Inside the <Emphasis FontCategory="SansSerif">“</Emphasis>black box<Emphasis FontCategory="SansSerif">”</Emphasis> of private in-house meetings

We examine information content and related insider trading around private in-house meetings between corporate insiders and investors and analysts. We use a hand-collected dataset of approximately 17,000 private meeting summary reports of Shenzhen Stock Exchange firms over 2012–2014. We find that these private meetings are informative and corporate insiders conducted over one-half of their stock sales (totaling $8.7 billion) around these meetings. Some insiders time their transactions and earn substantial gains by selling (purchasing) relatively more shares before bad (good) news disclosures while postponing selling (purchasing) when good (bad) news is to be disclosed in the meeting. Finally, we conduct a content analysis of published meeting summary reports and find that the tone in these reports is associated with stock market reactions around (1) private meetings themselves, (2) subsequent public release of private meeting details, (3) subsequent earnings announcements and (4) future stock performance.     

关于《财政部关于修改<注册会计师全国统一考试办法>的决定》答记者问

正2014年4月,财政部部务会议审议通过了《财政部关于修改注册会计师全国统一考试办法的决定》(财政部令75号,以下简称《决定》)。日前,财政部条法司有关负责人就有关修改情况回答了记者的提问。记者:为什么要对《注册会计师全国统一考试办法》进行修改?条法司:财政部注册会计师考试委员会为了提高注册会计师全国统一考     

关于《国家税务总局关于修改<税务规范性文件制定管理办法>的决定》的解读

近日,国家税务总局公布了《关于修改〈税务规范性文件制定管理办法〉的决定》(国家税务总局令第53号),现就有关事项解读如下:一、修改《税务规范性文件制定管理办法》的背景为深入贯彻落实中办、国办印发的《关于进一步深化税收征管改革的意见》(以下简称《意见》),结合开展党史学习教育,严格规范税务执法行为,维护纳税人缴费人合法权益。     

Minimal <Emphasis Type="Italic">q</Emphasis>-entropy martingale measures for exponential time-changed Lévy processes

We consider structure preserving measure transforms for time-changed Lévy processes. Within this class of transforms preserving the time-changed Lévy structure, we derive equivalent martingale measures minimizing relative q-entropy. They combine the corresponding transform for the Lévy process with an Esscher transform on the time change. Structure preservation is found to be an inherent property of minimal q-entropy martingale measures under continuous time changes, whereas it imposes an additional restriction for discontinuous time changes.     

Do equity-based <Emphasis Type="Italic">Sukuk</Emphasis> structures in Islamic capital markets manifest the objectives of Shariah??

The Islamic capital market is an important component of the overall Islamic financial system especially in providing an element of liquidity to the otherwise illiquid assets. Like its conventional counterpart, Islamic capital markets complement the investment role of the Islamic banking sector in raising funds for long-term investment. These long-term investments are facilitated through various Shariah contracts and instruments ensuring efficient mobilisation of resources and their optimal allocation. This article aims at reviewing equity-based Sukuk structure, which is one of the most popular instruments used in Islamic capital market today. This article argues that some innovations made in structuring Sukuk, which try to achieve the same economic outcome like conventional instruments, distort the vision of Islamic economics based on justice and equitability. These visions are deeply inscribed in the objectives of Shariah, also known as Maqasid al-Shariah. This distortion stems from the restricted view of understanding Shariah, by only focussing on the legal forms of a contract rather than the substance especially when structuring a financial product. The overemphasis on form over substance leads to potential abuse of Shariah principles in justifying certain contracts, which in fact are contradictory to the Shariah text and ultimately undermining the higher objectives of Shariah. In the final analysis, this article concludes that the substance of a contract that has greater implications to the realisation of Maqasid al-Shariah should be equally looked into. Otherwise, Islamic finance just appears as an exercise of semantics; the functions and operations are really no different from conventional banks, except in the use of euphemisms to disguise interest and circumvent the many Shariah prohibitions.     

全国总工会财务部关于印发《县以上工会企事业单位<工会预算管理办法>实施细则》的通知

各省、自治区、直辖市总工会财务部,中华全国铁路总工会、中国民航工会全国委员会、中国金融工会全国委员会财务部（办公室）,中共中央直属机关工会联合会、中央国家机关工会联合会办公室,全总各直属企事业单位：为加强县以上工会企事业单位的预算管理,提高财务管理质量,我部拟定了《县以上工会企事业单位〈工会预算管理办法〉实施细则》,现印发给你们,请按要求执行。     

Banking Products: You <Emphasis Type="Italic">Can</Emphasis> Take Them with You,So Why Don’t You?

Policymakers around the world call for more competition in the banking sector. One prerequisite to achieving this is customer mobility. Despite its policy relevance, surprisingly little is known about consumers’ bank switching behaviour. We show that the principal reasons to stay at one’s bank are a good bank-customer relationship, practical barriers, and the perception that there is not much benefit in switching. Moreover, we find that the reported propensity to switch varies across banking products. For the main current and savings accounts, this propensity is most strongly related to the bank-customer relationship, while for mortgage loans it is especially linked to switching experience. These findings have important implications for antitrust policy; they provide an argument against using a cluster-based legal standard for the analysis of competition and in favour of a disaggregated approach. Regarding the effectiveness of hypothetical policy initiatives to lower switching barriers, we find that the reported switching propensity with current accounts is higher in the case of account number portability, while more knowledge of the existing switching service has no significant effect. Lastly, scenario analysis shows that a policy of allowing new foreign banks to enter the savings market is less promising for enhancing mobility than a policy that increases the number of domestic players.     

《<黑龙江金融>创刊30周年及纪念中国共产党成立90周年有奖知识竞赛》颁奖活动在哈尔滨举行

8月26日,《<黑龙江金融>创刊30周年及纪念中国共产党成立90周年有奖知识竞赛》颁奖活动在哈尔滨伏尔加庄园举行。《黑龙江金融》编辑部人员和竞赛获奖者参加了活动。本刊编辑部主任于现场对此次竞赛的获奖者进行了表彰颁奖,并邀请获奖者参加了由我刊组织的一日游活动。