THE RELATION BETWEEN THE MAGNITUDE OF GROWTH OPPORTUNITIES AND THE DURATION OF EQUITY

I examine the relation between the magnitude of growth opportunities in a firm and the duration of the firm's equity. Conventional wisdom holds that because cash flows from growth opportunities occur late relative to cash flows from existing projects, firms that can be characterized as growth firms have a higher duration. I adopt the real option approach to the valuation of growth opportunities and show that under certain circumstances the opposite can be true; equity duration can be lower for growth firms. I further show that the relation between equity duration and the magnitude of growth opportunities depends on (a) the magnitude of the duration of assets in place, (b) dominance of the firm in its industry, (c) the magnitude of R&D expenditure, and (d) the volatility of expected cash flows generated by the investment project underlying the growth opportunity. I empirically test these predictions and find the predictions are not rejected, particularly for the utility and banking industries. JEL classification: G31, G12.     

加拿大蒙特利尔银行的信贷管理及其借鉴

本文对加拿大蒙特利尔银行的经营管理方式进行了系统的介绍和分析,重点考察了蒙行的信贷文化、组织机构、信贷程序、经营理念和风险管理.西方商业银行的发展已有数百年的历史,它们在银行经营管理方面积累了丰富的经验,如果我国商业银行能根据国情对此进行选择性的吸收和继承,无疑在改革和转制成为真正的商业银行管理模式的过程中少走很多弯路.本文最后对工商银行的信贷管理提出了建议,包括:建立有自身特色的信贷文化;根据本行的风险偏好设定收益与风险的对应关系;运用先进的风险测量方法进行风险控制;根据市场设定组织机构;尽快建立客户资信系统;加强对不良客户的监管;建立金融安全协调与保障机制等.     

THE IMPACTS OF FINANCIAL DEREGULATION UPON TRADING EFFICIENCY AND THE LEVELS OF RISK AND RETURN OF JAPANESE BANKS

Japanese banks are very large and were rigidly controlled until financial deregulation began in the late 1970s. This paper measures the impact of deregulation upon the trading efficiency and the levels of risk and return of the largest 27 listed Japanese banks. We found that as the pace of deregulation increased, there were significant increases in trading efficiency as well as in the levels of returns and risks. With deregulation, the Japanese banking system, which contains the largest banks in the world, has become less protected and more vulnerable to the discipline of market movements.     

欧元升值的背后

现在,欧元的价值确实已经大大地提升了,这点首先不是针对欧元区而言,而足针对美国人来说的.随着欧元在国际外汇市场的不断升值,美元也在不断贬值.欧元兑美元的汇率在过去的一年之中增长了将近30%,欧元对日元的汇率也有了明显的增长.