个人电子汇款业务处理程序需完善

建设银行DCC系统上线运行后．起到了较好的风险防范作用，但是个人电子汇款业务的处理程序尚有不够完善之处．需要加以改进。     

建设银行个人电子汇款系统效益分析

随着我国经济的快速发展，居民间经济交往日趋频繁，个人的金融意识也逐渐增强，个人与银行之间的关系已不是简单的债权债务关系，除了存款业务外，他们还需要银行在贷款、结算、投资理财方面提供全方面的金融服务。另一方面，银行也开始重新审视长期形成的银行与个人之间单纯的债务人与债权人的关系，开始涉入对个人综合性的金融理财服务。近几年，随着计算机网络技术的广泛应用，商业银行利用网络技术开办跨区域个人结算的条件逐渐成熟。我行于1998年8月18日率先推出了个人电子汇款业务，引起了社会各界强烈的反响和同业的密切关注。目前…     

个人信贷系统的实用模型

个人消费信贷作为一项银行新开办的对私业务，近几年得到了蓬勃发展。各家银行在原有的住房和汽车消费贷款的基础上，竞相推出了商铺、住房装修、耐用消费品等一批新的贷款品种，但由于个人消费信贷业务种类多、客户分散、单笔贷款相对较小而且笔数多，加之新业务操作灵活、步骤繁杂，因此采用传统的手工作业难以对个人消费信贷业务进行准确的贷款管理和会计核算。于是，采用先进的计算机技术实现业务操作自动化、管理信息化就成为银行大力发展该项业务的基础和关键。目前，很多银行的个人信贷虽已实现了计算机化，但效果不是十分理想，其原…     

人民币汇率调整后个人如何投资

人民币升值了,手里的钱如何保存或投资才能更划算？     

从容驾驭财富——专访中国建设银行个人银行业务部许会斌总经理

近年来,我国居民财富快速增长,其中金融资产以每年16%的速度递增。相应地,个人理财市场显示出巨大的发展潜力。正因为如此,中外资银行纷纷推出各自统一的理财品牌,设立理财中心,通过不断创新金融产品和服务来争夺这一诱人的市场。其中,中国建设银行以其不俗的业绩引起业内外关注。近日,本刊记者走访了该行个人银行业务部许会斌总经理,试图破解其成功的秘密。     

个人银行业务开发对策与建议

随着城乡居民收入的不断增加，个人对银行业务多元化的需求凸现。本就新的经济、金融形势下，如何开发创新个人银行业务产品和服务，作了一些探讨和思考。     

建设银行个人电子汇款系统二期优化工程面临的挑战与对策

文章从制度创新、管理创新和技术创新的高度,在深入地分析了建设银行个人电子汇款系统二期优化工程的实现目标、面临的挑战与机遇的基础上,系统地阐述了将要采取的对策。这不仅对建设银行个人电子汇款系统二期开发具有现实的指导意义,而且对其它金融网络新品的开发与推广应用具有重要的借鉴意义。     

中资银行如何拓展个人银行业务

我国加入WTO后,银行业受到的冲击似乎首当其冲。以上海等大城市为主战场的中外金融机构竞争异常激烈。先是“南京爱立信倒戈事件”,爱立信公司提前归还交通银行的贷款而转向与花旗银行合作,引起的关注程度远远超越事件本身。花旗银行向南京爱立信公司提供的无追溯权的应收账     

汇率机制改革和外币存款升息对个人外汇收入流向的影响

近期由于我国汇率形成机制的改革和外币存款连续升息,我国个人外汇收入的流向也相应发生了一些变化。     

How return and risk experiences shape investor beliefs and preferences

Combining brokerage records and matching monthly survey measurements of a sample of individual investors from the Netherlands for the period April 2008 through March 2009, we examine how individual investors update their beliefs (return expectations and risk perceptions) and preferences (risk tolerance) as a result of their personal return and risk experiences. We find that investors' past returns positively impact return expectations and risk tolerance, and negatively impact risk perceptions. Realised risk, however, has no effect. That is, even in a highly volatile stock market period in which risk appears very salient, investors do not take it into account when updating their beliefs and preferences.     

