Bank mergers and components of risk: An evaluation

The present study empirically examines the contribution of the acquired banks in only the nonconglomerate types of mergers (i.e., banks with banks), where the bulk of the payment is in the form of equity to the acquiring bank and finds overwhelmingly statistically significant evidence that nonconglomerate types of mergers definitely reduce the total as well as the unsystematic risk while having no statistically significant effect on systematic risk. Therefore, it seems that diversification may be a possible motive for bank mergers.     

外资银行进入动因——上海市场的实证

本文回顾外资银行在上海市场经营情况的基础上,实证分析外资银行进入上海市场的动因。结果表明,跟随客户及示范效应是外资银行进入上海市场的主要因素,同时发现东南亚金融危机及上海市场较高的通货膨胀率延缓了外资银行进入上海市场的速度,这暗含东道国经济的稳定性是影响外资银行进入的一个重要因素。     

基于DEA的商业银行竞争力分析

入世后,我国商业银行面临严峻的竞争局面,迫使我们对商业银行竞争力以及与改善竞争力相关因素的研究必须全面而准确。本文利用DEA（数据包络分析）方法对我国商业银行的竞争力进行实证分析,弥补了常规指标比较的欠缺。     

Central Bank Independence: An Update of Theory and Evidence

This paper reviews recent research on central bank independence (CBI). After we have distinguished between independence and conservativeness, research in which the inflationary bias is endogenised is reviewed. Finally, the various challenges that have been raised against previous empirical findings on CBI are discussed. We conclude that the negative relationship between CBI and inflation is quite robust.     

中资银行合规管理与银行再造

近年来,中资银行正在加快银行改革,积极推行经营理念、组织架构、业务流程等方面的银行再造运动,但合规管理却一直不是中资银行重点关注的领域,合规失效问题给银行再造带来了阻碍。培育良好合规文化、建立健全合规管理机制,有效发挥合规管理的作用,已然成为中资银行深入推进银行再造的不二选择。     

基于具有吸收态马尔可夫链的银行逾期贷款风险分析

1.吸收马尔可夫链的基本原理 马尔可夫链是状态与时间参数都离散的马尔可夫过程,其数学表达如下: 定义在概率空间(Ω,F,P)上的随机序列{X_(t),t∈T},其中T={0,1,2…},称为马尔可夫链,如果对任意正整数l,m,k及任意非负整数j_1 >…>j_2>j_1(m,     

组建物流银行:我国政策性金融的客观选择

阐述了物流银行的含义、职能等,论述了组建物流银行的必要性、重要性和物流银行的作用,指出了组建物流银行要处理好五个方面问题.     

Revisiting the objectives of worker-managed firms: An empirical assessment

This paper provides new evidence on the objectives pursued by worker-managed firms (WMFs). The basic neoclassical model assumes that WMFs maximizes net income per member instead of total profits (Ward, 1958). Even though it has been largely criticized, the Ward model has dominated the self-management literature. Alternative models suggest that WMFs are not only concerned about income per worker but also about the level of employment. However, the empirical content of these competing theoretical models has been rarely analyzed. This paper contributes to fill this gap by estimating the parameters of a generic welfare function, following the methodology proposed by Craig and Pencavel (1993). These parameters determine the relative importance that a WMF places on income per worker vis-a-vis the level of employment. Estimates are based on a long micro-panel of Uruguayan firms covering the entire population of Uruguayan worker-managed firm and conventional firms in 31 3-digit sectors over the period April 1996-December 2005. Following a strictly neoclassical framework, but simply allowing a more general specification of the WMF goals, we show that the assumption of the basic neoclassical model of the WMF is misleading. Our results support the view that WMFs are concerned with both employment and income per worker.     

An empirical assessment of assortative matching in the labor market

In labor markets with worker and firm heterogeneity, the matching between firms and workers may be assortative, meaning that the most productive workers and firms team up. We investigate this with longitudinal population-wide matched employer–employee data from Portugal. Using panel data methods, we quantify a firm-specific productivity term for each firm, and we relate this to the skill distribution of workers in the firm. We find that there is positive assortative matching, in particular among long-lived firms. Using skill-specific estimates of an index of search frictions, we find that the results can only to a small extent be explained by heterogeneity of search frictions across worker skill groups.     

An analysis of the cost of providing ancillary services to skilled nursing facility patients in New York State

Currently, nursing homes can arrange for the provision of ancillary services either by providing the services directly, purchasing the services through contracts and fees, or by outside billings, in which the services are supplied by other providers who then bill Medicaid directly. Frequently, some combination of these three modes of provision is used for each ancillary service. The purpose of this study is to explore ancillary costs in a sample of nursing homes and to determine, to the extent possible, the most cost-efficient means of providing selected ancillary services (physical therapy, radiology and medical staff services). Prior to examining the impact of the mode of provision on cost levels, other facility and patient characteristics that might justifiably affect costs are identified and adjusted for. The results demonstrate that outside billing or purchasing services can be much less expensive than providing the services directly. It is suggested that all ancillary services (outside billings as well as services provided directly through contracts and fees) be included when facility-to-facility cost comparisons are made. This approach should serve as an incentive for nursing homes to seek the most cost-efficient means of providing ancillary services.     

