Ending the CEO succession crisis

The CEO succession process is broken. Many companies have no meaningful succession plans, and few of the ones that do are happy with them. CEO tenure is shrinking; in fact, two out of five CEOs fail in their first 18 months. It isn't just that more CEOs are being replaced; it's that they're being replaced badly. The problems extend to every aspect of CEO succession: internal development programs, board supervision, and outside recruitment. While many organizations do a decent job of nurturing middle managers, few have set up the comprehensive programs needed to find the half-dozen true CEO candidates out of the thousands of leaders in their midst. Even more damaging is the failure of boards to devote enough attention to succession. Search committee members often have no experience hiring CEOs; lacking guidance, they supply either the narrowest or the most general of requirements and then fail to vet eitherthe candidates or the recruiters. The result is that too often new CEOs are plucked from the well-worn Rolodexes of a remarkably small number of recruiters. These candidates may be strong in charisma but may lack critical skills or otherwise be a bad fit with the company. The resulting high turnover is particularly damaging, since outside CEOs often bring in their own teams, can cause the company to lose focus, and are especially costly to be rid of. Drawing on over 35 years of experience with CEO succession, the author explains how companies can create a deep pool of internal candidates, how boards can consistently align strategy and leadership development, and how directors can get their money's worth from recruiters. Choosing a CEO should be not one decision but an amalgam ofthousands of decisions made by many people every day over years.     

加大财政倾斜力度破解新形势下三农问题

破解中国"三农"困境,发展农村经济,提高农民收入,消除城乡二元经济结构,缩小城乡差别,农村城市化是至关重要的手段.可在城市化快速扩张的同时,"三农"问题却并未随之消失,反而更加突显,成为制约经济进一步发展的瓶颈.本文探讨的即是诸如北京、上海这样一些城市化高度发达地区"三农"问题的成因及破解途径.     

破解我国中小企业融资瓶颈问题的对策探讨

融资难问题至今仍然是中小企业发展面临的最大障碍。本文首先运用生产要素禀赋学说分析中小企业生存与发展的重要意义,然后根据金融抑制和金融深化理论探讨其融资瓶颈。在详细介绍和评析目前解决中小企业融资难的主要措施基础上,运用公共经济学的相关原理,从外部效应的存在、信息的不完全与不对称性及非自然垄断等视角说明中小企业融资难的本质成因在于市场失灵,进而对症下药,从大力发展与中小企业相匹配的中小金融机构、引导和规范民间金融活动、建立多层次资本市场、强化政府调控职能等四个方面提出纠正市场失灵,冰释中小企业融资难的对策建议。     

Responses by Australian auditors to the global financial crisis

We examine the impact of the global financial crisis (GFC) on auditor behaviour in Australia. Using a sample of listed companies, we examine whether the GFC impacted the propensity of auditors to issue going concern modifications and increased audit effort as reflected in audit fees and audit reporting lag. Controlling for client characteristics, we find an increase in the propensity to issue going concern opinions during the period 2008–2009 compared with the period 2005–2007 and that Big N auditors responded to the GFC earlier than non‐Big N auditors. In relation to audit effort, we find evidence of increased audit fees during the period 2008–2009 compared with the period 2005–2007. There is, however, no evidence of increased audit reporting lags during the GFC.     

警惕次贷危机对全球经济的深层影响

让·尼凯米亚先生是联合国贸易与发展会议以及国际商会的投资咨询委员会成员，也是经济合作暨发展组织咨询委员会成员，同时他还是世界贸易组织中国附属委员会成员和77国政府集团高级顾问。作为一位专家型企业家，他对全球金融一体化为国际社会带来的新挑战和机会，有着十分独到的认识。《国际融资》杂志记者就美国次贷对全球经济的深层影响这一备受关注的问题专程采访了他。他认为，美国次贷危机，对全球经济的影响才刚刚开始，对此，必须提高警惕     

Market discipline by bank creditors during the 2008–2010 crisis

We investigate whether uninsured depositors, insured depositors, and general creditors exhibit evidence of quantity market discipline during the recent financial crisis. To establish which types of creditors expect to incur loss, we evaluate the FDIC's expectations about losses to creditors at banks that failed between 2008 and 2010. Our results show that quantity market discipline tends to begin far enough in advance to signal to both banks and supervisors that corrective actions can and should be taken. Furthermore, creditors are able to distinguish between banks of different risk levels. Our findings support several policy implications for encouraging market discipline.     

Accountability and the debt crisis

The international debt crisis is viewed here as only a symptom—its underlying causes have resulted from a crisis in management among the major actors in the development process, namely commercial banks, recipient countries and development assistance agencies. The cumulative effect has been a lack of accountability that puts the development objectives themselves into jeopardy. This article proposes that all actors should write off their debt for failed projects, that the development assistance system be redesigned, and that a strategy be developed to help countries design and manage development programmes appropriate to their unique circumstances.     

On excluding the AIDS crisis

Many insurers are imposing restrictions on AIDS coverage during policy renewal in the form of outright exclusions or as caps on benefits levels.     