外商投资、汇款成为发展中国家的融资来源

外商直接投资和流动工人把部分工资邮汇回国成为发展中国家的重要资金来源。2002年发展中国家对私营部门的债务偿超过新增贷款额,使私人债务流动出现净负值。这些变化中国家将产生深远的影响。请看     

How common are common return factors across the NYSE and Nasdaq?

We entertain the possibility of pervasive factors that are not common across two (or more) groups of securities. We propose and implement a general procedure to estimate the space spanned by common and group-specific pervasive factors. In our empirical analysis, we study the factor structure of excess returns on stocks traded on the NYSE and Nasdaq using our methodology. We find that there are only two common pervasive factors that govern the returns for both NYSE and Nasdaq. At the same time, the NYSE and Nasdaq each have one more group-specific factor that is not the same across the two exchanges. Our results point to the absence of complete similarity between the factors driving the returns on these exchanges.     

An empirical investigation of the effect of imputation credits on remittance of overseas dividends

Overseas dividend remittance is an important vehicle for multinational corporations (MNCs) to move funds among their global subsidiaries. Using firm-level data from 2001 to 2004 for Taiwan-based MNCs with subsidiaries in China, this paper provides empirical evidence on the effect of imputation credits on overseas dividend remittances. We find that imputation credits have a positive effect on increasing foreign dividend payouts, thereby reducing the efficiency loss induced by the tax cost for within-firm dividends of MNCs. We also document evidence that parent companies’ net fund flows from related-party transactions with their subsidiaries are negatively correlated with dividends repatriated from those affiliates, supporting the notion that transfer-pricing may be substituting for within-firm dividend remittance. Our results contribute to understanding the links between taxation and related-party transactions and subsidiary dividend repatriation decisions of MNCs.     

The return premiums to accruals quality

Using a battery of look-ahead-bias free measures of accruals quality (AQ), we find a strong and long-lasting negative relation between future returns and AQ. In decile portfolios that rank on AQ, a hedge portfolio that goes long in the lowest decile and short in the highest decile generates an annualized, risk-adjusted return of 4–12 % over 1-month to 5-year horizons, depending on the AQ measure and the portfolio weighting scheme. The return premiums associated with AQ are, (1) robust to a wide range of AQ measures, (2) robust to a battery of return-informative variables, and (3) not driven by low-priced or small stocks, earnings shocks, or the fourth-quarter effect. The documented premiums are consistent with the information uncertainty effect where firm uncertainty is negatively related to future returns.     

Connecting book rate of return to risk and return: the information conveyed by conservative accounting

Review of Accounting Studies - This paper revises the standard interpretation of the book rate of return as a measure of profitability. Rather, due to conservative accounting, the book rate of...     

Increasing return response to changes in risk

Risk aversion theory is based on an individual's choice among risky assets with expected utility in its foundation. It is about investor behavior (i.e., investor choice), under normal circumstances, toward assets with various levels of risk. A positive and marginally diminishing relationship between risk and return exists. This study is about investor behavior related to their response (not choice) to risk. We present an argument and supporting evidence that investors’ return response to risk is increasing with the level of risk. Thus, investor behavior is subject to change and the level of risk is a determinant of such change. We also explain the negative time‐series correlation between risk and return.     

Correction to: Earnings announcement return extrapolation

Review of Accounting Studies - A Correction to this paper has been published: https://doi.org/10.1007/s11142-021-09605-9     

A frequency-domain alternative to long-horizon regressions with application to return predictability

This paper aims at improved accuracy in testing for long-run predictability in noisy series, such as stock market returns. Long-horizon regressions have previously been the dominant approach in this area. We suggest an alternative method that yields more accurate results. We find evidence of predictability in S&P 500 returns even when the confidence intervals are constructed using model-free methods based on subsampling.     

The return to retail and the performance of US banks

The US banking industry is experiencing a renewed focus on retail banking, a trend often attributed to the stability and profitability of retail activities. This paper examines the impact of banks’ retail intensity on performance from 1997 to 2004 by developing three complementary definitions of retail intensity (retail loan share, retail deposit share, and branches per dollar of assets) and comparing these measures with both equity market and accounting measures of performance. We find that an increased focus on retail banking across US banks is linked with significantly lower equity market and accounting returns for all banks, but lower volatility for only the largest banking companies. We conclude that retail banking may be a relatively stable activity, but it is also a low return one.