Consolidation in the financial services industry: Are there industry gains for acquisitions of security firms?

We examine the revaluation of target security firms, their respective acquirers, both banks and non-banks, and their corresponding rivals before and after the major consolidation wave of 1994 to 1997. We find that target security firms as well as their respective acquirers are favorably revalued at the time of their acquisitions. The valuation effects are more favorable for non-bank acquirers and for acquirers with more growth potential and a lower degree of financial leverage. This suggests that investors expect greater synergies for mergers by better capitalized, faster growing, non-bank acquirers. In contrast to previous merger studies that generally find negative wealth effects for acquiring firms, cumulative abnormal returns (CARs) are on average positive for acquirers, targets, and portfolios of competing security firms, with the highest positive CARs for targets.     

The impact of implementing the airline deregulation act on stock returns

Between 1978 and 1985, the airline industry underwent a period of phased-in deregulation. Airline deregulation resulted from passage of the Airline Deregulation Act on October 24, 1978. This paper investigates the impact of two main provisions of this Act on the security returns in the airline industry. Using event study methodology, this study examines the impact of (1) airlines becoming responsible for determining their domestic routes and schedules (December 31, 1981) and (2) airlines being allowed to set domestic fares and engage in price competition (January 1, 1983) on the returns of a sample of airline common stocks. The study finds a positive market response around the phase-in provision permitting airlines to assume responsibility for determining their domestic routes and schedules, but a negative response around the phase-in provision allowing airlines to set domestic fares and engage in price competition.     

上海市金融服务业空间分布研究

通过对上海市各区县金融服务业区位熵的计算,发现上海市金融服务机构的分布是不均匀的,主要聚集在浦东新区、黄浦区、静安区、卢湾区;借助谷歌、百度等搜索引擎,按照邮政编码进行搜索,找出商业银行机构、证劵机构、監栈?和期货机构的具体位置,发现陆家嘴金融贸易区和外滩金融集聚带是金融服务机构高度集聚区,并分别对在陆家嘴金融贸易区和外滩金融集聚带的金融服务机构的空间布局作进一步的讨论;最后指出上海市金融服务机构目前还处于一个从聚集走向高度聚集的过程。     

金融危机下的中国叉车行业解析

自十五计划以来,特别是2003年以来,随着中国经济的持续高速发展,工业化、城镇化进程的加快,叉车市场需求快速上升,叉车销售量从2000年的2万台快速增长到2008年10万台,中国已经成为全球第二大工业车辆市场.     

The impact of operating and financial risk on equity risk

This paper empirically investigates a complete theoretical model relating the operating characteristics of a firm to the total, systematic, and unsystematic risk of its equity. The degree of operating leverage, the ratio of net profits to firm value, and the variability of unit output are all found to be positively correlated with each of the three risk measures. The degree of financial leverage, while positively related to total and unsystematic risk, does not appear to be related to systematic risk. After controlling for the business risk of the firm, no evidence can be found of an interaction between the degree of operating leverage and the degree of financial leverage.     

直击金融危机对全球航运的冲击

国际干散货市场恐慌性暴跌10月份以来,由美国次贷危机引发的全球金融危机对国际干散货市场形成了恐慌性杀跌行情打击。其实,受次贷危机影响,国际干散货市场从6月份开始已进入下跌通道,全球金融危机的爆发彻底摧毁了国际干散货市场参与者的信心,     

The impact of financial and economic conditions on aggregate merger activity

A model of aggregate merger activity is developed by integrating the literature on aggregate investment in fixed capital into a microfinance framework. Mergers are viewed as the result of firms capital budgeting processes, and two major categories of explanatory variables emerge: (1) cost of capital and related financial effects, and (2) output effects. Regressions, estimated to explain the number of large mining and manufacturing mergers over the sample period 1956–1978, provide evidence consistent with this view. In addition, the model explains the high level of merger activity during the conglomerate boom of 1967–9.     

The impact of consumer health information on the demand for health services

This paper empirically examines whether consumers use health information, from non-physician information sources, as a substitute or complement for health services – namely for physician visits and emergency room (ER) visits. An indicator of patient trust in physicians is developed and used as a proxy for potential unobserved heterogeneity that may drive both consumers’ propensity to seek information and to use physician services. The results, after correcting for sample selection bias and controlling for unobserved heterogeneity, concur with the literature, that consumer health information increases the likelihood of visiting a physician as well as the frequency of visits on average. However, low-trust consumers tend to substitute self-care through consumer health information for physician services. Further, better-informed consumers make significantly fewer ER visits suggesting that information may be improving efficiency in the market.     