Bank transparency and the crisis

This paper assesses the depth of transparency in the banking industry and the impact of the recent financial crisis. We interpret transparency in terms of conservatism and timeliness, as in Ball, Kothari, and Robin (2000, p. 2). We use a sample of European listed banks over 2005–2011 and apply three models to proxy for conservatism (Ball, Kothari, & Nikolaev, 2013; Nichols, Wahlen, & Wieland, 2009; Ball & Shivakumar, 2005) and two metrics to gauge timeliness (Raonic, McLeay, & Asimakopoulos, 2004; Ball, et al., 2000). Our findings do not document the existence of conservatism during the first years of mandatory IFRS induction in the European banking industry. However, the levels of conservatism significantly increased after the crisis outbreak (higher timeliness of loan loss provisions, timelier “bad news” recognition and asymmetrically increased negative accruals). Moreover, timeliness significantly increased after the crisis outset. This evidence on combined conservatism and timeliness suggests an attempt of banks to increase transparency following the financial crisis burst to mitigate the adverse consequences of the opaqueness typically characterising the industry.     

流动性过剩如何解决

今年年初以来,中国经济似乎又进入了新一轮快速增长的轨道,金融体系的货币信贷增速大幅反弹,广义货币供应量增长速度从去年最低的13．9％上升到今年5月末的19．6％,二季度经济增长速度也从去年同期的9．5％上升到11．3％,为近年最高水平。整体经济虽然保持了高增长低     

农信社改革应直面所有者缺位问题

按照国务院“明晰产权关系、强化约束机制、增强服务功能、国家适当支持、地方政府负责”的总体要求,对农村信用社管理体制和产权制度进行的改革,取得了巨大成果,尤其是管理体制取得了极大的成功。农村信用社在交给地方管理的同时,防范农村信用社风险的责任也下放到了地方, 做到了责权的统一。地方政府在巨大的责任压力下,一定会在“强化约束机制”上下     

解决企业融资难的又一通道

针对企业融资难的现状,中国出口信用保险公司充分利用出口信用保险的融资担保作用,在企业与银行之间搭桥铺路     

以政策改革和金融创新破解中小企业融资难题——对广东省中小企业融资状况的调查分析

中小企业融资难一直是国内共同关注多年的话题,作为经济发展的重要载体,其在就业、产值、创新等多方面的作用不容小视,而在传统模式难以有效解决的情况下,本文作者在对广东省中小调研的基础上,从政策改革和金融创新为视角探讨了对这一难题解决的可行之策。     

解决农村养老中的非物质福利——基于M庄老人协会的实证研究

目前,农村老人越来越重视非物质福利。当前要改变农村老人的弱势群体地位、增强非物质老人福利,其中投入相对较低且有效的方式莫过于将农村老人组织起来建立老人协会。福利需求、村庄共同体的存续、第三种力量及农村精英的呼吁与领导等因素是老人协会得以建立的条件。对于“原子化状态”的村庄,则需要通过外部力量的介入解决老人协会建立过程中村民集体行动的初试成本问题。     

危机十年后的日本银行业

日本银行业能够从10年前的危机状况恢复到如今具有健全的金融机能,是宏观经济向好、公共当局的支持和银行自身努力的结果。目前日本银行业正采取多种经营措施,强化收益能力和竞争力水平。     

美国次级债危机的思考

美国的次贷危机从根本上说由其房地产经济周期波动引起,我国应充分认识到国内房地产经济周期风险和住房抵押贷款的风险,这要求商业银行提高风险防范能力并注意对信贷资金的管理。此外,政府加强和改善宏观调控能力,渐进有序地推进金融开放也实属必要。     

Rethinking monetary policy after the crisis

This lecture examines how the recent global financial crisis changes our thinking about how monetary policy should be conducted. It starts with a discussion of the science and practice of monetary policy before the crisis and then uses the lessons from the crisis to argue how the practice of monetary policy should be rethought along six dimensions: flexible inflation targeting, response to asset price bubbles, dichotomy between monetary policy and financial stability policy, risk management and gradualism, fiscal dominance, and forward guidance.     

Understanding the financial crisis in Asia

The financial crisis of East Asia in 1997 was largely unanticipated and was characterized by sharp falls in asset prices and currency values in several countries simultaneously. Many empirical models have been developed to predict the occurrence of such crisis. However, the out-of-sample performance of these models is disappointing. Most theoretical explanations of the crisis emphasize the role of banking sector and revolve around models of moral hazard or self-fulfilling runs on liquidity. Empirical tests of the models are, however, rare. Much work remains to be done to explain the contagion, and the effects of equity capital flows.     

Predatory lending and the subprime crisis

We measure the effect of a 2006 antipredatory pilot program in Chicago on mortgage default rates to test whether predatory lending was a key element in fueling the subprime crisis. Under the program, risky borrowers or risky mortgage contracts or both triggered review sessions by housing counselors who shared their findings with the state regulator. The pilot program cut market activity in half, largely through the exit of lenders specializing in risky loans and through a decline in the share of subprime borrowers. Our results suggest that predatory lending practices contributed to high mortgage default rates among subprime borrowers, raising them by about a third.