民营银行并购国有银行的动机、成本与风险探析

当前,在世界范围内特别是在发展中国家,掀起了一股民营银行并购国有银行的浪潮。这种并购容易产生现金流风险、信息不对称风险、政策诱导性风险、管理效率风险、并购失败风险。民营银行应通过以下措施和方法将风险消除,从而实现并购成功:结合银行实际,选用适合自身发展的并购方式;努力消除信息不对称;优化决策程序;妥善处理好与政府的关系。     

基于DCC模型的上市银行系统风险实证研究

本文应用DCC多元GARCH模型分析上市银行股票价格的动态相关性,并以此作为银行整体风险的度量监测指标,在模型的构建中考虑了系统风险的时变特征。结果表明,相关系数的大小和动态变化能够对银行系统性风险起到一定的监测和预警作用。本次金融危机过后,银行间动态相关水平一直处于高位,表明投资者对未来银行资产质量和其潜在风险仍然存在担忧。     

Human resource competencies: An empirical assessment

With data from 12,689 associates of human resource (HR) professionals in 1500 businesses in 109 firms, this research represents an extensive assessment of HR competencies. It extends current HR theory and practice in two ways. First, it proposes specific competencies HR professionals may demonstrate to add value to a business. Second, it offers an empirical assessment of how these competencies affect the performance of HR professionals as perceived by their Associates. The results indicate that when HR professionals demonstrate competencies in business knowledge, delivery of HR, and management of change, then HR professionals are perceived by their associates as more effective. © 1995 by John Wiley & Sons, Inc.     

银行并购--中国发展全能银行最佳路径选择

进入20世纪90年代,西方国家的银行业通过跨行业、跨国界并购方式,迅速发展成为全能银行。银行产业向全能银行发展的浪潮一浪高于一浪。1998年4月花旗银行与旅行者集团合并,成为拥有7万亿资产,业务遍及100多个国家的世界上规模最大的全能银行。德意志银行作为传统全能银行,为了增加国际竞争力,与美国银行竞争,     

An empirical assessment of the cross-national measurement validity of graded paired comparisons

The popular use of graded paired comparisons in empirical studies assessing consumers’ preferences, and the potential effect of cross-national differences in (extreme) response styles on the quality of graded paired comparison data, supply ample reasons for an empirical verification of the cross-national validity of such scales. Using data from a cross-national margarine brand study including fourteen different nations (N = 4,560), we found sufficient statistical evidence for cross-national bias due to existing cross-national differences in extreme responses. However, the low values reported for effect size measures (intra-class correlation coefficient, R ² value) indicated that the impact of the cross-national bias is marginal. The findings from our study provided empirical support for the hypothesis that graded paired comparison data can be meaningfully compared across nations.     

Reviewing Bank of England Independence: The Report of the Bank of England Commission

In this article, Geoffrey Williams outlines the main findings and recommendations of the independent Bank of England Commission set up by the Conservative Party to review the performance of the United Kingdom's monetary policy framework. Its final report published earlier this month, recommended that operational independence of the Bank of England should be retained but that important improvements can be made to how policy is conducted. These include even greater transparency in policy decisions, changing the inflation target and creating a new Parliamentary Committee and possibly a new Council of Economic Advisers to provide for the UK the clearest possible democratic and professional scrutiny of economic policy.     

An assessment of the interruption level of doctors in outpatient appointment scheduling

Interruptions to the server in an outpatient clinic environment have received limited attention in the appointment scheduling literature. However, explicitly modeling interruptions on the part of the doctor may have an impact on the optimal appointment schedule and consequently, on patient waiting times. This is explored with a simulation optimization model that is based on data from time studies and interviews with medical professionals from multiple outpatient clinics. The results show a “plateau-dome” scheduling rule for practical implementation to be robust for low interruption rates and a traditional dome pattern for higher levels of interruptions. In addition, if clinic operations are such that doctors are able to adjust their behavior to complete all work during the session, then the schedule is invariant to changes in the interruption rate.     

On the socially optimal size of a life-saving facility

The paper examines the simultaneous problem of finding an optimal size of an intensive care unit and an optimal amount of social investment in preventive medicine. The “demand” for ICU services is assumed stochastic. The approach used is to minimize social costs involved in operating the facility and social loss stemming from deaths of untreated patients.

After deriving the optimality conditions the results are applied to recent British data     

Bank failures caused by Large withdrawals: An explanation based purely on liquidity

In a version of the Diamond and Dybvig [Diamond, D., Dybvig, P., 1983. Bank runs, deposit insurance, and liquidity. Journal of Political Economy 91, 401–419.] model with aggregate uncertainty, we show that there exists an equilibrium with the following properties: all consumers deposit at the bank, all patient consumers wait for the last period to withdraw, and the bank fails with strictly positive probability. Furthermore, we show that the probability of a bank failure remains bounded away from zero as the number of consumers increases.This equilibrium explains bank failures driven by extreme withdrawals solely on liquidity since they happen because both banks and depositors are illiquid. Furthermore, it does not require much of the elements typically emphasized, including: consumers well informed about the true state of nature, a non-zero consumption after a crisis, consumers’ panic and sunspots. We therefore think that aggregate risk in Diamond-Dybvig-like environments can be an important element to explain bank crises.