重塑布雷顿森林体系

2008年这场百年一遇的金融危机爆发以来,人们很自然地重新审视国际货币基金组织(IMF)和世界银行的作用.不断有人发问:这两个组织到底是干什么的?     

在Sybase System损坏的数据库中重建日志

Sybase数据库产品在华夏银行应用较为广泛,几乎渗透到各个业务领域的应用系统中,无论是对公、储蓄、信贷等传统银行业务,还是银行卡、IP电话、银证、消费信贷等新兴业务,在其计算机处理系统中,对数据的存贮和处理一般都基于Sybase数据库实现.作为Sybase数据库管理员,保证各应用数据库稳定、高效运行,妥善处理各种突发事故,保证各项相关业务正常进行,也显得尤为重要.下面笔者将对华夏银行Sybase应用数据库运行中出现的一起故障及其处理过程做一介绍.     

企业研发迁移机制及中国研发集聚研究

首先从产品市场、知识创新等级、既有区位因素和研发要素投入四个维度来认识影响企业研发迁移的推力、拉力因素,进而在宏观层面研究近年中国企业研发迁移表现出的特征,结果表明:向东部集中的趋势不断加强;经费投入的集聚程度显著高于人员投入;主导省市在人员方面的优势低于资金优势.     

旧城棚户区改造问题研究

为消除我国旧城棚户区改造中存在的居民安置不到位、改造规划欠周及腐败等突出问题，必须加强规划监督，搞好社区建设的空间因素与社会因素整合，加强文化经济建设，发展城市综合服务经济，建设好社区综合体小区，优化综合服务经济发展环境。只要我们理论认识上高度重视与实践创造紧密结合，旧城棚户区改造任务将胜利完成，城市现代化步伐必然加快。     

论研究与开发支出的会计处理

如何确认和处理企业的研究与出发支出,一直是会计界争议很大的问题。由于企业的研究与开发活动具有不确定性、弱对应在性、外部性、时滞性等特征,且这些特性随着研究与开发的不断推进而递减,我们就可以根据研究与开发的这些特征及其变化规律,具体归类和确认研究与开发支出的费用属性和资本属性。     

大数据时代下的互联网金融

在2013中关村论坛国际技术转移与创新之城建设分论坛上．宏源证券计算机和互联网行业高级分析师、中国建投投资研究院特约研究员赵国栋先生发表了对互联网金融看法,他认为：互联网金融将会带来一些颠覆性的变革,在不久的将来,会出现一个更加欣欣向荣的金融业     

Competition among the big and the small

Many industries are made up of a few big firms, which are able to manipulate the market outcome, and of a host of small businesses, each of which has a negligible impact on the market. We provide a general equilibrium framework that encapsulates both market structures. Due to the higher toughness of competition, the entry of big firms leads them to sell more through a market expansion effect generated by the shrinking of the monopolistically competitive fringe. Furthermore, social welfare increases with the number of big firms because the procompetitive effect associated with entry dominates the resulting decrease in product diversity.     

重塑新时期商业银行经营观念

观念(Idea),是客观现实在意识中的反映,这种反映表明着人们与其周围世界的关系,它是由社会制度的性质、人们的物质生活条件决定的.     

论在建设新农村过程中的农村金融体系重建

金融机构要不断改善服务,加强对“三农”的支持,改善农村金融生态环境,重构农村金融体系,为新农村建设提供强有力的金融支持     

花旗图腾

历史沿革 不识花旗是花旗 1812年7月16日,曾经担任华盛顿政府第一任财政总监的塞缪尔·奥斯古德(Samuel Osgood)上校与纽约的一些商人合伙创办了纽约城市银行(City Bank of New York)--今日花旗集团的前身.纽约城市银行成立的那个时代是美国历史上的自由银行时期.由于没有统一的调节与管理机构,当时的银行一般都在各州注册,称为州立银行.美国各州自殖民时代起就存在着不同程度的政治、经济与法律差异因而北美各州通过各自独特的立法,禁止和限制商业银行跨州甚至是州内开设分支机构.     

The valuation of R&D expenditures in Japan

The difficulty to measure the long‐term benefits of R&D expenditures and the distortions induced by R&D accounting suggest that R&D‐intensive firms could be undervalued. Using several methods commonly applied to detect the abnormal returns associated with mispricing, we find little evidence that the value of R&D investments has been underestimated in the Japanese stock market. Given that R&D accounting rules in Japan are similar to those in United States, the results appear to reject the hypothesis that accounting biases are the cause of the undervaluation of R&D investments observed in the United States.     

