Service preferences of older clients

This paper reports the findings of a study into Australian seniors' service preferences in relation to financial planning services. Focus groups and a national survey were conducted to identify those aspects of interactions with financial planners considered most important by seniors. The results indicate that financial planners targeting senior clients in the Australian context should work to develop trusting relationships, treat older clients with dignity and respect, ensure the full disclosure of all fees and commissions, and keep up to date with relevant changes in the financial environment. The two primary areas of concern identified in the study were those relating to personal relationships with the financial planner and the performance of the financial products recommended in terms of the benefits accrued.     

Personality and older consumers’ green behaviour in the UK

The UK government has set an ambitious target of reducing greenhouse gas emissions by 80% before 2050. An interesting segment that could help to achieve this is older consumers, due to their growing numbers. There seems to be a lack of attention, in the research looking specifically at different age categories of older consumers’ green behaviour, and whether their level of greenness can be explained by their personality. Using Socioemotional Selectivity Theory and Time Perspective, the research presented here was designed to provide an exploratory analysis of how the green behaviour of older consumers is explained by their personality types. Based on the responses of 204 older consumers in the UK, our results find the openness personality trait to be positively linked to green behaviour, whilst the extraversion personality trait is negatively related to green behaviour. Although the level of green behaviour increased with older consumers’ age, this did not reach significance.     

金融服务与综合竞争力

银行就是有限责任公司．在现代经济中它没有“特权”，银行和客户追求的都是价值最大化．向顾客提供全面的、所需的、优质的、有效的服务是提高自身综合竞争力的必然选择。     

金融业迎接服务时代

服务已经成为当今各行业最为热门的概念之一。作为最典型的服务业之一,金融业的服务可以划分为两个层次:第一个层次的服务对应着传统制造业的产品,即金融机构的各种主营业务,例如存款、贷款、转账汇款、有价证券买卖、财产保险、信托等,以及在此基础上进行一定深加工而形成的更为复杂的组合产品,例如综合理财计划、银行卡业务等,很多情况下我们已经开始直乎其为金融产品;第二个层次的服务则对应着传统制造业的售前、售中、售后服务,虽然和第一个层次相比这个层次的服务处于从属地位,但同样重要,其中包括围绕着金融产品展开的各种信息咨询、…     

Financial service elimination: Objectives and problem situations

Despite the importance of financial institutions' ability to rationalise their service ranges in today's competitive environment, the area of financial service elimination decision making is one of the least researched in the literature on services marketing. This paper reports preliminary empirical research into the objectives that British financial institutions pursue by eliminating financial services, as well as into the problem situations that make financial services candidates for elimination. The findings suggest that there is a wide array of service elimination objectives and problem situations. It is also suggested that there is a need for financial institutions to distinguish between what is their service elimination objective and what is the problem situation that makes them examine a financial service for possible elimination. The practical and theoretical implications that are discussed at the end of this paper point to the need for more empirical research, if the body of knowledge on service elimination is to grow.     

我国金融服务创新及其动因

金融服务是指金融机构运用货币交易手段融通有价物品,向金融活动参与者和顾客提供的共同受益、获得满足的服务。广义上的金融服务,是指整个金融业发挥其多种功能以促进经济与社会的发展。具体来说,金融服务是指金融机构通过开展业务活动为客户提供包括融资投资、储蓄、信贷、结算、证券买卖、商业保险和金融信息咨询等多方面的服务。     

“双创”背景下的金融服务创新之路

在“2016中国金融论坛”上,全国社会保障基金理事会副理事长王忠民、中国人民银行原副行长、中国金融会计学会会长马德伦,中国人民银行金融市场司副司长邹澜围绕“金融创新服务助力‘双创’引擎”的话题分享了自己的观点。     

Capital structure and political patronage: The case of Malaysia

This paper extends prior work on the links between political patronage and capital structure in developing economies. Three proxies of political patronage are developed and applied to a group of Malaysian firms over a 10-year period. We find a positive and significant link between leverage and each of the three measures of political patronage. We also find evidence of an indirect link between political patronage and capital structure through firm size and profitability.     

Status motives and agent-to-agent information sharing

Review of Accounting Studies - Although decision-making within firms improves when agents share information with one another, agents often have limited motivation to share because doing so takes...     

Dynamic capital structure and political patronage: The case of Malaysia

This paper investigates the effect of political patronage on firms' capital structure. The evidence is from Malaysia, a country characterised by relationship-capitalism, and covers 1988 to 2009. Using a system GMM estimator we find firms set leverage targets and adjust towards them following deviations at the rate of 28% per annum. Next, we construct a natural experiment and use a difference-in-differences model to investigate if the strategic financing decisions of politically patronised firms differ from non-connected firms after an exogenous shock caused by the 1997 Asian crisis. Our results unambiguously demonstrate a significant difference in the capital structure of patronised firms relative to non-connected firms following the exogenous shock but only for the crisis period 1998–2001. After 2002 the capital structures of patronised and non-connected firms are statistically equivalent.     