The impact of financial and human resources on the export performance of Russian firms

This study contributes to the literature by investigating for the first time the effects of the entrepreneurial environment on export survival in Russia. Using the continuous-time Cox model and discrete-time complementary log-log and probit models, we study the effects of the availability of human and financial resources on export survival across Russian regions between 2002 and 2010. Taking into account uncertainty and time effects reveals that these effects are falling over time and are more important for larger exporters. Thus, there is evidence of a learning curve for exporters when the latter become more efficient in dealing with regional-level resources and the regulatory environment over time.     

物流装备业如何应对金融危机?

2006年春天开始显现的美国次货危机,逐渐累积能量,终于在2008年9月迸发,发展为金融危机并迅速波及全球,实体经济受到重创.受其连累,五年来一直保持两位数高速增长的中国经济也未能独善其身,今年GDP增长率将下降到10%以下.在这样的经济形势下,我国物流装备业狂飙前行的步伐开始放慢了.国家、行业和企业都在努力寻找应对危机的策略.     

The impact of using kiosk on enterprise systems in service industry

The hospitality industry services many types of travellers. Each of them needs to be analysed differently in order to accurately determine their respective service quality attributes and customer delight. The effective and efficient enterprise information systems (EISs) play a significant role in traveller’s experience and in the competitive advantages that hotels can gain. For this study, self-service kiosks and guest service agents as part of hotel’s EISs are used to investigate the impact each has on the experience of business and leisure travellers. This study provides empirical results that further investigate how to improve the service quality for both types of travellers during the registration process. This process is the first physical interaction between the travellers and the hotel. Any problem in registering would generate a long-lasting negative first impression on the travellers, thus diminishing the customer delight. In the light of our findings, this study will contribute to the effective and efficient design of self-service kiosk systems, hotel’s EISs, and improved front office management to better accommodate the specific needs of both types of travellers.     

关于金融危机对我市出口影响的情况分析

在国际金融危机下,武汉市进出口贸易也不容乐观。文中分析了当前金融危机对武汉市带来的影响,提出武汉市应如何积极应对金融危机。     

基于金融危机环境的长株潭地区物流产业升级的路径研究

随着全球金融危机的到来,全球经济发展陷入严重困境,中国作为全球经济极为重要的组成部分,同样不可避免地受到了严重冲击,而长株潭作为内陆城市也开始感受到金融危机的严重影响。在这种大背景条件下,长株潭物流产业必须通过产业升级来应对困难和机遇。文中旨在通过研究其升级路径来寻找长株潭物流产业发展之路。     

DEA of financial statements data: The U.S. computer industry

DEA (data envelopment analysis) is a technique for determining the efficiencyfrontier (the envelope) to the inputs and outputs of a collection of individual corporations or other productive units. DEA is here employed to estimate the intertemporal productive efficiency of U.S. computer manufactures, using financial data brought from earnings statements and balance sheets. The results indicate that a few corporations, including Apple Computer Inc., Compaq Computer Corp., and Seagate Technology were able to stay at the productivity efficiency frontier throughout the time period investigated. But not all successful corporations did; sometimes subefficiency (=disequilibrium) actually goes together with very rapid growth. A new Malmquist type productivity index is calculated for each corporation, measuring shifts of the estimated intertemporal efficiency frontier.     

The impact of a housing-linked contract savings scheme on households' holdings of financial assets in India

This paper uses a carefully matched sample of Indian renter households who are participants in a savings scheme explicitly linked to obtaining a mortgage and a sample of similar households who are not participants to estimate the impact of participation on the share of assets participants hold in financial form. Participants are found to hold significantly more of their assets in this form; over a standard savings period the incremental holdings in financial assets are equivalent to the amount saved in the contract savings scheme. The estimates support the contention that participants do not merely shift the instruments in which financial assets are held in saving for home purchase but rather make a reallocation in favor of financial assets — monies that are available for investment anywhere in the economy during the savings period.     

我国现代物流服务业中财务管理问题及其对策

随着我国经济的不断发展,并且趋于与国际接轨的一种形式,物流服务业也在这一形势下随着经济的进步一起向前发展。当下很多物流企业都处于一个转型期,由过去的传统物流向现代物流进行转变,并且物流服务业在数量上和规模上也不断地扩大,从而也逐渐成为我国国民经济的重要组成部分,也逐渐的受到更多行业人士的关注。伴随着物流服务业的发展,财务管理作为一个企业不可缺少的管理系统,也在物流转型期间不断更新,但仍旧存在着一些问题和缺陷,阻碍了物流企业快速健康的发展。文中针对我国现代物流企业中财务管理,从五个方面阐述了其中存在的问题,并且从政府、市场、企业三方面入手来提出解决对策。现在正处于经济危机的复苏阶段,我国现代物流服务业更应抓住机会,通过解决财务管理中的问题使得自身得到进一步提完善,提高财务综合能力。