Effective allocation of financial services intensity and its impact on channel competition

We study the role of adjusting the sales intensity of financial advisers in determining investors' choice of purchasing channels and explore how banks take advantage of the “aspirations” deviation of investors to formulate the optimal strategy for making recommendations. Our research shows that the flexible allocation of financial services increases the profits of banks, but investors' surplus is often completely deprived. Interestingly, in online and offline channel competition, improving platform competitiveness may lead to increased, rather than decreased, profitability for banks. Moreover, with completely heterogeneous investors, strategic outcomes can be significantly different under the perception coefficient of different dispersion degree.     

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 the foreign corrupt practices act on us exports

In 1977 the Foreign Corrupt Practices Act (FCPA) was enacted to penalize US firms and their employees for paying bribes to foreign government officials. If bribe payments influence the awarding of contracts and the FCPA regulation differentially affects US exporters compared to foreign competitors, then US exporters' bribe-paying ability and market share would be expected to decline. This study provides empirical evidence that the FCPA had a negative effect on US exports to non-Latin American countries but not to bribery prone ones in Latin America.     

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.     

The impact of digital finance on financial efficiency

This paper quantitatively analyzes the impact of digital finance on financial efficiency. The results show that digital finance has slightly improved the efficiency of the financial sector, but there are significant differences in the impact of provincial efficiency in China. Although financial sector efficiency positively correlates with digital financial efficiency, digital finance gives backward regions disadvantages. The efficiency score and ranking of the financial sector in the eastern region are significantly higher than noneastern region. The progressive effect of digital finance on the efficiency of the financial sector in the eastern region is better than that in the noneastern region.     

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 consequences and limits of empowerment in financial services

Empowerment may be one of the answers to the growing competition and increasingly demanding customers in the financial retail sector, but the relation between empowerment and profit-oriented behaviour at the service encounter has been only sparsely documented. This article offers a comparative empirical analysis of the conditions and impact of empowerment and related activities in Danish financial institutions, with a focus on semi-standardised front-line jobs. The results indicate that granting decision-making authority and autonomy to the individual front-line employees has often been a powerful step in the efforts of the financial service companies to increase their competitiveness. In the change process, formal participation has only a moderate supportive impact on performance while changes initiated at the branch offices and the linking of rewards with performance, both have a notably positive impact on the competitiveness and profit-oriented behaviour of front-line employees.     

The multifaceted impact of US trade policy on financial markets

We study the multifaceted effects of trade policy shocks on financial markets using a structural vector autoregression identified via event day heteroskedasticity. We find that restrictive US trade policy shocks affect US and international stock prices heterogeneously, but generally negatively. They increase market uncertainty, lower US interest rates, and lead to an appreciation of the US dollar. The effects are significant for several weeks or quarters. Decomposing the trade policy shocks further suggests that trade policy uncertainty dominates tariff level effects. Chinese trade policy shocks against the United States further hurt US stocks.     

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.     

The impact of the national minimum wage on the apparel industry

This analysis of the NMW’s initial impact in the apparel industry focuses on organisational and institutional factors in explaining the effects on pay and related issues. The NMW had a marked effect on national terms and conditions, in particular raising the minimum earnings level. At the local level, it impacted directly on the pay of a small number of employees in almost half the 42 organisations surveyed in the East Midlands and Northern Ireland. These tended to be the larger employing units facing foreign competition and selling into the domestic market. Also, in some workplaces, the NMW adversely affected the piecework system. The reaction of local management to these changes is discussed.     

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.     

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 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.     

The services industry: is it recession-proof?

Steady growth has led the services division to account for nearly 20 percent of total employment in 1980, linked mainly to business and health services; since 1948, it has been nearly immune to recessions and has displayed relative cyclical insensitivity.