salwen, 1991). This paper demonstrates the inefficiencies that result from constraining stocks to trade in eighths of a dollar. It describes the effects on returns and betas; then, it presents empirical evidence consistent with the effects. Systematic differences in the distributions of returns of low and high-priced stocks are documented. The covariance of returns with a market index is shown to vary systematically across stocks of different prices and to depend on the return interval used to estimate market model parameters. The variations are explainable by an observed lag between the returns of low-priced stocks relative to those of high-priced stocks. The lag is partially attributable to trading in eighths. A systematic relationship that varies with share price is observed between market model residual returns and unadjusted returns. This relationship is not eliminated by using longer return intervals alone. The extent of the relationship is reduced when longer return intervals are combined with the use of a market index composed of stocks that are priced similarly to those of the securities being tested. The implications of these results for capital market studies are discussed.     

基于模糊综合评价法的多功能行军凳设计方案评价

文章首先通过构建基于功能体验、交互体验、技术体验、感观体验、文化体验的多层次设计评价指标体系,利用层次分析法确定各评价指标权重.然后通过制作样品、组织用户试用,获取评价数据,按照多级模糊综合评价法的原理和过程,开展多功能行军凳设计方案的量化评价.最后得到了多功能行军凳设计方案的定量评价分析结果,表明所提出的设计方案得到了用户的充分肯定,达到了预定设计目标.以期提升军校学员行军凳的使用体验.