CEO Risk Preference and Investing in R&D

This study aims at: (1) developing an index to measure CEO risk tolerance using publicly available data, and (2) examining the association between this index and investment in risky projects. Using relative pay‐at‐risk as a proxy for risk preference (tolerance) is a new proposition and is supported by having significant association with CEOs' socio‐demographic variables—the variables often studied in connection with risk aversion. Furthermore, this risk preference indicator has a positive association with risk‐taking behaviour as proxied by R&D expenditures. The in‐sample estimation and out‐of‐sample predictions support (a) using relative pay‐at‐risk as a valid proxy for risk tolerance, and (b) finding statistically significant positive association between this measure and R&D expenditures. The association has different degrees of strength for nine out of 11 industries.     

中关村启动中国首个大数据交易平台

2月20日．中关村数海大数据交易平台对外宣布启动．这是中国首个大数据交易平台。该交易平台为政府机构、科研单位、企业乃至个人提供数据交易和数据应用的场所．实现产业转型升级     

研发费用的会计处理研究

加入世贸组织后,我国企业面临来自国际上拥有雄厚技术实力的跨国公司的激烈竞争,进行自主技术开发已成为企业提升自己国际竞争力的刻不容缓的任务。但进行自主技术开发的研究与发展(R&D)费用一般较大,对企业的影响也很大,如何对研发费用进行会计处理就非常重要。本文拟通过比较国际上几种对研发费用的会计处理方法,对其中的资产确认、计量标准及会计处理的原则等方面进行探讨,以期对制订我国研发费用会计处理规范提供一些参考。现行研发费用会计处理的国际比较美国对研发费用会计处理作出规定的主要是财务会计准则第2号公告“研究和开发成…     

Deciphering big data in consumer credit evaluation

This paper examines the impact of large-scale alternative data on predicting consumer delinquency. Using a proprietary double-blinded test from a traditional lender, we find that the big data credit score predicts an individual’s likelihood of defaulting on a loan with 18.4% greater accuracy than the lender’s internal score. Moreover, the impact of the big data credit score is more significant when evaluating borrowers without public credit records. We also provide evidence that big data have the potential to correct financial misreporting.     

美国大数据征信的应用及启示

美国互联网金融公司ZestFinance基于大数据的信用评估模型越来越受到关注和效仿。《诗经》有云“他山之石,可以攻玉。”美国的大数据战略和大数据征信应用为中国政府及互联网金融公司提供了有意义的借鉴和启示。     

Retail investor attention and corporate innovation in the big data era

This paper explores the corporate governance role of retail investor attention from the perspective of corporate innovation. Using a sample of Chinese listed firms from 2011 to 2019, we find that retail investor attention significantly promotes corporate innovation. Thisresult ise robust to a series of robustness checks to address potential endogeneity concerns. I further conclude that the impact of retail investor attention on corporate innovation is mainly through alleviating a firm's financial constraints and deterring agency costs. In addition, such effects are more pronounced in firms with higher media and analyst coverage as well as those with more overconfident CEOs. The results provide empirical evidence of the corporate governance function of individual investors in the current digital era.     

The Determinants of Investor Valuation of R&D Expenditure in the Software Industry

This paper examines the cross-sectional variability in the market valuation of R&D expenditures in the pre-packaged computer software industry. Consistent with some prior research, this paper argues that R&D spending is valued heterogeneously by the stock market, and derives hypotheses regarding the determinants of the cross-sectional heterogeneity in the market valuation of R&D. The empirical tests use an extensive database containing product level information of software firms between 1994 and 1998, along with accounting and stock price data of the same period. The test results, consistent with our hypotheses, show that R&D spending is more valuable for firms with larger market shares, higher percentage of technical employees, and those that have diversified into different product categories. The results also indicate that market valuation of R&D spending is a function of product life cycle.     

Money and the Welfare Cost of Inflation in an R&D Growth Model

This study analyzes the effects of inflation on R&D and innovation‐driven growth. In the theoretical section, we incorporate money demand into a quality‐ladder model with elastic labor supply and derive the following result. If the elasticity of substitution between consumption and the real money balance is less (greater) than unity, then R&D and the growth rate of output would be decreasing (increasing) in the growth rate of money supply. Quantitatively, decreasing inflation in the U.S. to achieve price stability improves social welfare, and the welfare gain is equivalent to at least 0.5% of annual consumption. In the empirical section, we use cross‐country data to establish a negative and statistically significant relationship between inflation and R&D.     

Rebuilding the limit order book: sequential Bayesian inference on hidden states

The limit order book of an exchange represents an information store of market participants’ future aims and for many traders the information held in this store is of interest. However, information loss occurs between orders being entered into the exchange and limit order book data being sent out. We present an online algorithm which carries out Bayesian inference to replace information lost at the level of the exchange server and apply our proof of concept algorithm to real historical data from some of the world’s most liquid futures contracts as traded on CME GLOBEX, EUREX and NYSE Liffe exchanges.