Financial service call centres: Problems encountered by the grey market

Technological advances have resulted in financial service companies being able to make use of alternative channels such as call centres and the Internet to deliver their services to their customers. At the same time, there has been a major growth throughout Europe in the grey market consisting of people who grew up in an age of face-to-face contact with service suppliers. This paper reports on a programme of qualitative research looking at the grey market's perceptions of the call centre delivery channel. It discusses the difficulties encountered by this market and the negative views that are held. It also highlights the need for further research into this area if financial service organisations are going to address the issues raised and effectively satisfy the needs of this growing market segment.     

Inattentive consumers and international business cycles

This paper presents and studies the properties of a sticky information exchange rate model where consumers and producers update their information sets infrequently. Introducing inattentive consumers has important implications. Through a mechanism resembling the limited participation models, exchange rate volatility observed in the data can be addressed for reasonable values of risk aversion. The model generates more persistence in output, consumption and employment which brings us closer to the data. Impulse responses to monetary shocks are hump shaped, consistent with the empirical evidence. Forecast errors of inattentive consumers provide a channel to reduce the correlation of relative consumption and real exchange rate. The decline in the correlation is quantitatively small for our benchmark model. Model generates a substantial amount of consumer forecast errors when producers are attentive and productivity shocks are persistent. This specification results in a large decline of the correlation of real exchange rate and relative consumption due to consumer inattentiveness. When trade elasticity is set to values at the low end of macro estimates or at higher values consistent with sectoral estimates, the correlation is in the negative territory with inattentive consumers.     

明确任务，扎实做法2001年辖区人民银行各项工作—刘仁伍同志在中国人民银行

2001年是新世纪第一年,也是"十五"规划开局的一年.当前,摆在我们面前的首要任务就是加强金融监管,防范和化解金融风险.     

金融国际化、金融危机与金融监管

从本次金融危机对国际金融监管体系提出的新挑战出发,本文探讨了金融国际化与金融监管体系改革的关系,以及金融危机对金融监管体系改革的影响。未来,金融监管将日趋国际化,更加注重风险性监管和对创新业务的监管,重视金融机构的内部控制制度和同业自律机制,而统一监管将成为监管体系发展的趋势。在此基础上,本文提出中国金融监管体系改革应走综合监管、统一监管之路,以适应混业经营发展和金融创新的需要;要加强宏观金融审慎监管,保证整个金融系统的稳定;注重保护投资者的合法权益;并不断完善与金融监管体系改革相配套的其他制度与措施。     

金融开放、金融稳定与金融监管改进

中国金融开放已经到了外国资本在中国银行业市场上举足轻重的时候。对外开放在引进外部竞争的同时,也会带来金融稳定问题。东道国政府必须在金融开放与金融稳定之间做出权衡。在对外开放作为基本国策的背景中,金融监管成为保证金融稳定的主要途径。以激励为基础的金融监管体系是金融稳定的先决条件。     

金融抑制、金融约束与金融自由化

对于广大发展中国家而言,金融抑制是阻碍经济发展的主要原因.因而,在著名学者罗纳德·麦金农和爱德华·肖的金融深化论影响下,许多发展中国家选择了金融自由化的道路.但令人失望的是,除亚洲外的广大拉美和非洲国家的金融自由化并未能达到预想的效果.为此,经济学家赫尔曼、穆尔多克、斯蒂格利茨提出了金融约束理论,认为政府选择性地干预金融部门有助于而不是阻碍了金融深化.目前国内也存在一些观点认为我国现阶段已具备了实行金融约束的条件,应该选择金融的约束战略.而本文在对金融约束理论及其政策主张进行分析的基础上,认为金融约束在我国目前尚不具备可行性,逐步深入地推行渐进式的金融自由化战略乃是我国金融发展的可行选择.     

Economic conditions and the motives for multiple open-market share buybacks

We examine the impact of business conditions on the frequency of share repurchases. The results generally indicate that share repurchase programs are positive and statistically significant in HIGH economic states relative to the other economic states. Segmenting the data into frequency of repurchases, we find evidence suggesting different economic states exert influence on frequent and infrequent but not occasional repurchase programs. Further, we show that firms that institute frequent share repurchasing programs experience stronger returns across different business cycles compared to infrequent and occasional share repurchasers.     

金融深度和金融宽度

随着经济金融业的发展,两个非常重要又很专业的金融术语逐渐被人们所熟悉:金融深度和金融宽度。这两个指标可以很直观地衡量一国金融业发展的总体水平和成熟程度。本文将会为读者作一具体介绍。     

中国农村金融排斥态势与金融普惠策略分析

我国农村金融市场存在严重的金融排斥现象,贫困农户是典型的"边缘借款人"。普惠金融理念的提出,对于打破金融排斥、推进我国农村金融制度改革、增加农户收入有重要作用。本文通过考察中国农村金融排斥态势与金融普惠面临的挑战,对农村金融普惠的策略选择进行探讨,并提出了相关建议。     

Financial Econometrics, Financial Innovation, and Financial Stability

Innovation in financial markets, spurred to a significant extentby developments in finance theory and financial econometrics,has played a critical role in spurring economic growth. However,the current turmoil in financial markets raises fundamentalquestions about the nature of financial innovation and the roleof policymakers in maintaining financial stability. This paperexplores these questions, focusing on the complexities of modelingfinancial risk and the potential trade-off between policiesaimed at combating short-run financial instability on the onehand and the potential financial market distortions and moralhazard that can result from such policies on the other.