Communication and performance in Bank–Fund joint participation

In this paper I relate Bank–Fund performance to their willingness (or ability) to communicate. I find evidence that a Bank–Fund simultaneous loan is associated to an increase in economic growth and that such effect is diminished by factors preventing full communication, such as the degree of Bank-Fund competition and the salience of informational asymmetries. Politically motivated loans seem—at least to some extent—stimulate more IMF–WB interaction, which turns out to be associated to a better country’s performance.     

Will Self‐Managed Superannuation Fund Investors Survive?

The relative risk aversion coefficient that characterises the representative self‐managed superannuation fund (SMSF) investor reveals not only how much that investor dislikes risk but also other information about the investor's economic characteristics, including how his or her allocations to risky assets change as his or her wealth changes. Determination of the relative risk aversion coefficient for the average SMSF investor reveals a value of 5.05. This value is too high to be consistent with logarithmic utility. This is significant because it implies that SMSF investors may be too risk averse to maximise the expected growth rate of wealth share accumulation. We are left to consider a very important question: Will SMSF investors survive?     

Study on Substantive Derivative Tools for Commercial Bank to Control the Fund Gap

Fund gap control, as an important and major managerial technique, has been widely used in western commercial banks （CBs）. Good management on fund gap can not only avoid interest rate （IR） risk, but also bring benefits to CBs. This paper discusses three substantive derivative tools that can be used to control fund gap, that is, interest rate futures, interest rate options and interest rate swap.     

Does High Stock Price Synchronicity Always Hurt Mutual Fund Industry? Sentiment Matters

Investors have agreed that high synchronicity of stock returns adversely influences professional funds' profitability. However, different market conditions where high synchronicity exists may have different effects on this relationship. This study incorporates aggregate investor sentiment as a market condition in the equation to explore whether and when the negative association between synchronicity and fund performance holds. The authors use a sample of actively managed U.S. equity mutual funds from 2000 to 2014 and employ a portfolio of 11 passively managed funds as the benchmark to measure fund performance and fund management skill. They find empirical evidence that synchronicity negatively impacts mutual funds' profitability when the investor sentiment is low. This negative relationship disappears in high-sentiment periods. They also find that in both low- and high-sentiment states, fund managers with superior stock selection skill make more profits from high synchronicity than the average.     

Should the Social Security Trust Fund Hold Equities? An Intergenerational Welfare Analysis

In a stochastic economy with overlapping generations, fiscal policy affects the allocation of aggregate risks. The paper shows how to compute the welfare effects of marginal policy changes that shift risk across cohorts, in general and for an application to social security equity investments. I estimate the relevant correlations between macroeconomic shocks and equity returns from 1874–1996 U.S. data, calibrate the model, and find positive welfare effects for equity investments. Since stock returns are positively correlated with social security's wage-indexed benefit obligations, equity investments would also help to stabilize the payroll tax rate. Journal of Economic Literature Classification Numbers: E62, H55.     

Is the pragmatic response to International Monetary Fund quotas and credit limits favourable?

Under the International Monetary Fund (IMF)’s recently developed pragmatic response, the amount a member can borrow is not determined by its quota. We consider two pragmatic responses that produce a Pareto improvement, compared with the IMF rule: one mandated by the IMF and the other related to the trade of the additional credit limit in the market. Both these responses indicate that the additional credit limit on top of the IMF rule should be positive (negative) for a country whose investment return is larger (smaller) than the average investment return across all IMF member developing countries. The rule for the IMF credit limit does not reflect the demand for credit, which induces inefficiency. The first pragmatic response, which has an appropriately small negotiation and distribution cost per unit incurred by the IMF, may dominate the second one.     

Fund Portfolio Holdings and Affiliated Analyst's Objectivity: Do Equity and Employment Relationship Matter?

The author investigates how the equity relationship between fund company and brokerage firm as well as employment relationship between analyst and brokerage firm affect affiliated fund stock portfolio holding and the affiliated analyst's objectivity. By using the specific data of such equity and employment relationship, the author finds that equity and employment relationship do matter in fund portfolio holdings and analyst objectivity. Specifically, analysts tend to release more optimal ratings on stocks that have been hold by the funds, and the funds tend to significantly reduce the stocks in their portfolio once the analysts have announced high ratings on the stocks. Moreover, the analysts in employment relationships with majority shareholders of funds and with a low reputation reveal worse objectivity. In addition, from the point of abnormal return, analysts in employment relationships with majority shareholders of funds and with a low reputation damage the interests of common investors.     

of China HydrologyJournal of China

ournal of China HydrologyJournal of China HydrologyJournal of China HydrologyJournal of Shanxi Finance and Economics UniversityJournal of Shanxi Finance and Economics UniversityJournal of Shanxi Finance and Economics UniversityJournal of Shanxi Finance and Economics UniversityJournal of Shanxi Finance and Economics UniversityJournal of Shanxi Finance and Econom     

The Analysis of Bases of Market Segmentation

This paper analyses the characters of different bases of market segmentation and classes the bases into four kinds： observable general bases, observable product-specific bases, unobservable general bases and unobservable product-specific bases. The result can be used in the future research of market segmentation.     

Analysis of the Evaluation Mechanism of the Stride Development System of the Enterprise

on the basis of the self-organizing theories the thesis analyzes how enterprises realize the stride development through the technology stride. At First the thesis sets up the stride development system of enterprises and then the thesis reveals the mechanism that the technology stride will give rise to the stride development of ente~fises. In the end the thesis puts forward the enlightenment for the stride development of enterprises from the stride development system of enterprises.     

Merger of Equals? Try Murder of Equals

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On the Fabrication of Structural Model of Quality System of Urbanization in China

This paper classifies the factors related with the quality system of the urbanization into three dimensions as quality planning, quality realization and quality improvement according to the relationship of their mutual actions. Then it fabricates a three-dimension space structural model. In order to achieve sustainable improvement on urbanization quality improvement, this paper puts forward the measures of controlling the operation of the quality system of urbanization to make it run effectively and smoothly.     

International Implications of the Cost of Compliance with the External Audit Requirements of Section 404 of Sarbanes–Oxley

The Sarbanes–Oxley ACT (SOX) was effective for many large U. S. companies for fiscal years ending on or after December 15, 2004. Some, cross listed, non U. S., companies must comply with the provisions of Section 404 (404) of SOX for fiscal periods ending on or after July 15, 2006. The purposes of this study are to review the implications of SOX 404, to assess SOX 404’s potential impact on world-wide securities regulation, assess the impact of SOX 404 on external audit fees for the initial group of filers during the first 2 years it was effective and assess SOX 404’s prospective economic impact on foreign companies that cross list their securities in the U. S. Our finding indicated that audit fees increased by an average of 65% for the initial group of filers in the first year SOX 404 was effective and by .9% in the second year. This increase was reflected in a .5% decrease in earnings for these companies. We conclude that although similar results might be expected for foreign companies that cross list, the implementation costs do not provide sufficient reason to weaken or eliminate SOX 404’s requirements at this time.

The people of Oulu are citizens of technology Risto Parjanne, Mayor of Oulu

Inoululifehasbeenenteredinthehistorybookssince1605,whenthecitywasfoundedUndethecharteroftheSwedishkingKaarleIX.Inthe1600'sOuluhadlessthan1000inhabitantsandthecity'sadministrativeareawasre-strictedbycustomswalls.Customswereimposedonexportandimportactivitiesand,in1622,customswereexpandedtoalsocovertheagriculturalproductsProducedinthecity.Businessactivitiescouldnotbecarriedoutfreely,butthePrivi-legehadtobeappliedfor.AfterthetradeembargointheGulfofBothniawasCancelled,tradebecamefreeandthesail…     

Pori-capital of Satakunta

RrstlysomehistoryOriginallyPoriwaslocatednearthetradingplaceofTelja,present-dayKobemki.Asthecenturiespassedandthecoastrose,sailinguptheKokelnaenjokiriverbecamemoreandmoredifficult.Soitwasinevitablethatthetownwouldhavetomovenearertherivermouth.Thisisprobablyhowthe14thcentaltownofUlvilacametosucceedTelja.Whenthegovernmentbegantodecreaseforeigntradeinthe1500s,inturnulvila'stimestartediDnearitsend.WhenJuharaHerttua(DukeJohn)wasinUlvilaon8.3.1558,hegrantedthefrocharterforthetownofPori.Hiside…     

Analysis of the Effect and Mode of Strategy Integration of the Enterprise M＆A

Merger is a kind of strategic behavior of seeking long-term development. A new enterprise coming from merger is different from the one that come into existence. The strategy of new enterprise formed from merger is constituted through the integration of the strategy for each side. Strategy integration is the guide for the integration of other elements after merger, the way for enterprises to adapt the change of environment and the warranty for the enterprises to achieve strategy synergistic effect. Strategy integration of the merging-enterprises can be realized through several steps： preparation for strategy integration, readjustment to strategy, reorientation of the enterprise and effective communication with target enterprise in the course of carrying out the strategy.